Inter & Co Inc (INTR) 2022 Q4 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the Inter & Co Fourth Quarter of 2022 Earnings Conference Call. Today's speakers are Joao Vitor Menin, CEO; Alexandre Riccio, VP of Tech Operations and Finance; Helena Caldeira, CFO; and Santiago Stel, Strategy and IR Officer. Please be advised that today's conference is being recorded, and a replay will be available at the company's IR website.

早上好，謝謝你的支持。歡迎來到 Inter & Co 2022 年第四季度收益電話會議。今天的發言人是 Joao Vitor Menin，首席執行官；技術運營和財務副總裁 Alexandre Riccio；首席財務官海倫娜·卡爾代拉 (Helena Caldeira)； Santiago Stel，戰略和 IR 官。請注意，今天的會議正在錄製中，重播將在公司的 IR 網站上提供。

(Operator Instructions)

（操作員說明）

Please note that there is a translation button on your screen where you can choose the language you want to hear, English or Portuguese.

請注意，屏幕上有一個翻譯按鈕，您可以在其中選擇您想听的語言，英語或葡萄牙語。

Throughout this conference call, we will be presenting non-IFRS financial information. These are important financial measures for the company but are not financial measures as defined by IFRS. Reconciliations of the company's non-IFRS financial information to the IFRS financial information are available and enters earnings release and earnings presentation appendix. Today's discussion might include forward-looking statements, which are not guarantees of future performance. Please refer to the forward-looking statements disclosure in the company's earnings release and earnings presentation.

在整個電話會議中，我們將提供非 IFRS 財務信息。這些是公司的重要財務指標，但不是 IFRS 定義的財務指標。公司的非 IFRS 財務信息與 IFRS 財務信息的對賬可獲得，並進入收益發布和收益報告附錄。今天的討論可能包括前瞻性陳述，這些陳述不是未來業績的保證。請參閱公司財報和財報中披露的前瞻性聲明。

Now I would like to give the floor to Mr. Joao Vitor Menin. Sir, the floor is yours.

現在我想請 Joao Vitor Menin 先生髮言。先生，地板是你的。

Good morning, everyone. Thank you for joining our fourth quarter earnings call. On Page 4, I want to walk you through today's agenda. I will start with a brief overview of our 2022 performance and achievements. The team will walk you through our banking pillars, the credit engine and our funding capabilities. Following that, we will discuss the transactional platform and then finish with a discussion on our financial performance.

大家，早安。感謝您參加我們的第四季度財報電話會議。在第 4 頁，我想向您介紹一下今天的議程。我將從簡要概述我們 2022 年的表現和成就開始。該團隊將帶您了解我們的銀行業務支柱、信貸引擎和融資能力。之後，我們將討論交易平台，然後討論我們的財務業績。

During 2022, we achieved several milestones that I believe will position us for the greater success in the future. On the growth front, we have been adding clients and gaining adoption of different products in our platform. As a result, we have seen meaningful market share gains improving the quality of our revenue by achieving diversification at scale. From a profitability standpoint, we strengthened unit economics by improving monetization and engagement. Our focus on operational efficiency is starting to be visible in our expanding markets. And finally, all of this is done over the foundation of a strong balance sheet.

在 2022 年期間，我們實現了幾個里程碑，我相信這將使我們在未來取得更大的成功。在增長方面，我們一直在增加客戶並在我們的平台上採用不同的產品。因此，我們看到通過實現規模化多元化，顯著提高了我們的收入質量，從而提高了市場份額。從盈利能力的角度來看，我們通過提高貨幣化和參與度來加強單位經濟效益。我們對運營效率的關注開始在我們不斷擴大的市場中體現出來。最後，所有這一切都是在強大的資產負債表的基礎上完成的。

What I mean by strong is on the asset side, we have built a highly collateralized loan book. On the liability side, we have a best-in-class funding base, 39% of which is comprised of 3 demand deposits from more than 10 million retail clients. And on top of this high levels of liquidity and excess capital.

我所說的強大是指在資產方面，我們已經建立了一個高度抵押的貸款簿。在負債方面，我們擁有一流的資金基礎，其中 39% 由來自超過 1000 萬零售客戶的 3 筆活期存款組成。在這種高水平的流動性和過剩資本之上。

On Page 6, I'll walk you through some important highlights. On the revenue side, you can see a truly impressive growth trend growing 4.5x from 2020 to 2022, reaching nearly BRL 6 billion. On the operational front, we have also demonstrated improving cost efficiency with: number one, our cost to serve dropping 29% year-over-year to BRL 16; number two, our cost of funding dropped 350 basis points to 59% of the CDI; three, our efficiency ratio dropping to 69%, a 24 percentage points improvement. As a direct result of our balanced focus on growth and expense control, I'm pleased to note that we continue to deliver a steady and sequential improvement in bottom line profitability, which reached BRL 29 million in the fourth quarter of 2022.

在第 6 頁，我將向您介紹一些重要的亮點。在收入方面，您可以看到真正令人印象深刻的增長趨勢，從 2020 年到 2022 年增長了 4.5 倍，達到近 60 億雷亞爾。在運營方面，我們還通過以下方式證明了成本效率的提高：第一，我們的服務成本同比下降 29% 至 16 雷亞爾；第二，我們的資金成本下降了 350 個基點，達到 CDI 的 59%；三是效率下降到69%，提高了24個百分點。作為我們對增長和費用控制的平衡關注的直接結果，我很高興地註意到，我們繼續實現盈利能力的穩定和連續改善，2022 年第四季度達到 2900 萬雷亞爾。

On Page 7, I would like to provide a snapshot of the client journey, which represents the way we think about value generation going forward. We read penetrated 11.8% of the bankarized population, and we continue increasing this penetration day by day. This is the starting point for the transactional products such as fixed and demand deposits in which we already have meaningful market share. The journey then continues with the higher ARPAC products such as cards, payroll and many more. We have been continuously gaining market share in this higher ARPAC products and intend to mimic the success levels obtained in the transactional products.

在第 7 頁，我想提供一個客戶旅程的快照，它代表了我們對未來價值創造的思考方式。我們閱讀了 11.8% 的銀行化人口，並且我們每天都在繼續增加這一滲透率。這是我們已經擁有重要市場份額的定期和活期存款等交易產品的起點。然後繼續使用更高級別的 ARPAC 產品，例如卡片、工資單等。我們一直在這種更高的 ARPAC 產品中不斷獲得市場份額，並打算模仿在交易產品中獲得的成功水平。

As of today, 66% of our clients already have 3 or more products, meaning that this journey is advancing well and is resulting on better client principal, which now stands at 69%. In summary, this slide shows the sequence of a client at India from the moment they open an account to the full adoption of our platform. The outcome of that is a further improvement on the unit economics of our clients.

