Inter & Co Inc (INTR) 2023 Q4 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to Inter & Co's Fourth Quarter Earnings Conference Call. Today's speakers are João Vitor Menin, Inter's CEO; Alexandre Riccio, Senior Vice President of Retail Banking; and Santiago Stel, Senior Vice President of Finance and Risks.

下午好，感謝您的耐心等待。歡迎參加 Inter & Co 第四季財報電話會議。今天的演講者是國際米蘭首席執行官若昂·維托爾·梅寧； Alexandre Riccio，零售銀行業務資深副總裁；以及財務和風險高級副總裁 Santiago Stel。

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，重播將在該公司的 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 financial information to the IFRS financial information are available in Inter & Co earnings release and earnings presentation appendix.

在整個電話會議中，我們將展示非 IFRS 財務資訊。這些是公司的重要財務指標，但不是 IFRS 定義的財務指標。Inter & Co 收益發布與收益簡報附錄中提供了公司非 IFRS 財務資訊與 IFRS 財務資訊的調整表。

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，這些陳述並不是對未來績效的保證。請參閱公司財報和財報中所揭露的前瞻性陳述。

Now I would like to yield the floor to Mr. João Vitor Menin. Sir, the floor is yours.

現在我想請若奧·維托爾·梅寧先生發言。先生，地板是你的了。

Thank you, operator. Good morning, everyone. I will start with a quick overview of our strategy to then pass this to Santiago Stel to cover the operating and financial performance of Inter. As in prior calls, I will close with some final remarks and then open it for the Q&A section.

謝謝你，接線生。大家，早安。我將首先快速概述我們的策略，然後將其傳遞給聖地亞哥鋼鐵公司，以介紹國際米蘭的營運和財務表現。與之前的電話會議一樣，我將以一些最後的評論結束，然後開始問答部分。

Our Investor Day held in Belo a year ago, we introduced our five year business plan known as the 60-30-30. This north star means that Inter's goal for 2027 is to achieve 60 million clients, 30% efficiency ratio, and 10% ROE. When we announced it, it was received as a highly ambitious plan, and they have to say that the first year of our plan was a resounding success, much better than many in market.

一年前，我們在貝洛舉行了投資者日，我們介紹了名為 60-30-30 的五年業務計劃。這顆北極星意味著國米2027年的目標是實現6,000萬客戶、30%的效率率和10%的ROE。當我們宣布這個計劃時，人們認為這是一個雄心勃勃的計劃，他們不得不說我們計劃的第一年取得了巨大的成功，比市場上的許多計劃都要好得多。

Aside from being an important direction to the market, the point of the plan was to engage and drive our organization to our pivotal step as Armstrong rightly said, a small step for men, one giant leap for mankind. We're both humbled and proud of our progress. This is the first step toward profitability. But more importantly, it validates how sustainable our business model is.

除了成為市場的一個重要方向之外，該計劃的重點還在於吸引並推動我們的組織邁向關鍵的一步，正如阿姆斯壯正確所說的那樣，人類的一小步，人類的一大步。我們為自己的進步感到謙卑和自豪。這是實現獲利的第一步。但更重要的是，它驗證了我們的商業模式的可持續性。

To illustrate there, the progress in year one, as you can see, we achieved 30 million clients right on track, an efficiency ratio of 51%, significantly ahead of scale, and an ROE of 9%, also ahead of the plan.

舉個例子，第一年的進展，正如你所看到的，我們實現了 3000 萬客戶，步入正軌，效率達到 51%，大大領先於規模，ROE 達到 9%，也領先於計劃。

As you can see, our metrics are stronger than expected, demonstrating our strong execution towards the plan. We have been able to combine growth, operational leverage, and profitability, while staying true to our core principle of always putting the clients first by innovating and bringing new solutions in our Financial Super App.

正如您所看到的，我們的指標強於預期，這表明我們對該計劃的執行力很強。我們已經能夠將成長、營運槓桿和盈利能力結合起來，同時堅持我們的核心原則，即透過在我們的金融超級應用程式中創新和引入新的解決方案，始終將客戶放在第一位。

This is only possible, thanks to our unmatched set of products that are organized across seven verticals. These are: banking, credit, insurance, investments, shopping, global, and loyalty. This powerful engine that is our Financial Super App is continuously evolving and improving day by day. Our wide set of products and services complement each other, creating a flywheel that brings together a complete ecosystem of financial solutions.

這是唯一可能的，這要歸功於我們跨七個垂直領域組織的無與倫比的產品集。它們是：銀行、信貸、保險、投資、購物、全球和忠誠度。我們的金融超級應用程式這個強大的引擎正在不斷發展和改進。我們廣泛的產品和服務相輔相成，形成一個飛輪，匯集了完整的金融解決方案生態系統。

When I say clients connect to our solutions, I really mean it. For instance, we see strong acceleration in the adoption of new products. Today, we have more than 12 products with more than one million active clients. At this pace, it is highlighting that by the end of this year, we'll have a new product that we didn't even launch yet, and with more than one million active clients by year end. This is what happened this year, for example, with Inter Loop and Meu Porquinho.

當我說客戶連接到我們的解決方案時，我是認真的。例如，我們看到新產品的採用速度強勁。如今，我們擁有超過 12 種產品，擁有超過 100 萬活躍客戶。以這個速度，到今年年底，我們將推出一款尚未推出的新產品，並且到年底將擁有超過 100 萬活躍客戶。這就是今年發生的情況，例如，Inter Loop 和 Meu Porquinho。

This is the consequence of having what we believe is the best super app in the Americas with over 30 million clients, more than 4 million individual daily logins per day and a run rate TPV of over BRL1 trillion cards. With all that said, I have no reason to doubt that the only possible direction in our profitability and growth trend is up.

這是我們認為美洲最好的超級應用程式的結果，該應用程式擁有超過 3000 萬客戶、每天超過 400 萬個人登入以及超過 1 兆雷亞爾的卡片運行率 TPV。話雖如此，我沒有理由懷疑我們獲利能力和成長趨勢的唯一可能方向是上升。

We have reached and surpassed the inflection point, and in 2023, we presented four consecutive quarters of consistent growth in net income, EBT, ROE, and many other metrics. We are on the right track towards our long-term plans and we are thrilled to announce that we are on track to deliver even better year two of our 60-30-30 plan.

我們已經達到並超越了拐點，在 2023 年，我們實現了淨利潤、EBT、ROE 和許多其他指標連續四個季度的持續成長。我們正朝著長期計劃的正確方向前進，我們很高興地宣布，我們預計在 60-30-30 計劃的第二年實現更好的目標。

Now, Xande will walk you through our business updates. Thank you very much. Xan, please go on.

現在，Xande 將引導您了解我們的業務更新。非常感謝。軒，請繼續。

Thank you, João. Good afternoon, everyone, and thank you for joining us today. I would like to discuss four topics as we go along the presentation. First, clients and engagement. Second, the performance of the different business verticals. Third, our innovation capabilities, and fourth, our potential for further growth.

謝謝你，喬奧。大家下午好，感謝您今天加入我們。當我們進行演示時，我想討論四個主題。首先，客戶和參與度。其次，不同業務垂直領域的表現。第三，我們的創新能力，第四，我們進一步成長的潛力。

Before going through the numbers, I'd like to quickly reflect on what we said a little over a year ago in our 60-30-30 Investor Day. At the event, we said our mission to deliver the 60-30-30 was relatively simple but not easy, and that the most uncertain part of building Inter was already delivered from 2018 through 2022. Only a lot of focus and discipline is the key and the results we're about to share demonstrate our team's commitment to getting there.

