Inter & Co Inc (INTR) 2023 Q1 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Inter & Co First Quarter of 2023 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.

下午好，謝謝你的支持。歡迎來到 Inter & Co 2023 年第一季度收益電話會議。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。

Please be advised that today's conference is being recorded, and a replay will be available at the company's IR website. (Operator Instructions)

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。 （操作員說明）

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 information to the IFRS financial information are available in Inter's earnings release and earnings presentation appendix.

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 信息與 IFRS 財務信息的調節可在國際米蘭的收益發布和收益報告附錄中找到。

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.

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 yield the floor to Mr. Santiago Stel. Sir, the floor is yours.

現在請聖地亞哥·斯特爾先生髮言。先生，地板是你的。

Thank you, operator. Good afternoon, everyone. Thank you for attending our first quarter 2023 earnings call. Before (technical difficulty) the agenda, let me present the phrase that summarizes the results and the moment in which we are at Inter, harvesting profitable results from solid foundations. This phrase captures the essence of who we are and where we stand today. Joao Vitor will elaborate on this in his opening remarks.

謝謝你，運營商。大家下午好。感謝您參加我們 2023 年第一季度的財報電話會議。在（技術難度）議程之前，讓我介紹一下總結結果和我們在國際米蘭的那一刻，從堅實的基礎上收穫有利可圖的結果。這句話抓住了我們是誰以及我們今天所處位置的本質。 Joao Vitor 將在他的開場白中詳細說明這一點。

Jumping into Page 4, let me introduce the agenda for the day. Joao Vitor will start the presentation, sharing with you an overview of our vision and the main achievements of the quarter, then Alexandre will cover the credit engine section. I will present funding capabilities together with the transactional platform. And finally, Helena will cover the financial performance section with then Joao closing with his final remarks. Joao, I'll pass the mic to you.

跳到第 4 頁，讓我介紹一下今天的議程。 Joao Vitor 將開始演講，與您分享我們的願景概述和本季度的主要成就，然後 Alexandre 將介紹信用引擎部分。我將展示融資能力和交易平台。最後，Helena 將介紹財務業績部分，然後 Joao 將發表最後的講話。 Joao，我會把話筒遞給你。

Thank you, Santiago. Good afternoon, everyone. Before going to the details of the quarter, let me share my vision for Inter on Page 6. I was reflected on this, given that we just had the fifth year anniversary of our IPO. Since then, we have been able to attract the top-level management team. This gave us the ability to build the best Super App in the Americas. The best Super App in the Americas allowed us to build a unique deposit franchise that quickly achieved critical mass in the Brazilian banking system. The result is a fortress balance sheet, with massive capital and liquidity. All of this was made possible by our more than 26 million clients. This was done through an amazing journey of innovation, creating strong foundations over which we stand today. But like everything in life, we are always evolving and need to adapt to the context in which we operate.

謝謝你，聖地亞哥。大家下午好。在討論本季度的細節之前，讓我在第 6 頁分享我對國際米蘭的看法。考慮到我們剛剛迎來首次公開募股五週年，我對此進行了反思。從那時起，我們就能夠吸引到高層管理團隊。這使我們有能力在美洲構建最好的超級應用程序。美洲最好的超級應用程序使我們能夠建立一個獨特的存款特許經營權，迅速在巴西銀行系統中達到臨界質量。結果是擁有大量資本和流動性的堡壘資產負債表。我們超過 2600 萬客戶使這一切成為可能。這是通過令人驚嘆的創新之旅實現的，為我們今天所處的地位奠定了堅實的基礎。但就像生活中的一切一樣，我們總是在不斷發展，需要適應我們所處的環境。

On the next slide, I want to share with you the way we're running the business for the next 5 years. Client-wise, we are adapting from a massive growth to a growth and engagement approach. On loans, instead of being just market share driven, we're moving to a more price sensitive. On capital, we moved from the deployment phase to a tactical use of this important pillar. Last but not least, on efficiency. We have this concept as an outcome, and now it became one of the most important guidelines for our business.

在下一張幻燈片上，我想與大家分享我們在未來 5 年經營業務的方式。在客戶方面，我們正在從大規模增長轉向增長和參與方式。在貸款方面，我們不再只是市場份額驅動，而是轉向對價格更加敏感。在資金方面，我們從部署階段轉向了對這一重要支柱的戰術使用。最後但同樣重要的是，關於效率。我們將這個概念作為結果，現在它成為我們業務最重要的指導方針之一。

With that said, on Page 8, I will present you a glimpse of the value that can be produced with this strong harvesting approach. In demand deposits, we increased our market share by additional 21 bps and reached 3.6% share and probably ranked 6 among our Brazilian banks. On activation, we increased 50 bps and added the record number of new active clients in our history, 1 million new active clients in the quarter. On operational leverage, our efficiency ratio reached an impressive 62% in this quarter. The disciplined repricing of our loan portfolio allowed us to increase our NIM by 30 bps on this quarter. We produced bottom line profitability, which sets the base for the remaining of the year. And finally, we concluded the quarter with 23% Tier 1, which, according to our estimates, is twice the level of the top 5 incumbent banks in Brazil.

話雖如此，在第 8 頁，我將向您展示這種強大的收穫方法可以產生的價值。在活期存款方面，我們的市場份額又增加了 21 個基點，達到 3.6%，可能在我們的巴西銀行中排名第六。在激活時，我們增加了 50 個基點，並增加了歷史上新活躍客戶的數量，本季度有 100 萬新活躍客戶。在運營槓桿方面，本季度我們的效率比率達到了令人印象深刻的 62%。我們貸款組合的嚴格重新定價使我們能夠在本季度將淨息差提高 30 個基點。我們產生了底線盈利能力，這為今年剩餘時間奠定了基礎。最後，我們以 23% 的一級銀行結束了本季度，據我們估計，這是巴西前 5 大現有銀行水平的兩倍。

With that said, I'll now pass the mic to Alexandre, who will walk you through our credit engine.

話雖如此，我現在將麥克風傳遞給 Alexandre，他將帶您了解我們的信用引擎。

Thank you, Joao, and good afternoon, everyone. I will start talking about the growth of our loan portfolio on Page 10. So we were able to start the year running at a 20% annualized loan growth, growing 5% quarter-on-quarter with a portfolio reaching BRL 24 billion. As you can see, the growth has been mostly focused on the lower-risk segments such as the FGTS loans, which grew 58% in just 1 quarter. In credit cards, we grew 6%, still reflecting the more conservative stance to unsecured credit that we have in place since the beginning of last year.