截至今天，我們 66% 的客戶已經擁有 3 種或更多產品，這意味著這一旅程進展順利，並帶來更好的客戶本金，目前為 69%。總之，這張幻燈片顯示了印度客戶從開設賬戶到完全採用我們平台的順序。其結果是我們客戶的單位經濟效益得到進一步改善。

Now I'll pass it to Alexandre, who will cover the credit engine section. Thank you.

現在我將它傳遞給 Alexandre，他將負責信用引擎部分。謝謝。

Thank you, Joao, and good morning, everyone. Now moving to Page 9, let me walk you through the loan portfolio. As you can see, our portfolio reached BRL 24.5 billion at the end of 2022, reflecting a 40% increase from 2021 and 11% growth from the third quarter. The growth has been mostly focused on the lower-risk segments such as anticipation of credit card receivables, invoice factoring for SMBs, FGPS loans and Agribusiness. All these segments grew in the quarter at double-digit rates. In credit cards, we grew 7% quarter-over-quarter, reflecting a more conservative approach to unsecured credit underwriting that we have implemented since the beginning of 2022.

謝謝 Joao，大家早上好。現在轉到第 9 頁，讓我向您介紹貸款組合。如您所見，到 2022 年底，我們的投資組合達到 245 億雷亞爾，比 2021 年增長 40%，比第三季度增長 11%。增長主要集中在低風險領域，如信用卡應收賬款預期、中小企業發票保理、FGPS 貸款和農業綜合企業。所有這些細分市場在本季度均以兩位數的速度增長。在信用卡方面，我們環比增長 7%，反映出我們自 2022 年初以來對無擔保信貸承保採取了更為保守的方法。

Regarding the longer-duration portfolio, which includes payroll and real estate loans, the focus has been on adopting a disciplined repricing initiative. This has resulted in slower growth though at much higher profitability levels.

關於包括薪資和房地產貸款在內的長期投資組合，重點一直放在採取有紀律的重新定價舉措上。這導致增長放緩，儘管盈利水平高得多。

Moving now to Page 10. We can see our underwriting performance. When you analyze the composition of originations, we see the second half of 2022 is a lot more focused on lower risk segments. These lower risk segments though lowering margin consumes significantly less capital and require less provisioning.

現在轉到第 10 頁。我們可以看到我們的承保業績。當您分析起源的構成時，我們會發現 2022 年下半年將更加關注低風險領域。這些風險較低的部門雖然利潤率較低，但消耗的資本少得多，需要的撥備也少。

Now on Page 11, we highlight our asset quality metrics. When we look at the short-term metric of 15 to 90 days, we see a stable trend of NPLs, which is driven by the newer cohort originations, particularly on credit cards that are performing better than the other ones. In terms of the 90 days NPLs, it grew 30 bps in the quarter, mainly explained by the lower growth together with performance of our credit card portfolio, which is in line with the general market trend. Finally, when we look at NPL formation, we see consistency with a trend marginally higher, again explained by other cohorts of credit cards deteriorating further.

現在在第 11 頁，我們重點介紹了我們的資產質量指標。當我們查看 15 至 90 天的短期指標時，我們會看到不良貸款呈穩定趨勢，這是由較新的隊列發起驅動的，特別是在表現優於其他信用卡的信用卡上。就 90 天不良貸款而言，本季度增長了 30 個基點，這主要是由於我們的信用卡組合的增長較低以及表現符合總體市場趨勢。最後，當我們查看不良貸款形成時，我們看到與趨勢的一致性略有上升，這再次由其他信用卡隊列進一步惡化所解釋。

Finally, on Page 12, our cost of risk decreased to 14.8% in the quarter, and the coverage ratio reached 132%. This reflects a mix shift in our loan portfolio towards lower-risk credit products such as SMB, invoice factoring, FGTS and anticipation of credit card receivables, therefore, requiring lower provision expenses. Helena will now cover the funding and transactional platform sections.

最後，在第 12 頁，我們的風險成本在本季度下降到 14.8%，覆蓋率達到 132%。這反映了我們的貸款組合向 SMB、發票保理、FGTS 和信用卡應收賬款預期等低風險信貸產品的混合轉變，因此需要較低的撥備費用。 Helena 現在將介紹資金和交易平台部分。

Thank you, Alexandre, and good morning. On Page 14, we can see the evolution of our funding base. Our deposits grew 36% year-over-year or 5% quarter-over-quarter to reach BRL 29.8 billion. When we compare this figure to our loan balance described on Page 10, you can see that our loan-to-deposit ratio remains very healthy, significantly below 100%. Additionally, I'd also highlight the double-digit growth on our low-cost demand deposit this quarter, increasing its share over total funding from 37% to 39%, one of the highest in the Brazilian banking system. Worth noting that this deposit base is highly fragmented, given the nature of our retail client base.

謝謝你，亞歷山大，早上好。在第 14 頁，我們可以看到我們資金基礎的演變。我們的存款同比增長 36%，環比增長 5%，達到 298 億雷亞爾。當我們將這個數字與第 10 頁描述的貸款餘額進行比較時，您可以看到我們的貸存比仍然非常健康，遠低於 100%。此外，我還要強調本季度我們低成本活期存款的兩位數增長，其在總資金中的份額從 37% 增加到 39%，是巴西銀行系統中最高的之一。值得注意的是，考慮到我們零售客戶群的性質，這個存款基礎是高度分散的。

On Page 15, here, we show our deposits together with third-party fixed income investments and AUM from inter asset on a per active client basis. Despite the high growth in active clients, we were able to grow the balance throughout the year towards BRL 3,500 per active client. This positive pattern make us proud when we consider the high inflation and interest rate environment prevailing in Brazil.

在第 15 頁，在這裡，我們顯示了我們的存款以及第三方固定收益投資和資產間的 AUM，以每個活躍客戶為基礎。儘管活躍客戶的增長速度很快，但我們能夠在全年將餘額增加到每位活躍客戶 3,500 巴西雷亞爾。當我們考慮到巴西普遍存在的高通脹和高利率環境時，這種積極的模式讓我們感到自豪。

On our cost of funding on Page 16, we see great results this quarter. The all-in cost decreased in the quarter to 8.1%, which represents 59.5% of CDI, a number that we consider best in class. This reduction can be explained by 2 factors: one, a better and lower cost funding mix; and two, the effect of paying off the holding debt in early October.

