Inter & Co Inc (INTR) 2024 Q2 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to Inter & Co's Second Quarter Earnings Conference Call. Today's speakers are João Vitor Menin, Inter Global CEO; Alexandre Riccio, Brazil's CEO; Santiago Stel, Senior Vice President of Finance and Risk and CFO; and Rafaela de Vitória, Chief Economist and IRO. Please be advised that today's conference is being recorded, and a replay will be available at the company's IR website.

下午好，感謝您的耐心等待。歡迎參加 Inter & Co 第二季財報電話會議。今天的演講者是國際米蘭全球首席執行官若昂·維托爾·梅寧（João Vitor Menin）； Alexandre Riccio，巴西執行長； Santiago Stel，財務與風險資深副總裁兼財務長；以及首席經濟學家兼 IRO 拉斐拉·德·維多利亞 (Rafaela de Vitória)。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。

(Operator Instructions)

（操作員說明）

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

請注意，螢幕上有一個翻譯按鈕，您可以在其中選擇您想要聽到的語言 英語或葡萄牙語。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。

Reconciliations of the company's non-IFRS financial information to the IFRS financial information are available in Inter & Co's earnings release and earnings presentation appendix. Today's discussion might include forward-looking statements, which are not guarantees of future performance. Please refer to the forward-looking statements disclosure in the company's earnings release and earnings presentation. Now I would like to leave the floor to Mr. João Vitor Menin. Sir, the floor is yours.

Inter & Co 的收益發布和收益演示附錄中提供了公司非 IFRS 財務資訊與 IFRS 財務資訊的調節表。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。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. Hello, everyone. As usual, I will begin with a brief overview of our strategy before handing over to [Xande and Santi] that will cover operational and financial metrics. But before we begin, I want to express my gratitude to Xande, our new Brazil CEO. Shanji, I'm confident that you will continue to do an amazing job in our new role, leading our business in Brazil into a bright future.

謝謝你，接線生。大家好。像往常一樣，我將首先簡要概述我們的策略，然後交給 [Xande 和 Santi]，該策略將涵蓋營運和財務指標。但在開始之前，我想向我們新任巴西執行長 Xande 表示感謝。Shanji，我相信您將在新的職位上繼續出色地工作，帶領我們在巴西的業務走向光明的未來。

Now let's deep dive into second quarter results. I'm very happy with our deliveries in our six territory plan this quarter. I can affirm that the combination of growth and profitability is propelling us to new heights. Once again, we are demonstrating our ability to deliver remarkable results by focusing on execution day after day, while constantly passion for innovation and new ideas we also delivered strong financial performance, ensuring that our business is here to last.

現在讓我們深入了解第二季的業績。我對本季六個地區計畫的交付感到非常滿意。我可以肯定，成長和獲利能力的結合正在推動我們達到新的高度。我們再次展示了我們透過日復一日地專注於執行來取得卓越成果的能力，同時對創新和新想法不斷充滿熱情，我們也實現了強勁的財務業績，確保我們的業務能夠長久發展。

I would like to express my gratitude and admiration for our group of 3,800 employees. We are very proud to see that our company is producing alpha in the Brazilian banking market. A clear way to see this is in the pace of growth that we have in very important portfolios.

我謹向我們3800名員工表示感謝和欽佩。我們非常自豪地看到我們公司正在巴西銀行市場創造阿爾法。看到這一點的一個明顯方法是我們非常重要的投資組合的成長速度。

We are growing multiple times faster than the industry, such as 8 times faster in individual accounts and 4 times faster in FGTS loans. This reflects the built of our financial super app and the great ability to attract clients and cross-sell our products within the platform, therefore, maximizing our market share gains.

我們的成長速度是產業的數倍，例如個人帳戶的成長速度是產業的8倍，FGTS貸款的成長速度是產業的4倍。這反映了我們金融超級應用程式的建構以及吸引客戶和在平台內交叉銷售我們產品的強大能力，從而最大限度地提高了我們的市場份額收益。

To really understand what I'm trying to say, let's spend some time on page 7. We can see here the opportunity we have to fish in our own aquarium. We have scaled at the most difficult part, getting clients on board and building the product offering.

為了真正理解我想說的內容，讓我們花一些時間在第 7 頁。我們可以在這裡看到我們在自己的水族館釣魚的機會。我們在最困難的部分進行了擴展，吸引客戶參與並建立產品。

Now if we keep growing at the same pace for the following years, we can reach greater market share just by fishing in our own aquarium, meaning getting more business from our existing clients. Obviously, on top of that, we will continue bringing new clients as we have done consistently for many years. As you know, we have one of the most complete product offerings in the market, serving multiple client profiles in one single app.

現在，如果我們在接下來的幾年裡繼續以同樣的速度成長，我們只需在自己的水族館釣魚就可以獲得更大的市場份額，這意味著從我們現有的客戶那裡獲得更多的業務。顯然，最重要的是，我們將繼續帶來新客戶，就像我們多年來一貫所做的那樣。如您所知，我們擁有市場上最完整的產品系列之一，在一個應用程式中為多個客戶資料提供服務。

To maximize conversion of our products, we rely on a strategy that are based on hyper personalization, best-in-class UI and UX, and a unique digital journey for every moment inside that. Xande will present the details later, but just to give you a little sneak peak, our insurance vertical printed the best quarter ever, thanks to the amazing impact of integrated data, target campaigns, and the strength of our connected platform. What I mean with that is we are seeing incredible results by leveraging our data effectively and constantly pushing the boundaries of innovation.

為了最大限度地提高我們產品的轉換率，我們採用的策略是基於超個人化、一流的 UI 和 UX，以及每時每刻的獨特數位旅程。Xande 稍後將介紹詳細信息，但只是為了讓您先睹為快，我們的保險垂直行業創下了有史以來最好的季度業績，這要歸功於綜合數據、目標活動以及我們互聯平台的實力所產生的驚人影響。我的意思是，透過有效利用我們的數據並不斷突破創新界限，我們看到了令人難以置信的成果。

I'm personally passionate about the client experience and driving innovation. We will continue to enhance our UX and UI and introduce new features to provide the best possible experience.

我個人對客戶體驗和推動創新充滿熱情。我們將繼續增強我們的用戶體驗和用戶介面，並推出新功能，以提供最佳的體驗。

Moving to page 9, we can see our seven verticals powerfully working together. As I engineer myself, I'd like to say that all cylinders are working in perfect coordination. And this makes me confident on the continued success of our platform. By providing a complete range of personalized products to each client, we observe amazing outcomes across all verticals, which Xande will deep dive in the next page. Xande, please go ahead.

翻到第 9 頁，我們可以看到我們的七個垂直領域強而有力地協同工作。當我自己設計時，我想說所有氣缸都在完美協調地工作。這讓我對我們平台的持續成功充滿信心。透過向每位客戶提供全套個人化產品，我們在所有垂直領域中觀察到令人驚嘆的成果，Xande 將在下一頁深入探討這一點。贊德，請繼續。

Thank you, João. Good afternoon, everyone, and thanks for joining us today. First of all, I'm extremely proud to assume the role of CEO, Brazil and leading our operations. Having been part of Inter for 11 years, I can say that I have a deep passion for everything we have built so far and of what lies ahead. João once again, thank you for your support and trust as well as of your forward-looking vision that constantly pushes us to the innovation pioneers.

謝謝你，喬奧。大家下午好，感謝您今天加入我們。首先，我非常自豪能夠擔任巴西執行長並領導我們的營運。加入國際米蘭11年了，我可以說我對我們迄今為止所建立的一切以及未來的發展充滿熱情。João 再次感謝您的支持與信任，以及您不斷推動我們成為創新先鋒的前瞻性視野。

Going into the results, I'll start by focusing on the most important topic, our clients. We're happy to announce that once again, we welcomed 1 million new active clients this quarter. This figure has led to a sixth consecutive quarter of increasing activation now standing at 55.3%.

談到結果，我將首先關注最重要的主題，即我們的客戶。我們很高興地宣布，本季我們再次迎來了 100 萬名新活躍客戶。這一數字導致激活率連續第六個季度增加，目前達到 55.3%。

Throughout the second quarter, we achieved a total of 33 million clients, successfully increasing the client base by 1.6 million. This demonstrates our ability not only to increase activation among existing clients, but also to attract a new pool of qualified clients who are activating faster and engaging more with our platform.

整個第二季度，我們總共實現了 3,300 萬客戶，成功增加了 160 萬個客戶群。這表明我們不僅有能力提高現有客戶的活躍度，而且有能力吸引一群新的合格客戶，他們的活躍度更快，並更多地參與我們的平台。

In addition to the total clients, I would like to introduce everyone to some details of our business clients. We currently have over 2 million business accounts growing at a fast pace of 21% year over year. These 2 million clients are highly engaged with an impressive activation rate of 80% in addition to higher deposits, TPV, and the interchange levels.

除了總客戶之外，我還想向大家介紹我們商業客戶的一些細節。目前，我們擁有超過 200 萬個企業帳戶，每年以 21% 的速度快速成長。除了更高的存款、TPV 和交換水準之外，這 200 萬客戶的活躍度高達 80%，令人印象深刻。

Last month, we announced the closing of the acquisition of Granito renamed to Inter Pag, our acquiring business. We're excited about this transaction as we now will be able to fully integrate the business into our ecosystem. The transaction brings a long list of opportunities.

上個月，我們宣布完成對 Granito 的收購，並將其更名為我們的收購業務 Inter Pag。我們對這筆交易感到興奮，因為我們現在將能夠將業務完全整合到我們的生態系統中。這次交易帶來了一長串機會。

Three examples are, first, cross-selling our banking products to all of Inter Pag's merchant clients; second, cross-selling acquiring services to our existing base of merchants and individuals, hundreds of thousands of which already flow their acquiring receivables into our account; and third, building powerful bundles of banking and acquiring services to address retail clients currently underpenetrated in our base.

三個例子是，第一，向Inter Pag的所有商業客戶交叉銷售我們的銀行產品；其次，向我們現有的商家和個人群體交叉銷售收單服務，其中數十萬他們的收單應收帳款已經流入我們的帳戶；第三，建立強大的銀行和收單服務組合，以滿足目前在我們基礎上滲透不足的零售客戶的需求。

In summary, we see opportunity ahead of us and are already moving to capture it. Turning our attention to Page 12. The total TPV has shown a remarkable increase of 47% year over year, reaching BRL290 billion. Specifically, when we consider transactions made through PIX, we transacted over BRL266 billion in a single quarter, capturing 8% market share of the total number of transactions.