在查看這些數字之前，我想快速回顧一下我們一年多前在 60-30-30 投資者日所說的內容。在活動中，我們表示交付60-30-30的任務相對簡單但並不容易，而建造國際米蘭最不確定的部分已經從2018年到2022年交付。只有高度的專注和紀律才是關鍵，我們即將分享的結果證明了我們團隊實現這一目標的承諾。

Moving to the results, when we look at clients, besides surpassing the impressive mark of 30 million, we're happy to announce a 135 bps improvement in our activation rates, which now stands at 54%, the highest level in eight quarters. Our efforts to boost activation include, but are not limited to improving onboarding, personalizing the Super App, streamlining customer lifecycle strategy, and offering high engaging new products such as Loop along with overall UX fine tune.

轉向結果，當我們查看客戶時，除了超過3000 萬的令人印象深刻的大關外，我們很高興地宣布我們的激活率提高了135 個基點，目前為54%，是八個季度以來的最高水平。我們為提高啟動率所做的努力包括但不限於改善入門、個人化超級應用程式、簡化客戶生命週期策略以及提供高吸引力的新產品（例如 Loop）以及整體用戶體驗微調。

This combined with the lowest CAC since 2020 brings us confidence in the future, adding our ability to keep the flywheel rolling with low CAC and client engagement, building stronger relationships for a seamless and complete experience.

這與 2020 年以來最低的 CAC 相結合，讓我們對未來充滿信心，增強了我們以低 CAC 和客戶參與度保持飛輪運轉的能力，建立更牢固的關係，提供無縫、完整的體驗。

To page 13, we start talking about business looking at day-to-day things. It makes us proud to see the robustness of our transactional business and that despite the materiality achieved, we see accelerated growth. The fourth quarter was of strong acceleration in our TPV, surpassing BRL250 billion. We see a consistent growth in peaks, which grew 45% in 2023 and an important 36% growth in the credit card volume, continuing our focus on gaining credit share against debit in cards.

到第 13 頁，我們開始談論日常事務的業務。看到我們交易業務的穩健性，我們感到非常自豪，儘管取得了實質成果，但我們看到了加速成長。第四季我們的 TPV 強勁成長，超過 2500 億雷亞爾。我們看到高峰持續成長，到 2023 年成長了 45%，信用卡數量顯著增加了 36%，這表明我們繼續專注於獲得信用卡相對於金融卡的信用卡份額。

When we look at the full year, we achieved amazing BRL851 billion in TPV with over BRL1 trillion TPV at the fourth quarter run rate. On a cohort basis, as presented in the right charts, we see another quarter of improvements on both new and old cohorts. New cohorts performance shows the consistency of our client growth strategy that starts with higher levels of engagement and grow faster.

當我們回顧全年時，我們的 TPV 達到了驚人的 8510 億雷亞爾，以第四季度的運行速度計算，TPV 超過 1 兆雷亞爾。在隊列基礎上，如右圖所示，我們看到新隊列和舊隊列都有四分之一的改進。新群體的表現顯示了我們客戶成長策略的一致性，該策略從更高的參與度開始，然後成長得更快。

I'd like to finish saying that the new cohort performance on top of the old cohorts that keep accelerating engagement puts us in a confident position for future revenue growth and margin expansion. The current clients alone can keep us growing for many years to come.

最後我想說的是，新群體的表現優於老群體，不斷加速參與度，使我們對未來的收入成長和利潤率擴張充滿信心。僅當前的客戶就可以讓我們在未來的許多年裡保持成長。

Moving to page 14, I'll talk about three verticals that are great representation of the powerful numbers the financial Super App ecosystem can generate. On e-commerce, we've reached 3 million clients and surpassed 10 million transactions in the quarter, another record. We also surpassed BRL1 million of GMV leveraged by our Orange Friday and the holidays. Launched recently, we're scaling our Buy Now Pay Later partnerships with our app.

轉到第 14 頁，我將討論三個垂直領域，它們很好地代表了金融超級應用生態系統可以產生的強大數字。在電子商務方面，本季我們的客戶數量達到 300 萬，交易量超過 1,000 萬筆，再創紀錄。我們的「橙色星期五」和假期的 GMV 也超過了 100 萬雷亞爾。最近推出，我們正在擴大與我們的應用程式的「先買後付」合作夥伴關係。

Now, we have nearly 150 merchants with which we offer these new payment methods. This is likely the engine that will fuel the beginning of personal loans in Inter. On insurance, we also had another great quarter reaching more than 388,000 sales and 1.7 million active clients. Combining this, we reached a record breaking net revenue in this vertical of BRL47 million. A successful product to highlight is Consortium, which grew 21% on a yearly basis, surpassing 38,000 sales.

現在，我們有近 150 家商家提供這些新的支付方式。這很可能是推動國米個人貸款開始的引擎。在保險方面，我們也取得了另一個出色的季度業績，銷售額超過 388,000 筆，活躍客戶達到 170 萬筆。綜上所述，我們在該垂直領域的淨收入達到了破紀錄的 4,700 萬雷亞爾。Consortium 是值得重點關注的成功產品，其銷量年增 21%，銷量超過 38,000 輛。

Finally, on investments, our cutting edge product offering resulted in an impressive 66% year-over-year client growth, the highest adoption amongst our verticals beyond day-to-day bank. With increasing clients, our AUC reached BRL92 billion with BRL9 billion being third-party fixed income products distributed within our Super App. We also innovated by launching Meu Porquinho or Piggy Bank, an incredible product that surpassed BRL1 billion in AUC and 1 million clients in just one quarter.

最後，在投資方面，我們的尖端產品帶來了令人印象深刻的 66% 的同比客戶成長，這是我們除日常銀行之外的垂直行業中採用率最高的。隨著客戶數量的增加，我們的 AUC 達到了 920 億雷亞爾，其中 90 億雷亞爾是在我們的超級應用程式中分發的第三方固定收益產品。我們也進行了創新，推出了 Meu Porquinho 或 Piggy Bank，這是一款令人難以置信的產品，其 AUC 超過 10 億雷亞爾，在短短一個季度內擁有 100 萬客戶。

On global, as we move through page 15, we see another quarter of strong success and some early signals that our global vertical is a big driver of value creation. We achieved more than 2 million clients and more than $360 million in the AUC and deposits. A 4x growth compared to 2022. The clients that are active in our global products have better profiles, are more engaged and adopt 3 times more products than the average client.

在全球方面，當我們翻到第 15 頁時，我們看到另一個季度取得了巨大成功，並且一些早期訊號表明我們的全球垂直市場是價值創造的重要推動力。我們的客戶數量超過 200 萬，AUC 和存款超過 3.6 億美元。與 2022 年相比成長 4 倍。活躍於我們全球產品中的客戶擁有更好的形象、更積極的參與度以及採用的產品數量是普通客戶的 3 倍。

To continue having this great success, our branding strategy included some investments in the US. We became, in 2023, the official financial institution of Orlando City and Orlando Pride, US soccer teams, and now have the naming rights of their stadium. We believe being in Orlando and connecting through soccer will not only bring awareness, but also create an emotional connection between Inter and the Brazilian and Latin community living and traveling to Orlando. It is worth mentioning that per year, more than 900,000 Brazilians visit Florida and that more than 400,000 Brazilians are US residents in the states.

為了繼續取得巨大成功，我們的品牌策略包括在美國的一些投資。我們於 2023 年成為美國足球隊奧蘭多城隊和奧蘭多驕傲隊的官方金融機構，現在擁有其體育場的冠名權。我們相信，來到奧蘭多並透過足球建立聯繫不僅會提高人們的認識，還會在國米與生活和旅行到奧蘭多的巴西和拉丁社區之間建立情感聯繫。值得一提的是，每年有超過90萬巴西人造訪佛羅裡達州，其中超過40萬巴西人是該州的美國居民。

Jumping to our segments vertical, loyalty, we achieved 5.4 million active clients in the fourth quarter, adding 1.5 million in these last three months. And as we observe with our global clients, Loop clients also create better profiles spending on average 60% more than average on cards. Positive engagement trends have been observed in gamification initiatives as well.