根據第 16 頁的資金成本，我們在本季度看到了很好的結果。本季度總成本下降至 8.1%，佔 CDI 的 59.5%，我們認為這是同類最佳的數字。這種減少可以用兩個因素來解釋：第一，更好、成本更低的資金組合；二是10月初還清持有債務的影響。

Now I will go over our transactional platform. On Page 18, we can see the strong client adoption of products in our different businesses. We have increased our clients by between 40% and 55% across verticals. Specifically, in the case of Inter Global launched at the beginning of this year, we went from 0 to 1.1 million clients, surpassing our own expectations. Note that these are all high-ROE products that consume no capital and drive strong client engagement.

現在我將介紹我們的交易平台。在第 18 頁，我們可以看到客戶在我們不同業務中對產品的廣泛採用。我們的垂直客戶增加了 40% 到 55%。具體來說，就今年年初推出的 Inter Global 而言，我們的客戶從 0 增加到 110 萬，超出了我們自己的預期。請注意，這些都是高 ROE 產品，不消耗資本並推動強大的客戶參與。

Moving to Page 19. Here, we show how these products have helped us increase client engagement. First, on the chart on the left, you can see that approximately 2/3 of our active clients have more than 3 products, as mentioned by Joao. Second, on the right-hand side, you can see the evolution of who use Inter as their primary bank, which now amounts to 69% of active clients. Additionally, when we look on a cohort basis, you can see that both their starting point and the steepness improves, reaching levels close to 75% in most recent cohorts. This combination of transactional platform and banking have a very powerful effect on fee income.

轉到第 19 頁。在這裡，我們展示了這些產品如何幫助我們提高客戶參與度。首先，在左側的圖表中，您可以看到大約 2/3 的活躍客戶擁有超過 3 種產品，正如 Joao 所提到的。其次，在右側，您可以看到誰將國際米蘭作為他們的主要銀行的演變情況，現在佔活躍客戶的 69%。此外，當我們查看群組時，您可以看到它們的起點和陡度都有所提高，在最近的群組中達到接近 75% 的水平。這種交易平台和銀行業務的結合對手續費收入產生了非常強大的影響。

As you can see on Page 20, our net income increased by a factor of 10x between 2019 and 2022. This demonstrates the success we have had in diversifying our revenue base, reaching a best-in-class fee income ratio of over 34%. We believe this is 1 of the highest levels seen across banks in Brazil and Latam.

正如您在第 20 頁所見，我們的淨收入在 2019 年至 2022 年間增長了 10 倍。這表明我們在實現收入基礎多元化方面取得了成功，達到了超過 34% 的一流費用收入比率。我們認為這是巴西和拉美銀行的最高水平之一。

Now I'll pass it over to Santiago, who walk over the financial section.

現在我將它傳遞給 Santiago，他走過財務部分。

Thanks, Helena, and good morning, everyone. Going now to the financial performance section. I'll jump into Page 22. Here, you can see the evolution of our total clients, where we added a record of 8.3 million net new clients in 2022. We often get questions on the cost of adding these new clients. So here you can see the evolution of our CAC, which has ranged from BRL 27 to BRL 32 and now stands at around BRL 30. When we look at the composition of this CAC is quite stable between marketing and operational costs. It is worth noting that the percentage of clients added organically continues to grow and now stands at over 80%.

謝謝，海倫娜，大家早上好。現在轉到財務績效部分。我將跳到第 22 頁。在這裡，您可以看到我們客戶總數的變化，我們在 2022 年新增了創紀錄的 830 萬淨新客戶。我們經常收到有關添加這些新客戶的成本的問題。所以在這裡你可以看到我們的 CAC 的演變，從 27 巴西雷亞爾到 32 巴西雷亞爾，現在大約是 30 巴西雷亞爾。當我們看這個 CAC 的構成時，在營銷和運營成本之間非常穩定。值得注意的是，有機增加的客戶比例持續增長，目前已超過80%。

In terms of volume transacted in debit and credit cards as well as peaks, we reached an impressive BRL 178 billion in the fourth quarter, as you can see on Page 23. This figure, which is equivalent to approximately USD 35 billion, makes us very proud and demonstrates our position strong in banking. When we look at transaction volume by cohort, you can see the continued improvements as cohort matures with the newest ones reaching higher levels at a much faster rate than the other ones.

就借記卡和信用卡交易量以及峰值而言，我們在第四季度達到了令人印象深刻的 1780 億巴西雷亞爾，如您在第 23 頁所見。這個數字大約相當於 350 億美元，讓我們非常自豪並展示了我們在銀行業的強大地位。當我們按隊列查看交易量時，您可以看到隨著隊列的成熟而持續改進，最新的隊列以比其他隊列快得多的速度達到更高的水平。

Now going to ARPAC on Page 24. You can see here an increase versus the prior quarter, both gross and net of cost of funding. On a cohort basis, ARPAC continues to increase over time, with newer cohorts outperforming the older ones. These are a reflection of our ability to increase engagement and cross-selling of clients over time, resulting in higher monetization.

現在轉到第 24 頁的 ARPAC。您可以在這裡看到與上一季度相比有所增加，包括融資成本的毛額和淨額。在隊列的基礎上，ARPAC 隨著時間的推移繼續增加，新隊列的表現優於舊隊列。這些反映了我們隨著時間的推移增加客戶參與度和交叉銷售的能力，從而實現更高的貨幣化。

Jumping now to Page 25. We have added some new perspectives on the evolution of our interest margins. I'll start explaining this slide with the bar charts. On the lower left, you can see the NIM as we have traditionally reported it. The numerator includes the entire loan portfolio, including approximately BRL 5.4 billion of credit card receivables that do not earn interest and come to a card transactors. This NIM has recovered from the third quarter impact of deflation and is back at 7%.

現在跳到第 25 頁。我們添加了一些關於息差演變的新觀點。我將開始用條形圖解釋這張幻燈片。在左下角，您可以看到我們傳統上報告的 NIM。分子包括整個貸款組合，包括約 54 億巴西雷亞爾的信用卡應收賬款，它們不賺取利息並進入信用卡交易商。該 NIM 從第三季度通貨緊縮的影響中恢復過來，回到了 7%。

On the lower right, we present the NIM calculated by only including the interest-earning portfolio or IEP, making the numerator and denominator more comparable to each other and provides a more accurate picture on our loan margin profile. This takes our NIM in the fourth quarter to 8% using this more precise methodology. Finally, on the top of the page, we present the marginal NIM or NIM using the origination rates of each quarter. We believe this metric is indicative of where our NIM could convert to if we maintain the current origination rates and cost of funding.