總而言之，我們看到了機遇，並且已經開始抓住它。將我們的注意力轉向第 12 頁。TPV總額較去年同期大幅成長47%，達到2,900億雷亞爾。具體來說，當我們考慮透過 PIX 進行的交易時，我們單季的交易量超過 2,660 億雷亞爾，佔交易總數的 8% 的市場份額。

Also important was that for the second consecutive quarter, volumes and growth from credit cards have surpassed debit, resulting in higher interchange revenue and further improving the TPV mix. Moreover, as we have consistently seen in the past few quarters, we're continuously increasing TPV levels among both new and existing cohorts. This demonstrates the growing engagement of our customers with our product offerings, ensuring continued success.

同樣重要的是，信用卡的交易量和成長連續第二季超過簽帳卡，導致交換收入增加並進一步改善 TPV 組合。此外，正如我們在過去幾季所看到的那樣，我們不斷提高新群體和現有群體的 TPV 水平。這表明我們的客戶對我們產品的參與度不斷提高，確保了我們的持續成功。

Moving to the credit side. I want to provide a brief update on our new credit lines expansion. PIX financing, buy now pay later, and our other unsecured lines. In the quarterly comparison, we had an inspiring increase of almost 90%, reaching a combined of BRL330 million in portfolio.

轉向信貸方面。我想簡單介紹一下我們新的信貸額度擴張。PIX 融資、先買後付以及我們的其他無擔保線路。在季度比較中，我們的投資組合成長了近 90%，達到 3.3 億雷亞爾，令人鼓舞。

This is one more important step in bringing our unsecured products through full potential. In the beginning of the third quarter, we expanded our PIX financing offering to the entire credit card base, one more element to sustain growth.

這是充分發揮我們的無擔保產品潛力的更重要的一步。第三季初，我們將 PIX 融資服務擴展到整個信用卡基礎，這是維持成長的另一個要素。

Moving to page 13. In the e-commerce vertical, we have achieved the best gross level of the post-pandemic base. In the annual comparison, we increased our GMV by more than 50% surpassing BRL1.1 billion in the quarter, with more than 3 million clients making purchases within the period.

移至第 13 頁。在電商垂直領域，我們實現了疫情後最好的總量水準。與年度比較相比，本季我們的 GMV 成長了 50% 以上，超過 11 億雷亞爾，期內有超過 300 萬客戶購買。

On loyalty, a vertical that completed one year in June we achieved impressive 8 million clients, demonstrating our strength in launching and growing new products that have strategic fit with our platform. Those clients are highly engaged spending 2.7 times more than non-loyalty clients and generating an ARPAC that is 1.7 times higher.

在忠誠度方面，這個垂直領域在 6 月完成一年後，我們獲得了令人印象深刻的 800 萬客戶，展示了我們在推出和開發與我們的平台策略契合的新產品方面的實力。這些客戶高度參與，支出是非忠誠客戶的 2.7 倍，產生的 ARPAC 也高出 1.7 倍。

Moving to page 14. On the insurance front, we are very happy to report one of our best quarters ever. Our sales have exceeded 1 million for the first time ever, far exceeding what we have experienced in the previous quarter.

移至第 14 頁。在保險方面，我們非常高興地報告有史以來最好的季度之一。我們的銷售額首次突破 100 萬，遠超上一季的水準。

And we have seen a 39% quarterly increase in the number of active clients. As a result, we now have 2.6 million active insurance clients, an amazing number. We're also proud to have successfully launched new products in this vertical, such as the FGTS loan insurance. This product integrated seamlessly into the FGTS loan product user experience. And this is a great example of our hyper personalization strategy, as previously highlighted by João.

我們發現活躍客戶數量季度增加了 39%。結果，我們現在擁有 260 萬活躍保險客戶，這是一個驚人的數字。我們也很自豪能夠成功推出該垂直領域的新產品，例如 FGTS 貸款保險。該產品無縫整合到 FGTS 貸款產品用戶體驗中。正如 João 先前強調的那樣，這是我們超個人化策略的一個很好的例子。

Turning our attention to the investment vertical, we had a quarter of encouraging growth. Within a year, we have increased the number of active clients by around 60% reaching 5.7 million.

將我們的注意力轉向垂直投資，我們在一個季度實現了令人鼓舞的成長。一年之內，我們的活躍客戶數量增加了約 60%，達到 570 萬人。

Furthermore, we have surpassed a significant milestone of BRL100 billion in AuC for the first time and are already close to BRL110 billion. This achievement showcases our cutting-edge product offering in this vertical and the evolution of our distribution capacity.

此外，我們的 AuC 首次突破了 1000 億雷亞爾的重要里程碑，並且已經接近 1100 億雷亞爾。這項成就展示了我們在該垂直領域提供的尖端產品以及我們分銷能力的演變。

Moving to the next page. Last but not least, on the global front, as mentioned by João, we are continuously advancing and replicating one of our key competitive advantages in the US, our robust deposit franchise. We're excited to report that our assets under custody and deposits in US dollars have reached the milestone of $516 million reflecting an extraordinary 133% year-over-year growth. This achievement underscores our strong performance in the US market.

移至下一頁。最後但並非最不重要的一點是，在全球方面，正如 João 所提到的，我們正在不斷推進和複製我們在美國的關鍵競爭優勢之一，即我們強大的存款業務。我們很高興地報告，我們的託管資產和美元存款已達到 5.16 億美元的里程碑，年增 133%。這項成就凸顯了我們在美國市場的強勁表現。

Within this vertical, we have successfully acquired 3.3 million clients, comprising of higher-income Brazilian clients who frequently travel and invest in the US. This means a higher quality customer profiles in terms of spending, engagement, and ARPAC levels.

在這一垂直領域，我們已成功獲得 330 萬客戶，其中包括經常到美國旅行和投資的高收入巴西客戶。這意味著在支出、參與度和 ARPAC 級別方面擁有更高品質的客戶檔案。

This growth and engagement in our global operations encourages us more and more to dedicate to expanding our reach and delivering valuable financial solutions to our clients, regardless of geographical boundaries. With that, I'll pass the word to Santi, who will cover the financial performance section.

我們全球業務的成長和參與鼓勵我們越來越多地致力於擴大我們的業務範圍，並為我們的客戶提供有價值的金融解決方案，無論地理邊界如何。接下來，我將轉告桑蒂，他將負責財務績效部分。

Thank you, Xande, and congratulations once again on your promotion. Now let's deep dive in our financial performance of the second quarter. Starting with our loan book, we delivered 35% growth compared to the same quarter of 2023, resulting in a portfolio of BRL35.7 billion. Once again, FGTS and home equity continue to be key drivers of this credit growth with impressive year-over-year increases of 93% and 50%, respectively.

謝謝你，Xande，並再次恭喜你的晉升。現在讓我們深入了解第二季的財務表現。從貸款帳簿開始，與 2023 年同季相比，我們實現了 35% 的成長，投資組合達到 357 億雷亞爾。FGTS 和房屋淨值再次成為信貸成長的主要驅動力，年比分別成長 93% 和 50%，令人印象深刻。

As João said, our focus on hyper personalization has opened up new opportunities to optimize our distribution capabilities. Great examples of this improvements in distribution through hyper personalization, our FGTS and PIX financing with our fully digital products with remarkable growth and profitability profiles.

正如 João 所說，我們對超個人化的關注為優化我們的分銷能力開闢了新的機會。透過超個人化、我們的 FGTS 和 PIX 融資以及我們具有顯著增長和盈利能力的全數位產品來改善分銷的很好的例子。

Now speaking about the implied rates on the top of the page, the stability that we can see is attributed mainly to two factors. The first, the overall lower interest rate environment in the entire banking system compared to a year ago when [selling] was much higher and two, with the lower inflation in the quarter, which affected mainly our real estate loans. We believe that the performance in terms of deals was very strong with an all-in loans rate of 21%, which is twice the letter of CDI and is the highest we had at Inter in the last four years.

現在談到頁面頂部的隱含利率，我們可以看到的穩定性主要歸因於兩個因素。首先，與一年前相比，整個銀行體系的整體利率環境較低，當時[銷售]要高得多；第二，本季通膨較低，這主要影響了我們的房地產貸款。我們相信，交易方面的表現非常強勁，總貸款率為21%，是CDI的兩倍，也是過去四年來國際米蘭的最高水準。

We'll go deeper into the full impact of rates in the NIM pages. Let's go deeper into our loan growth by product, which reflects our continuous commitment on deploying capital efficiently. Our top-performing credit products, such as FGTS and home equity experienced remarkable growth and now represent 15% of our loan book.

我們將在 NIM 頁面中更深入地探討費率的全部影響。讓我們按產品更深入地了解我們的貸款成長，這反映了我們對高效部署資本的持續承諾。我們表現最好的信貸產品（例如 FGTS 和房屋淨值）經歷了顯著增長，目前占我們貸款總額的 15%。

Regarding credit cards, we remain focused on allocating new limits for existing clients with strong risk-adjusted profiles. This strategy has resulted in nearly 40% increase in credit cards in the last year. Both SMBs and real estate loans grew around the yearly average of our loan growth of 35%, while personal loans, which is mainly comprised on payroll loans, had a small negative growth.

關於信用卡，我們仍然專注於為具有強大風險調整概況的現有客戶分配新的限額。這項策略導致去年信用卡數量增加了近 40%。中小企業貸款和房地產貸款增速均在35%左右，而個人貸款（主要是薪資貸款）則出現小幅負成長。

But when excluding the portfolios acquired nearly two years ago, meaning looking only at the portfolios that we originated internally, we had a positive growth of 4% with nice acceleration towards the end of the quarter reflecting the success of the new digital initiatives ongoing in this product.

但是，當排除近兩年前收購的投資組合時，即僅考慮我們內部發起的投資組合時，我們實現了4％ 的正增長，並且在本季度末出現了良好的加速，這反映了該領域正在進行的新數位計劃的成功。

In terms of asset quality, we saw stable trends across metrics. Both NPLs 15 to 90 days and 90 days-plus presented slight improvements in the quarter. Regarding NPL and Stage 3 formation, we experienced a slight increase in the metric as a result of the second quarter 2023 credit card cohort, which presented higher than average delinquency. We think that this effect is specific to this cohort and will reverse in the coming quarters.

在資產品質方面，我們看到各個指標的穩定趨勢。15 至 90 天和 90 天以上的不良貸款在本季均略有改善。關於不良貸款和第 3 階段的形成，由於 2023 年第二季信用卡群體的拖欠率高於平均水平，我們的指標略有增加。我們認為這種影響是針對這群人的，並將在未來幾季逆轉。

Now moving on to page 20. We can observe that our cost of risk metric improved 20 bps to 5.0% or 10 bps to 5.3%, if excluding anticipation of credit card receivables. These levels are the lowest we have seen since 2022 and reflect how we continue to improve quality of the underwriting model and the collection practices. In terms of our coverage ratio, it remained stable at 130%, indicating that we are provisioning in line with the NPL formation trend.