進入我們的垂直細分市場——忠誠度市場，我們在第四季度獲得了 540 萬活躍客戶，在過去三個月中增加了 150 萬。正如我們在全球客戶中觀察到的那樣，Loop 客戶還創建了更好的個人資料，平均在卡片上的支出比平均水平高出 60%。在遊戲化措施中也觀察到了正向的參與趨勢。

As we move along, we're adding other ways to earn and burn points with almost the less additions being allowing our clients to convert their points into US dollars in their global accounts. This week, we made available an option to pay with points for products in our marketplace. As you can see, our Loop allows us to unlock value from all the other verticals in our Financial Super App. We're very excited to see varied results of it.

隨著我們的發展，我們正在添加其他賺取和消耗積分的方式，其中幾乎較少的添加是允許我們的客戶將他們的積分兌換成全球帳戶中的美元。本週，我們提供了用積分支付市場中產品的選項。正如您所看到的，我們的循環使我們能夠從我們的金融超級應用程式中的所有其他垂直領域釋放價值。我們很高興看到不同的結果。

Moving to page 17, we see that 2023 demonstrated our unique capability to combine innovation in a year focused on efficiency. We launched many products such as PIX Credit, Buy Now Pay Later, Overdraft, and Loop. We also created a brand new version of our Financial Super App to deliver an even better UX with personalized home screens to optimize our clients' lives.

翻到第 17 頁，我們看到 2023 年展現了我們在註重效率的一年中結合創新的獨特能力。我們推出了PIX Credit、Buy Now Pay Later、Overdraft、Loop等多種產品。我們還創建了全新版本的金融超級應用程序，透過個人化主螢幕提供更好的用戶體驗，以優化客戶的生活。

As certain we were showing the financial performance section, we didn't stop innovating while we're continuing on the path to deliver operational leverage. We're confident that our vendor proposition is best in class and that our next moves will keep us in the frontier we need to keep delivering.

可以肯定的是，我們展示的是財務表現部分，但我們在繼續提供營運槓桿的道路上並沒有停止創新。我們相信，我們的供應商主張是同類中最好的，我們的下一步行動將使我們保持在我們需要繼續交付的前沿。

Finally, and before I pass the word to Santi, I'd like to say that the best of all is we're still in the early stages in every market we operate. On one hand, we were able to achieve material market share in multiple segments. In the other, there is a lot of room to grow in every one of these marketplace.

最後，在我向桑蒂傳達這個訊息之前，我想說，最重要的是，我們所經營的每個市場仍處於早期階段。一方面，我們能夠在多個細分市場中獲得實質市場份額。另一方面，這些市場中的每一個都有很大的成長空間。

We remain confident that we're well positioned to reach our long-term north star and continue to drive growth and profitability in the years to come as we increasingly deepen, our relationship with our clients. Team is ready, and our Financial Super App is adaptable and scalable to navigate into those challenges.

我們仍然相信，隨著我們與客戶的關係日益加深，我們有能力實現長期的北極星目標，並在未來幾年繼續推動成長和獲利。團隊已準備就緒，我們的金融超級應用程式具有適應性和可擴展性，可以應對這些挑戰。

Now, I'll pass the word to Santi to present our financial performance.

現在，我將轉告桑蒂介紹我們的財務表現。

Thank you, Xande. Hello, everyone. Now I move you through our financial performance section. Jumping into page 20, here we can see strong acceleration on the credit side for growing our portfolio two consecutive quarters at 5% grew 7% to 10% in the third and fourth quarter respectively. Therefore, entering 2024 with strong momentum.

謝謝你，贊德。大家好。現在我將帶您瀏覽我們的財務績效部分。跳到第 20 頁，我們可以看到信貸方面的強勁加速，我們的投資組合連續兩季成長 5%，第三季和第四季分別成長 7% 至 10%。因此，進入2024年勢頭強勁。

Gross loan portfolio reached an impressive BRL31 billion mark, which is a result of growing 4 times more than the Brazilian market average, therefore gaining significant market share across products as Xande mentioned before.

總貸款組合達到令人印象深刻的 310 億雷亞爾大關，成長速度是巴西市場平均水平的 4 倍，因此，正如 Xande 之前提到的，各產品獲得了顯著的市場份額。

Moving to interest rates on the top of the page, we can see personal FGTS and real estate rates growing sequentially, while SMB, the only rate of the portfolio remaining stable. We go deeper into full impact on rates on the mid pages.

轉向頁面頂部的利率，我們可以看到個人 FGTS 和房地產利率連續成長，而 SMB（投資組合中唯一保持穩定的利率）。我們更深入研究對中頁費率的全面影響。

Going to page 21, here we go a bit deeper on growth by loan product. As you can see in the chart, we remain disciplined on growing the most profitable lines of best credit products, FGTS and home equity present the highest growth levels in significant scale within our loan portfolio.

轉到第 21 頁，我們在這裡更深入地探討貸款產品的成長。正如您在圖表中所看到的，我們仍然嚴格要求成長最有利可圖的最佳信貸產品線，FGTS 和房屋淨值在我們的貸款組合中呈現出規模最高的成長水平。

On credit cards, a successful approach of prioritizing credit limits to existing and strong portfolio clients enable us to increase by nearly 40% of the portfolio, while improving asset quality trends. Finally, in real estate and payroll with balance growth with repricing, we ensure that profitability continues to improve.

在信用卡方面，我們成功地將信用額度優先考慮到現有的、實力雄厚的投資組合客戶，使我們的投資組合增加了近 40%，同時改善了資產品質趨勢。最後，在房地產和薪資方面，隨著重新定價的平衡成長，我們確保獲利能力持續改善。

Jumping onto page 22, we have a great quarter for asset quality with all the metrics improving this quarter. Starting with a 15 to 90 day NPL ratio, we saw an improvement of 30 basis points quarter over quarter. We also improved the 90 day NPL metric as well as the NPL and stage three formation metrics, each of them by 10 basis points. Finally, when we look at the delinquency of credit card by cohorts, we continue to see strong performance when it come to the recent cohorts.

跳到第 22 頁，我們的季度資產品質非常好，所有指標都在本季有所改善。從 15 至 90 天的不良貸款率開始，我們看到季度較上季改善了 30 個基點。我們也改善了 90 天不良貸款指標以及不良貸款和第三階段形成指標，每個指標提高了 10 個基點。最後，當我們按群體查看信用卡拖欠情況時，我們繼續看到最近群體的強勁表現。

Jumping on to page 23, we can see significant decrease of cost of risk, about 70 basis points. This dynamic was driven by underwriting and protection processes, producing cohorts with stronger performance. Coverage ratio remains stable at 132%. It is always worth noting that 70% of our portfolio is collateral, presenting lower average risk product. Overall, as we point in front, we see that the strong work balance data requiring risk management is paying off, is enabling us to start 2024 with positive trend.

跳到第23頁，我們可以看到風險成本顯著下降，大約70個基點。這種動態是由核保和保護流程推動的，產生了表現更強勁的群體。覆蓋率穩定在132%。值得注意的是，我們投資組合的 70% 是抵押品，呈現出平均風險較低的產品。總體而言，正如我們前面指出的，我們看到需要風險管理的強勁工作平衡數據正在得到回報，使我們能夠以積極的趨勢開始 2024 年。

On page 24, we can see once again our leading franchise, which has almost 15 million clients trusting us with our deposits. Moreover, our transactional deposits represent 33% of our total funding, which is one of the best mixes of funding with Brazilian financial entities. Funding accelerated 10% this quarter, reaching almost BRL44 billion. At the product level, it's worth (technical difficulty) 17% growth in transactional deposits which reached BRL14.4 billion.