在右下角，我們展示了僅包括生息投資組合或 IEP 計算得出的淨息差，使分子和分母彼此更具可比性，並更準確地描述了我們的貸款保證金概況。使用這種更精確的方法，這使我們第四季度的 NIM 達到 8%。最後，在頁面頂部，我們使用每個季度的發起率顯示邊際 NIM 或 NIM。我們認為，如果我們維持當前的發起率和資金成本，該指標表明我們的 NIM 可以轉換到哪裡。

Now on Page 26, you can see 90% revenue growth in 2022. On net revenue terms, the growth is still remarkable at 59% year-over-year despite a rapid rise in interest rates during the year. On a quarterly basis, you can see net revenue growing at 18% faster than the 11% growth in gross terms, which is a result of the repricing initiatives that are going.

現在在第 26 頁上，您可以看到 2022 年收入增長 90%。就淨收入而言，儘管年內利率迅速上升，但同比增長 59% 仍然非常可觀。按季度計算，您可以看到淨收入的增長速度比毛收入增長 11% 快 18%，這是正在進行的重新定價計劃的結果。

Moving to Page 27. Here, we see the improvements in our operational leverage. Starting from the left, you can see the evolution of our ratio of active clients per employee. We went from a ratio of 2,300 active plans per each employee at Inter a year ago to 3,100 active clients per employee in the fourth quarter. We see a continued improvement in this ratio going into the first quarter of 2023. As a result, we have lowered the cost to serve outstands at BRL 16.1 on an adjusted basis.

轉到第 27 頁。在這裡，我們看到了運營槓桿的改進。從左邊開始，您可以看到我們每名員工的活躍客戶比率的演變。我們從一年前國際米蘭每名員工 2,300 個活躍計劃的比率增加到第四季度每名員工 3,100 個活躍客戶。我們看到這一比率在 2023 年第一季度持續改善。因此，我們在調整後的基礎上將未償債務服務成本降低至 16.1 巴西雷亞爾。

It is worth noting that our cost to serve calculation is very simple. We take SG&A from the income statement, deduct the GAAP expenses and divide that number by the active clients. And finally, our efficiency ratio continues to improve, reaching 69% on an adjusted basis. As mentioned during the Investor Day, this is one of the 3 core ratios we used to track the performance of the company in our business plan.

值得注意的是，我們的服務成本計算非常簡單。我們從損益表中提取 SG&A，扣除 GAAP 費用並將該數字除以活躍客戶。最後，我們的效率比繼續提高，調整後達到 69%。正如在投資者日期間提到的，這是我們在商業計劃中用來跟踪公司業績的 3 個核心比率之一。

Finally, I'd like to walk you through our profitability improvements on Page 28. Net income has steadily increased across quarters due to the many of the factors we just covered. For example, one, our conservative underwriting; two, our pricing initiatives; three, our efficient funding base; four, our growing base of fee income; and fifth, our cost controls. We think this is the basis for what lies ahead and are excited to be starting the year with this momentum both on the operational and the financial side.

最後，我想在第 28 頁向您介紹我們的盈利能力改進。由於我們剛剛提到的許多因素，淨收入在各個季度穩步增長。比如，一個，我們保守的核保；二、我們的定價舉措；三、我們高效的資金基礎；四，我們不斷增長的收費收入基數；第五，我們的成本控制。我們認為這是未來發展的基礎，我們很高興能在運營和財務方面以這種勢頭開始新的一年。

Now I'll pass it back to Joao Vitor for his final remarks.

現在我將把它傳回給 Joao Vitor 聽取他的最後評論。

Thank you, Santiago. Let me close with some final remarks and the financial priorities for this year that already started. Operational leverage is a core priority as discussed already. With the products and features already deployed, we now expect to keep gaining market share and economies of scale. NIM expansion as a result of our repricing is another core priority. Lots of progress are read down with more to come along the year. The quality of our loans based on a highly fragmented and collateralized portfolio will continue enabling us to have a highly resilient performance. And finally, all of this of our strong balance sheet that has best-in-class liquidity and Tier 1 capital ratio to continue supporting franchise growth.

謝謝你，聖地亞哥。讓我以一些最後的評論和已經開始的今年的財務優先事項結束。如前所述，運營槓桿是一個核心優先事項。隨著產品和功能的部署，我們現在期望繼續獲得市場份額和規模經濟。由於我們重新定價，NIM 擴張是另一個核心優先事項。很多進展都被記錄下來，今年還會有更多進展。我們基於高度分散和抵押的投資組合的貸款質量將繼續使我們能夠擁有高度彈性的業績。最後，所有這些我們強大的資產負債表具有一流的流動性和一級資本比率，以繼續支持特許經營增長。

With that said, I would like to reinforce my commitment to our profitability and a self-sustained business plan. Thank you for listening. Now we can open for questions.

話雖如此，我想重申我對我們的盈利能力和自我維持的商業計劃的承諾。謝謝你的聆聽。現在我們可以開始提問了。

(Operator Instructions)

（操作員說明）

Our first question comes from Thiago Batista from UBS.

我們的第一個問題來自瑞銀集團的 Thiago Batista。

I have 2 questions. The first 1 about the improvement in the profitability of the bank. If you're not wrong, 1 of the key drivers of this improvement is the repricing of the bank's loan portfolio. And we saw yesterday, the government reducing the cap for the payroll loans. Is this reduction so important at a point that this should affect your profitability strategy or no? Is it still possible to expand the profitability even with this cap? And the second one, very briefly, I believe Inter has no exposure to Silicon Valley Bank, but can you confirm it if there's any exposure or not for the bank?

我有兩個問題。第一個關於銀行盈利能力的改善。如果您沒記錯的話，這一改進的主要驅動因素之一是銀行貸款組合的重新定價。我們昨天看到，政府降低了工資貸款的上限。這種減少是否如此重要以至於應該影響您的盈利策略？即使有這個上限，是否還有可能擴大盈利能力？第二個，很簡單，我相信國米沒有接觸過矽谷銀行，但你能確認一下這家銀行是否有接觸嗎？

Thank you for your question. I'll start with the second one. We have no exposure for Silicon Valley Bank. So that's an easy one to answer. And going back to the first 1 with our expansion linked to NIMs. So there will be expansion has to do with a combination of several factors with repricing being one of them, providing a bit more of detail in the repricing short-duration portfolios already repriced. This is SMBs, repayment of card and credit cards. And then on the longer duration portfolio, which accounts to nearly 50% of the total mix, we have around a quarter in payroll loans. And for those we have already priced around 15%, we were pricing another 10% per quarter. The rates at which we are originating today are now at 1.7%.