現在轉到第 20 頁。我們可以觀察到，如果不包含信用卡應收帳款的預期，我們的風險成本指標改善了 20 個基點至 5.0%，或改善了 10 個基點至 5.3%。這些水平是我們自 2022 年以來的最低水平，反映了我們如何繼續提高承保模式和催收實踐的品質。從撥備覆蓋率來看，撥備覆蓋率穩定在130%，這顯示我們的撥備撥備符合不良貸款形成趨勢。

Passing here to page 21. We are pleased to once again highlight the robustness of our funding franchise, which reached BRL47.8 billion. A key highlight is how retail and fragmenting our funding base is with more than 17 million clients trusting us with our savings. Another key highlight, I mentioned many times before, is the mix with transactional deposits accounting for 32% of our total funding base.

從這裡轉到第 21 頁。我們很高興再次強調我們融資業務的穩健性，融資規模達到 478 億雷亞爾。一個關鍵亮點是我們的資金基礎如何零售和分散，超過 1700 萬客戶信任我們的儲蓄。我之前多次提到的另一個關鍵亮點是交易性存款占我們總資金基礎的 32%。

In terms of growth, we have seen a remarkable 9% and 34% increase quarterly and annually, respectively. In terms of transactional deposits specifically, this quarter alone, we grew BRL1.3 billion.

在成長方面，我們看到季度和年度分別實現了 9% 和 34% 的驚人成長。具體而言，就交易存款而言，僅本季度，我們就成長了 13 億雷亞爾。

Moving on to page 22. As we mentioned before, we firmly believe that our funding mix sets us apart from other financial institutions in Brazil and provides us with a notable competitive advantage in terms of cost of funding. In this particular quarter, we reached a cost of funding of 6.8%, which is the lowest since I joined Inter at the beginning of 2022.

轉到第 22 頁。正如我們之前提到的，我們堅信我們的融資組合使我們有別於巴西其他金融機構，並為我們在融資成本方面提供了顯著的競爭優勢。在這個特定的季度，我們的融資成本達到了 6.8%，這是我自 2022 年初加入國米以來的最低水準。

Once again, we are thrilled to report another great quarter in terms of revenue, breaking previous records for the second consecutive quarter. We achieved gross revenues of BRL2.4 billion with a net revenue of BRL1.5 billion. These numbers reflect a substantial 29% year-over-year growth and a solid 7% quarter-over-quarter growth in total net revenues. Both fees and NII experienced robust growth, further validating the effectiveness of our hyper personalization and marketing efforts.

我們很高興再次報告收入方面又一個出色的季度，連續第二個季度打破了先前的記錄。我們實現了 24 億雷亞爾的總收入和 15 億雷亞爾的淨收入。這些數字反映出總淨收入年增 29%，季增 7%。費用和 NII 均經歷了強勁增長，進一步驗證了我們超個人化和行銷工作的有效性。

Let's now turn our attention to the unit economic metrics highlighted on age 24. We are pleased to report that our ARPAC increased to BRL30.4 per month, this growth is a result of further engaging and monetizing our clients through our broad suite of high-value products.

現在讓我們將注意力轉向 24 歲強調的單位經濟指標。我們很高興地報告，我們的 ARPAC 增加到每月 30.4 雷亞爾，這一增長是透過我們廣泛的高價值產品進一步吸引客戶並從中獲利的結果。

On the cost side, we continue to make significant improvements in our cost-to-serve metric. This positive trend has been consistent over the last five quarters, reaching a record low level of BRL11.1. This demonstrates our ability to efficiently monetize our customer base while capturing economies of scale.

在成本方面，我們持續在服務成本指標上做出重大改進。這一積極趨勢在過去五個季度中保持不變，達到了 11.1 巴西雷亞爾的歷史新低。這表明我們有能力在實現規模經濟的同時有效地將客戶群貨幣化。

Let's now deep dive into our interest income, specifically focusing on NIMs as presented on page 25. Starting from the top of the page, both our NIM 1.0 and 2.0 with and without the non-interest accruals of credit cards, known as [Avista] in Portuguese, are showing a positive upward trend compared to the prior quarters.

現在讓我們深入研究我們的利息收入，特別關注第 25 頁中介紹的 NIM。從頁面頂部開始，我們的 NIM 1.0 和 2.0（無論是否包含信用卡非利息應計項目）（葡萄牙語稱為“Avista”）與前幾季相比都呈現出積極的上升趨勢。

It's important to note that we faced a negative impact from (inaudible) this quarter inflation, which contributed to a slower growth in the quarter, particularly on the real estate loans. When we consider the risk-adjusted NIM which deducts the cost of risk, the performance is even stronger, further highlighting the consistent positive trends and reaching record levels.

值得注意的是，我們面臨本季通膨（聽不清楚）的負面影響，這導致本季成長放緩，尤其是房地產貸款。當我們考慮扣除風險成本的風險調整後淨利差時，表現更加強勁，進一步凸顯了持續的正面趨勢並達到了創紀錄的水平。

Maximizing the value of our capital allocation is a key priority that will consistently quarter after quarter, results are visible and with the continued repricing and new consumer finance initiatives ongoing, we're optimistic on the continuous improvement in the coming quarters.

最大化我們的資本配置價值是一個關鍵優先事項，它將持續一個季度又一個季度，結果是可見的，並且隨著持續的重新定價和新的消費金融計劃的持續進行，我們對未來幾個季度的持續改善持樂觀態度。

As seen on page 26, we had a modest 5% Growth in expenses this quarter, following a 0% increase in the prior one, therefore, also increasing 5% in the first half of this year relative to the fourth quarter level of 2023. But more importantly than the growth levels themselves, we can affirm that our marginal spending is strategically allocated to investing in three main areas, people, technology, and branding.

如第 26 頁所示，繼上一季支出成長 0% 後，本季支出小幅成長 5%，因此，相較於 2023 年第四季的水平，今年上半年支出也成長了 5%。但比成長水準本身更重要的是，我們可以肯定，我們的邊際支出策略性地分配給三個主要領域的投資：人員、技術和品牌。

This reflects our mindset of creating long-term value of our franchise by investing more in these specific areas. A noteworthy aspect to highlight is our marketing expenses, we launched a targeted campaign aimed at increasing brand awareness.

這反映了我們透過在這些特定領域進行更多投資來創造特許經營權的長期價值的心態。值得注意的一個面向是我們的行銷費用，我們發起了一項有針對性的活動，旨在提高品牌知名度。

Since this campaign was launched, we have seen a notable 25% increase in searches for Inter and a 20% increase in our app downloads. Regarding personnel expenses, we strategically increased hiring in key areas, such as IT and commercial teams. We continue to see significant opportunities for us to achieve operational leverage as highlighted on page 27.

自從活動啟動以來，我們發現國際米蘭的搜尋量顯著增加了 25%，我們的應用程式下載量也顯著增加了 20%。在人員費用方面，我們策略性地增加了IT和商務團隊等關鍵領域的招募。正如第 27 頁所強調的那樣，我們繼續看到實現營運槓桿的重大機會。

On the left-hand side, you can see that we have successfully increased the gap between the growth of our net revenues and the growth of our expenses through time. As a result, our efficiency ratio on the right side reported at 47.9%, primarily ahead of our 60/30/30 plan. These charts reflect the merits of our digital banking model where we can scale up our business significantly, while maintaining a controlled cost structure that services our clients in a state-of-the-art digital manner.

在左側，您可以看到我們已經成功地隨著時間的推移擴大了淨收入成長與支出成長之間的差距。結果，我們右側的效率率為 47.9%，主要領先於我們的 60/30/30 計畫。這些圖表反映了我們數位銀行模式的優點，我們可以大幅擴大業務規模，同時保持受控的成本結構，以最先進的數位方式為客戶提供服務。

To conclude, I'd like to highlight our strong performance in terms of profitability as presented on page 28. This quarter, we achieved another record-breaking ROE, surpassing the double-digit mark reaching 10.4%. Our pretax income reached nearly BRL300 million, and our net income reached BRL223 million. This performance shows our commitment and discipline to drive sustainable profitability. Now I will pass the floor to João for his closing remarks. Thank you.

最後，我想強調我們在獲利能力方面的強勁表現，如第 28 頁所示。本季度，我們的 ROE 再次刷新紀錄，突破兩位數大關，達到 10.4%。我們的稅前收入達到近3億雷亞爾，淨利達2.23億雷亞爾。這項業績反映了我們對推動永續獲利能力的承諾和紀律。現在請若昂作閉幕詞。謝謝。

Thank you, Santi. For my closing remarks, I would like to enforce three important topics from the last quarter. One, the execution of our [60/30/30] plan; two, the recent additions on our senior management; and three, the launch of our latest product, our social platform.

謝謝你，桑蒂。在我的結論中，我想強調上季的三個重要主題。一、我們[60/30/30]計劃的執行情形；二、近期新增的高階主管；第三，推出我們的最​​新產品，我們的社群平台。

The 60/30/30 is on track with consistent growth in total clients and ROE and a stable efficiency ratio. And to help us on our plan, we recently announced some updates to our management team. On internal sites, as we mentioned before, Xande is now our Brazil CEO; and Rafaela Vitória has taken over as our new Investor Relations Officer.

60/30/30 正步入正軌，客戶總數和 ROE 持續成長，效率比率穩定。為了幫助我們實施計劃，我們最近宣布了對管理團隊的一些更新。在內部網站上，正如我們之前提到的，Xande 現在是我們的巴西執行長； Rafaela Vitória 已接任我們新任投資者關係官。

In addition, over the past few months, we have welcomed several new members to our team, such as Rui Leandro, Mônica Saccarelli, Fernando Bacchin, and Marcelo Dantas. All of them bring extensive market knowledge from top financial institutions in Brazil and abroad, and will add strong value with fresh perspectives in their respective fields.

此外，在過去的幾個月裡，我們還迎來了幾位新成員加入我們的團隊，例如 Rui Leandro、Mánica Saccarelli、Fernando Bacchin 和 Marcelo Dantas。他們都帶來了巴西和國外頂級金融機構的豐富市場知識，並將在各自領域以全新視角增加強大價值。

On the Board front, we announced Jim Allen as our new independent Board member, bringing decades of experience into our Board. Guys, welcome to the team. Less, but certainly not least, as part of our commitment of staying ahead of the market, today, we launched our social platform. Through this platform, our clients will have the opportunity to engage in discussions, share the experience with our products, and invest collectively, all of it in our financial super app. Thank you very much, operator. Let's move to the Q&A session.

在董事會方面，我們宣布吉姆艾倫 (Jim Allen) 為我們新的獨立董事會成員，為我們的董事會帶來了數十年的經驗。夥計們，歡迎加入我們的團隊。更重要的是，作為我們保持市場領先地位的承諾的一部分，今天，我們推出了我們的社交平台。透過這個平台，我們的客戶將有機會參與討論，分享我們產品的經驗，並集體投資，所有這些都在我們的金融超級應用程式中。非常感謝您，接線生。讓我們進入問答環節。

(Operator Instructions) Mr. Gustavo Schroden, Bradesco BBI.