在第 24 頁，我們可以再次看到我們領先的特許經營權，該特許經營權擁有近 1500 萬客戶信任我們的存款。此外，我們的交易存款佔總資金的 33%，這是巴西金融實體的最佳資金組合之一。本季融資成長 10%，達到近 440 億雷亞爾。在產品層面，值得（技術難度）交易存款成長17%，達到144億雷亞爾。

Finally, we experienced growth in the average deposit balance per active client, which is BRL2,000 with a 6% growth versus the prior quarter.

最後，每位活躍客戶的平均存款餘額增加了 2,000 雷亞爾，與上一季相比增加了 6%。

On page 25, we can see how our cost of funding continues to be one of our key competitive advantages. This quarter we reported 59.2% of CDI cost. Once again, we lower 60% margin than we aspired to have. In terms of the all in cost, the improvement was a 100 bps going down from 8.2% to 7.2%. As leap further decreases, we should continue to benefit from this dynamic in the structure of our balance sheet that makes Inter in that bit sensitive.

在第 25 頁，我們可以看到我們的融資成本如何繼續成為我們的主要競爭優勢之一。本季度我們報告了 CDI 成本的 59.2%。我們再次將利潤率降低了 60%，低於我們的預期。就總成本而言，改善了 100 個基點，從 8.2% 降至 7.2%。隨著跳躍率進一步下降，我們應該繼續受益於資產負債表結構的這種動態，這使得國際米蘭在這方面變得敏感。

In terms of revenues, we had great year, reaching record breaking numbers in all other quarters. We achieved BRL2.2 billion revenue in the fourth quarter and BRL8.1 billion. Our net revenues growth driven by NII growth of 31% in the year. In terms of the income, we were able to keep roughly the same level of the prior quarter. The healthy growth on the main fee income banks just interchange banking and investments.

就收入而言，我們度過了偉大的一年，在所有其他季度都達到了破紀錄的數字。我們第四季實現營收 22 億雷亞爾和 81 億雷亞爾。我們的淨收入成長是由今年 31% 的 NII 成長推動的。就收入而言，我們能夠與上一季大致保持相同水準。主要銀行手續費收入的健康成長只是銀行業和投資業的相互交叉。

Moving to a unit economics page on page 27. Gross monthly ARPAC reached BRL46 as we continue adding a strong number of market players every quarter. This combined with a stable cost to serve led us to keep enhancing our gross margin per active client, we reached BRL17.7 on a net basis, which is our second best quarter ever.

前往第 27 頁的單位經濟學頁面。隨著我們每季繼續增加大量市場參與者，ARPAC 月度總額達到了 46 巴西雷亞爾。這與穩定的服務成本相結合，使我們不斷提高每個活躍客戶的毛利率，淨值達到 17.7 雷亞爾，這是我們有史以來第二好的季度。

Finally, in terms of active clients per employee, which is a good metric for our work for productivity, (technical difficulty)

最後，就每位員工的活躍客戶而言，這是衡量我們工作效率的一個很好的指標，（技術難度）

On page 28, we represent our NIM evaluation net cost of risk, (technical difficulty). In the fourth quarter, risk adjusted NIM reached the highest level in the year, the second highest level since 2020.

在第 28 頁，我們表示我們的 NIM 評估淨風險成本，（技術難度）。第四季度，風險調整後淨利差達到年內最高水平，為2020年以來第二高水準。

This strong expansion is a consequence of, one, improvement on repricing of legacy real estate and payroll loans. Two, changing the longings towards the most profitable. Three, lowering cost of funding. Four, efficiency in the reserve requirements as a result of our new royalty program. For 2024, we see a continuation of this dynamic plus the scale of new product launches such as fixed credit and buy-now-pay-later.

這種強勁的擴張是由於以下原因之一：遺留房地產和工資貸款重新定價的改善。第二，改變對最有利可圖的渴望。三是降低融資成本。第四，新的特許權使用費計畫提高了準備金要求的效率。到 2024 年，我們將看到這種動態的延續，以及固定信貸和先買後付等新產品的推出規模。

Going on page 29, we see the expenses that have been impressive here. With most of the greater items remaining roughly in line with prior periods, we achieved a 1% reduction in the revenue compared to the prior year. This is a consequence of the focus on expense management. We still see a strong opportunity to continue delivering operational leverage.

翻到第 29 頁，我們看到這裡的支出令人印象深刻。由於大多數較大項目與前期大致保持一致，因此我們的收入比前一年減少了 1%。這是注重費用管理的結果。我們仍然看到繼續提供營運槓桿的巨大機會。

Moving on to page 30. Here we can see our efforts on operational efforts in more detail. In the next chart, it's clear that in the fourth quarter of 2023, we are able to further increase the gap between the growth net revenues, growth of expenses. On the center, we have another impressive quarter of improvement in our efficiency ratio, leading us to end 2023 with a record low level of 51.4%.

轉到第 30 頁。在這裡我們可以更詳細地看到我們在營運方面的努力。在下一張圖表中，很明顯，在 2023 年第四季度，我們能夠進一步擴大淨收入成長與支出成長之間的差距。就中心而言，我們的效率比率又取得了令人印象深刻的季度改善，使我們在 2023 年底達到了 51.4% 的歷史新低水平。

On the right side, you can also see an efficiency ratio net of cost of risk, with similar to the risk adjusted NIM also considers because of risk element. As mentioned, we had another five percentage points of improvement this quarter.

在右側，您還可以看到扣除風險成本後的效率比率，與 NIM 也考慮風險因素的風險調整類似。如前所述，本季我們又取得了五個百分點的進步。

On page 31, as you can see in the chart, our net fees continue to cover good percentage of our SG&A base which is currently at 70%. It is worth to remind again that the fees we have here (technical difficulty)

在第 31 頁，正如您在圖表中看到的那樣，我們的淨費用繼續佔 SG&A 基數的很大比例，目前為 70%。值得再次提醒的是，我們這裡的費用（技術難度）

And last but certainly not least, we couldn't be prouder of what we achieved in terms of profitability. We delivered a record ROE of 8.5%, including our best ever net income by a BRL160 million, which on an annual basis translates to a BRL640 million combined by EBITDA. On a pretax basis, we reached BRL208 million, reflecting a remarkable 50% increase over the third quarter. These results working full (technical difficulty)

最後但同樣重要的是，我們對我們在盈利方面取得的成就感到非常自豪。我們實現了創紀錄的 8.5% 的 ROE，其中包括 1.6 億雷亞爾的有史以來最好的淨利潤，按年計算，扣除 EBITDA 總計為 6.4 億雷亞爾。以稅前計算，我們的營收達到 2.08 億雷亞爾，比第三季成長了 50%。這些結果充分發揮作用（技術難度）

Now I'll pass it on to João for his closing remarks. Thank you.

現在我將把它轉交給若昂，讓他作結束語。謝謝。

Thank you, Xande. Thank you, Santi. So since we launched our digital bank back in 2016, we have been focused on creating a unique platform that attracted tens of millions of clients, who engage with us every day and transact over BRL1 trillion last year.

謝謝你，贊德。謝謝你，桑蒂。因此，自 2016 年推出數位銀行以來，我們一直致力於創建一個獨特的平台，吸引數千萬客戶，他們每天與我們互動，去年的交易額超過 1 兆雷亞爾。

For the past two years, we entered what we call the compounding phase. This is nothing else than continuing to innovate and deliver the best for our clients, while starting to see the benefits of our digital banking model. These benefits are scalability, strong rate on fee income, strong NIM risk-adjusted margins, best-in-class funding mix, and also highly diversified revenue base.