謝謝你的問題。我將從第二個開始。我們沒有接觸過矽谷銀行。所以這很容易回答。回到第一個，我們的擴展與 NIM 相關聯。因此，擴張與多種因素的結合有關，重新定價是其中之一，為已經重新定價的重新定價短期投資組合提供更多細節。這是中小企業，還款卡和信用卡。然後在佔總組合近 50% 的長期投資組合中，我們有大約四分之一的工資貸款。對於我們已經定價 15% 左右的那些，我們每季度再定價 10%。我們今天的原始利率現在是 1.7%。

In real estate, this another quarter of the portfolio, we have 15% over price and we're repricing 5% more per quarter. We think that by the end of the year, approximately 2/3 of the payroll portfolio will be repriced and 1/3 of the real estate portfolio will be repriced, making a total revised portfolio of 75%. Particularly on the payroll side, linking to the NSS comment, we see originations at 1.7% producing an ROE at inter of 25%. We don't operate with distributors, as you know. And so we have a possibility of tying that rate without sacrificing ROE. So limit the impact on us is quite limit confront.

在房地產中，這是投資組合的另一四分之一，我們的價格高出 15%，而且我們每季度重新定價 5%。我們認為，到今年年底，大約 2/3 的工資組合將重新定價，1/3 的房地產組合將重新定價，使總修訂組合達到 75%。特別是在工資方面，鏈接到 NSS 評論，我們看到 1.7% 的起源產生了 25% 的 ROE。如您所知，我們不與分銷商合作。因此，我們有可能在不犧牲 ROE 的情況下追平該利率。所以限制對我們的影響是相當有限的。

Our next question comes from Mr. Flavio Yoshida from Bank of America.

我們的下一個問題來自美國銀行的Flavio Yoshida 先生。

So I have 2 questions as well. The first one is on asset quality. So we saw that asset quality in this quarter deteriorated 40 basis points to 4.4%. And in the last earnings call, if I'm not wrong, you mentioned that we should expect some stability in this indicator. At the same time, NPL formation increased to 1.1%. So I would like to have your view on what happened here on which products affected the most is indicator? And what should we expect going forward? And also, my other question is on funding costs. So you showed an improvement on your funding cost. I was wondering what drove this improvement? And also when you show a marginal NIM higher, what drove the most this NIM? Was it the lower pricing or the lower funding costs?

所以我也有兩個問題。第一個是關於資產質量。所以我們看到本季度的資產質量惡化了 40 個基點，達到 4.4%。在上次財報電話會議上，如果我沒記錯的話，你提到我們應該期待該指標保持穩定。與此同時，不良貸款形成率上升至 1.1%。所以我想听聽您對這裡發生的事情的看法，哪些產品對指標影響最大？我們應該期待什麼？而且，我的另一個問題是關於資金成本。所以你的資金成本有所改善。我想知道是什麼推動了這種改進？而且當你顯示邊際 NIM 更高時，是什麼推動了這個 NIM？是更低的定價還是更低的融資成本？

So thank you, and I'll start answering this is Alexandre. So overall, thinking about the delinquency and the evolution of NPLs. The total NPL has been impacted by mainly the credit card portfolio, particularly on the other cohorts that were underwritten between September of '21 and the beginning of 2022, especially given that from the beginning of last year 2022, we decreased the approval rates to around 10%, so a significantly lower than a year before.

所以謝謝你，我將開始回答我是亞歷山大。總的來說，考慮不良貸款的拖欠和演變。不良貸款總額主要受到信用卡組合的影響，特別是在 21 年 9 月至 2022 年初期間承銷的其他同類產品，特別是考慮到從 2022 年初開始，我們將批准率降至大約10%，明顯低於一年前。

Having said that, what we observed an increase on NPLs came from these older cohorts. When we look at the other portfolios at Inter, we are observing consistent performance. For instance, in (inaudible) stayed at the same level that we observed in September in the third quarter results. It's worth noting also that the strong deceleration that we had in the loan growth from 2021 to 2022 that we didn't grow as much in the denominator.

話雖如此，我們觀察到的不良貸款增加來自這些年長的人群。當我們審視國際米蘭的其他投資組合時，我們觀察到了一致的表現。例如，（聽不清）在第三季度結果中保持與我們在 9 月份觀察到的水平相同。還值得注意的是，從 2021 年到 2022 年，我們在貸款增長方面的強勁減速導致我們在分母上沒有增長那麼多。

So to try to explain the effects on the -- what's happening now. We shared also the 15 to 90 days NPLs where we see a more stable trend on the NPLs. Thinking about the future. As we've mentioned before, we expect the maximum NPL should be held on the first quarter of this year and then to start like a tipping point, and we should see things stabilizing. The evolution if we think about negative evolution, we should see it mainly also on credit cards. What we've been observing on the other portfolios up to now is again stability.

因此，試圖解釋對 - 現在發生的事情的影響。我們還分享了 15 至 90 天的不良貸款，我們看到不良貸款的趨勢更加穩定。思考未來。正如我們之前提到的，我們預計最大不良貸款應該在今年第一季度舉行，然後像一個臨界點一樣開始，我們應該會看到情況趨於穩定。如果我們考慮負面演變，我們應該主要在信用卡上看到它的演變。到目前為止，我們在其他投資組合上觀察到的再次是穩定性。

So I think this is it for the nonperforming loans part of the question, and I'll now pass the word to Helena.

所以我認為這就是問題的不良貸款部分，我現在將這個詞傳遞給海倫娜。

So regarding the cost of funding, there are some factors that played out in 4Q that got our cost of funding to 59% of the CDI. One was some seasonality. There is more liquidity at the end of the year with the treating salary. And we also paid off the holding debt in October, which was expensive compared to our traditional funding cost that was CDI plus 1.95% a year.

所以關於資金成本，有一些因素在第四季度發揮作用，使我們的資金成本達到 CDI 的 59%。一是季節性。年底有更多的流動資金和待遇工資。我們還在 10 月份還清了持有的債務，這與我們每年 CDI 加 1.95% 的傳統融資成本相比是昂貴的。

When we look at the effect of that in our margins, that is not so significant compared to the funding cost that we traditionally have around the 60% of CDI, with the expectation of having a similar share of demand deposits that we had in 2022, we expect cost of funding to remain around this low 60% of CDI throughout the whole year.

當我們查看它對我們利潤率的影響時，與我們傳統上擁有的 CDI 60% 左右的融資成本相比，這並沒有那麼顯著，預計我們在 2022 年擁有與活期存款相似的份額，我們預計全年資金成本將保持在 CDI 的 60% 左右。

The next question comes from Mr. Pedro Leduc from Itau BBA.

