Inter & Co Inc (INTR) 2024 Q3 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to Inter & Co's third quarter of 2024 earnings conference call.

下午好，感謝您的耐心等待。歡迎參加國際米蘭公司 2024 年第三季財報電話會議。

Today's speakers are João Vitor Menin, Inter's global CEO; Alexandre Riccio, Brazil CEO; Santiago Stel, Senior Vice President and CFO; and Rafael Vittoria, Chief Economist and IRO.

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； Alexandre Riccio，巴西執行長； Santiago Stel，資深副總裁兼財務長；以及首席經濟學家兼 IRO 拉斐爾維多利亞 (Rafael Vittoria)。

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's 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 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。

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 give 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. Hello, everyone. Thanks for joining us on our call today. As always, I will start with an overview at our strategy before giving the floor to Xandre and Santi .

謝謝你，接線生。大家好。感謝您參加今天的電話會議。像往常一樣，在請 Xandre 和 Santi 發言之前，我將首先概述我們的策略。

Today, I would like to spend sometime sharing my thoughts on how unique our financial super app is. I see it as having three key dimensions.

今天，我想花一些時間分享我對我們的金融超級應用程式的獨特性的想法。我認為它有三個關鍵維度。

First, our differentiated platform. It is complete, has the best UX/UI with a 4.8 rating in Apple Store. It goes far beyond banking and it is global by offering our products across many countries.

首先，我們的差異化平台。它是完整的，擁有最好的 UX/UI，在 Apple Store 中獲得 4.8 的評分。它遠遠超出了銀行業的範圍，並且透過在許多國家/地區提供我們的產品而實現了全球性。

Second, the massive number of clients that transact with us. We're proud of having reached 35 million clients, producing a massive (technical difficulty) and from it, drive upsell and cross-sell into credit and services.

其次，與我們進行交易的客戶數量龐大。我們為擁有 3500 萬客戶而感到自豪，產生了巨大的（技術難度），並由此推動了信貸和服務的追加銷售和交叉銷售。

These two dimensions shows how powerful our platform is. It creates a strong network effect that will enforce a virtual site that combines growth with profitability.

從這兩個維度就可以看出我們的平台有多強大。它創造了強大的網路效應，將增強虛擬站點的成長與獲利能力。

To show the power of this network effect, we show how we were able to generate alpha across many verticals. People don't just use banking services. They engage across our different businesses, credit, investments, insurance, shopping, global, and loop our loyalty program. In each of these areas, we're growing at a much faster pace than the market.

為了展示這種網路效應的力量，我們展示瞭如何能夠在許多垂直領域產生阿爾法。人們不僅僅使用銀行服務。他們參與我們不同的業務、信貸、投資、保險、購物、全球業務，並循環我們的忠誠度計劃。在每個領域，我們的成長速度都比市場快得多。

Two great examples are: FX transactions, we are growing 74% or 3.8 times more than the market. And credit, which we are growing 3.5 times faster than the market, while consistently expanding our NIM and keeping sound asset quality metrics. In summary, this page shows our exceptional ability to attract clients and cross-sell our products, capturing market share gain.

兩個很好的例子是：外匯交易，我們成長了 74%，是市場的 3.8 倍。還有信貸，我們的成長速度是市場的 3.5 倍，同時不斷擴大我們的淨利差並保持良好的資產品質指標。總而言之，此頁面顯示了我們吸引客戶和交叉銷售我們的產品、贏得市場份額的卓越能力。

Promoting cross-selling, upselling, and engaging clients is one of my focuses. To achieve these, we work strongly to remain innovative, pushing the frontier of technology and bringing new solutions to our clients. We'd like to name a few of our recent initiatives in the innovation front.

促進交叉銷售、追加銷售和吸引客戶是我的重點之一。為了實現這些目標，我們努力保持創新，推動技術前沿並為客戶帶來新的解決方案。我們想列舉一些我們最近在創新領域採取的措施。

First, the hyper-personalization. We're getting better and better every day. And we're seeing excellent results by driving conversion and increasing sales.