在過去的兩年裡，我們進入了所謂的複利階段。這無非就是繼續創新並為我們的客戶提供最好的服務，同時開始看到我們數位銀行模式的好處。這些好處包括可擴展性、強勁的手續費收入率、強勁的淨利差風險調整利潤、一流的融資組合以及高度多元化的收入基礎。

We think that this year, this competitive advantage, it can clearly visible and allowed us to deliver even more than what we expect for our year one on the 60-30-30 plan. We are highly proud of what we achieved this year, both from our business and financial performance, and could not be more excited for what's coming in 2024 and beyond.

我們認為，今年，這種競爭優勢清晰可見，使我們能夠交付比 60-30-30 計劃第一年預期更多的成果。我們對今年所取得的業務和財務表現所取得的成就感到非常自豪，並對 2024 年及以後的發展感到無比興奮。

Thank you for joining our call today. Now, we will start the Q&A session.

感謝您今天加入我們的電話會議。現在，我們開始問答環節。

(Operator Instructions) Thiago Batista, UBS.

（操作員說明）蒂亞戈·巴蒂斯塔（Thiago Batista），瑞銀集團。

I have one question about the PIX Finance. I know that this product is still in a kind of early stage on Inter, but can you comment your initial impression and how relevant this product can achieve?

我有一個關於 PIX Finance 的問題。我知道該產品在國際米蘭仍處於早期階段，但您能否評論一下您的初步印像以及產品的相關性如何？

João Vitor, speaking. Actually, we are very excited with its credit. Just to put things on a context, we have 8% of the market share in PIX in Brazil. Everyone knows that. But most importantly, the UX/UI for PIX credit is amazing.

若昂·維托爾講話。事實上，我們對它的信譽感到非常興奮。簡單來說，我們在巴西的 PIX 市場佔有 8% 的份額。每個人都知道這一點。但最重要的是，PIX Credit 的 UX/UI 令人驚嘆。

So most likely, we believe that we can outpace this market share for this product in Brazil going forward. A 100% of our clients use our app to transact. This is a good advantage for us. And last but not least, the economics for PIX Credits are amazing. They are better than the current credit cards scheme in Brazil.

因此，我們相信，未來該產品在巴西的市佔率很可能會超過這一市場份額。我們 100% 的客戶使用我們的應用程式進行交易。這對我們來說是一個很好的優勢。最後但並非最不重要的一點是，PIX Credits 的經濟效益是驚人的。它們比巴西目前的信用卡計劃更好。

So we don't have the interchange. We don't have the MDR for the merchant. So it's a win-win situation. I do believe that it's going to get very profitable product for us going forward. We're very excited.

所以我們沒有交換。我們沒有針對商家的 MDR。所以這是一個雙贏的局面。我確實相信，未來它將為我們帶來非常有利可圖的產品。我們非常興奮。

The first readings on the delinquency are good. Similar to the credit card, the rates are better. It's a way more efficient product. I really think it's going to be a game-changer for the payment industry in Brazil, mostly for the digital banks.

關於犯罪行為的第一個讀物很好。與信用卡類似，利率更好。這是一種更有效率的產品。我真的認為這將改變巴西支付產業的遊戲規則，主要是數位銀行。

Tito Labarta, Goldman Sachs.

蒂托·拉巴塔，高盛。

Hi. Good morning. Thank you for the call and taking my question. My question is that, there were some margin pressures in the quarter. I think it was related to renegotiations and discounts that you did that also helped the cost of risk. Should we expect more of this going forward? How should we think about, I guess, both the margin and the cost of risk going forward from here? Thank you.

你好。早安.感謝您的來電並回答我的問題。我的問題是，本季存在一些利潤壓力。我認為這與重新談判和折扣有關，這也有助於降低風險成本。我們是否應該期待更多這樣的事情發生？我想，我們該如何考慮未來的風險成本和利潤？謝謝。

Thank you, Tito. It's Santiago, taking the question. So what we continue doing this fourth quarter was, when we were on the third quarter, which was to be a bit more proactive towards renegotiating the delinquent loans, and we did that, additional BRL30 million, we have an impact of additional BRL30 million from the NII into a cost of risk.

謝謝你，蒂托。是聖地牙哥在回答問題。因此，我們在第四季度繼續做的事情是，當我們在第三季度時，我們要更加主動地重新談判拖欠貸款，我們做到了，額外增加了3000 萬雷亞爾，我們受到了額外3000 萬雷亞爾的影響。將NII轉化為風險成本。

Remember that we had a similar impact in the third quarter, relative to the second quarter. It was BRL30 million on the third quarter and now BRL30 million plus BRL30 million, meaning BRL60 million versus the second quarter now in the fourth quarter. That impact, draw cost of risk lower and it also impacted NIM, which is the reason why we incorporate this new method, which we call the risk adjusted NIM that captures both variables together and we think it's the proper way to see that we recorded a 5.0% risk adjusted NIM, the highest in the year and the second highest in the last four years.

請記住，相對於第二季度，我們在第三季度產生了類似的影響。第三季為 3,000 萬雷亞爾，現在為 3,000 萬雷亞爾加上 3,000 萬雷亞爾，這意味著第四季與第二季相比為 6,000 萬雷亞爾。這種影響降低了風險成本，也影響了淨息差，這就是我們採用這種新方法的原因，我們將其稱為風險調整淨息差，它同時捕獲這兩個變量，我們認為這是查看我們記錄了風險調整後淨利差為5.0%，為年內最高，也是近四年來第二高。

Going forward, we expect the level that we reach now to continue. We don't think we have more incremental changes in the levels, but we will expect to keep it as a percentage of the portfolio roughly at this size. We also incorporated a new disclosure regarding the stocks of the renegotiated portfolio, which is a feedback that we got from investors and research analysts, and that's providing the press release for people to walk deeper on how that compares rating to the market.

展望未來，我們預計目前達到的水平將繼續下去。我們認為我們的水平不會有更多的增量變化，但我們預計將其占投資組合的百分比大致保持在這個規模。我們還納入了有關重新協商的投資組合中的股票的新披露，這是我們從投資者和研究分析師那裡得到的反饋，這為人們提供了新聞稿，以更深入地了解如何將評級與市場進行比較。

Maybe just one follow-up. We did see some improvements on the funding cost in the quarter, is there room to improve that more from here?

也許只是一個後續行動。我們確實看到本季融資成本有所改善，是否還有進一步改善的空間？

So in the fourth quarter, the seasonality, to be honest, so we took the level below 60%, but around 60% is the level that we want to operate at. As we always say, the structure of our funding base or our funding franchise, it is a key competitive advantage. We will try to defend that as much as we can.

所以在第四季度，老實說，季節性因素，所以我們把水平定在 60% 以下，但 60% 左右是我們想要的營運水平。正如我們常說的，我們的融資基礎或融資特許經營權的結構是關鍵的競爭優勢。我們將盡力捍衛這一點。

We do think that, the worst moment of stress with us being at almost 14%, which could have had a shift towards the higher yielding deposits, didn't happen. We continue having a strong funding mix and a 60% cost of funding with the sellings going down, we think we'll be in a downhill or in a -- with tailwind in the front of cost of funding.

我們確實認為，最糟糕的壓力時刻並沒有發生，我們的利率接近 14%，這可能會導致存款收益率更高。我們繼續擁有強大的融資組合和 60% 的融資成本，隨著銷售量的下降，我們認為我們將處於下坡路或融資成本領先的順風車中。

Mario Pierry, Bank of America.

馬裡奧·皮里，美國銀行。

Quick question on efficiency. As you showed, right, you have made significant improvements to your efficiency ratio, a lot of that because you were able to keep your costs flat, especially personnel expenses.