下一個問題來自Itau BBA的Pedro Leduc先生。

First, on loan book growth. SME housing continues strong, leading the portfolio up this year. And in SME, this is almost entirely supply chain financing that you do. And here, of course, you had no exposure to [Americano], congrats. But we wonder how business changed here post the event in the first quarter, volumes, demand, spreads and if you've taken additional measures of precaution to avoid the same thing? And how profitable is this SME supply chain financing for you nowadays, is it above portfolio profitability, in line and our cost of risk is very low, but definitely I want to hear your thoughts on what changed in this product line in the first quarter post the Lamievent? .

首先，關於貸款賬面增長。中小企業住房繼續保持強勁勢頭，引領了今年的投資組合。在中小企業中，這幾乎完全是您所做的供應鏈融資。在這裡，當然，你沒有接觸過 [Americano]，恭喜。但我們想知道第一季度事件發生後這裡的業務發生了怎樣的變化，數量、需求、價差，以及您是否採取了額外的預防措施來避免同樣的事情？現在這個中小企業供應鏈融資對你來說有多有利可圖，它是否高於投資組合的盈利能力，符合我們的風險成本很低，但我當然想听聽你對第一季度後這條產品線發生了什麼變化的看法拉米事件？ .

So Good morning Joao Vitor speaking here. It's a very good question, by the way. We do have the supply chain finance running very well at Inter. We always have a (inaudible) approach. So collateralization, diversification and monetization. So we are always assessing the right spreads for the risk that we take, always trying to have as much more what we call portals. So many, many supply chain contracts and players instead of concentrate that on big ones and also working with the 100% collateralization for this SME approach.

早上好，Joao Vitor 在這裡發言。順便說一句，這是一個很好的問題。我們的供應鏈金融在國際米蘭運行得非常好。我們總是有一種（聽不清）方法。所以抵押、多元化和貨幣化。因此，我們一直在評估我們承擔的風險的正確利差，總是試圖擁有盡可能多的我們稱之為門戶的東西。如此多的供應鏈合同和參與者，而不是專注於大公司，並為這種中小企業方法提供 100% 的抵押。

Having said that, what we saw is that we were able to improve, not significantly, but we were able to improve the margins on that product which, by the way, connects very well with the funding capabilities that we have. We need to remind that this product is a very short-term duration. So it match our or very strong demand deposit funding franchise.

話雖如此，我們看到的是我們能夠改善，但不是顯著改善，但我們能夠提高該產品的利潤率，順便說一句，這與我們擁有的融資能力非常相關。我們需要提醒的是，這個產品的存續期很短。所以它符合我們或非常強大的活期存款融資特許經營權。

Having said that, we believe that we can keep growing this portfolio in a secured way and improving the ROE for our banking portfolio going forward. So again, we took some small change on the product. So trying to diversify even further and lowering some tickets that we have before planning, but we're very comfortable and very excited with this business going forward.

話雖如此，我們相信我們可以繼續以安全的方式發展這一投資組合，並提高我們未來銀行業投資組合的股本回報率。因此，我們再次對產品進行了一些小改動。因此，我們試圖進一步多樣化並降低我們在計劃之前的一些門票，但我們對這項業務的發展感到非常滿意和興奮。

Great. You are seeing slightly more spread opportunities there, Joao Vitor, indeed?

偉大的。 Joao Vitor，你確實看到了更多的傳播機會？

Yes, Leduc, we do see that. We see that many of the corporate comps that are using this product, today, we see some of credit crunch, not much crunch, but we see some restriction. And therefore, we have been able already to reprice and to improve that. And just to remind, because it's so short-term duration, the repricing of this portfolio is very, very fast. So it's happening in our rents, okay?

是的，勒杜克，我們確實看到了。我們看到許多使用該產品的公司，今天，我們看到了一些信貸緊縮，但緊縮不多，但我們看到了一些限制。因此，我們已經能夠重新定價並改進它。提醒一下，因為它的持續時間很短，所以這個投資組合的重新定價非常非常快。所以這發生在我們的租金中，好嗎？

The next question comes from Mr. Yuri Fernandes from JPMorgan.

下一個問題來自摩根大通的Yuri Fernandes先生。

I have one regarding personnel expenses here. If you can explain what drove higher expenses this quarter. Checking our presentation, we see about BRL 40 million in M&A-related expenses that I think to recognize also with share-based compensations in this line. So my question is what drove this? Is this kind of a nonrecurring should we see personnel expenses behave a little bit better? Because for me, it was a bit hard to consolidate your speech of cost control seen like personnel expenses growing a lot. And on the other side of the question regarding M&A, what is the main driver for performance inside the company? Is it growth? Like how is credit cards work inside the company? Because it was a better year for many KPIs, but still a tough year for profitability. So I really don't know how to think about personnel expenses going forward. Like if this should be more headcount kind of inflation growth or we should expect this kind of volatility on personnel expenses?

我這裡有一個關於人事費用的。如果你能解釋是什麼導致本季度的支出增加。查看我們的演示文稿，我們發現與併購相關的費用約為 4000 萬巴西雷亞爾，我認為這些費用也可以通過這一行的基於股份的補償來確認。所以我的問題是是什麼推動了這一點？這種非經常性費用我們是否應該看到人事費用表現好一點？因為對我來說，在人事費用增長很多的情況下，要鞏固你關於成本控制的演講有點困難。在併購問題的另一方面，公司內部績效的主要驅動力是什麼？是成長嗎？比如信用卡在公司內部是如何運作的？因為對於許多 KPI 來說，這是更好的一年，但對於盈利能力來說仍然是艱難的一年。所以我真的不知道如何考慮未來的人事費用。就像這應該是更多的員工人數通脹增長，還是我們應該預料到這種人事費用的波動？

Okay, Yuri, thank you for the question. I'm going to cover the second one and Helena is going to cover the first 1 about the personnel expense. So we do have a focus on both, as we mentioned on the first page of our slide on growth and profitability. Of course, that when we have some impact from NPS, as we saw last year, it postponed our profitability a little more than we wish. Though we see the trends playing in such as improving on the NIM expansion, and therefore, we should be able to combine growth and profitability. So this is the way we think, the way I think Bank Inter the way we manage the business, and again, the incentives that we have here are for both profitability and growth. And we do think that we can keep growing without sacrificing the profitability, mostly on the Commercial part of the business.