首先，超個性化。我們每天都在變得越來越好。透過推動轉換和增加銷量，我們看到了出色的成果。

Second, the AI-powered Inter Shop concierge. It drives traffic and monetization in our e-commerce platform. We'll be launching it in our next Black Friday. And we have high expectations to continue driving growth of Inter Shop into other verticals.

其次，人工智慧驅動的 Inter Shop 禮賓服務。它推動了我們電子商務平台的流量和貨幣化。我們將在下一個黑色星期五推出它。我們對繼續推動 Inter Shop 在其他垂直領域的成長抱有很高的期望。

Third, the Forum, our content platform, which was launched last quarter and has now over 5 million users. It is designed to discuss personal finance, investments, market trends, product launch, tips, and much more. It's a new way to engage within the financial super app and promote cross-selling, while fostering a sense of community among.

第三，論壇，我們的內容平台，於上季推出，目前擁有超過 500 萬用戶。它旨在討論個人理財、投資、市場趨勢、產品發布、技巧等等。這是一種參與金融超級應用程式並促進交叉銷售的新方式，同時培養社區意識。

When it comes to engagement, our focus on clients has resulted in several impressive milestones. We achieved more than BRL1.2 trillion in a run rate TPV, showing how our clients use the platform daily in an exponential way. We also reached BRL122 billion in AuC, of which BRL50 billion in deposits, a great indicator of how much our clients trust us.

在參與度方面，我們對客戶的關注已經取得了幾個令人印象深刻的里程碑。我們的運行率 TPV 達到了超過 1.2 兆雷亞爾，展示了我們的客戶如何以指數方式每天使用該平台。我們的 AuC 也達到了 1,220 億雷亞爾，其中存款為 500 億雷亞爾，這很好地表明了客戶對我們的信任程度。

To give a sense of dimension, we received around 21,000 deposits per hour this quarter from more than 18 million individual depositors. And we already have over 3.6 million clients investing, saving, buying, and banking in the US. We're changing the way people bank globally. Today, we can clear international transactions within a few seconds. The great thing about all of this is that there is much more to come to improve and to explore.

為了直觀地了解情況，本季我們每小時收到來自超過 1,800 萬個儲戶的約 21,000 筆存款。我們已經擁有超過 360 萬客戶在美國進行投資、儲蓄、購買和銀行業務。我們正在改變全球人們的銀行業務方式。今天，我們可以在幾秒鐘內清算國際交易。所有這一切的偉大之處在於，還有很多東西需要改進和探索。

In summary, what I presented gives me strong confidence and excitement on what lies ahead. We have been working very diligently on executing the plan quarter after quarter, and the results are paying off. Combining profitability with innovation has proved, not only to be possible, but also an excellent recipe to remain competitive. As you can see on the page, the results of the 60/30/30 plan are very strong and speak for themselves.

總之，我所介紹的內容讓我對未來充滿信心與興奮。我們每個季度都非常努力地執行該計劃，結果正在得到回報。事實證明，將獲利能力與創新相結合不僅是可能的，而且也是保持競爭力的絕佳秘訣。正如您在頁面上看到的，60/30/30 計劃的結果非常強勁且不言而喻。

Now, I'd like to give the floor to Xandre.

現在，我想請 Xandre 發言。

Thank you, John, and thanks, everyone for being with us. I'd like to begin by focusing on those who are the center of everything we do, our clients. We're excited to report that we have reached 35 million clients and welcomed 1.1 million new active clients this quarter. For seven consecutive quarters, we have successfully increased our activation rate, which now stands at 56% the highest since the fourth quarter of 2021.