謝謝 Joao，大家下午好。我將在第 10 頁開始談論我們貸款組合的增長。因此，我們能夠在今年年初以 20% 的年化貸款增長率運行，環比增長 5%，投資組合達到 240 億雷亞爾。如您所見，增長主要集中在風險較低的部分，例如 FGTS 貸款，僅在 1 個季度內就增長了 58%。在信用卡方面，我們增長了 6%，仍然反映了我們自去年初以來對無擔保信貸採取的更為保守的立場。

Regarding payroll and real estate loans, we continue evolving with the repricing initiative, which is driving much higher profitability levels in these portfolios. Additionally, this quarter, our financials include the interest income breakdown by portfolio, which we will allow investors to see the evolution of our loan yield by product. As you can see, the rates are increasing across products as our portfolio is increasingly repriced. Please note that the implied rate in SMBs has an impact of lower outstanding balances in January and February. Finally, the all-in annualized yield of the portfolio increased from 20.3% to 22% this quarter, an impressive evolution.

關於薪資和房地產貸款，我們繼續推進重新定價計劃，這大大提高了這些投資組合的盈利水平。此外，本季度，我們的財務數據包括按投資組合劃分的利息收入明細，我們將讓投資者看到我們按產品劃分的貸款收益率的演變。正如您所看到的，隨著我們的產品組合越來越多地重新定價，產品的費率正在增加。請注意，中小企業的隱含利率會影響 1 月和 2 月較低的未償餘額。最後，本季度投資組合的總年化收益率從 20.3% 增加到 22%，這是一個令人印象深刻的變化。

Now on Page 11, we highlight our asset quality metrics, which performed well this quarter. Starting with the 15- to 90-day NPLs, which isolates the impact of loan growth, we were roughly flat during the quarter. On the 90 days past due metric, which does have an impact of our loan deceleration relative to a year ago, the ratio increased by 30 bps, in line with the general market trend. The main driver of this NPL increase is delinquency in the old cohorts of credit cards. To illustrate this point, we included a graph that shows the NPL of cards by cohort.

現在在第 11 頁，我們重點介紹了本季度表現良好的資產質量指標。從隔離貸款增長影響的 15 至 90 天不良貸款開始，我們在本季度大致持平。在 90 天逾期指標上，該比率確實對我們的貸款減速相對於一年前產生了影響，該比率增加了 30 個基點，與總體市場趨勢一致。不良貸款增加的主要原因是舊信用卡的拖欠率。為了說明這一點，我們提供了一張圖表，顯示按隊列分類的銀行卡不良貸款率。

As we can see, there is a consistent improvement across cohorts, which is a result of both our choice to be more conservative in our credit underwriting improvements. Finally, we reported 1.5% NPL formation again, in line with the market trends and our past performance.

正如我們所看到的，隊列之間存在持續改進，這是我們選擇在信用承保改進方面更加保守的結果。最後，我們再次報告 1.5% 的不良貸款形成，這與市場趨勢和我們過去的表現一致。

To finish, on Page 12, we show that our cost of risk reached 6% in the quarter. The increase, as mentioned in the prior page, is mainly associated to older cohorts of credit cards. To give better color of this effect, we included in this slide the breakdown of the provision expense of each quarter, showing in orange, how much was due to the originations of that same quarter versus how much was from portfolio built in prior quarters. This intends to show that the increase in provisioning is explained by the other cohorts. Once these delinquent credits from older cohorts past the 360-day mark, their written off and the ratio of NPLs and cost of risk should improve.

最後，在第 12 頁，我們顯示本季度的風險成本達到 6%。如上一頁所述，這一增長主要與較老的信用卡群體有關。為了更好地說明這種影響，我們在這張幻燈片中包括了每個季度的撥備費用明細，以橙色顯示，有多少是由於同一季度的起源而有多少來自前幾個季度建立的投資組合。這旨在表明供應的增加是由其他群組解釋的。一旦年長人群的這些拖欠貸款超過 360 天，他們的註銷以及不良貸款率和風險成本應該會有所改善。

And finally, on coverage ratio, we kept the ratio constant at 130% by provisioning in line with the NPL formation trend.

最後，在覆蓋率方面，我們通過與不良貸款形成趨勢一致的撥備將覆蓋率保持在 130%。

Now I will pass the word to Santiago, who will cover the funding and transactional platform sections.

現在我將把消息傳給聖地亞哥，他將負責資金和交易平台部分。

Thank you, Alexandre. On Page 13, you can see the evolution of our funding base, one of the key competitive advantages of our platform. Our deposits grew 33% year-over-year, reaching BRL 30.8 billion. When we compare this [2] year to our loan balance described by Alexandre, you can see that our loan-to-deposit ratio remains very healthy, significantly below 100%. Interesting to note that this quarter, we materially increased our market share in demand deposits growing to 3.58% and now ranked as the sixth largest Brazilian bank by this metric. Another point to highlight again is our deposit base is highly fragmented with more than 12 million clients trusting us with our deposits.

謝謝你，亞歷山大。在第 13 頁，您可以看到我們資金基礎的演變，這是我們平台的主要競爭優勢之一。我們的存款同比增長 33%，達到 308 億雷亞爾。當我們將這 [2] 年與 Alexandre 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%。有趣的是，本季度我們大幅增加了活期存款的市場份額，增至 3.58%，目前按該指標排名巴西第六大銀行。再次強調的另一點是我們的存款基礎高度分散，超過 1200 萬客戶信任我們的存款。

Moving to Page 15, where I'd like to say that on funding costs, we continue delivering strong performance with the cost of funding among the very best in the industry. We recorded a 65% funding cost as a percentage of CDI even with seasonality of demand deposits being adverse in the quarter. As we continue gaining share of demand deposits in improve our activation further, we believe we will be able to maintain this strong competitive advantage.

轉到第 15 頁，我想說的是關於資金成本，我們繼續以業內最好的資金成本提供強勁的業績。即使本季度活期存款的季節性不利，我們也記錄了 65% 的融資成本佔 CDI 的百分比。隨著我們繼續獲得活期存款的份額以進一步改善我們的激活，我們相信我們將能夠保持這種強大的競爭優勢。

Now let me walk you through the main topics of our transactional platform on Page 17. As Joao mentioned, we reported our highest level of net new active players on record by adding 1 million this quarter. This came combined with a low level of total new clients at 1.6 million, which shows that our conversion ratio to active clients improved significantly to 59% from 38% a year ago.

現在讓我在第 17 頁向您介紹我們交易平台的主要主題。正如 Joao 提到的那樣，我們報告了本季度新增 100 萬的淨新活躍玩家的最高水平。這與 160 萬的低水平新客戶相結合，這表明我們對活躍客戶的轉化率從一年前的 38% 顯著提高到 59%。

You can see also on the left side graph, their activation rate showed attractive to the prior quarter and reversing the prior trend. This dynamic is the result of our effort to get new activation opportunities as the clients navigate in our Super App. To name an example, we deployed our personalized version of our Super App where with other material improvements in our onboarding and UX/UI processes.