好的，尤里，謝謝你的提問。我將介紹第二個，Helena 將介紹第一個關於人事費用的問題。因此，正如我們在增長和盈利幻燈片的第一頁中提到的那樣，我們確實關注兩者。當然，當我們受到 NPS 的一些影響時，正如我們去年所看到的那樣，它比我們希望的更推遲了我們的盈利能力。儘管我們看到了 NIM 擴張的改善等趨勢，因此，我們應該能夠將增長和盈利能力結合起來。所以這就是我們的思維方式，我認為 Bank Inter 是我們管理業務的方式，而且我們在這裡擁有的激勵措施是為了盈利和增長。而且我們確實認為我們可以在不犧牲盈利能力的情況下保持增長，主要是在業務的商業部分。

So all the fee income, we can keep growing without putting Tier 1 at risk, putting the liquids at risk. So that's the way you see about growth. And now Helena will cover the personnel expenses on 4Q.

因此，所有的費用收入，我們都可以繼續增長，而不會使一級風險，使流動性處於風險之中。這就是你看待增長的方式。現在海倫娜將支付第四季度的人事費用。

So, Yuri, to talk a little bit about the personnel expenses. I will go back to a brief view of the impacts of the USEND acquisition overall. So we have 2 components in that acquisition. One that was an upfront payment; and a second 1 that was a deferred payment in share. This deferred payment is to -- as key as accretive that sold -- that we're selling shareholders at the time of transactions, and it has to be accounted as compensation according to IFRS rule. We will have an impact on the compensation expenses in 2022, 2023 and 2024.

那麼，尤里，談談人事費用。我將簡要回顧一下 USEND 收購的總體影響。所以我們在那次收購中有兩個組成部分。一個是預付款；第二個 1 是股份的延期付款。這種延期付款是——與出售的增值一樣關鍵——我們在交易時出售股東，並且必鬚根據 IFRS 規則將其計為補償。我們將對 2022 年、2023 年和 2024 年的薪酬支出產生影響。

And just for a reference, the full impact in the full year of 2022 was of BRL 63 million, for '23 it is expected to be BRL 33 million, and finally, for '24 BRL 19 million totaling this deferred payment of BRL 115 million. In 4Q, we finished the PPA, that is the purchase price allocation for the USEND acquisition. Once it's finished, we -- there are allocations required in the balance sheet that also affects the P&L. So the income statement.

僅供參考，2022 年全年的全部影響為 6300 萬雷亞爾，23 年預計為 3300 萬雷亞爾，最後，24 年為 1900 萬雷亞爾，延期付款總額為 1.15 億雷亞爾.第四季度，我們完成了PPA，即USEND收購的購買價格分配。一旦完成，我們 - 資產負債表中需要進行分配，這也會影響損益表。所以損益表。

These allocations were, in the balance sheet, there was inclusion of software and licenses to depreciate an adjustment to goodwill. And on the income statement, there is a revision of the share-based compensation expenses and the allocation of depreciation in the first year. As a result, in the fourth quarter, we had the share-based compensation, which is, in essence, an M&A payment that accounted to BRL 43 million and a depreciation of software and licenses that accounted to, sorry, BRL 12 million, that combined had a nonoperating impact on our P&L of BRL 55 million.

在資產負債表中，這些分配包括軟件和許可證以對商譽進行折舊調整。在損益表上，對第一年的股權補償費用和折舊分配進行了修訂。因此，在第四季度，我們獲得了基於股份的補償，這實質上是一筆 4300 萬雷亞爾的併購付款，以及 1200 萬雷亞爾的軟件和許可折舊，對不起，合併對我們的損益產生了 5500 萬雷亞爾的非經營性影響。

So just to conclude, I really want to differentiate the M&A expenses from the personnel expenses. For that, I'd like to call the attention to Page 33 in the appendix of our presentation where there, we show the expenses broken down by this concept in each quarter. There, you can see that personnel expenses grew 14% quarter-on-quarter, mostly as a result of the annual union upgrade salary increase known as (inaudible) in Portuguese. Our headcount closed the year roughly flat at 4,100 employees, which -- well, despite the USEND acquisition that brought in 150 employees early in the year. Additionally, right now at the moment of this call, we have currently 3,800 employees continue the approach that we've been talking about to deliver operational leverage on this line.

所以總而言之，我真的想區分併購費用和人員費用。為此，我想提請注意我們演示文稿附錄中的第 33 頁，我們在那裡顯示了每個季度按此概念細分的費用。在那裡，您可以看到人事費用環比增長 14%，這主要是由於年度工會升級加薪，在葡萄牙語中稱為（聽不清）。我們的員工人數在今年結束時大致持平，為 4,100 名員工，這 - 好吧，儘管 USEND 收購在今年早些時候帶來了 150 名員工。此外，就在本次電話會議期間，我們目前有 3,800 名員工繼續採用我們一直在討論的方法，以在這條線上提供運營槓桿。

That's super clear, Helena. So basically, the M&A, it was -- the only portion that was not clear for me was regarding the 2023 and '24 impact. Is this something linear? Like so we should see this like on a more -- because I think the 4Q '22, most of those impacts that were concentrated, right, like in the 4Q, so for '23, '24, should we see like a more gradual impact during the year? Or should it be a seasonal impact in the first Q '23 and first Q '24, how that will work? And also the D&A, the depreciation and amortization. I understood that the pressure was also driven by this. Is that line is supposed to come back to a more normalized level? Or is this new don't know, BRL 50 million the new level for G&A expenses? These increases are base of assets, right? So you keep amortizing at a higher pace now.

非常清楚，海倫娜。所以基本上，併購是——我唯一不清楚的部分是關於 2023 年和 24 年的影響。這是線性的嗎？就像這樣，我們應該更多地看到這一點——因為我認為 22 年第四季度，大部分影響都是集中的，就像在第四季度一樣，所以對於 23 年、24 年，我們是否應該看到更漸進的影響？年內影響？或者它應該是第一個 Q '23 和第一個 Q '24 的季節性影響，這將如何運作？還有 D&A，折舊和攤銷。我明白壓力也是由此而來的。這條線應該回到更正常的水平嗎？或者這是新的不知道，5000 萬雷亞爾的 G&A 費用的新水平？這些增長是資產基礎，對吧？所以你現在繼續以更快的速度攤銷。

Yes. So that's correct. So the impact in '22 was higher in 4Q because that was with the conclusion of the PPA, okay? So that's how we made the allocations. So now for '23 and '24, we will see a more linear effect throughout the whole year without any seasonality in 4Q for neither of these lines, either D&A the personnel expenses.