謝謝你，約翰，謝謝大家和我們在一起。我想先專注於那些我們所做的一切的中心——我們的客戶。我們很高興地報告，本季我們的客戶數量已達到 3500 萬，並迎來了 110 萬新活躍客戶。我們連續七個季度成功提高了活化率，目前活化率達到 56%，為 2021 年第四季以來的最高水準。

Our refined onboarding process combined with the app's hyper-personalization has significantly improved our ability to engage clients after the onboarding conclusion. For example, between the third quarter of 2022 and the third quarter of 2024 our early activation ratio increased by 12% points going from 40% to 52%.

我們完善的入職流程與應用程式的超個人化相結合，顯著提高了我們在入職結束後吸引客戶的能力。例如，從 2022 年第三季到 2024 年第三季度，我們的早期活化率增加了 12%，從 40% 增加到 52%。

Now, I would like to focus on our business clients. As we have highlighted in previous quarters, we believe that traditional banking solutions for businesses are falling short of effectively meeting their needs. This is an opportunity for us and we're seizing it. We've seen growth once again with the number of business accounts increasing by 22% year over year, reaching 2.2 million, representing a 10% penetration in all businesses across Brazil.

現在，我想專注於我們的商業客戶。正如我們在前幾個季度所強調的那樣，我們認為傳統的企業銀行解決方案無法有效滿足他們的需求。這對我們來說是一個機會，我們正在抓住它。我們再次看到成長，企業帳戶數量年增 22%，達到 220 萬個，佔巴西所有企業的 10% 滲透率。

Our focus has been particularly strong among small and medium sized businesses, which tend to exhibit higher activation rates and our pack. We're dedicated to enhance client experience in this segment, recognizing the opportunity it presents.

我們特別關注中小型企業，它們往往表現出更高的啟動率和我們的套餐。我們體認到它所帶來的機遇，致力於增強這一領域的客戶體驗。

Now moving to slide 13, I'll deep dive into our seven business verticals in banking. The TPV has shown an increase of 46% year over year, reaching BRL320 billion highs transactions made through peaks totaled BRL294 billion in a single quarter, with Inter capturing 8.1% of this market.

現在轉到投影片 13，我將深入探討銀行業的七個業務垂直領域。TPV 年成長 46%，單季交易額達到 3,200 億雷亞爾的高位，交易額達到 2,940 億雷亞爾，國際米蘭佔了該市場 8.1% 的份額。

This quarter, volumes and growth from credit cards have once again surpassed those from debt resulting in a higher interchange revenue and consolidating the improvement of quality of our TPV. The improvement in this mix has led to a 38% year-over-year increase in interchange revenues.

本季度，信用卡的交易量和成長再次超過債務，導致交換收入更高，鞏固了冠捷品質的提高。這種組合的改善導致交換收入較去年同期成長 38%。

Moreover, as we have consistently observed in the past few quarters, we're continuously increasing TPV levels among both new and existing cohorts. This is a direct result of our strategies to better understand our clients life cycles and use the right tools at the right moments to engage them effectively with our products.

此外，正如我們在過去幾個季度中持續觀察到的那樣，我們不斷提高新群體和現有群體的 TPV 水平。這是我們更了解客戶生命週期並在正確的時刻使用正確的工具讓他們有效地使用我們的產品的策略的直接結果。

Now moving to credit, I'm pleased to report strong growth in our new credit lines, Consumer Finance 2.0, which includes PIX financing, buy-now-pay-later, and overdraft. In a quarterly comparison, we saw a solid 52% increase, reach a combined total of BRL503 million in portfolio. This quarter, we expanded our products to a broader client base and implemented user experience improvements that are already yielding results, such as acceleration of adoption and higher duration in the portfolio. We expect to maintain healthy growth in these product lines.

現在轉向信貸，我很高興地報告我們的新信貸額度「消費金融 2.0」的強勁增長，其中包括 PIX 融資、先買後付和透支。在季度比較中，我們看到了 52% 的穩健成長，投資組合總額達到 5.03 億雷亞爾。本季度，我們將產品擴展到更廣泛的客戶群，並實施了使用者體驗改進，這些改進已經產生了成果，例如加速採用和延長產品組合的持續時間。我們預計這些產品線將保持健康成長。

Shifting to our marketplace. The third quarter had an encouraging performance, with a growth in an annual basis of 59% in our GMV that reached BRL1.4 billion. Our hyper-personalization approach is increasing our conversion rates for sales, as the offerings that each client sees are more and more aligned to their moment.