您還可以在左側圖表中看到，他們的激活率與上一季度相比具有吸引力並扭轉了之前的趨勢。這種動態是我們努力在客戶瀏覽我們的超級應用程序時獲得新激活機會的結果。舉個例子，我們部署了我們的超級應用程序的個性化版本，並在我們的入職和用戶體驗/用戶界面流程中進行了其他實質性改進。

As we are fully focused on adding high-quality client base, we continue to optimize our CAC, which decreased to below BRL 30 this quarter. All this together shows the profitability profile of our CAC investment increased meaningfully as a result of better use of data with a stronger understanding of our customers' behavior and customer preferences.

由於我們完全專注於增加高質量的客戶群，我們繼續優化我們的 CAC，本季度已降至 30 雷亞爾以下。所有這些共同表明，由於更好地使用數據以及對客戶行為和客戶偏好的更深入了解，我們 CAC 投資的盈利能力顯著提高。

On Page 18, in terms of volume transacted in debit and credit cards as well as PIX, we reached BRL 181 billion, which demonstrates our strong position in banking. Looking at transaction volume by cohort because in U.S. cohorts reaching higher levels at a faster pace than the older ones, as a result of better quality clients acquisition and improvement of activation and engagement campaigns.

在第 18 頁，就借記卡和信用卡以及 PIX 的交易量而言，我們達到了 1810 億巴西雷亞爾，這表明我們在銀行業的強大地位。按群組查看交易量，因為在美國，由於更好的客戶獲取質量以及激活和參與活動的改進，美國群組以比舊群組更快的速度達到更高水平。

Moving to Page 19. With our clients transacting more than 180 billion per quarter in their daily banking activities, we see a higher propensity to adopt our broader transactional platform. On Inter Shop, we reached 2.5 million clients transacting during the quarter. Our momentum in our e-commerce allowed us to continue growing our net take rate, which now stands at 6.5%, our highest level ever.

轉到第 19 頁。隨著我們的客戶在日常銀行活動中每季度交易超過 1800 億美元，我們看到採用我們更廣泛的交易平台的更高傾向。在 Inter Shop，本季度我們有 250 萬客戶進行交易。我們在電子商務方面的發展勢頭使我們能夠繼續提高淨收入率，目前為 6.5%，是我們有史以來的最高水平。

For Inter Insurance, a similar pattern is seen as we improved our upselling and cross-selling initiatives and reached 1.3 million insured clients.

對於 Inter Insurance，我們看到了類似的模式，因為我們改進了向上銷售和交叉銷售計劃，並覆蓋了 130 萬投保客戶。

And finally, on Inter Invest, we also had strong adoption, reaching 3.3 million clients and a record level of AuC of BRL 68 billion. As mentioned in the past, all these products are higher OE given that they consume no capital.

最後，在 Inter Invest，我們的採用率也很高，達到 330 萬客戶，AuC 達到創紀錄的 680 億雷亞爾。正如過去所提到的，所有這些產品都具有更高的 OE，因為它們不消耗資本。

On Page 20, you can see our newest initiative, Inter Global, which has been performing at a much higher pace than we anticipated. Starting by the number of clients, we're nearly at 1.5 million, having just started a year ago. These are clients with an account routing number in the U.S. in a real banking clients. When we compare this to other new ones in the U.S., we ranked 12th in this category. These clients trust and transact in our global platform. And as a consequence, we have more than USD 140 million in deposits plus investments.

在第 20 頁，您可以看到我們的最新計劃 Inter Global，它的執行速度比我們預期的要快得多。從客戶數量開始，我們將近 150 萬，一年前才剛剛起步。這些是真實銀行客戶中在美國擁有賬戶路由號碼的客戶。當我們將其與美國的其他新產品進行比較時，我們在該類別中排名第 12 位。這些客戶信任並在我們的全球平台上進行交易。因此，我們擁有超過 1.4 億美元的存款和投資。

And to conclude here, the best of this is we're increasingly replicating our Brazil offering into the U.S. with minimal investments by leveraging on our existing platform and learning curve.

總而言之，最好的一點是，我們越來越多地利用我們現有的平台和學習曲線，以最少的投資將我們在巴西的產品複製到美國。

Now I'll pass the mic to Helena who will cover the financial performance section.

現在我將麥克風交給 Helena，她將負責財務績效部分。

Thank you, Santiago. Hello, everyone. Starting with our financial performance on Page 22, I'd like to highlight our revenue growth. We recorded BRL 1.8 billion of gross revenues in the quarter, which is a run rate level of BRL 7.2 billion. Percentage-wise, it means a 40% growth year-on-year or 23% growth on a net of funding cost basis. This dynamic has been led mainly by the ongoing repricing of our portfolio, as mentioned earlier by Alexandre.

謝謝你，聖地亞哥。大家好。從第 22 頁的財務業績開始，我想強調一下我們的收入增長。我們在本季度錄得 18 億巴西雷亞爾的總收入，這是 72 億巴西雷亞爾的運行率水平。按百分比計算，這意味著同比增長 40%，或扣除融資成本後增長 23%。正如 Alexandre 先前提到的，這種動態主要是由我們的投資組合的持續重新定價引起的。

On Page 23, we can see that the ARPAC on a cohort basis continues to increase over time with newer cohorts outperforming older cohorts. This reflects our improvements in engagement and cross-sell initiatives, leading to higher monetization.

在第 23 頁，我們可以看到，隨著時間的推移，以隊列為基礎的 ARPAC 繼續增加，新隊列的表現優於舊隊列。這反映了我們在參與和交叉銷售計劃方面的改進，從而帶來了更高的貨幣化。

Jumping to Page 24, we discussed the evolution of our interest margins and CD effect of our repricing strategy moving forward. Starting on the left side, we see our NIM 1.0. It considers all portfolio, including cash receivables that do not accrue interest, also known as (inaudible) balance in Brazil.

跳轉到第 24 頁，我們討論了我們未來的息差和重新定價策略的 CD 效應的演變。從左側開始，我們看到了 NIM 1.0。它考慮了所有投資組合，包括不產生利息的現金應收賬款，在巴西也稱為（聽不清）餘額。

On a quarter-on-quarter basis, our NIM 1.0, improved 20 bps. On the left side, we show our NIM 2.0, which considers only the interest-earning portfolio. In this metric, we saw a 30 bps increase compared to the prior quarter and a 70% -- a 70 bps increase compared to a year ago. It is worth noting that the growth in funding was skewed towards most expensive deposits this quarter. So delivering this NIM increase in such context is a testament of the strong ongoing repricing exercise that we are thoroughly executing.