是的。所以這是正確的。所以 22 年第四季度的影響更大，因為那是 PPA 的結論，好嗎？這就是我們進行分配的方式。因此，現在對於 23 年和 24 年，我們將在全年看到更線性的影響，而在第四季度，這兩條線都沒有任何季節性，無論是 D&A 還是人事費用。

Our next question comes from Ms. Neha Agarwala from HSBC.

我們的下一個問題來自匯豐銀行的 Neha Agarwala 女士。

I wanted to ask about growth. What kind of growth should we expect loan growth for this year, as you mentioned that you continue to gain market share? And what are the plans that you have in mind to bring about cost efficiency that since that's one of the most important goals for the bank for 2023? So on loan growth and cost efficiency, what are the plans? And what should we expect for '23? My second question is on capital. So during 2022, you consumed almost 20 percentage points in terms of Tier 1 capital, which is now at 24%. What do you think is a comfortable level at which the bank would like to operate? And how do you see the Tier 1 supporting the loan growth expectations that you might have for this year?

我想問一下成長。正如您提到的，您將繼續獲得市場份額，今年我們應該期待什麼樣的貸款增長？您有什麼計劃來實現成本效率，因為這是該銀行 2023 年最重要的目標之一？那麼在貸款增長和成本效率方面，有哪些計劃？我們對 23 年應該期待什麼？我的第二個問題是關於資本。因此，在 2022 年期間，您消耗了將近 20 個百分點的一級資本，現在為 24%。您認為銀行希望在何種水平上運營是一個舒適的水平？您如何看待 1 級支持您今年可能擁有的貸款增長預期？

As on loan growth. So on that plan, we grew 40% on the calendar year of 2022. We expect 2023 to be marginally below that number will ultimately depend on the macro picture and these corporate events that are happening. We were obviously monitoring on a day-by-day, but our base plan is to be growing in the 30s. This is what we call disrupted growth in a sense, which is multiple than the growth of the market, which allows us to gain market share and the operation endeavor. So as Helena mentioned, a big component of our expanding ROE plan is to keep cost on the personnel side is flat, where at 32,000 employees, we think that number has upside to improve further. And (inaudible) was asking at the beginning, the other point of the ROE expansion has to do with the NIM and the repair portfolio, which is also ongoing.

至於貸款增長。因此，根據該計劃，我們在 2022 年增長了 40%。我們預計 2023 年將略低於該數字，最終將取決於宏觀形勢和正在發生的這些企業事件。我們顯然每天都在監控，但我們的基本計劃是在 30 年代增長。這就是我們所說的某種意義上的中斷增長，它比市場的增長多倍，這使我們能夠獲得市場份額和運營努力。因此，正如 Helena 提到的那樣，我們擴大 ROE 計劃的一個重要組成部分是保持人員方面的成本持平，在 32,000 名員工中，我們認為這個數字有進一步改善的空間。並且（聽不清）一開始就問，ROE 擴展的另一個點與 NIM 和維修組合有關，這也在進行中。

I'll let Alexandre cover the capital question here.

我將讓 Alexandre 在這裡討論主要問題。

On the capital, there are a few things that happened here last year worth mentioning. So first one is we have 2 one-offs. We had the USEND acquisition and the capital reduction, one of them happened in the first quarter, second happened towards the end of the year early in the fourth quarter and that responds to most of the reduction that we saw on the CET 1. Now we are consuming capital more efficiently. So we closed the fourth quarter of '22 at a CET 1 of around 24% and considering our estimated profit as well as some additional capital opportunities to be incorporated during 2024. We expect to finish the fourth quarter of '23 at around 20%.

在京城，去年這裡發生的幾件事值得一提。所以第一個是我們有 2 個一次性的。我們進行了 USEND 收購和資本削減，其中一個發生在第一季度，第二個發生在今年年底的第四季度初，這對我們在 CET 1 上看到的大部分削減做出了回應。現在我們更有效地消耗資本。因此，我們以 24% 左右的 CET 1 結束了 22 年第四季度，並考慮了我們的估計利潤以及 2024 年將納入的一些額外資本機會。我們預計 23 年第四季度將以 20% 左右的速度結束。

Joao, could you please elaborate on the capital opportunities that you mentioned for this year? What do you mean by that?

Joao，您能否詳細說明一下您提到的今年的資本機會？你是什麼意思？

Yes. So Neha, there are 2 different things that we're working on. One of them is the methodology on the operational risk, RWA. So we're working on changing the methodology we should get around, well, a little bit above 1% on that. We're working on optimizations on, for instance, the credit card that could get us another 1%. So things like that and other fine tunings that brings other improvements but can also be important as we move along.

是的。 Neha，我們正在做兩件不同的事情。其中之一是操作風險 RWA 的方法。所以我們正在努力改變我們應該繞過的方法，嗯，略高於 1%。我們正在努力優化，例如，可以讓我們再獲得 1% 的信用卡。所以像這樣的事情和其他帶來其他改進的微調，但在我們前進的過程中也很重要。

The next question comes from Mr. Yuri Fernandes from JPMorgan.

下一個問題來自摩根大通的Yuri Fernandes先生。

Just a follow-up on profitability. You mentioned like Joao during his closing remarks during the presentation, a commitment to profitability, Santiago mentioned like the loan repricing. So any commitment with like short-term profitability? Like what would be the target for 2023 on ROE, net income like anything we should expect from the company this year?

只是跟進盈利能力。你在演講的結束語中提到了 Joao 對盈利能力的承諾，Santiago 提到了貸款重新定價。那麼任何具有短期盈利能力的承諾？比如 2023 年 ROE 的目標是什麼，淨收入是我們今年對公司的預期嗎？

So as you know, we do not provide guidance. But as we mentioned on Investor Day, I will continue to think that's the case. The consensus of the 15 research analysts that cover our shares, our stock is on the mid-single-digit ROE. We continue having that as our base plan for 2023. We do think that the second half will have better numbers in the first half, although we expect a sequential improvement on a profit quarter-by-quarter.

如您所知，我們不提供指導。但正如我們在投資者日提到的那樣，我將繼續認為情況就是如此。涵蓋我們股票的 15 位研究分析師的共識是，我們的股票處於中等個位數的股本回報率。我們繼續將其作為我們 2023 年的基本計劃。我們確實認為下半年上半年的數據會更好，儘管我們預計利潤會逐季改善。

This concludes our question-and-answer session. The conference has now concluded. Inter IR area is at your disposal to answer any additional questions. Thank you for attending today's presentation. Have a nice day.

我們的問答環節到此結束。會議現已結束。 Inter IR 區域隨時為您解答任何其他問題。感謝您參加今天的演講。祝你今天過得愉快。