轉移到我們的市場。第三季的業績令人鼓舞，GMV 年成長 59%，達到 14 億雷亞爾。我們的超個人化方法正在提高我們的銷售轉換率，因為每個客戶看到的產品越來越符合他們的需求。

Additionally, our buy-now-pay-later product achieved around 6% of the total GMV, an impressive number for a payment method that is still new for many of our clients. Regarding loyalty, we achieved 10 million clients continuing Loop's growth path.

此外，我們的「先買後付」產品佔總 GMV 的 6% 左右，對於我們的許多客戶來說仍然是新鮮的支付方式來說，這是一個令人印象深刻的數字。在忠誠度方面，我們實現了 1000 萬客戶，繼續 Loop 的成長道路。

This quarter, we launched new ways to redeem points including PIX, insurance and soccer tickets, leveraging our strategic partnerships in soccer. Moreover, clients can now earn points by spending with debit cards in their global accounts. We continue to see Loop clients as more engaged than non-Loop clients as they generate a two times higher ARPAC in investments.

本季度，我們利用我們在足球領域的策略合作夥伴關係，推出了兌換積分的新方式，包括 PIX、保險和足球票。此外，客戶現在可以透過在其全球帳戶中使用借記卡消費來賺取積分。我們仍然認為 Loop 客戶比非 Loop 客戶參與度更高，因為他們產生的 ARPAC 投資是後者的兩倍。

We surpassed BRL122 billion in assets under custody, serving over 6.3 million active clients in the vertical, which represents a 50% increase year over year. This was the fastest increase in AuC that we have observed in a single quarter.

我們的託管資產超過 1,220 億雷亞爾，為超過 630 萬垂直行業活躍客戶提供服務，年增 50%。這是我們觀察到的單季 AuC 最快成長。

Piggy Bank or (spoken in foreign language) in Portuguese has demonstrated an impressive adoption and achieved over 2 million clients and 48% quarter-over-quarter growth in AuC. This product has become an important funding distribution asset for Inter, reaching BRL3.4 billion in AuC. And accounting for nearly 7% of our total funding.

Piggy Bank 或（用外語說的）葡萄牙語已表現出令人印象深刻的採用率，已擁有超過 200 萬客戶，AuC 季度環比增長 48%。該產品已成為國米重要的資金分配資產，AuC金額達34億雷亞爾。占我們總資金的近7%。

On the insurance front, we continue to witness accelerated growth. Our sales have now surpassed $1.3 million driven by new growth initiatives. Furthermore, this quarter, we achieved 3.4 million active contracts in insurance with a 115% year-over-year growth in a high margin vertical, all supported by our asset light and highly scalable business model. Additionally, our focus on hyper-personalization has unlocked numerous opportunities within this vertical, enabling us to deliver the right products to the right clients and significantly boost our sales even for niche offerings.

在保險方面，我們繼續見證加速成長。在新的成長計畫的推動下，我們的銷售額現已超過 130 萬美元。此外，本季度，我們在保險領域實現了 340 萬份活躍合同，在高利潤垂直領域同比增長 115%，這一切都得益於我們的輕資產和高度可擴展的業務模式。此外，我們對超個人化的關注在這個垂直領域釋放了無數機會，使我們能夠向合適的客戶提供合適的產品，並顯著提高我們的銷售額，甚至是利基產品的銷售額。

Finally, on the global front, our deposits, along with assets under custody and assets under management have reached a miles, the milestone of BRL1.4 billion as we now are able to offer managed accounts for our clients investing abroad. This achievement is an important milestone and an evidence of our strong performance in the US list.