（操作員指令）Gustavo Schroden 先生，Bradesco BBI。

Hi, good afternoon, everybody, and thanks for taking my question. First of all, congrats to Xande to the new role, well deserved, and all the success for you in this new role. So my question is regarding the NIM adjusted by risk, right? We could see an improvement quarter by quarter, quarter over quarter, but the increase was mainly driven by the lower cost of risk, while the NIM was stable quarter on quarter.

大家下午好，感謝您提出我的問題。首先，恭喜 Xande 擔任新職務，他當之無愧，並祝賀您在這個新職務中取得的所有成功。所以我的問題是關於以風險調整的淨利差，對嗎？我們可以看到逐季、逐季有所改善，但成長主要是因為風險成本較低，而淨利差逐季穩定。

I'm trying to understand how should we think this in the coming quarters? Because in my understand, when I see the implied interest rates that you are charging in the credit, which is a 200% of CDI, while the security gains are at 100% of CDI. So I believe that this potential increase in NIM would come from or would be driven by you improve the capital allocation increasing the exposure to the credit.

我試圖了解在接下來的幾個季度我們應該如何看待這個問題？因為根據我的理解，當我看到您在信貸中收取的隱含利率時，這是 CDI 的 200%，而安全收益是 CDI 的 100%。因此，我相信淨利差的潛在成長將來自或由你改善資本配置增加信用風險所驅動。

So my question here, is this right? So my point is just correct. If you think that as you improve the capital allocation, this NIM should improve in the coming quarters. And the NIM adjusted by risk will remain in this improvement track considering both sides, cost of risk under control and the NIM with credit improving. So this is my question. Thank you.

所以我的問題是，這是正確的嗎？所以我的觀點是正確的。如果您認為隨著資本配置的改善，淨利差應該會在未來幾季得到改善。而從風險成本可控且信用改善的淨利差兩方面考慮，風險調整後的淨利差仍將維持在改善軌道上。這就是我的問題。謝謝。

Hi, Gustavo, thank you for the question. So I'll break down the question in two parts. On the NIM part and then on the cost of risk, both parts affect the risk adjusted. So on the cost of risk side, we think that we should continue to be able to operate in the range of 5.0% to 5.5% cost of risk.

你好，古斯塔沃，謝謝你的提問。所以我會把這個問題分成兩部分。在淨利差部分和風險成本上，這兩個部分都會影響調整後的風險。因此，在風險成本方面，我們認為我們應該能夠繼續在 5.0% 至 5.5% 的風險成本範圍內運作。

We continue to work actively in managing credit card exposures and improving that performance on a cohort-by-cohort basis. We have some portfolios that tend to improve that ratio as our FGTS and home equity and real estate, the collateralized ones. And then we have others that tend to increase that cost of risk ratio as peak financing and buy now pay later. Altogether, we think that they will net each other, and we should continue to be operating with this range. Obviously, quarter by quarter, we might have some volatility, but it will be within that range.

我們繼續積極管理信用卡風險並逐一提高績效。我們的一些投資組合往往會提高這一比率，例如我們的 FGTS 以及房屋淨值和房地產（抵押品）。然後我們還有其他人傾向於增加風險成本比率，例如高峰融資和先買後付。總而言之，我們認為它們將相互抵消，我們應該繼續在這個範圍內操作。顯然，每個季度我們可能會出現一些波動，但都會在這個範圍內。

Now moving to the NIM side, now the pure NIM side before cost of risk. We have a few dynamics playing out. we still have on payroll loans, which hasn't grown yet and on real estate loans, which has grown a lot of upside in terms of increasing the average rate of those portfolios.

現在轉向 NIM 方面，現在是在風險成本之前的純 NIM 方面。我們正在發揮一些動態。我們也有薪資貸款和房地產貸款，這些貸款尚未成長，而房地產貸款在提高這些投資組合的平均利率方面已經有了很大的上升空間。

We have a better mix playing out as we said many, many times that FGTS and home equity are gaining share in the portfolio. Jointly, they represent 15%. The two new ones on top of those are PIX financing and buy now pay later, we will see how much they will represent in the future. We have high hopes, but still uncertain on how much they will grow to. And then what we also have is what we call a good problem to have is that we had a lot of liquidity flowing into our system.

正如我們多次說過的那樣，我們有更好的組合，FGTS 和房屋淨值在投資組合中的份額正在增加。他們合計佔 15%。除此之外的兩個新項目是 PIX 融資和先買後付，我們將看看它們未來將代表多少。我們寄予厚望，但仍不確定它們會成長到什麼程度。然後我們也面臨一個我們所說的好問題，那就是我們有大量流動性流入我們的系統。

Now we grew BRL4 billion deposits and the loan book grew a portion of that. So when that extra liquidity comes in, it is temporarily yielding 100% of CDI. Therefore, it doesn't necessarily increase the NIM. It is an AI accretive but until we deploy it in the loan book will take some time.

現在我們增加了 40 億雷亞爾的存款，貸款帳簿也增加了其中的一部分。因此，當額外的流動性進入時，它會暫時產生 100% 的 CDI。因此，它並不一定會增加NIM。它是一種人工智慧增值技術，但我們將其部署到貸款簿中還需要一些時間。

So all of this together, we do see upsides in the NIM before cost of risk. It will not be every single quarter linear, but we mentioned many times that around 20 bps per quarter is what we see over the coming quarters. And then on cost of risk staying around the level, as I mentioned at the beginning.

因此，所有這些加在一起，我們確實看到了淨利差（NIM）在風險成本之前的優勢。不會是每季都是線性的，但我們多次提到，未來幾季我們會看到每季大約 20 個基點。然後，正如我在開頭提到的，風險成本保持在該水平附近。

Perfect. Very clear, Santi. If I may, just a follow-up here, especially on the PIX financing and buy now pay later and the other unsecured loans, you reached BRL330 million in the quarter, so a 90% growth quarter on quarter. Should -- even if we assume some deceleration in this space of growth, I think that at least at our estimate, it is possible to reach something around BRL900 million to BRL1 billion loan book in this segment. Do you think it is reasonable to work with this number?

完美的。非常清楚，桑蒂。如果可以的話，我在此做一個後續跟進，特別是在 PIX 融資和先買後付以及其他無擔保貸款方面，本季度達到 3.3 億雷亞爾，季度環比增長 90%。即使我們假設這一成長空間有所減速，我認為至少根據我們的估計，這一領域的貸款帳目有可能達到約 9 億雷亞爾至 10 億雷亞爾。您認為使用這個數字合理嗎？

Gustavo, this is [Xande] speaking. Thank you for your message in the beginning. So when we think about the PIX financing portfolio, we're more solving for growth in all the unsecured lines, right? So PIX financing, bill pay, cash financing, buy now pay later, and the overdraft, we're thinking of in all of those together, we are aiming something close to BRL1 billion, maybe a little bit under that, but that's what we are working for.

古斯塔沃，我是[Xande]。謝謝你一開始的留言。因此，當我們考慮 PIX 融資組合時，我們更多的是解決所有無擔保額度的成長，對吧？因此，PIX 融資、帳單支付、現金融資、先買後付和透支，我們正在考慮所有這些，我們的目標是接近 10 億雷亞爾，也許略低於這個數字，但這就是我們的目標正在為.

But one message, I think it's important, and I'd like to bring is about -- is not about just portfolio size, but also revenue formation, especially when we think about the credit card portfolio. Today, our mix is about BRL1 in interchange fees for every BRL1.2 in credit -- revenue from credit cards.

但我認為這很重要，我想傳達的一個訊息是——不僅涉及投資組合規模，還涉及收入形成，特別是當我們考慮信用卡投資組合時。如今，我們的組合是每 1.2 巴西雷亞爾的信貸（來自信用卡的收入）對應約 1 巴西雷亞爾的交換費。

If we look at the competition, they are today at about 1 interchange to 3 in credit. So the idea is to move closer to close this gap. We want to move from this 1 to 1.2 to 1 to 2 as quickly as possible, obviously, maintaining our risk appetite under control and delinquency under control.

如果我們看看競爭對手，他們今天的積分約為 1 比 3。因此，我們的想法是進一步縮小這一差距。顯然，我們希望盡快從 1 轉向 1.2，再轉向 1 到 2，從而保持我們的風險偏好受到控制，拖欠率受到控制。

So João Vitor here. Just to add on Santi and Xande, One thing that's very important on this new portfolio, this consumer finance is what we have been saying for a while. We are improving the risk-reward equation. So when we do the PIX finance and when we do the buy now pay later, we have the same risk that we used to have on the credit cards on the (inaudible), but now with more yields on the PIX financing and with take rate on the buy now pay later. So the change on the economics is very important.

喬·維託在這裡。補充 Santi 和 Xande，對於這個新的投資組合來說，非常重要的一件事是消費金融，這就是我們一段時間以來一直在說的。我們正在改進風險回報方程式。因此，當我們進行 PIX 融資時，當我們進行先買後付時，我們面臨著與信用卡相同的風險（聽不清楚），但現在 PIX 融資的收益率更高，而且利率更高就先買後付款。所以經濟上的改變是非常重要的。

So as Xande mentioned, grow the volume, the amount of the portfolio, but grow a lot the profitability revenue that we're going to make on this new portfolio. So this is the good thing, better risk reward.

正如 Xande 所提到的，增加投資組合的數量和數量，但要大幅增加我們將在這個新投資組合中獲得的獲利收入。所以這是一件好事，更好的風險報酬。

Mr. Eduardo Rosman, BTG.

愛德華多·羅斯曼先生，BTG。

Hi, everyone, congrats on the numbers. I think I have a question to João Vitor, right. Because Inter has been very successfully improving its ROEs. However, these improvements, not necessarily they will come in a straight line, right, from time to time, the company will need to invest thinking about medium, long-term projects, right?

大家好，恭喜你的數字。我想我有一個問題可以問 João Vitor，對吧。因為國際米蘭非常成功地提高了股本回報率。不過，這些改進，不一定會直線出現，對吧，公司時不時需要投資思考中長期項目，對吧？

So I think this includes the US expansion, for instance, I think João did an interview with Brazil Journal recently where he talked about it and how he thinks it's a cheap call option, right? So my question is João how to balance growth investments and profitability, right? And how can you help us to understand what's really kind of a maintenance OpEx? And what is the CapEx for the future? Thanks.