按季度計算，我們的 NIM 1.0 提高了 20 個基點。在左側，我們展示了我們的 NIM 2.0，它只考慮了生息投資組合。在這個指標中，我們看到與上一季度相比增長了 30 個基點，與一年前相比增長了 70%——70 個基點。值得注意的是，本季度資金增長偏向於最昂貴的存款。因此，在這種情況下實現 NIM 增長證明了我們正在徹底執行的強有力的持續重新定價活動。

Flipping to Page 25, in the expense side, we report what we believe is a very strong progress. Our expenses decreased 13% compared to the prior quarter, showing a nominal decrease in most significant lines. In particular, personnel expenses decreased by 17% despite having the impact of the annual increase in the fourth quarter, known as (foreign language) in Portuguese. The other lines remained under control, reflecting the strong focus on expense management to deliver the best to our customers in a cost-efficient manner.

翻到第 25 頁，在費用方面，我們報告了我們認為非常強勁的進展。與上一季度相比，我們的支出下降了 13%，顯示出大多數重要項目的名義下降。尤其是人事費用，儘管受到第四季度年度增長的影響，仍下降了 17%，在葡萄牙語中稱為（外語）。其他產品線仍處於控制之下，反映出對費用管理的強烈關注，以經濟高效的方式為我們的客戶提供最好的服務。

Going to Page 26, the improvements can be seen in our operational leverage. The evolution of our ratio of active clients per employee is in a positive trend and has even accelerated further this year. We went from a ratio of 2,600 active clients per employee a year ago to 3,500 active clients per employee in the first quarter. As a result, we have lowered the cost to serve, which now stands at 13.8.

轉到第 26 頁，可以在我們的運營槓桿中看到改進。我們每名員工的活躍客戶比率呈積極趨勢，今年甚至進一步加速。我們從一年前每位員工 2,600 個活躍客戶的比率增加到第一季度每位員工 3,500 個活躍客戶。因此，我們降低了服務成本，現在為 13.8。

Finally, I would like to highlight the impressive improvement in our efficiency ratio. This is a result of our repricing strategy and cost control initiatives. We reached 62% in this metric, an improvement of 9 percentage points. This is a strong sign of our commitment towards our 5-year business plan presented in the last Investor Day and also as highlighted by Joao.

最後，我想強調一下我們效率比的顯著提高。這是我們重新定價策略和成本控制舉措的結果。我們在這個指標上達到了 62%，提高了 9 個百分點。這是我們對上一個投資者日提出的 5 年商業計劃承諾的有力標誌，Joao 也強調了這一點。

Moving to Page 27. We recorded a 23% CET1 ratio in the quarter with the lowest level of capital consumption since our IPO. Additionally, if we consider the impact that we expect from the new BACEN rules, taking effect in July of this year, our CET1 ratio on a pro forma basis would increase by an additional 150 bps.

轉到第 27 頁。本季度我們錄得 23% 的 CET1 比率，資本消耗水平為首次公開募股以來最低。此外，如果我們考慮今年 7 月生效的新 BACEN 規則的預期影響，我們的 CET1 比率在備考基礎上將再增加 150 個基點。

Finally, if we put in context our capital, which is fully comprised of top quality core equity without any hybrid capital instruments. We see that it is, price is higher as the medium of the 5 incumbent banks in Brazil.

最後，如果我們考慮一下我們的資本，它完全由優質核心股權組成，沒有任何混合資本工具。我們看到它是，作為巴西 5 家現有銀行的媒介，價格更高。

On Page 28, I will walk you through our profitability profile. Net income continues trending positively, reaching BRL 24 million. On a pretax basis, we ended the quarter with BRL 6 million income. Our ROE drilling underwriting are efficient funding at scale and our obsession on operational excellence are the foundations to these improvements, which is just getting started.

在第 28 頁，我將向您介紹我們的盈利能力概況。淨收入繼續呈積極趨勢，達到 2400 萬雷亞爾。在稅前基礎上，我們在本季度末的收入為 600 萬雷亞爾。我們的 ROE 鑽井承銷是大規模有效的融資，而我們對卓越運營的痴迷是這些改進的基礎，而這些改進才剛剛開始。

I'll pass the word back to Joao for his closing remarks.

我會把話傳回給 Joao 聽取他的結束語。

Thank you, Helena. Closing on Page 30, I would like, I would just conclude by saying that, as we mentioned previously, we are harvesting the results of our solid foundations. Across metrics, I see very encouraging improvements on market share, client activation, operational leverage, NIMs and bottom line with the best yet to come.

謝謝你，海倫娜。在第 30 頁結束時，我想，我只想說，正如我們之前提到的，我們正在收穫堅實基礎的成果。跨指標，我看到在市場份額、客戶激活、運營槓桿、NIM 和底線方面取得了非常令人鼓舞的改進，而最好的還在後頭。

And last but not least, I would like to thank our amazing team that is motivated, engaged and excited to continue with us on this journey. Many thanks to all for hearing our earnings call.

最後但並非最不重要的一點是，我要感謝我們出色的團隊，他們充滿動力、參與並很高興能繼續與我們一起踏上這段旅程。非常感謝大家聆聽我們的財報電話會議。

Operator, we can open it up for questions. Thank you very much.

接線員，我們可以打開它提問。非常感謝。

(Operator Instructions) Our first question comes from Mr. Thiago Batista from UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Thiago Batista 先生。

I have two questions. The first one on the FGTS loans. Your loan book already achieved about BRL 1 billion in this segment or 4% of the bank's loans in just a couple of quarters. So can you share with us the strategy of Inter in terms of distribution and pricing to achieve this level of loan portfolio with the FGTS?

我有兩個問題。第一個關於 FGTS 貸款。在短短幾個季度內，您的貸款賬簿在該部分已達到約 10 億雷亞爾或銀行貸款的 4%。那麼您能否與我們分享國際米蘭在分銷和定價方面的策略，以通過 FGTS 實現這一水平的貸款組合？

And the second one about the gross ARPAC. Gross ARPAC has been relatively stable in the last quarters around BRL 45 to BRL 47 per month. Do you believe that Inter has achieved already the cap of these ARPAC or we can see an expansion going forward?

第二個是關於總 ARPAC 的。過去幾個季度，ARPAC 總額一直相對穩定，約為每月 45 至 47 巴西雷亞爾。你認為國際米蘭已經達到了這些 ARPAC 的上限，還是我們可以看到未來的擴張？

Joao Vitor speaking. Thank you for the question. I'm going to cover the section related to the FGTS and then Santiago will cover the remaining of the question, the remaining -- the other part of the question, sorry.

若昂·維托爾發言。感謝你的提問。我將介紹與 FGTS 相關的部分，然後聖地亞哥將介紹問題的其餘部分，問題的其餘部分，抱歉。

So FGTS, just to highlight that, I really love this product. So it has a very good ROE for our business. It also has a very good debt service for our clients. But why were we able to achieve that impressive number in just a couple of quarters? I would say that, first of all, we have a very good fit among our clients for this product. So we have many young clients here, people that really have a job. They do have outstanding balance FGTS. So this is the first reason why we're able to attract and underwrite a lot of that.