最後，在全球方面，我們的存款以及託管資產和管理資產已達到 14 億雷亞爾的里程碑，因為我們現在能夠為海外投資的客戶提供管理帳戶。這項成就是一個重要的里程碑，也是我們在美國榜單上強勁表現的證明。

Within this vertical, we have reached 3.6 million clients which are typically higher income Brazilians who frequently travel and invest in the US. This growth and engagement in our global operations affirms our dedication to expanding our reach and delivering valuable financial solutions to our clients regardless of geographical boundaries.

在這一垂直領域，我們已覆蓋 360 萬客戶，這些客戶通常是經常在美國旅行和投資的高收入巴西人。我們全球業務的成長和參與證實了我們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。

Now, let's turn to page 22. In this light, we zoom into the evolution of products that have more than 1 million active clients. As we evolve, we've been able to reduce the cycle time to achieve large scale adoption of the products we launch, reflecting not only client engagement, but also our ability to make the right choices and to execute properly our product strategy.

現在，讓我們翻到第22頁。有鑑於此，我們重點關注擁有超過 100 萬活躍客戶的產品的演變。隨著我們的發展，我們已經能夠縮短週期時間，以實現我們推出的產品的大規模採用，這不僅反映了客戶的參與度，還反映了我們做出正確選擇和正確執行產品策略的能力。

This progress is an evidence of the three dimensional approach that João highlighted earlier. Most importantly, this momentum is translating into noticeable improvements in our market share for several products, enhancing our competitive positioning in the industries we participate.

這項進展是 João 先前強調的三維方法的證據。最重要的是，這種勢頭正在轉化為我們多種產品市場份額的顯著提高，從而增強我們在所參與行業中的競爭地位。

Talking about market share on page 23. We dive in our share evolution for a few products. One year ago, we held a significant market share showcasing the highly engaged client base within our financial super app. We emphasized that the an important part of our mission was to close this gap between peak share and our share in other products.

第 23 頁談市場佔有率。我們深入研究了一些產品的份額演變。一年前，我們佔據了重要的市場份額，展示了我們的金融超級應用程式中高度參與的客戶群。我們強調，我們使命的一個重要部分是縮小峰值份額與我們在其他產品中的份額之間的差距。

The results have been positive. We're effectively providing our clients with access to our extensive product range and increasing our share of wallet. Important to highlight that this evolution is happening both on credit and fee businesses. One more evidence of our well executed three dimensional strategy. As we continue to expand our product offerings and enhance client engagement, I am confident that we will further solidify our position in the market.

結果是正面的。我們有效地為客戶提供了廣泛的產品系列並增加了我們的錢包份額。需要強調的是，這種演變同時發生在信貸和收費業務上。這是我們執行良好的三維策略的另一個證據。隨著我們繼續擴大產品範圍並增強客戶參與度，我相信我們將進一步鞏固我們在市場上的地位。

To finish, on slide 24, we show that despite the significant evolution market share, we're just beginning. Our client centric approach boosted by hyper-personalization optimized our sales efficiency as we fish in our own aquarium. There is still significant potential to grow business by conquering share of wallet. And on top of that, we maintain our focus on new client acquisition.

最後，在幻燈片 24 中，我們表明，儘管市場份額不斷演變，但我們才剛開始。當我們在自己的水族館釣魚時，我們以客戶為中心的方法在超個人化的推動下優化了我們的銷售效率。透過佔領錢包份額來發展業務仍然具有巨大的潛力。最重要的是，我們繼續關注新客戶的獲取。

We believe that maintaining product evolution, improving client service and having an edge on our overall value proposition will be key to maintaining the positive trends to deepen market share and increase principality.

我們相信，維持產品發展、改善客戶服務以及在整體價值主張上保持優勢將是維持深化市場份額和增加公國的正面趨勢的關鍵。

Now, I would like to pass the word to Santi who will take us through the financial section. Santi, the floor is yours.