所以我認為這包括美國的擴張，例如，我認為 João 最近接受了《巴西日報》的採訪，他在採訪中談到了這一點，以及他如何認為這是一種廉價的看漲期權，對嗎？所以我的問題是 João 如何平衡成長投資和獲利能力，對嗎？您如何幫助我們了解什麼是真正的維護營運支出？未來的資本支出是多少？謝謝。

So Rosman, João Vitor here. Thanks for the question. So if you listen to the interview, I mentioned that I like that when you are really, really innovating, you are generating value without a lot of CapEx and a lot of OpEx. So most of the things that we did at Inter in the past, we didn't spend a lot.

羅斯曼、若昂‧維託在這裡。謝謝你的提問。因此，如果你聽了採訪，我提到我喜歡當你真正非常創新時，你就可以在沒有大量資本支出和大量營運支出的情況下創造價值。所以我們過去在國米做的大部分事情，我們都沒有花很多錢。

So let's think about the Inter Shop, for instance. We just came in that idea out of the blue, we were able to use the same components in our app, the same things on our platform, and we were able to generate a lot of revenue.

例如，讓我們考慮一下 Inter Shop。我們突然想到了這個想法，我們能夠在我們的應用程式中使用相同的元件，在我們的平台上使用相同的東西，並且我們能夠產生大量收入。

So we are always trying to raise the bar. How can we innovate our platform, how can we cross-sell, upsell without the burden of investing a lot. And when you think about the combination of ROE and growth, it's important to highlight that when we launched the six territory plan back in January 2023, we stated that it was and it's still is a plan for both growth and profitability.

因此，我們一直在努力提高標準。我們如何創新我們的平台，如何在沒有大量投資負擔的情況下進行交叉銷售、追加銷售。當您考慮 ROE 和成長的結合時，重要的是要強調，當我們在 2023 年 1 月啟動六大區域計劃時，我們表示它過去是、現在仍然是一個增長和盈利能力的計劃。

I want to make it crystal clear, we are a growth company. We're not an incumbent company. We are here to grow the business, to grow the revenue. But the good thing, Rosman, that we can do that both, we can both grow and now also improve our profitability. That's what we're proving now on 2024.

我想澄清的是，我們是一家成長型公司。我們不是一家現有公司。我們來這裡是為了發展業務、增加收入。但羅斯曼，好的事情是我們可以做到這兩點，我們既可以成長，現在也可以提高我們的獲利能力。這就是我們現在要在 2024 年證明的。

Of course, it's not going to be linear. It's not that we want to keep improving our ROE faster and faster quarter over quarter. But long term, what we see is also that the operational leverage really kicks in. So we're adding more revenue, adding more -- and diluting our fixed costs. So this is very important. This trend is here to continue.

當然，它不會是線性的。這並不是說我們希望逐季持續提高淨資產收益率。但從長遠來看，我們也看到營運槓桿確實發揮了作用。因此，我們正在增加更多的收入，並稀釋我們的固定成本。所以這一點非常重要。這種趨勢將會持續下去。

So we're very comfortable on both growing, innovating, bringing more revenue, but also delivering our profitability. So it's a good balance. And actually, at the end of the day, Rosman, this is my role as the CEO. I need to balance these two things in the right way with the right time. We need to see the context of the market. And I believe that we did that very well in the past, and we're going to keep doing that going forward.

因此，我們對成長、創新、帶來更多收入和獲利能力感到非常滿意。所以這是一個很好的平衡。事實上，歸根結底，羅斯曼，這就是我作為執行長的角色。我需要在正確的時間以正確的方式平衡這兩件事。我們需要看看市場的背景。我相信我們過去在這方面做得很好，而且我們將繼續這樣做。

Mr. Yuri Fernandes, JPMorgan.

尤里‧費爾南德斯先生，摩根大通。

Thank you, everybody. Congrats Alexandre again for the promotion. I have a follow-up on the margins on the implied rate. I know like hedges, they tend to bring like some difference in the numbers. But when we go to the personal loans and credit cards, we note a decrease on the quarterly implied rates, right. And I know, I guess, PIX is within the cards and maybe and correct me if I'm wrong here, and I think like the overdraft and other line as they are within the personal loans.

謝謝大家。再次恭喜亞歷山大晉升。我對隱含利率的邊際進行了追蹤。我知道就像對沖一樣，它們往往會帶來數字上的一些差異。但當我們研究個人貸款和信用卡時，我們注意到季度隱含利率有所下降，對吧。我知道，我想，PIX 是有可能的，如果我錯了，也許可以糾正我，我認為就像透支和其他額度一樣，因為它們屬於個人貸款。

So my question is, should we not see those lines moving up as you continue to deliver on this mix towards, I would say, more profitable products. It was a surprise me that we saw this more decreased and what happened for this. Thank you very much.

所以我的問題是，當你繼續提供這種組合以實現更有利可圖的產品時，我們是否應該看到這些產品線上升。令我驚訝的是，我們看到這種情況有所減少，以及發生了什麼事。非常感謝。

Hi, Yuri. It's Santi here. So thank you for the question. On personal loans, the improvements will be slow, but steady relative to a year ago, we're now at 140 basis points higher in the rates that we disclosed today. If we measure that related to CDI even more -- we do have -- the majority of that portfolio is a consignado or payroll deductible loan, and we had a portfolio or a series of portfolios that we acquired of (inaudible) retirees that had higher interest rates.

嗨，尤里。桑蒂在這裡。謝謝你的提問。在個人貸款方面，改善將是緩慢的，但與一年前相比保持穩定，我們今天披露的利率目前高出 140 個基點。如果我們衡量與CDI 更多相關的情況——我們確實有——該投資組合的大部分是委託貸款或工資可扣除貸款，並且我們有一個投資組合或一系列投資組合，我們從（聽不清）退休人員那裡獲得了更高的投資組合。

Those are expiring and maturing, and that has pushed a bit down the rate. But overall, we do see a continuation of the improvement in the coming quarters. And the consignado digital initiatives that are being taken place, together with more portability in a lower rate environment than what we had a year and two ago with some growth on that portfolio that repricing should be faster going forward.

這些都即將到期並成熟，這使得利率下降。但總體而言，我們確實看到未來幾季將繼續改善。正在採取的寄售數位舉措，以及比我們一年兩年前更低的利率環境中更多的可移植性，以及該投資組合的一些增長，未來重新定價應該會更快。

Okay, thank you. And regarding the cards, similar approach. Santi, should we continue to see this recovery and moving up as PIX gain traction there?

好的，謝謝。關於卡片，也有類似的方法。Santi，隨著 PIX 在那裡獲得牽引力，我們是否應該繼續看到這種復甦並繼續上漲？

Yeah. So the main driver there in change of cards, now that about is PIX financing. As I mentioned in the prior question, we have been accelerating from the beginning of the year. But since it's a newer product, it's difficult to model to which level it will grow. It's a very short product so we are running and trying to extend to our client base, but we need more time to assess on how much it will grow. But as it gains share within credit cards, interest rates of cards will obviously go up. The average interest rate on these loans is 6% per month.

是的。因此，換卡的主要動力是 PIX 融資。正如我在上一個問題中提到的，我們從年初就一直在加速。但由於它是一個較新的產品，因此很難預測它會成長到什麼水平。這是一個非常短的產品，因此我們正在運行並嘗試擴展到我們的客戶群，但我們需要更多時間來評估它會成長多少。但隨著它在信用卡中的份額增加，信用卡的利率將顯著上升。這些貸款的平均利率為每月 6%。

Mr. Tito Labarta, Goldman Sachs.

蒂托·拉巴塔先生，高盛。

Hi, good afternoon, thanks for the call and taking my questions. A couple of questions if I can actually. First, just on the hiring in the quarter. I mean, do you think that was more of a one-time thing? Do you expect to do more hiring? Just I know you're still on track for the longer-term 30% efficiency, but just in the more short to medium term, how should we think about efficiency and any other hiring plans that you may have?

您好，下午好，感謝您的來電並回答我的問題。如果我真的可以的話，有幾個問題。首先，關於本季的招募情況。我的意思是，你認為這更像是一次性的事情嗎？您預計會進行更多招募嗎？我只知道您仍有望實現 30% 的長期效率，但從短期到中期來看，我們應該如何考慮效率以及您可能擁有的任何其他招聘計劃？

And then a second question, congrats Xande with the promotion. But with that promotion, João Vitor, now you're more of a global CEO. In the past, you had talked about the US could be 50% of the business. I don't think those are necessarily the plans today. But just I mean, do you expect to spend more time looking at the US or other expansion plans? How do you think about other potential geographies and how much they may contribute to earnings or profitability over the coming years?

然後是第二個問題，祝賀 Xande 晉升。但喬·維托，透過這次晉升，你現在更像是一位全球執行長。過去，您曾談到美國可能佔業務的 50%。我認為這些不一定是今天的計劃。但我的意思是，您是否希望花更多時間關注美國或其他擴張計劃？您如何看待其他潛在地區以及它們對未來幾年的收益或盈利能力的貢獻有多大？

Well, Tito, João Vitor speaking. Let's start from the last question, last comment on expansion. As I also mentioned on the interview I gave to Brazil Journal that Rosman mentioned earlier today, it's not about only the US business, about having our global account initiative available for other countries as we mentioned.

好吧，蒂托，喬·維托。讓我們從最後一個問題開始，最後一個關於擴展的評論。正如我在羅斯曼今天早些時候接受《巴西日報》採訪時提到的那樣，這不僅關係到美國業務，還關係到我們提到的將我們的全球帳戶計劃推廣到其他國家。

And as of today, the Brazilians are the only one using that. We believe that we're going to be able to offer this amazing product, which is a huge success among the Brazilians to other individuals all over the globe as well. Also being more in this strategy and thinking the future of Inter with this new, let's say, position, I have been very focused, and I love that, to be honest, on the UX, the UI and the technology behind the scene.

截至今天，巴西人是唯一使用這種技術的人。我們相信，我們將能夠提供這款令人驚嘆的產品，這在巴西人和全球其他人中都取得了巨大的成功。我也更參與這項策略，並透過這個新的定位來思考國際米蘭的未來，我一直非常專注，說實話，我喜歡使用者體驗、使用者介面和幕後技術。

So for us to be ahead of the competition first, to be the most innovative company, we need to think about what we're going to launch next, how is our UI performing, how is our UX? And not only that -- do we think that you're going to be a bank that's going to -- a platform that we're going to interact with our customer only through an app? Or do you think you're going to use our applications on the back-end to integrate, to interact for our clients through voice, through [PAX], through WhatsApp.

因此，為了讓我們在競爭中領先，成為最具創新性的公司，我們需要考慮下一步要推出什麼，我們的用戶介面表現如何，我們的用戶體驗如何？不僅如此，我們是否認為您將成為一家銀行，我們將成為一個僅透過應用程式與客戶互動的平台？或者您認為您將在後端使用我們的應用程式進行集成，透過語音、[PAX]、WhatsApp 與我們的客戶進行互動。

So I'm really trying to put this in place together with Guilherme, our CTO. I really love to not only to build the best products, but to facilitate how the clients engage, embrace and use their products with us. The other question regarding hiring, as also I mentioned to Rosman on the previous question, we're playing here for the mid, long term, I'll say that more for the long term. And I'd like to say to our team here into our (inaudible) our Head of IR.