關於效率的快速問題。正如您所展示的，您的效率得到了顯著提高，很大程度上是因為您能夠保持成本不變，尤其是人員費用。

So going forward, how should we see -- clearly, your target is for efficiency to continue to improve, but I wanted to understand from your perspective, is this improvement coming from revenue generation or can you do more to reduce your cost structure? Do you have any initiative that should reduce costs or are we just talking about maintaining costs relatively growing in line of inflation, but revenue generation coming through? Thank you.

那麼展望未來，我們該如何看待——顯然，你們的目標是繼續提高效率，但我想從你們的角度了解，這種改進是來自創造收入還是你們可以採取更多措施來降低成本結構？您是否有任何可以降低成本的舉措，或者我們只是在談論保持成本隨著通貨膨脹而相對增長，但會產生收入？謝謝。

Hi, Mario. I'll start taking that one. So what we saw throughout 2023, at the beginning we had certain low hanging fruits, so to speak, which we went very aggressive towards capitalizing them. If we look at the graph of the index, no of expenses and revenues in the second half, both grew, but the growth on the revenue side was materially steeper than the gross growth on the expense side, that is what we expect to see in 2024.

嗨，馬裡奧。我會開始服用那個。因此，我們在 2023 年所看到的，一開始我們有一些唾手可得的成果，可以說，我們非常積極地利用它們。如果我們看一下該指數的圖表，下半年的費用和收入均有所增長，但收入方面的增長大幅高於費用方面的總增長，這就是我們預計的2024 年。

We will invest more to continue growing, but the growth will be at a much lower rate, half or less than half the growth in revenues. And for that we have a fixed side and a variable side. The fixed side is mainly the personal expenses that is a number that will also grow at the inflation plus a few percentage points, but not too far from that.

我們將投入更多資金來繼續成長，但成長速度會低得多，是收入成長的一半或不到一半。為此，我們有固定側和可變側。固定部分主要是個人開支，這個數字也會隨著通貨膨脹加上幾個百分點而成長，但不會相差太遠。

And then on the variable side, those are expenses that are more tied to the volume growth and those will grow at a higher level. But the growth, the improvement in efficiency will mainly be driven by revenues growing significantly higher than the expense growth.

然後在變數方面，這些費用與銷售成長更相關，並且將以更高的水平增長。但成長、效率的提高將主要由收入成長明顯高於費用成長所推動。

And Santi, just to -- like you showed that slide that you are almost halfway to your target for efficiency, and this was like a five year target. Do you think you are ahead of schedule on efficiency or was that the expected trajectory when you gave the guidance?

桑蒂，就像你在投影片上展示的那樣，你幾乎已經達到了效率目標的一半，這就像一個五年目標。您認為您在效率方面是否提前了，或者這是您提供指導時的預期軌跡？

We're definitely ahead -- we are ahead the most. We went a lot more aggressive on expenses. And to be more specific, we have a project which is a project [Outlaw Coruja] in Portuguese. We launched this project at the end of April and that was the Coruja 1.0 meeting every Friday morning. The senior leadership of Inter attacking all of the main line items in the -- we had our first meeting of Coruja 2.0 2024, the first Friday of the year. So we are starting a lot earlier.

我們絕對領先——我們是最領先的。我們在開支上更加激進。更具體地說，我們有一個項目，是葡萄牙語的 [Outlaw Coruja] 項目。我們在四月底啟動了這個項目，那就是每週五早上的 Coruja 1.0 會議。國際米蘭的高層領導層對所有主要項目進行了攻擊——我們在今年的第一個星期五舉行了 2024 年科魯哈 2.0 的第一次會議。所以我們開始得更早。

Obviously, now it will be tougher not to deliver incremental improvements, but the focus is there because we want to continue being above the level. We're now going to have 20 percentage points improvement like we had this year, but we think that the concept of the digital bank like we have has a strong competitive advantage from the cost side, and that is something we want to continue delivering as we go along. This is a front where we will expect to continue excelling.

顯然，現在不提供漸進式改進將變得更加困難，但重點在於我們希望繼續高於水準。我們現在將像今年一樣提高 20 個百分點，但我們認為像我們這樣的數位銀行概念從成本方面具有強大的競爭優勢，這是我們希望繼續提供的東西我們一起走。我們期望在這一領域繼續表現出色。

Yuri Fernandes, JPMorgan.

尤里‧費爾南德斯，摩根大通。

I have one regarding recoveries, loan loss recoveries. It was a good quarter. We tracked this and it was BRL80 million. It used to be tracking around BRL40 million. So just asking what happened there, if it is level sustainable, if there was any kind of one-time recovery, because it was a good quarter for this line. Thank you very much.

我有一份關於追償、貸款損失追償的資料。這是一個美好的季度。我們對此進行了追踪，金額為 8000 萬雷亞爾。它曾經追蹤過大約 4000 萬雷亞爾。因此，只需詢問那裡發生了什麼，是否可持續，是否有任何一次性復甦，因為對於該生產線來說，這是一個很好的季度。非常感謝。

Hi, Yuri. Recoveries typically, the fourth quarter has better performance as there is more money in people's pockets and we see that on the funding side as well as we mentioned earlier. There is a bit of seasonality, but we are a lot more effective on the work being led by the underwriting team and recovery team [Morin and Gil] has been spectacular.

嗨，尤里。通常情況下，第四季度的復甦表現會更好，因為人們的口袋裡有更多的錢，我們在資金方面也看到了這一點，就像我們之前提到的那樣。雖然存在一些季節性，但我們在核保團隊和復原團隊 [Morin 和 Gil] 領導下的工作效率更高，效果非常出色。

We expect to continue improving that metric, but the growth in the fourth quarter did had some seasonality. We have to compare the quarters versus the prior quarter of the prior year in order to make it apples to apples. But we think this is a front where there's a lot to continue evolving.

我們預計該指標將繼續改善，但第四季的成長確實存在一些季節性。我們必須將這些季度與上一年的前一個季度進行比較，以便進行比較。但我們認為這是一個有很多需要繼續發展的前沿。

Thank you, Santi. If I may, different topic, but quickly one. On the marketplace on Inter Shop, the net take rate was slightly down. Should we see this recovering ahead? Is this, like, promotions, I don't know, Black Friday, Christmas? And should we see that the net take rate moving up back again? Or what is the message for that line? Thank you.

謝謝你，桑蒂。如果可以的話，是不同的話題，但很快就會有一個。Inter Shop 市場上的淨成交率略有下降。我們應該看到這種情況未來會復甦嗎？這是促銷活動嗎？我不知道，黑色星期五，聖誕節？我們是否應該看到淨採用率再次回升？或是該行的消息是什麼？謝謝。

Yuri, João Vitor speaking here. Just to compliment Santi on the previous question and then I'm going to answer about the marketplace, I think that most of the analysts remember that, I have always talking about three key elements for the credit card. Good underwriting, good product/good UX UI and good collection.

尤里·喬·維託在這裡發言。只是為了稱讚桑蒂上一個問題，然後我將回答有關市場的問題，我認為大多數分析師都記得，我一直在談論信用卡的三個關鍵要素。良好的核保、良好的產品/良好的使用者體驗使用者介面和良好的收藏。

And the renegotiation is a very important part of a good collection. We're doing that similar to us for the client through our app in a very wise way and therefore, we have been improving the flow, the type that we make the collections. It's a win-win situation. It's very important.

而重新談判是一個好的收藏中非常重要的一環。我們正在透過我們的應用程式以非常明智的方式為客戶做類似的事情，因此，我們一直在改進流程以及我們製作集合的類型。這是一個雙贏的局面。這很重要。

Going to the marketplace, also, I mentioned in the past that we're always trying to do the best balancing, trying to find a sweet spot between growth and profitability. And the good news are we have been able to shift from one to the other quite easily.