現在，我想轉告桑蒂，他將帶領我們了解財務部分。桑蒂，地板是你的。

Thank you, Xandre. Hello, everyone. Really impressive slide 23, showing the conversions to 8% market share. Now, jumping to the financial results.

謝謝你，山德烈。大家好。幻燈片 23 確實令人印象深刻，顯示了 8% 市場份額的轉換。現在，跳到財務業績。

Starting with our loan book, we grew 7% this quarter, surpassing BRL38 billion, FGTS and Home Equity, the two collateralized products with the highest ROEs achieve record levels of underwriting, surpassing the 6 billion in combined loan balance.

從我們的貸款帳簿開始，我們本季成長了7%，超過了380 億雷亞爾，FGTS 和房屋淨值這兩種ROE 最高的抵押產品實現了創紀錄的承銷水平，貸款餘額合計超過了60 億雷亞爾。

Regarding personal loans, which is primarily comprised of payroll loans, we focus on three main fronts. The first one, digital underwriting. We successfully implemented the 100% digital process for INSS and CIP, our two main distribution channels. We're also advancing with our digital portability, which we believe will further enhance our origination capacity of this product.

對於主要由薪資貸款組成的個人貸款，我們主要關註三個方面。第一個，數字承保。我們成功為我們的兩個主要分銷管道 INSS 和 CIP 實施了 100% 數位化流程。我們也正在推動數位便攜性，我們相信這將進一步增強我們該產品的原創能力。

Second, we focus on market share gains. As Xandre mentioned, we have a significant opportunity to leverage our existing payroll operations by fishing in our own aquarium. Currently, we hold around 1% payroll loan market share, but we have the potential to increase this to 5% by bringing our current clients through portability.

其次，我們關注市場佔有率的成長。正如 Xandre 所提到的，我們有一個重要的機會透過在我們自己的水族館釣魚來利用我們現有的薪資業務。目前，我們佔有約 1% 的薪資貸款市場份額，但我們有潛力透過可移植性吸引現有客戶，將這一份額提高到 5%。

And third, focusing on higher ticket clients. We have increased our capacity to target these higher ticket clients by improving the efficiency of our commercial effectiveness. Moreover, we have many opportunities to increase ticket size via hype not only with public sector employees, but also on the private ones as well.

第三，關注高客單價客戶。透過提高商業效率，我們提高了瞄準這些高客單價客戶的能力。此外，我們還有很多機會透過炒作來增加門票規模，不僅針對公部門員工，也針對私部門員工。

On credit cards, we presented a 25% growth on an annual basis. Going forward, we expect to accelerate growth by continuing to run more limits to our existing clients, while enhancing financing options, such as PIX financing and installments with interest.

在信用卡方面，我們的年增率為 25%。展望未來，我們希望透過繼續對現有客戶實施更多限制，同時增強 PIX 融資和利息分期付款等融資選擇，來加速成長。

Finally, agribusiness and SMBs are two segments that were deploying our balances strategically, prioritizing clients with strong principality and synergy potential, now reinforced with our Inter Pag acquisition.

最後，農業綜合企業和中小企業是策略性地部署我們的平衡的兩個細分市場，優先考慮具有強大主體性和協同潛力的客戶，現在透過收購 Inter Pag 得到了加強。

Moving to page 27, we continue to operate a high quality, highly collateralized credit portfolio, making it resilient to credit cycles. Both MPLs show improvements with a 15 to 90 day standing at 3.6% and the 90 day plus decreasing to 4.5%. This represents an improvement of 30 and 20 bps respectively when compared to the prior quarter.

翻到第 27 頁，我們繼續經營高品質、高抵押的信貸投資組合，使其能夠適應信貸週期。兩種 MPL 均有所改善，15 至 90 天的比率為 3.6%，90 天以上的比率則下降至 4.5%。與上一季相比，這分別提高了 30 和 20 個基點。

The credit card MPLs, when seen across cohorts, continues to show strong performance, thus validating the improvements in our underwriting models. With this scenario, NPA formation remains stable around 1.6%, while stage three formation increased slightly to converge with Resolution 4966.