所以 FGTS，只是為了強調這一點，我真的很喜歡這個產品。所以它對我們的業務有很好的淨資產收益率。它還為我們的客戶提供了很好的償債服務。但為什麼我們能夠在短短幾個季度內達到如此驚人的數字？我要說的是，首先，我們的客戶非常適合這款產品。所以我們這裡有很多年輕客戶，他們真的有工作。他們確實有未結餘額 FGTS。所以這是我們能夠吸引和承銷很多的第一個原因。

But also, we spent some time to have the best design, the best UX/UI for our clients to throw our app, engage hired product and get the funds released immediately in our checking account. So we took a while to get into the market, but we did that in a very good way. So as I mentioned, the results are great, and we expect gaining momentum on that product going forward. Santi will cover the other part of the question.

而且，我們還花了一些時間來為我們的客戶提供最好的設計、最好的用戶體驗/用戶界面，以便他們投放我們的應用程序、參與僱用的產品並立即在我們的支票賬戶中釋放資金。所以我們花了一段時間才進入市場，但我們做得很好。因此，正如我所提到的，結果很好，我們希望該產品在未來獲得發展勢頭。 Santi 將涵蓋問題的另一部分。

Thank you, Joao. On ARPAC, we do think that it still has significant room to grow further. What happened in this quarter is that we recorded a record growth in number of active clients, which grew 8% relative to the December levels. As Joao mentioned before, this is a consequence of the targeted marketing approach where we are trying to increase the monetization and the investment in the ARPU that we get, specifically targeting the clients that turn active. This, combined with a quarter that had lower revenue growth due to seasonality on the fee side, led to this ARPAC trend, keeping it relatively stable. But I would highlight that the growth in the active client is probably the #1 highlight that we see in the quarter. And the combination of this with a flat revenue gave [their backlog]. We think we're seeing in the second quarter, this normalizing trend upwards coming back.

謝謝你，喬奧。在 ARPAC 方面，我們確實認為它仍有很大的進一步增長空間。本季度發生的事情是我們記錄了活躍客戶數量的創紀錄增長，相對於 12 月的水平增長了 8%。正如 Joao 之前提到的，這是有針對性的營銷方法的結果，在這種方法中，我們試圖增加我們獲得的 ARPU 的貨幣化和投資，特別是針對活躍的客戶。這一點，再加上一個季度由於費用方面的季節性而導致收入增長較低，導致了這種 ARPAC 趨勢，使其保持相對穩定。但我要強調的是，活躍客戶的增長可能是我們在本季度看到的第一大亮點。而這與固定收入的結合給了[他們的積壓]。我們認為我們將在第二季度看到這種正常化趨勢向上回歸。

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 a question regarding the cost of risk. If you can provide an outlook for the year I think cost of risk was 6% this quarter. So where should we be like where is the peak asset quality? And if I may, I guess, congrats on the improved disclosure. We saw like some improvements on your excel, on your release. So congrats on that. But if you may, I would like to know more information about renegotiated loans and portfolio sales. So if you can provide us some color how you are, I don't know, seeing renegotiated inside of the company? Or if you did or did not sell any portfolio this quarter, that would be great.

我有一個關於風險成本的問題。如果你能提供今年的展望，我認為本季度的風險成本為 6%。那麼我們應該在哪裡，資產質量的峰值在哪裡？如果可以的話，我想祝賀改進的披露。在您發佈時，我們看到了您的 excel 上的一些改進。所以恭喜你。但如果可以的話，我想了解更多關於重新協商的貸款和證券銷售的信息。所以，如果你能向我們提供一些顏色，我不知道，看到公司內部重新談判了嗎？或者，如果您本季度出售或未出售任何投資組合，那就太好了。

Thank you for your question. I'll start talking about the cost of risk portion and what we see going forward. And to start, I'll talk about what's been building our cost of risk. So the main impact on the NPL formation has been due to the credit card portfolio and with the main pressure coming from the 2021 cohort. So you've probably seen that you make this visible. We added 2 pieces of information in our disclosure. One was the NPL of cards by cohort where we see a sequential improvement on the newer cohorts and two, is the breakdown of the cost of risk from provisions that come from the new versus the old cohorts. The conclusion there is that most of what we're seeing going through the P&L now is coming from old cohorts. And it's not about first payment default, it's really about just some macro deterioration.

謝謝你的問題。我將開始談論風險部分的成本以及我們對未來的展望。首先，我將談談是什麼在增加我們的風險成本。因此，對不良貸款形成的主要影響是信用卡組合以及來自 2021 年隊列的主要壓力。所以你可能已經看到你使它可見。我們在披露中添加了 2 條信息。一個是按群組劃分的卡片不良貸款率，我們看到新群組的連續改善，兩個是來自新群組和舊群組的準備金風險成本的細分。結論是，我們現在看到的損益表中的大部分內容都來自舊隊列。這與首次付款違約無關，實際上只是一些宏觀經濟惡化。

What we saw in macro in the macro perspective is that -- and what we see actually is a high correlation between the (inaudible) and monetary tightening with overall delinquency of the unsecured credit, given the pressure that these high rates putting the capacity of families to serve their debt.

從宏觀角度來看，我們在宏觀上看到的是 - 我們實際上看到的是（聽不清）和貨幣緊縮與無擔保信貸的整體拖欠之間的高度相關性，考慮到這些高利率給家庭能力帶來的壓力來償還他們的債務。

Although we do not provide guidance in general terms, our forecast for 2Q '23 is still showing some continuation of the current trend in NPLs and cost of risk. We believe that this trend will be in line with the general market. And from the second half of 2023 on, we're expecting better figures for several factors. So first, the improvement of our underwriting collections model, the aging of the poor older cohorts and also better mix in the new originations skewed towards existing clients over new ones. So as we know the behavior, the models tend to behave better.

儘管我們不提供一般性指導，但我們對 2023 年第二季度的預測仍顯示不良貸款和風險成本當前趨勢的某些延續。我們認為這種趨勢將與大盤保持一致。從 2023 年下半年開始，我們預計有幾個因素會出現更好的數據。因此，首先，我們的承保收款模型得到改進，貧困老年人群的老齡化以及新起源的更好組合傾向於現有客戶而不是新客戶。因此，正如我們所知的行為，模型往往表現得更好。

Moving to the second part of the question, both renegotiation and asset sales are as business as usual. We did not have any sale of portfolio during the quarter. Thanks, Yuri.