所以我真的在努力與我們的技術長 Guilherme 一起落實這一點。我真的不僅喜歡打造最好的產品，而且還喜歡促進客戶與我們互動、擁抱和使用他們的產品。關於招募的另一個問題，正如我在上一個問題中向羅斯曼提到的那樣，我們在這裡打球是為了中長期，我會說更多的是為了長期。我想對我們的團隊（聽不清楚）我們的 IR 主管說。

My dream is to have millions of employees, no problem. But we need to make sure that they are generating value for our company. And mostly on technology, on the commercial side, that's where we're investing more of these new hirings.

我的夢想是擁有數百萬員工，沒問題。但我們需要確保他們為我們公司創造價值。主要是在技術和商業方面，這就是我們對新招聘人員進行更多投資的地方。

Just for you to have an idea on that. We had 195 we call [Gotex] last quarter. We did a big program here in Brazil. we were able to bring, we believe, very, very talent guys to help us on IT. They just joined us. They're going to help us a lot building these new products, evolving these new products.

只是為了讓您對此有一個想法。上個季度我們有 195 個，我們稱之為 [Gotex]。我們在巴西做了一個大型專案。我們相信，我們能夠帶來非常非常有才華的人來幫助我們處理 IT 問題。他們剛剛加入我們。他們將幫助我們建立這些新產品，並改進這些新產品。

And we also bring a lot of people on the commercial side because we believe that these guys are the one generating revenue for our platform. But all that said, we're still committed to our six territory plan, which we want to get to a 30% efficiency ratio.

我們也吸引了許多商業方面的人員，因為我們相信這些人是為我們的平台創造收入的人。但儘管如此，我們仍然致力於我們的六大區域計劃，我們希望達到 30% 的效率比。

And therefore, we don't see our platform getting a lot of new hires without bringing the revenue together. So what we see is that we invest in technology, we invest in market, and we invest in these new hires, but we get more, I would say, the double in terms of revenue that we're putting in terms of expense. This is the right equation for us. So that's it.

因此，我們認為我們的平台不會在不整合收入的情況下招募大量新員工。所以我們看到的是，我們投資於技術，我們投資市場，我們投資這些新員工，但我想說，我們獲得的收入是我們支出的兩倍。這對我們來說是正確的方程式。就是這樣。

Mr. Pedro Leduc, Itaú BBA.

Pedro Leduc 先生，義大利 BBA。

First, on the service revenue, it's a nice increase here, line commission capturing things as insurance. If you can talk a little bit more about it, if this quarter had any specific boost to it, so it's really a new run rate level, you're reaching here for services. And on the loan book side, credit portfolio had a significant increase in credit card anticipation. If this is already something that has to do with the integration of Granito or not yet? So these two questions. Thank you.

首先，在服務收入方面，這裡有一個不錯的增長，線路佣金將其作為保險。如果您能多談談這一點，如果本季度有任何具體的推動，那麼這確實是一個新的運行率水平，您將到達這裡尋求服務。在貸款帳簿方面，信貸組合的信用卡預期顯著增加。這是否已經與 Granito 的整合有關？所以這兩個問題。謝謝。

Santi here. Thank you for the question. So on commission and brokerage fees, which grew from BRL146 to BRL189 meaning almost a 30% quarter over quarter. No, we did not have any one-offs of any type. This was pure organic growth. The main driver was Inter Shop.

桑蒂在這裡。謝謝你的提問。佣金和經紀費也是如此，從 146 雷亞爾增長到 189 雷亞爾，意味著環比增長近 30%。不，我們沒有任何類型的一次性事件。這是純粹的有機增長。主要推動者是Inter Shop。

Inter Shop had a 50% GMV growth relative to the prior -- the same quarter of last year, BRL1.1 billion, very nice acceleration on top of that, which is not in this number buy now pay later, attributed to this is also scaling up nicely.

Inter Shop 的 GMV 較去年同期成長了 50%，達到 11 億雷亞爾，除此之外，這是非常好的加速，這不在這個數字中，先買後付，歸因於這也是很好地擴大規模。

And then the other one was insurance. So we had a nice growth on that front as well, which has to do with many factors, but the one I would stand out is the FGTS insurance that we launched at the beginning of the year has had great adoption throughout our client base and that has pushed up. The [airlines] also grew a bit, but those were the main two drivers. And then in terms of --can you remind me the second one?

然後另一個是保險。因此，我們在這方面也取得了不錯的增長，這與許多因素有關，但我要強調的是，我們在今年年初推出的 FGTS 保險在我們的客戶群中得到了廣泛的採用，而且已經推高了。[航空公司]也有所成長，但這是主要的兩個驅動力。然後就——你能提醒我第二個嗎？

The credit card participation on the loan book.

信用卡參與貸款簿。

Yeah. So no, what we did here, as I mentioned before, we are blessed on having a very nice inflow of deposits from our clients. So that's as we mentioned -- João mentioned, a good problem to have. We deployed as much as we could in our loan portfolio, which is the accretive long-term way to do it.

是的。所以不，正如我之前提到的，我們在這裡所做的，我們很幸運能夠從客戶那裡獲得大量的存款流入。正如我們所提到的——João 所提到的，這是一個很好的問題。我們在貸款組合中進行了盡可能多的配置，這是一種長期增值的方式。

But temporarily, we're deploying different cash options that try to yield a bit more than just CDI, and this is one of them, no buying portfolios or anticipated portfolios of credit card receivables. We get a margin over the CDI. These are short portfolios, but we park the cash there with a bit of an extra yield until we are able to deploy in the loan portfolio.

但暫時，我們正在部署不同的現金選擇，試圖產生比 CDI 更高的收益，這就是其中之一，不購買信用卡應收帳款投資組合或預期投資組合。我們比 CDI 有一定的優勢。這些是短期投資組合，但我們將現金存放在那裡，並獲得一點額外的收益，直到我們能夠在貸款投資組合中部署。

Okay. And this has nothing to do with Granito yet? And if you can comment on how it cycles in, in the second half.

好的。這和格拉尼托無關嗎？如果你能評論一下它是如何循環的，在下半年。

So Leduc, João speaking. I'd like to comment on (inaudible), actually need to be renamed to Inter (inaudible). We don't have a connection with that yet. But on the other hand, I'd like to express how excited I am about this integration.

所以勒杜克，喬奧說。我想評論一下（聽不清楚），實際上需要更名為 Inter（聽不清楚）。我們還沒有與之建立聯繫。但另一方面，我想表達我對這種整合感到多麼興奮。

To be honest, it surpassed our expectations. And I believe it'll crush it on SMEs and acquiring. Just by changing the name, we see a big inflow of clients asking for the acquiring product at Inter. As Santi mentioned, we have a very good cost of funding, short-term funding through our demand deposits that will serve very well on this strategy.

老實說，它超出了我們的預期。我相信這會壓垮中小企業和收購。僅僅透過更改名稱，我們就看到大量客戶湧入國米尋求收購產品。正如桑蒂所提到的，我們的融資成本非常高，透過活期存款提供的短期融資將非常適合這項策略。

Of course, we still need to integrate a lot of things. So for instance, Granito, now in the (inaudible) own app. Now we are integrating the app to our (inaudible), our business app. And I'm very excited that we will be able to do something amazing with SMEs down the road.

當然，我們還需要整合很多東西。例如，Granito，現在在（聽不清楚）自己的應用程式中。現在我們正在將該應用程式整合到我們的（聽不清楚）業務應用程式中。我很高興我們將來能夠與中小企業一起做一些令人驚奇的事情。

But so far, what we did was pretty much with other players in the market we were able to buy the receivables and not a lot through the (inaudible), but very excited with what we can do with this platform embedded in our super app.

但到目前為止，我們所做的幾乎是與市場上的其他參與者一起購買應收帳款，而不是透過（聽不清楚）購買太多，但我們對嵌入我們超級應用程式中的這個平台可以做的事情感到非常興奮。

Ms. Neha Agarwala, HSBC.

Neha Agarwala 女士，匯豐銀行。

Hi, thank you so much for taking my questions. Two questions. First, follow-up on the last point. Can you talk a bit more about what is your ambition regarding the SMEs? We saw a good growth in the number of SME accounts that you have. You're talking about good uptake from the Inter Pag, the acquiring solutions -- so -- and we understand that SME is a space which is not very penetrated.

你好，非常感謝你回答我的問題。兩個問題。首先，跟進最後一點。能多談談您對中小企業的抱負嗎？我們看到您擁有的中小企業帳戶數量出現了良好增長。你說的是 Inter Pag 的良好吸收，收購解決方案——所以——我們知道中小企業是一個滲透率不是很高的領域。

There are not a lot of digital banks, which are focusing solely on SMEs. So what is the opportunity you see there? And how would you like to position Banco Inter for the SMEs? And my second question is on the BNPL product. Could you talk a bit more about the BNPL product that you have mostly on your Inter Shop, what percentage of GMV are you now financing for your customers? What is the take rate that you get on the BNPL product? A bit more color on that. Thank you so much.

專注於中小企業的數位銀行並不多。那麼您在那裡看到了什麼機會呢？您希望國際銀行如何為中小企業定位？我的第二個問題是關於 BNPL 產品的問題。您能多談談您的 Inter Shop 上主要提供的 BNPL 產品嗎？您對 BNPL 產品的接受率是多少？在那上面多一點顏色。太感謝了。

Hi, Neha, this is Xande speaking. Thank you for your question. I'll start with the SME part. So in terms of positioning, so we have almost two different strategies that are converging now. First is an SME lending that we've done for many years, and that's growing, and we have a very good momentum.

嗨，Neha，我是 Xande。謝謝你的提問。我將從中小企業部分開始。所以就定位而言，我們現在幾乎有兩種不同的策略正在融合。首先是中小企業貸款，我們已經做了很多年了，而且還在成長，而且勢頭非常好。

And the second one goes back to what we started in 2019, which is the SME accounts. These accounts have grown a lot. They're super popular already. So we are currently at about 2 million clients that have a variety of profiles, about 1 million are [May], which are small entrepreneurs in Brazil, then we have about 600,000 micro businesses, 200,000 small businesses, and the remaining, which is a little more than 100,000 our larger businesses.

第二個可以追溯到我們 2019 年開始的事情，即中小企業帳戶。這些帳戶增長了很多。它們已經非常受歡迎了。因此，我們目前擁有大約 200 萬具有各種背景的客戶，大約 100 萬是[May]，他們是巴西的小企業家，然後我們有大約 60 萬家微型企業，20 萬家小型企業，其餘的是我們的大型企業略多於10 萬家。

And this amounts to about 10% of the companies in the country, already with us, banking with us. The profile of these customers today leans more towards services, given that our offering up to now was more of a digital bank. We didn't have a query, we did sell the prior product of the old Granito, but not integrated that Inter Pag.