談到市場，我過去也提到過，我們總是在努力做到最好的平衡，試圖在成長和獲利之間找到最佳平衡。好消息是我們已經能夠輕鬆地從一種方式轉換到另一種方式。

Every single week, I have a meeting with Rodrigo. All of you know the Rodrigo, the CEO of the Marketplace. And then we can decide. Do we have a strong time of the year coming in? Should we put the take rate -- the cashback, sorry, less competitive? Should it be more competitive because it's a low season? We use that quite often to adjust growth versus profitability.

每週我都會與羅德里戈會面。你們都知道 Marketplace 的執行長羅德里戈 (Rodrigo)。然後我們就可以決定了。一年中我們的旺季即將到來嗎？我們是否該把收取率——現金返還，抱歉，競爭力降低？因為現在是淡季，競爭應該更激烈嗎？我們經常使用它來調整成長與獲利能力。

Having said that, I believe that, I don't see a major change on the trends going forward for 2024. But if you have a good recovery on the retail in Brazil, we can't improve the growth, I mean, the GMV, but also the net take rate going forward. So pretty much stable for 2024. That's what we foresee for the net grid. But again, we cannot adjust that very easily and very often.

話雖如此，我認為 2024 年的趨勢不會有重大變化。但如果巴西零售業復甦良好，我們就無法提高成長，我的意思是，GMV，還有未來的淨佔有率。所以 2024 年基本穩定。這就是我們對網格的預見。但同樣，我們不能非常容易和頻繁地調整這一點。

Neha Agarwala, HSBC.

尼哈·阿加瓦拉，匯豐銀行。

A quick one on the revenue side. So you mentioned the cost to income improvement will be driven more by revenue growth. What are the main levers in your view that is going to drive revenue growth for 2024? What kind of loan growth should we expect for this year which will further translate into stronger interest income and fee income growth?

收入方面的快速進展。所以你提到收入改善的成本將更多是由收入成長所驅動。您認為推動 2024 年營收成長的主要槓桿是什麼？今年我們應該預期什麼樣的貸款成長將進一步轉化為更強勁的利息收入和費用收入成長？

And probably you can touch upon the BNPL product that you mentioned on your platform. Maybe that could be one of those new levers for on the revenue side. And the second question very quickly, what kind of ROE should we expect for 2024? Something like a 12%, 13%, 14% seems reasonable. Any color on that, if not a number would be very helpful?

也許您可以提及您在平台上提到的 BNPL 產品。也許這可能是收入方面的新槓桿之一。第二個問題很快就來了，2024 年我們該期待什麼樣的 ROE？12%、13%、14% 之類的數字似乎是合理的。如果沒有數字的話，任何顏色都會很有幫助嗎？

Thanks, Neha. This is Alexandre speaking. I'll start with the BNPL and then I'll go through the growth part. So the BNPL is a new payment method that we incorporated into our marketplace. We see it as the consumer finance 2.0, so bringing more of the pool of revenues of the system into winter. And we see that as super positive. We're fine tuning the model as we grow and believe this could be in the ballpark of BRL250 million by the end of the year.

謝謝，尼哈。我是亞歷山大。我將從 BNPL 開始，然後介紹成長部分。因此，BNPL 是我們納入市場的一種新支付方式。我們將其視為消費金融2.0，因此將系統的更多收入池帶入冬季。我們認為這是非常積極的。隨著我們的發展，我們正在對模型進行微調，相信到今年年底，這個數字可能會達到 2.5 億雷亞爾左右。

The context of the partnerships is a driver to reduce risk. So in the end of the day, we get take rates that range from 20% to 30% from our partners, and that helps financing the delinquency that we may get in the model and with the clients. The nice thing about the BNPL is that given the take rates from the partnerships, we can open it for a wider range of customers.

合作夥伴關係的背景是降低風險的驅動力。因此，最終，我們從合作夥伴那裡獲得了 20% 到 30% 的佣金，這有助於為我們在模型中以及與客戶之間可能出現的拖欠行為提供融資。BNPL 的好處是，考慮到合作夥伴的收取率，我們可以向更廣泛的客戶開放。

So several million customers that don't have a credit cards can buy with the Buy Now Pay Later within the app. We're excited and it is one of the drivers of margin expansion as we drive through 2024. When you think about growth --

因此，數百萬沒有信用卡的客戶可以使用應用程式中的「立即購買，稍後付款」功能進行購買。我們很興奮，這是我們在 2024 年推動利潤率擴張的驅動因素之一。當你思考成長的時候--

Can I pause over there and just ask something very quickly?

我可以在那裡停下來快速問一些事情嗎？

Sure.

當然。

So it seems like for the BNPL product, you'll do part on your own balance sheet and part with the partners, which allows you to get a fee income from the partners. Could you talk a little bit about what kind of proportions we can expect, 10% on balance sheet, 90% with partners or more like 50%, 50%? And what kind of partners are we talking about? If you can name some, that would be helpful.

因此，對於 BNPL 產品來說，您將一部分用於自己的資產負債表，一部分與合作夥伴合作，這使您可以從合作夥伴那裡獲得費用收入。您能否談談我們可以期望什麼樣的比例，資產負債表上的 10%，合作夥伴的 90% 或更接近 50%、50%？我們談論的是什麼樣的合作夥伴？如果你能說出一些名字，那將會很有幫助。

So Neha, in terms of balance sheet, it all goes to our balance sheet. So in practice, what happens is, for example, let's say somebody's buying a phone from Samsung for a BRL1,000 instead of dispersing BRL1,000 to pay for this phone and making this alone in Inter's balance sheet, the disbursement may be of only BRL750, because Samsung is providing the take rate of, let's say -- BRL250. So we have a collection balance of a BRL1,000, but a disbursement of only BRL750. That's the mechanics of how it works, and we will keep on expanding the partnerships so that the product can grow.

因此，Neha，就資產負債表而言，一切都歸入我們的資產負債表。因此，在實踐中，舉例來說，假設某人以1,000 雷亞爾的價格從三星購買了一部手機，而不是分散1,000 雷亞爾來支付這款手機的費用，並將其單獨計入國際在米蘭的資產負債表中，支出可能僅為750 雷亞爾，因為三星提供的採用率是 - 250 雷亞爾。因此，我們的收款餘額為 1,000 雷亞爾，但支出僅為 750 雷亞爾。這就是它的運作機制，我們將繼續擴大合作夥伴關係，以便產品能夠發展。

Okay. So it's just, essentially, just the take rate. The loan will still be, everything will be in your balance sheet?

好的。所以本質上只是採用率。貸款仍然存在，一切都會在你的資產負債表中嗎？

Everything in our balance sheet, correct. And on the growth aspect, we expect to grow beyond 30% this year. We're excited. Like, the last fourth quarter was positive at around a 10% growth. We're excited about 2024. The core portfolios will keep on growing. So home equity, FGTS, we're excited about those and good start of the year so far.

我們資產負債表中的所有內容都是正確的。在成長方面，我們預計今年將成長超過30%。我們很興奮。例如，去年第四季的成長率約為 10%。我們對 2024 年感到興奮。核心投資組合將持續成長。因此，房屋淨值、FGTS，我們對這些以及今年迄今為止的良好開端感到興奮。

It's also nice to mention the expansion on the non-collateralized, right? Joao talked a bit about the PIX Credit and we launched them last year, so overdraft, buy now pay later, which we've discussed, PIX Credit, as Joao discussed. We also have bill pay using the credit card limit and we're also allowing customers to put cash in their accounts using their credit card limit. We have a potential of BRL1billion portfolio by the end of the year in these lines and they're definitely going to be a margin expansion, a margin expansion product for us, so we're excited about it. Thank you, Neha.