轉到問題的第二部分，重新談判和資產出售都照常進行。本季度我們沒有出售任何投資組合。謝謝，尤里。

No, that's great, Alexandre. Just a follow-up in the first part of your answer. You mentioned 2021 cohorts, right? And credit card is a very kind of short term. So just checking like these are like old clients. You originate those guys used to be good, but for any, I don't know, like, media or risk appetite was higher back in 2021. You added some clients that maybe they were good for part of the history, but now they are showing some weakness, right, that's the mindset. We should continue to see worsening from those old clients. Because -- what, my question is, credit card is a very short-term product, right? So your portfolio should -- should be clean very quickly, if that's the case. But if you originate like for some clients that are somewhat riskier, we may continue to see this worsening trend. Does it make sense?

不，那太好了，亞歷山大。只是回答第一部分的跟進。您提到了 2021 年隊列，對嗎？信用卡是一種非常短期的。所以只是檢查這些就像老客戶一樣。你發起那些人曾經很好，但對於任何人，我不知道，比如，媒體或風險偏好在 2021 年更高。你添加了一些客戶，他們可能對部分歷史有好處，但現在他們是示弱，對，就是這種心態。我們應該繼續看到那些老客戶的情況惡化。因為——什麼，我的問題是，信用卡是一種非常短期的產品，對吧？所以你的投資組合應該——應該很快清理乾淨，如果是這樣的話。但是，如果您像某些風險較高的客戶那樣起源，我們可能會繼續看到這種惡化趨勢。是否有意義？

Yuri, it does make sense, but there are a few things here that I'd like to highlight. First, when the best -- in the past, we've talked about FPD, which is first name in the fall. And what that tells us is that what's the quality of the recent underwriting. So we're improving that metric by 50% or more last year on this first payment before. And what that tells us is a prediction that we're going to see better NPLs as we move forward, and we've seen that in the -- as shown in the cohorts that we showed in the presentation.

尤里，這確實有道理，但這裡有幾件事我想強調一下。首先，當最好的時候——過去，我們談到了 FPD，這是秋天的名字。這告訴我們的是，最近承銷的質量如何。因此，我們在去年的第一筆付款中將該指標提高了 50% 或更多。這告訴我們的是一個預測，即隨著我們的前進，我們將看到更好的不良貸款，而且我們已經看到了——正如我們在演示文稿中展示的隊列所示。

What we're seeing in the 2021 cohort is really about another dynamic. We typically will see the maturity of a credit card cohort in 36 months. This means that not every client that's going to become delinquent is going to be full in the first payment or second payment or third payment. Given deteriorations in the credit scenario, you may see this happening further down the road, and that's what we're seeing. The tendency is that the more the time goes by, the better the remaining clients of the cohort and things should come to a more stable performance in the long term. Let me know if that was clear.

我們在 2021 年的隊列中看到的實際上是另一種動態。我們通常會在 36 個月後看到信用卡隊列的到期。這意味著並非每個將要拖欠的客戶都會在第一次付款或第二次付款或第三次付款中全額付款。鑑於信貸情況惡化，您可能會在未來看到這種情況發生，這就是我們所看到的。趨勢是時間越長，隊列中剩餘的客戶越好，從長遠來看，事情應該會變得更加穩定。讓我知道是否清楚。

No, that was super clear.

不，那是非常清楚的。

The next question comes from Mr. Tito Labarta from Goldman Sachs.

下一個問題來自高盛的Tito Labarta先生。

The question was already answered, but another question on expenses. Good job there, particularly on the cost-to-serve. Is there room to improve this further from here? Or do you think this is a new recurring level? Just to think about how that should evolve. And then just a second question in terms of your profitability and your capital, right? I mean we saw capital not falling less than in prior quarters, but still coming down a bit. I mean when do you think you'll be able to start generating capital? Or in other words, are you still confident you'll get -- I mean, you have the long-term ROE target of 30%. But do you think you'll be able to generate capital by the end of the year? Or in other words, have a level of profitability that will allow you to generate capital? Or when do you think you start to see that inflection where you can generate your own capital?

這個問題已經回答了，但是另一個關於費用的問題。做得很好，尤其是在服務成本方面。從這裡還有進一步改進的空間嗎？還是您認為這是一個新的循環級別？只是想想它應該如何演變。然後是關於您的盈利能力和資本的第二個問題，對嗎？我的意思是，我們看到資本降幅不低於前幾個季度，但仍略有下降。我的意思是你認為你什麼時候能夠開始產生資本？或者換句話說，你是否仍然有信心獲得——我的意思是，你有 30% 的長期 ROE 目標。但是你認為你能在年底之前產生資本嗎？或者換句話說，有一定程度的盈利能力可以讓你產生資本嗎？或者你認為你什麼時候開始看到你可以產生自己的資本的拐點？

So Tito, Joao Vitor speaking here. Regarding expenses, which by the end of the day, drives our cost-to-serve, on the personal front, which you asked us, we are improving a lot in 2 angles, actually. The first one, we've now signed the company. So we started the year with 4,100 employees. And currently, we are slightly below 3,700. This evolution happened through CAC adjustments and through not replacing people that decide to leave. We are working to keep our expense level in this line flat throughout the year.

Tito、Joao Vitor 在這裡發言。關於最終會推動我們的服務成本的開支，在你問我們的個人方面，實際上我們在兩個方面都有很大改進。第一個，我們現在已經簽了公司。因此，我們在年初擁有 4,100 名員工。目前，我們略低於 3,700。這種演變是通過 CAC 調整和不替換決定離開的人而發生的。我們正在努力使這一行的費用水平全年保持平穩。

Second, as important as this one, we want to have the proper management structure. We are working with advice of BCG on this front and expect to have it in place. This new structure will also help drive our personnel expenses down. So I'm very excited with what we have achieved so far, but we believe that more to come in the coming quarter. And Alexandre to cover the rest of the question.

其次，與這一點同樣重要的是，我們希望擁有適當的管理結構。我們正在聽取 BCG 在這方面的建議，並希望能夠落實到位。這種新結構也將有助於降低我們的人員開支。因此，我對我們迄今為止所取得的成就感到非常興奮，但我們相信下一季度還會有更多成就。 Alexandre 將回答剩下的問題。

On the capital side, Tito, we are excited of the trend we are seeing. We see still a very strong buffer of 2x relative to the large incumbent banks comprised 100% of top-quality CET1. In terms of organic capital creation, as we see the ROE building up. We see that we start creating organic capital to fund grow further. As we mentioned in January, in our Investor Day, we expect to have a fully funded business plan from a capital perspective. And as the ROE builds up, combined with a consumption of the loan growth, we see that this will match each other and as we continue building this organic capital. So we are comfortable in this front and the sequential improvement on net income is the one that will help us fund this business plan.