這相當於該國約 10% 的公司已經與我們合作，透過我們開展銀行業務。鑑於我們迄今為止提供的服務更多是數位銀行，如今這些客戶的形象更傾向於服務。我們沒有查詢，我們確實銷售了舊 Granito 的先前產品，但沒有整合 Inter Pag。

So we didn't have a robust offering for retail. So on a few things, account usage on is very heavy on the transactional business today. So we're super underpenetrated on everything else. This means a lot of opportunity for growing clients, bringing clients in with a more robust offering and also increasing the share of wallet of high value-add products.

所以我們沒有提供強大的零售產品。因此，在某些方面，帳戶使用對當今的交易業務來說非常重要。所以我們在其他方面的滲透率都非常低。這對不斷成長的客戶意味著大量機會，為客戶帶來更強大的產品，並增加高附加價值產品的錢包份額。

This is when Inter Pag comes in. So we believe that -- we're going to be able to do a lot of nice things with Inter Pag. So cross-selling, as I mentioned, and I'll call it like bi-directional, Inter into Inter Pag, Inter Pag into Inter. This is something that we will do. One of my favorite approaches that we're already putting together is product bundles with banking and acquiring.

這就是國際帕格登場的時候。所以我們相信——我們將能夠與 Inter Pag 一起做很多好事。所以交叉銷售，正如我所提到的，我將其稱為雙向，Inter Pag 進入 Inter Pag，Inter Pag 進入 Inter Pag。這是我們要做的事情。我們已經整合的我最喜歡的方法之一是與銀行業務和收單業務捆綁產品。

Now we can think of a client as unique and sum the revenues for both sides to see where it's interesting to grow and with that in place, we can do a strong go-to-market in the retail business of all sizes. So again, we have the balance sheet, we have the credit product, and now we'll have the bundles, and this excites us to keep growing on SMEs. And João will take the second part, Neha.

現在，我們可以將客戶視為獨特的，並將雙方的收入相加，以了解哪些地方值得成長，有了這些，我們就可以在各種規模的零售業務中大力進入市場。再說一遍，我們有資產負債表，有信貸產品，現在我們將有捆綁產品，這讓我們興奮地繼續推動中小企業發展。João 將擔任第二部分 Neha。

Thank you, Xande. Neha, I'm going to comment about buy now pay later, but just to add on Xande's comment and with all due respect to our contenders to our competitors, I mean the digital banks we have, by far, the best product in business account. And for a lot of reasons, but we start by differentiating that we are a bank at the end of the day. And for our business account is very important. How you can offer how you can serve a client by being a bank.

謝謝你，贊德。Neha，我將評論“立即購買，稍後付款”，但只是補充一下Xande 的評論，並充分尊重我們的競爭者和競爭對手，我的意思是，我們擁有迄今為止商業帳戶中最好的數字銀行產品。出於很多原因，但我們首先要區分我們歸根結底是一家銀行。而對我們的企業帳戶來說非常重要。作為銀行，您如何提供如何為客戶提供服務。

And now the last thing that we didn't have was acquired now. We have, by far, the best product. This is still a blue ocean in Brazil, the business account. They are still underserved overcharged in Brazil, not only on the individual account, the competition is big. But on the business account, most of the markets are still underserved over chart, huge opportunity for us.

現在我們已經獲得了最後一件我們沒有的東西。到目前為止，我們擁有最好的產品。這在巴西仍然是一個藍海商業帳戶。他們在巴西仍然服務不足、收費過高，不僅在個人帳戶上，競爭也很大。但就商業帳戶而言，大多數市場仍然服務不足，這對我們來說是巨大的機會。

Going to buy now pay later, as I have been saying for a while, I'm very excited with this product. We launched a Inter Shop back in 2019, and we wanted to connect the engagement that we have with the clients with the findings there, that's how you sell a product on the retail, findings in it.

現在購買，稍後付款，正如我已經說過一段時間的那樣，我對這個產品感到非常興奮。我們早在 2019 年就推出了 Inter Shop，我們希望將我們與客戶的互動與那裡的發現聯繫起來，這就是你在零售上銷售產品的方式，以及其中的發現。

And what we're happy about that, Neha that with small tweaks on the product, we can see that the volumes are growing. So we were doing like only BRL100,000 per day then BRL200,000, BRL500,000 to BRL1 million. Now we're getting close to BRL2 million, BRL3 million per day in buy now pay later.

Neha 對此感到高興的是，透過對產品進行一些小調整，我們可以看到銷售正在成長。所以我們每天只賺 10 萬雷亞爾，然後是 20 萬雷亞爾，50 萬雷亞爾到 100 萬雷亞爾。現在，我們的「先買後付」每天接近 200 萬雷亞爾、300 萬雷亞爾。

So it's already a big percentage of our GMV at Inter Shop and the good news with very good risk reward, as I mentioned. So I believe that the future of consumer finance in Brazil is to offer together the product, good UX, good UI, and a good finance embedded. That's how we foresee consumer finance in Brazil and not only for goods, for service as well.

因此，正如我所提到的，這已經佔 Inter Shop 的 GMV 的很大一部分，而且是具有非常好的風險回報的好消息。因此，我相信巴西消費金融的未來是提供產品、良好的使用者體驗、良好的使用者介面和良好的金融嵌入。這是我們對巴西消費金融的預測，不僅針對商品，也針對服務。

So we have here airline tickets, large and everything to sell to the clients. And just to connect with one question that was made, I believe by your I don't know, I don't recall about PIX financing. These type of things together, PIX financing by buy now pay later, slowly, they are replacing the famous (inaudible), which is a problem in Brazil.

所以我們這裡有大量的機票和一切可以賣給客戶的東西。只是為了聯繫您提出的一個問題，我相信您的“我不知道”，我不記得有關 PIX 融資的事情。這些類型的事情加在一起，PIX 透過先買後付的方式進行融資，慢慢地，它們正在取代著名的（聽不清楚），這是巴西的問題。

So when we do the PIX financing buy now pay later, we're putting our balance sheet, our risk to work and get yielded at the same time for the right clients, for the right product, we can differentiate the rates for these clients, that client if they are buying a service or good.

因此，當我們進行 PIX 融資「先買後付」時，我們將資產負債表、風險發揮作用，同時為正確的客戶、正確的產品獲得收益，我們可以為這些客戶提供差異化的利率，如果客戶購買服務或商品。

So we now have all the hands on that to improve the risk, reward for consumer finance in Brazil. So PIX financing buy now pay later together are outpacing (inaudible), which are very good news for ourselves and for the digital players on the consumer finance environment in Brazil.

因此，我們現在全力以赴改善巴西消費金融的風險和回報。因此，PIX 融資先買後付的速度超過了（聽不清楚），這對我們自己以及巴西消費金融環境中的數位參與者來說都是非常好的消息。

That's super casual, João. Thank you so much. I'll just follow up with Alexandre on the SME business. So going to the SMEs, do you think you are getting SMEs by attracting them to your banking product and then cross-selling acquiring?

那真是太隨意了，João。太感謝了。我將跟進 Alexandre 的中小企業業務。那麼對於中小企業，您認為您是否可以透過吸引中小企業使用您的銀行產品然後交叉銷售收購來吸引他們？

I believe that is the route which makes more sense for you because you're banking offering is probably much more superior to what our competitors offer. And who are you getting these customers from? I believe a lot of them use acquiring with either the incumbents, say CLO, Ready, Get Net, or maybe with the new ones like Stone and Parks, who are the main acquirers from which it's been a bit easier for you to gain SME merchants from? Thank you.

我相信這對您來說更有意義，因為您的銀行服務可能比我們的競爭對手提供的要優越得多。您從誰那裡獲得這些客戶？我相信他們中的許多人採用與現有企業（例如CLO、Ready、Get Net）進行收購的方式，或者可能與Stone 和Parks 等新企業進行收購，他們是主要的收購方，從中您可以更輕鬆獲得中小企業商家從？謝謝。

Thanks, Neha. So the natural trend for us is to do the cross-sell, as you mentioned. So we attract customers based on our -- the quality of our business account, which is, again, very popular super good UX both web and app. We did a large project in the last, say, two, three years where we converge the experiences, and this attracts customers in high volumes as we're seeing.

謝謝，尼哈。因此，正如您所提到的，我們的自然趨勢是進行交叉銷售。因此，我們根據我們的企業帳戶品質來吸引客戶，這再次是非常受歡迎的超好的用戶體驗，無論是網路還是應用程式。我們在過去的兩三年裡做了一個大型項目，我們融合了經驗，正如我們所看到的，這吸引了大量客戶。

And then the idea is -- so what happened is also to what you said, most of the revenue base that we already have from these customers are related to the transactional business, which is the core of the product offering today.

然後我們的想法是——所發生的情況也正如你所說的那樣，我們從這些客戶那裡獲得的大部分收入基礎都與交易業務有關，這是當今產品供應的核心。

As we move forward with Inter Pag, we are deploying obviously, the acquiring products, and we're going to keep on growing and increasing both share of this customer, so bringing acquiring share of wallet, for example, and also exploring new products that we're launching internally, not necessarily through M&A. We're seeing new credit products being deployed -- there is, for example, one that's popular in Brazil. FGI, we've been growing there.

隨著 Inter Pag 的發展，我們顯然正在部署收單產品，我們將繼續成長和增加該客戶的份額，例如帶來錢包的收單份額，並探索新產品我們是在內部推出的，不一定是透過併購。我們看到新的信貸產品正在部署中——例如，有一種在巴西很受歡迎。FGI，我們一直在那裡成長。

There is another one, which is (inaudible), which has more than BRL100 billion portfolio in Brazil that we're going to explore. So this is also good and has a very good -- can have a very good adoption rate with our base. So a lot of good plans to go there and your approach is right.

還有另一個（聽不清楚），我們將要探索在巴西擁有超過 1000 億雷亞爾的投資組合。所以這也很好，而且有一個非常好的——可以在我們的基礎上有一個非常好的採用率。所以有很多去那裡的好計劃，你的方法是正確的。

But I would not explore also the opportunities to go to market and explore the retail opportunity now that we have the acquiring at home. Last, before I forget where the market -- where we are acquiring these clients from primarily big banks. So that's where it's flowing. Customers are hurt, there for years, mainly (inaudible) with super high fees, and we came up with the free offering back in 2019 -- and it was a big source of flow of customers from big banks to us to save on banking fees. Thanks, Neha.