提到無抵押的擴張也很好，對吧？Joao 談到了 PIX Credit，我們去年推出了它們，所以透支，現在購買稍後付款，我們已經討論過，PIX Credit，正如 Joao 所討論的。我們也使用信用卡限額來支付帳單，我們還允許客戶使用信用卡限額將現金存入他們的帳戶。到今年年底，我們在這些產品線中擁有 10 億雷亞爾投資組合的潛力，它們肯定會成為我們的利潤擴張產品，因此我們對此感到興奮。謝謝你，尼哈。

Super helpful. Thank you. Anything on the ROE front?

超有幫助。謝謝。ROE 方面有什麼嗎？

I can take that one, Neha. So on ROE and net income, we don't provide guidance. But what we said last year on the Investor Day was that we agreed with the sell side consensus of 5% for 2023, and we delivered that. What we can say now, exactly a year after, is that the flow -- or the curve of build up both in net income and ROE that we saw throughout the year should continue into 2024. We can't get too much specific on that because then it will become guidance and we don't intend to provide. But we see a continuation of the trend that we've had last year coming into what is year two of the 60-30-30.

我可以接受那個，尼哈。因此，對於 ROE 和淨利潤，我們不提供指導。但我們去年在投資者日所說的是，我們同意 2023 年 5% 的賣方共識，我們實現了這一點。現在，也就是一年後，我們可以說的是，我們全年看到的淨收入和股本回報率的流量或成長曲線應該會持續到 2024 年。我們不能對此給出太多具體信息，因為那樣它就會成為指導，而我們不打算提供。但我們看到去年的趨勢在進入 60-30-30 的第二年繼續延續。

Brian Flores, Citi.

布萊恩·弗洛雷斯，花旗銀行。

Hi. Thank you for the opportunity. Just a couple of follow ups on the answers that you provided. You mentioned you were excited about FGTS loans. The contribution to gross loans is around 6%. This has been increasing steadily. Just wanted to get a sense on how are you thinking about this segment? Any insights on the dynamics of the segment? And how should we think about the contribution going forward? So I think this is my first question.

你好。謝謝你給我的機會。只是對您提供的答案進行一些跟進。您提到您對 FGTS 貸款感到興奮。對貸款總額的貢獻約為6%。這一數字一直在穩步增長。只是想了解一下您如何看待這個細分市場？關於該細分市場的動態有什麼見解嗎？我們該如何看待未來的貢獻？所以我想這是我的第一個問題。

The second one, Santiago, you mentioned that in terms of the strategic plans, you intend to defend your deposit base. Can you share with us like, what are -- any ideas on how to do this would be really helpful?

第二位，聖地牙哥，您提到在策略計畫方面，您打算捍衛您的存款基礎。您能否與我們分享一下，關於如何做到這一點的任何想法都會非常有幫助？

Brian, this is Alex speaking. May I ask you to repeat the question, please? We had a technical problem and couldn't hear you.

布萊恩，我是亞歷克斯。我可以請你重複這個問題嗎？我們遇到技術問題，聽不到您的聲音。

Sure, no problem. The first one was on FGTS loans. The contribution is around 6% has been steadily helping in terms of the total portfolio. So just wanted to think -- to get a sense on how are you thinking about this segment? Any insights on the dynamics would be really helpful. And then the second one was on how are you planning to defend your deposit base?

好沒問題。第一個是 FGTS 貸款。就總投資組合而言，貢獻約為 6%，一直在穩步提供協助。所以只是想想——了解一下您如何看待這個細分市場？任何關於動態的見解都會非常有幫助。第二個問題是你打算如何捍衛你的存款基礎？

Great. So starting with the FGTS, it's a product that we like a lot, 100% digital underwriting, good margin, high engaging product, and we've been able to do continuous improvement also operationally to make it easier for our customers to obtain their loans. We have a lot of returning customers. Having said that, we expect to keep on growing. It's at 6% of the portfolio, as you mentioned, and we believe it could get to around 10% by the end of 2024 as we move forward. So we are excited about it.

偉大的。因此，從 FGTS 開始，這是我們非常喜歡的產品，100% 數位承保，利潤豐厚，產品吸引力高，我們能夠在營運上進行持續改進，使我們的客戶更容易獲得貸款。我們有很多回頭客。話雖如此，我們期望繼續成長。正如您所提到的，它佔投資組合的 6%，我們相信隨著我們的前進，到 2024 年底它可能會達到 10% 左右。所以我們對此感到興奮。

From deposit -- in terms of defending the deposit, it's all about defending the transactional business, right? So we've been consistent on keeping PIX around the 8% market share. We were going to work heavily to increase this market share as we move towards 2024. And with the transactional business, we're going to be indirectly defending the deposit franchise, right?

從存款來說——就捍衛存款而言，這都是為了捍衛交易業務，對嗎？因此，我們一直堅持將 PIX 的市佔率保持在 8% 左右。在邁向 2024 年時，我們將大力努力增加這一市場份額。透過交易業務，我們將間接捍衛存款特許經營權，對吧？

That is one of the strengths of Inter, the massive transactional platform we've been able to bring in along with also the investment platform, it's super nice. But that's the defense. The defense is to keep growing on the transactional business. Thanks, Brian.

這是國際米蘭的優勢之一，我們能夠引入龐大的交易平台以及投資平台，這非常好。但這就是防守。防禦措施是保持交易業務的成長。謝謝，布萊恩。

This concludes our question-and-answer session. The conference is now concluded. Inter IR area is at your disposal to answer any additional questions. But first, I'd like to yield the floor to Mr. João Vitor Menin for his closing remarks. Sir, the floor is yours.

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。但首先，我想請若奧·維托爾·梅寧先生致閉幕詞。先生，地板是你的了。

Thank you very much. So first of all, I would like to thank our employees for the great year we had on 2023. We work a lot. We work hard and we work with the right strategy, with the right focus, with the right North Star, which is our 60-30-30 plan. And I really feel that it's no longer different on 2024. I see a red for the first month. Our team engaged, motivated to also deliver another positive year on our 60-30-30 plan. We were chatting this morning about the priorities for the year, and I would like to say that I have two priorities for 2024.

非常感謝。首先，我要感謝我們的員工，感謝他們在 2023 年度過了美好的一年。我們工作很多。我們努力工作，並以正確的策略、正確的重點、正確的北極星開展工作，這就是我們的 60-30-30 計畫。我真的覺得2024年已經不再有什麼不同了。我第一個月看到紅色。我們的團隊積極參與、積極進取，為我們的 60-30-30 計畫再創正面成果。今天早上我們正在討論今年的優先事項，我想說我有兩個 2024 年的優先事項。

The first one to make sure that we also deliver another year ahead of the budget of the 60-30-30 plan, and the second, guys, to make sure that I'm going to stick with the first one. So that's about that. Be focused, engaged, motivated, and I'm sure that we can keep delivering good results, both on a profitability basis, but also, very important, on a growth perspective as well.

第一個目標是確保我們比 60-30-30 計畫的預算再提前一年交付，第二個目標是確保我將堅持第一個目標。就是這樣。專注、投入、積極進取，我相信我們能夠繼續取得良好的成果，無論是在獲利​​能力的基礎上，還是非常重要的，在成長的角度上。

We are still a growth company. But combining these two elements, we could deliver it on 2023 and we will deliver it on 2024 again. I'm sure about that. Thank you all the employees.

我們仍然是一家成長型公司。但結合這兩個要素，我們可以在 2023 年交付它，我們將在 2024 年再次交付它。我確信這一點。感謝所有員工。

Thank you all the shareholders that support us for a while, that will keep supporting us. See you soon. Thank you very much. Have a good day.

感謝所有支持我們一段時間、並將繼續支持我們的股東。再見。非常感謝。祝你有美好的一天。

The conference is 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。