在資本方面，鐵托，我們對我們看到的趨勢感到興奮。相對於擁有 100% 優質 CET1 的大型現有銀行，我們仍然看到 2 倍的非常強勁的緩衝。在有機資本創造方面，正如我們看到的 ROE 增加。我們看到我們開始創造有機資本來為進一步增長提供資金。正如我們在 1 月份提到的，在我們的投資者日，我們希望從資本的角度製定一個資金充足的商業計劃。隨著 ROE 的增加，加上貸款增長的消耗，我們看到這將相互匹配，並且隨著我們繼續建立這種有機資本。因此，我們在這方面感到滿意，淨收入的連續改善將幫助我們為這項業務計劃提供資金。

Okay. Maybe one follow-up there. I mean just in terms of when you can begin to see that inflection point. I mean do you think you reach it at all this year? I think you had mentioned the capital around 20% by year-end. Is that still what you're thinking? So is it maybe you start to get organic capital sometime next year? Is that a fair assumption?

好的。也許那裡有一個後續行動。我的意思是就何時可以開始看到那個拐點而言。我的意思是你認為你今年達到了嗎？我想你在年底提到了 20% 左右的資本。你還是這麼想的嗎？那麼，您是否可能在明年某個時候開始獲得有機資本？這是一個公平的假設嗎？

We don't give guidance on profitability, which is the indirect question here. So what I can say is that we expect to continue having a sequential improvement of net income in terms of loan growth, which is the other big variable that plays out in capital. We're running, or we started running in 20% loan growth a year, which is the 5% of the quarter annualized. We'll monitor macro conditions to see if this goes up a bit. We would like it to be a bit higher than 20%, but we'll be around that zip code. So expansion of net income to with this level of [rate] growth, we see a capital level that used to sustain about 20% throughout the end of the year.

我們不給出盈利能力的指導，這是這裡的間接問題。所以我可以說的是，我們預計在貸款增長方面淨收入將繼續環比改善，這是資本中發揮作用的另一個大變量。我們正在運行，或者我們開始以每年 20% 的貸款增長率運行，這是本季度年化的 5%。我們將監控宏觀狀況，看看這是否會有所上升。我們希望它略高於 20%，但我們將圍繞該郵政編碼。因此，將淨收入擴大到這種 [rate] 增長水平，我們看到資本水平過去在整個年底維持約 20%。

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 my question is on NII trends going forward. So on this quarter, we saw the loan portfolio growth decelerating, but at the same time, the low spread lines such as real estate and payroll loans were more resilient. This suggests weaker NII going forward. But on the other hand, you guys showed strong repricing efforts, which is actually driving NII up, right? So my question is, what should we expect going forward, taking all this into consideration?

所以我的問題是關於 NII 未來的趨勢。因此，在本季度，我們看到貸款組合增長放緩，但與此同時，房地產和工資貸款等低利差線更具彈性。這表明未來 NII 將走弱。但另一方面，你們表現出強烈的重新定價努力，這實際上在推動 NII 上漲，對吧？所以我的問題是，考慮到所有這些因素，我們應該期待什麼？

Thanks Flavio for the question. So on NIM, we're truly excited with the dynamic that we're seeing. You notice we printed the highest NIM in third quarter. We declined the size of the portfolio of the lower-yielding part, which (technical difficulty) the supply chain finance and the prepayment card receivables. We had a real estate. The mix is much richer in the new originations shifting towards home equity and [EPC] inflation-adjusted loans. On payroll, we are originating diligently at rates at 1.75% or more. On SMBs, we increased the rates 100 to 200 basis points on the new originations. And as you saw at GTS, we had a monthly rate of 2.15% per month, is gaining critical mass in the overall portfolio. So all this together is playing positively. We have been recording NIM expansions of 20 to 30 bps. We don't give guidance of what's going on -- what should happen in the next quarters. But we think the past is a prior indication of the trend going forward.

感謝弗拉維奧的提問。因此，在 NIM 上，我們對所看到的動態感到非常興奮。你注意到我們在第三季度打印了最高的 NIM。我們降低了較低收益部分的投資組合規模，即（技術難度）供應鏈金融和預付卡應收賬款。我們有一個房地產。在轉向房屋淨值和 [EPC] 通脹調整貸款的新貸款中，這種組合更加豐富。在工資單上，我們努力以 1.75% 或更高的利率發放。對於中小型企業，我們將新發起的利率提高了 100 到 200 個基點。正如你在 GTS 看到的那樣，我們的月利率為每月 2.15%，在整個投資組合中正在獲得臨界質量。所以所有這些加起來都是積極的。我們一直在記錄 20 到 30 個基點的 NIM 擴展。我們不會給出正在發生的事情的指導——下個季度應該發生什麼。但我們認為過去是未來趨勢的先兆。

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 think the question was already asked, but I have a clarification on the loan growth and the cost of risk guidance for the year. So for logo, should we expect -- you mentioned about 20% loan growth for the year. Is that a level that we should expect for the full year? Or could it be a bit higher? Also, what would be the focus segments for this year in terms of loan growth?

我想這個問題已經被問過了，但我對今年的貸款增長和風險指導成本有一個澄清。所以對於標誌，我們應該期待 - 你提到了今年約 20% 的貸款增長。這是我們全年應該預期的水平嗎？還是可以高一點？此外，今年貸款增長的重點領域是什麼？

And my second question is on cost of risk. How much improvement can we expect during the year in terms of cost of risk? And would it be -- I understand from your comments, it will be more in the second half of this year versus in the first half.

我的第二個問題是關於風險成本。就風險成本而言，我們預計這一年會有多大改善？會不會——我從你的評論中了解到，與上半年相比，今年下半年會更多。

Thank you for your question. This is Alexandre speaking. So I'll start from the second piece. We -- as you mentioned, yes, we expect to see more stability during the year. And given expectation that we have from the macro scenario and also due to improved underwriting collections and the aging of the older cohorts, we might see improvements in the cost of risk front in the second half of the year.

謝謝你的問題。我是亞歷山大。所以我將從第二部分開始。我們 - 正如您所提到的，是的，我們希望在這一年中看到更多的穩定性。考慮到我們對宏觀情景的預期，以及承保收款的改善和老年人群的老齡化，我們可能會在今年下半年看到風險前沿成本的改善。

Moving to the first part of the question with regards to the growth of the loan portfolio. As Santiago said, we ran the first quarter at about 5% growth, that's 20% annualized. He also said that it's a little bit below what we expected, but it's a good position to be in, in the tough macro that we saw in the first quarter. So we saw very busy movements happening with Americanas and other corporate events happening that made the market tense.

轉到關於貸款組合增長的問題的第一部分。正如聖地亞哥所說，我們第一季度的增長率約為 5%，年化增長率為 20%。他還表示，這略低於我們的預期，但在我們第一季度看到的艱難宏觀經濟中，這是一個很好的位置。因此，我們看到 Americanas 發生了非常繁忙的動作，而其他公司事件的發生使市場變得緊張。

As we observed this pension fading away, we may see a more aggressive growth towards the volumes that we discussed during our Investor Day earlier this year towards the 40% level or something like that.