但既然我們在國內有收購，我也不會探索進入市場、探索零售機會的機會。最後，在我忘記市場在哪裡之前——我們主要從大銀行獲取這些客戶。這就是它流動的地方。多年來，客戶一直受到傷害，主要是（聽不清楚）超高的費用，我們在 2019 年就提出了免費服務——這是從大銀行到我們的客戶流量的一大來源，以節省銀行費用。謝謝，尼哈。

Mr. Mario Pierry, Bank of America Merrill Lynch.

馬裡奧·皮埃里先生，美銀美林。

Hi, good afternoon, everybody. Thank you for taking my question. Let me ask three quick questions. The first one is on page 22, right? You show your cost of funding at 6.8%. This is the lowest level since the second quarter of '22. However, as a percentage of market rates, it has gone up to 64%. If we look at the first quarter of 2022, you were like 55%. So I'm wondering, are you seeing any pressure on raising deposits, and that's why we're seeing like a higher cost of funding versus [Selic] rates. So that's question number one.

嗨，大家下午好。感謝您回答我的問題。讓我問三個簡單的問題。第一個在第22頁，對吧？您顯示的資金成本為 6.8%。這是自 22 年第二季以來的最低水準。然而，佔市場利率的百分比已上升至 64%。如果我們看一下 2022 年第一季度，你的比例約為 55%。所以我想知道，您是否看到了籌集存款的壓力，這就是為什麼我們看到融資成本與 [Selic] 利率相比更高。這是第一個問題。

Second question is related to your marketing expenses, right? We saw a big increase in marketing expenses. So I'm just trying to understand, is this the level that we should continue to see? And are these marketing expenses targeted at an increasing client base or increasing engagement?

第二個問題與您的行銷費用有關，對嗎？我們看到行銷費用大幅增加。所以我只是想了解，這是我們應該繼續看到的水平嗎？這些行銷費用的目標是增加客戶群還是提高參與度？

In my third question, it's related to your sale of insurance, right? You showed the number of policies rose like 2.5 times roughly quarter on quarter, but revenues only grew 10%. So does it mean that these policies that you are growing, they have a much lower ticket. How should we think about that? Why such a big disconnect in number of policies versus revenues? Thank you.

第三個問題，跟你賣保險有關吧？您顯示保單數量環比增長了約 2.5 倍，但收入僅增長了 10%。這是否意味著您正在製定的這些政策的票價要低得多。我們該如何思考這個問題？為什麼保單數量與收入之間會有如此大的脫節？謝謝。

Hi, Mario, I'll take those three. So on the funding, this is connected, the right-hand side of the balance sheet with the left-hand. So on the liability side, we are fortunate to have the quarter with the highest growth in deposits, excluding the fourth quarter that has positive seasonality, and we raised BRL4 billion of deposit this quarter, BRL1.3 billion were the transactional ones which don't have a cost, but then we had BRL1.9 billion on time deposits and another BRL0.8 billion in LCIs, LCAs, letter finances, et cetera.

嗨，馬裡奧，我想要那三個。因此，在資金方面，資產負債表的右側與左側是相連的。因此，在負債方面，我們很幸運地經歷了存款成長最快的季度，排除具有正季節性的第四季度，我們本季度籌集了40 億雷亞爾的存款，其中13 億雷亞爾是交易性存款。

This excess funding, as I mentioned before, is mostly allocated into liquid assets that yield close to 100% of CDI. Until we deploy this into a loan portfolio, they tend to compress a bit the NIM, but they are [NII] accretive, and they also tend to push slightly up the cost of funding. But we feel that the more we capture the principality of their clients, the more we bring their savings and their transactional life into the platform, the better it is for us, independently of the cost of funding level.

正如我之前提到的，這些多餘的資金主要分配給流動資產，這些資產的收益率接近 100% 的 CDI。在我們將其部署到貸款組合中之前，它們往往會稍微壓縮淨利差，但它們是[NII]增值的，而且它們也往往會略微推高融資成本。但我們認為，我們越多掌握客戶的主體，我們越多地將他們的儲蓄和交易生活帶入平台，對我們來說就越好，無論融資成本水平如何。

We do think that at the cost of funding as a percentage of CDI is a competitive advantage that we have and that we will continue having. But we will have some movements depending on the speed at which we get these deposits and the mix that we get them at.

我們確實認為，以資金成本佔 CDI 的百分比是我們擁有並將繼續擁有的競爭優勢。但我們將會有一些變動，這取決於我們獲得這些存款的速度以及我們獲得存款的組合。

On branding, we do recognize that we have investment to do. It's not a spending. We do see that this is in line with what mentioning some questions before. We want to build a stronger brand. We think that the product is excellent and with a good branding along with it, we will be able to benefit from the product offering that we have in place.

在品牌建立方面，我們確實認識到我們需要投資。這不是支出。我們確實看到這與之前提到的一些問題是一致的。我們希望打造一個更強大的品牌。我們認為該產品非常出色，並且擁有良好的品牌，我們將能夠從我們現有的產品中受益。

It's difficult to say how it will evolve through time, but we are testing higher levels of branding, spending, or investing and we'll see depending on the results, how we continue to invest or not. The upsell cross-sell metrics are the main ways that we track to see the performance of that investment.

很難說它會如何隨著時間的推移而演變，但我們正在測試更高水準的品牌、支出或投資，我們將根據結果決定我們是否繼續投資。追加銷售交叉銷售指標是我們追蹤了解投資績效的主要方式。

And then insurance, yes, you kind of anticipate the answer. FGTS is a very small ticket insurance. That was the main driver in that business line and the policies were greater on the average size of the average ticket of those policies reduced this quarter.

然後是保險，是的，你有點期待答案。FGTS是一種非常小的機票保險。這是該業務線的主要驅動力，而這些保單的平均金額在本季度減少了，這些保單的平均金額更大。

Again, we welcome that growth. We have more than 2 million clients with FGTS credit, and that's an opportunity that we try to cease with a fully digital platform, both on the loan part and also on the insurance side, very happy with the results that we had so far.

我們再次歡迎這種增長。我們有超過 200 萬客戶擁有 FGTS 信貸，這是一個我們試圖透過全數位平台來阻止的機會，無論是在貸款方面還是在保險方面，我們對迄今為止的結果非常滿意。

That's clear. Santi, let me just go back then to the deposit question. How are you seeing the competitive environment to raise deposits. Again, you have a very healthy deposit base already, your loan-to-deposit ratio looks very low. So I'm just wondering then you have excess liquidity. What is the need here to really be focusing on growing deposits if you're seeing a more competitive scenario?

很清楚。桑蒂，讓我回到存款問題。您如何看待籌集存款的競爭環境？同樣，您已經擁有非常健康的存款基礎，您的貸存比率看起來非常低。所以我只是想知道你的流動性是否過剩。如果你看到競爭更加激烈的情況，那麼真正關注增加存款的必要性是什麼？

Mario, João Vitor speaking, let me tell I love to look on our deposit franchise. I started at Inter as internship on the commercial side raising deposits for our bank back in 2004. So I have been following that for a while and always with our treasury, [low passion] discussing about that.

馬裡奧·維托爾（João Vitor），讓我告訴我，我喜歡看我們的存款特許經營權。2004年，我開始在國際米蘭擔任商業方面的實習生，為我們的銀行籌集存款。所以我已經關注這一點一段時間了，並且一直與我們的財政部[低熱情]討論這一點。

So as Santi anticipated, we have a good problem. People are choosing our platform to transact but also to save and we have in the past distributed a lot of third-party CDs, other companies, the entries, the bonds and everything.

正如桑蒂所預料的那樣，我們遇到了一個很好的問題。人們選擇我們的平台進行交易，同時也進行儲蓄，我們過去分發過很多第三方 CD、其他公司、條目、債券等等。

But at the end of the day, they like our brand and they say, oh, I want to see this from Inter. And what we see that we could start reducing the percentage of CDI that we pay, but it's not going to move the needle in terms of profitability. But we could lose the client to our competitors if we're keeping them at 100% of Selic. But the good news, one thing that you should look at is how fast our demand deposits grow. Then when you compare the loan portfolio growth with the demand deposits growth, they are pretty much steady.

但最終，他們喜歡我們的品牌，他們說，哦，我想在國際米蘭看到這個。我們看到，我們可以開始減少支付的 CDI 百分比，但這不會對獲利能力產生重大影響。但如果我們讓競爭對手保持 100% 的 Selic，我們可能會失去客戶。但好消息是，您應該關注的一件事是我們的活期存款成長有多快。然後，當你將貸款組合成長與活期存款成長進行比較時，它們相當穩定。

So they are on the same pace. So therefore, every time deposits that come even at 100% of Selic and you can deploy that 12%, 13%, 15% of Selic in securities in our cash position is accretive to NII. So that's what we're doing. I would say the opposite. Our deposit franchise are getting more and more efficient as we speak. So I'm very proud of that. And I'm sure that it will keep being a thing that will differentiate amongst our competitors. That's how we manage these things of cost of funding at Inter.

所以他們的步伐是一樣的。因此，每次存款即使是 100% 的 Selic，您也可以將 12%、13%、15% 的 Selic 部署在我們現金頭寸的證券中，這都會增加 NII。這就是我們正在做的事情。我想說相反。就在我們說話的時候，我們的存款業務正變得越來越有效率。所以我對此感到非常自豪。我確信它將繼續成為我們在競爭對手中脫穎而出的因素。這就是我們在國際米蘭管理資金成本的方式。

That's very clear João, and I completely agree of you. I think your deposit franchise is fantastic and it's one of your main differentiators from your peers. Thank you.

喬奧，這很清楚，我完全同意你的觀點。我認為你們的存款特許經營權非常棒，這是你們與同行的主要區別之一。謝謝。

This concludes our question-and-answer session. I would like to yield the floor back over to Mr. João Vitor Menin for his closing remarks.

我們的問答環節到此結束。我想請若奧·維托爾·梅寧先生發表閉幕詞。

So another very good earnings results call. I'd like to thank for our team, our employees that are working hard every single day to raise the bar at Inter. I also like to thank for our shareholders that are supporting our business, our franchise.

因此，又一個非常好的獲利結果電話會議。我要感謝我們的團隊、我們的員工，他們每天都在努力工作，以提高國際米蘭的水平。我還要感謝支持我們業務和特許經營權的股東。

And also, I'd like to thank as well how the analysts on the sell side, the industry, very good questions, a lot of good quality questions for us. We love that to interact with you. We're very happy with the business and hope to see you soon another good quarter in a few months. Thank you very much. Have a good day. Bye-bye.

另外，我還要感謝賣方分析師、產業分析師，為我們提出了許多很好的問題。我們喜歡與您互動。我們對業務感到非常滿意，並希望在幾個月後很快能見到您另一個良好的季度。非常感謝。祝你有美好的一天。再見。

This conference is now concluded. Inter's IR department is at your disposal to answer any additional questions. Thank you for attending today's presentation. Have a nice day.

本次會議現已結束。國際米蘭的投資者關係部門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。