當我們觀察到這種養老金逐漸消失時，我們可能會看到我們在今年早些時候的投資者日討論的數量更積極地增長到 40% 或類似的水平。

Can I ask one more question in terms of your costs? You've shown good performance in terms of increasing efficiency, reducing your cost-to-income. What other levers do you have -- I mean, are there any other low-hanging fruits that can help you further drive down the cost-to-income ratio? And what is the plan for the cost of income to be by the end of this year?

我可以再問一個關於你的費用的問題嗎？您在提高效率、降低成本收入比方面表現出色。您還有哪些其他槓桿 - 我的意思是，是否有任何其他唾手可得的成果可以幫助您進一步降低成本收入比？到今年年底收入成本的計劃是什麼？

Neha, Joao Vitor speaking. Yes, we do have also another initiatives on that front. And you're right, I would call them low-hanging fruits. So we have some big contracts that we're trying to renegotiate, which will help us drive our cost to serve down, mainly Mastercard, AWS, Salesforce, call centers and so on. So we are working hard on that front.

Neha，Joao Vitor 發言。是的，我們在這方面確實還有其他舉措。你是對的，我會稱它們為唾手可得的果實。所以我們有一些我們正在嘗試重新談判的大合同，這將幫助我們降低服務成本，主要是萬事達卡、AWS、Salesforce、呼叫中心等。所以我們正在這方面努力工作。

And also on personnel, we still have more room to improve, as I mentioned before, and all of that combined with improving on the NIMs and the pricing should help us on profitability. So I'm convinced that we can reduce the cost-to-serve even further.

而且在人員方面，正如我之前提到的，我們還有更多的改進空間，所有這些與 NIM 和定價的改進相結合，應該有助於我們提高盈利能力。所以我相信我們可以進一步降低服務成本。

We do have an objective of having more active clients per employee. So we're really looking for this metric. Having said that, I believe that we will improve a lot on that math, but we don't give a guidance for that, okay. So thank you for your question.

我們確實有一個目標，即每位員工擁有更多的活躍客戶。所以我們真的在尋找這個指標。話雖如此，我相信我們會在數學方面取得很大進步，但我們不會為此提供指導，好吧。謝謝你的問題。

The next question comes from Mr. Eduardo Rosman from BTG. Mr. Rosman.

下一個問題來自BTG的Eduardo Rosman先生。羅斯曼先生。

Congrats on the quarter. We like to see the improvement in efficiency and also the performance coming from capital. I have a quick follow-up on Tito's question, right? Given the repricing efforts, the better cost control and the fact that interest rates probably have peaked, do you think or do you think it's fair to say that from now on we should expect growing results on a profit before taxes basis? I understand that visibility on recent results was still a little below, but do you think it's fair to say that the visibility on what to expect for the coming quarters improved.

祝賀這個季度。我們希望看到效率的提高以及來自資本的績效。我對 Tito 的問題有一個快速跟進，對嗎？鑑於重新定價的努力、更好的成本控制以及利率可能已經見頂的事實，您認為或者您認為從現在開始我們應該期望稅前利潤增長的結果公平嗎？我知道最近結果的能見度仍然有點低，但你認為可以公平地說未來幾個季度的預期能見度有所提高嗎？

I'm just trying to -- I understand here the 5-year view, and I think we all agree here that profitability will improve. But I think investors have been kind of -- have been -- having a hard time to forecast the next 12 months. So if we are able to understand -- if the trends are now, let's say, on a clear way, if the trends are improvement in results, I think it would be great if you can share that with us.

我只是想——我在這裡理解 5 年的觀點，我認為我們都同意盈利能力將會提高。但我認為投資者一直很難預測未來 12 個月。因此，如果我們能夠理解 - 如果趨勢是現在，比方說，以一種清晰的方式，如果趨勢是結果的改善，我認為如果你能與我們分享它會很棒。

Joao Vitor here. Yes, you are right. As I mentioned on the beginning of the presentation, I would say that the previous 5-year of Inter were building our foundation with a lot of costs upfront, building the team, building the platform, putting all the features. We're doing our IPOs, follow-ons and everything. And from now on, as I highlighted, we're taking a more cautious approach on pricing, on using the capital in a good way, growing in a -- I would say, in a better manner, looking for engagement, trying to optimize the fixed cost for the business, G&A, personnel and everything.

Joao Vitor 在這裡。是的你是對的。正如我在演講開頭提到的，我想說的是，國際米蘭過去的 5 年是用大量的前期成本來構建我們的基礎，構建團隊，構建平台，放置所有功能。我們正在做我們的首次公開募股、後續行動和一切。從現在開始，正如我強調的那樣，我們在定價、以良好的方式使用資本、以 - 我會說以更好的方式增長、尋求參與、試圖優化業務、G&A、人員和一切的固定成本。

So the point I'm trying to make here is that we're really focus on this new, I would say -- not the new environment, but the new momentum for the company. We call this the next 5 years.

所以我在這裡想說的是，我們真正關注的是這個新的，我會說——不是新環境，而是公司的新動力。我們稱之為未來 5 年。

So with that said, I'm sure that we will keep improving our profitability, taking a more cost approach on our equity, having a better pricing, a better cost control. When you combine all of this, pretty much we will keep improving quarter-over-quarter, our ROE, our profitability.

因此，話雖如此，我確信我們將繼續提高盈利能力，對我們的股權採取更多成本方法，更好的定價，更好的成本控制。當您將所有這些結合起來時，幾乎我們將繼續提高季度環比、我們的 ROE 和我們的盈利能力。

We're very focused, very committed to that metric. We have the team. And when I say the team, I'm talking about almost everyone here at Inter looking for that. And when you have everyone pursuing the same goal, your chance to get there is way higher. So I'm very excited and very confident that we'll get there. So improving ROE quarter-over-quarter and get to a very good number on that metric. So thank you.

我們非常專注，非常致力於該指標。我們有團隊。當我說球隊時，我指的是國際米蘭幾乎每個人都在尋找這樣的球員。當你讓每個人都追求同一個目標時，你實現目標的機會就會更高。所以我非常興奮並且非常有信心我們會到達那裡。因此，逐季提高 ROE，並在該指標上取得非常好的數字。所以謝謝。

This concludes our question-and-answer session. Now I turn the floor back over to Mr. Joao Vitor Menin for his closing remarks.

我們的問答環節到此結束。現在我將發言權轉回給 Joao Vitor Menin 先生作結束語。

Thank you, operator. And I'd like to thank everyone for participating in our earnings call. Again, I'd like to thank all the team here at the Inter that's working hard every day to keep improving the business. Hope to see you soon in another 3 months. Thank you very much. Bye-bye.

謝謝你，運營商。我要感謝大家參加我們的財報電話會議。再次，我要感謝國際米蘭的所有團隊，他們每天都在努力工作，不斷改進業務。希望在 3 個月後很快見到你。非常感謝。再見。

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.

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。