從各個群體來看，信用卡 MPL 繼續表現出強勁的表現，從而驗證了我們核保模型的改進。在這種情況下，NPA 的形成保持穩定在 1.6% 左右，而第三階段的形成略有增加，以與第 4966 號決議趨同。

On page 27, we can observe the evolution of our credit cost of risk metric, which has been flattish at 5.1%. We continue focused on improving our underwriting models together with the collection practices, which are the ultimate drivers of our asset quality trends. Furthermore, our coverage ratio has remained stable at 130%. This high coverage level of provisions combined with a high quality collateralized portfolio enables us to operate with consistent performance through time.

在第 27 頁，我們可以觀察到信用風險成本指標的演變，該指標一直持平於 5.1%。我們繼續致力於改進我們的承保模式和催收實踐，這是我們資產品質趨勢的最終驅動力。此外，我們的覆蓋率一直穩定在130%。這種高覆蓋率的撥備水準與高品質的抵押投資組合相結合，使我們能夠長期保持穩定的業績。

Moving to page 29, we had another strong quarter of our robust funding franchise surpassing the BRL50 billion reais mark. This growth was primarily driven by time deposits and transactional deposits, which increased 40% and 30% respectively. The mix remains strong with transactional deposits accounting for approximately 32% of our total funding base.

翻到第 29 頁，我們強勁的融資業務又迎來了一個強勁的季度，超過了 500 億雷亞爾大關。這一增長主要由定期存款和交易存款推動，分別增長 40% 和 30%。該組合依然強勁，交易存款約占我們總資金基礎的 32%。

In terms of relative growth, it is interesting to notice that transactional deposits grew in line with our loan book at around 30%. Also very important to mention, our active clients had, on average, [BRL1,900] in deposits, a record level that highlights the primary relationship with us.

就相對成長而言，有趣的是，交易性存款的成長與我們的貸款帳簿一致，約為 30%。另外值得一提的是，我們的活躍客戶平均存款為 [1,900 巴西雷亞爾]，這項創紀錄的水平凸顯了與我們的主要關係。

As shown in the prior page, we had a large growth of time deposits mainly due to the success in [Meopor-cofrinho], which achieved BRL3.4 billion. Although this growth was compensated by our transactional deposits performance, which as mentioned grew 30% on a last 12-month basis, our cost of funding remained flat at 6.8%.

如上頁所示，我們的定期存款大幅成長，主要歸功於[Meopor-cofrinho]的成功，達到了34億雷亞爾。儘管我們的交易存款表現彌補了這一增長（如上所述，過去 12 個月增長了 30%），但我們的融資成本仍保持在 6.8% 的水平。

Jumping into page 31, we are thrilled to report a remarkable quarter in terms of revenue, breaking previous records once again. We reached an impressive year-over-year growth of 25% in total gross revenue and 32% in net terms. The gross revenue achieved BRL2.7 billion, with a net revenue of BRL1.6 billion. Both FIS and NII experienced strong growth, even when excluding the effects of inter-pack consolidation validating the effectiveness of our diversified business model. Our strategy of hyper-personalization and targeted marketing is becoming a driving force behind our revenue growth.

跳到第 31 頁，我們很高興地報告了一個令人矚目的季度收入，再次打破了先前的記錄。我們的總收入年增 25%，淨收入年增 32%，令人印象深刻。總收入達27億雷亞爾，淨收入16億雷亞爾。即使排除包裝間整合的影響，FIS 和 NII 都經歷了強勁的成長，這驗證了我們多元化業務模式的有效性。我們的超個人化和有針對性的行銷策略正在成為我們收入成長的驅動力。

Moving on to page 32, as consequence of higher engagement, which was accelerated by our hyper-personalization strategy, we're able to achieve a record monthly ARPAC of BRL32.5. This growth was primarily driven by a robust performance in net fees, which had an increase of 20% just this quarter.

轉到第 32 頁，由於我們的超個人化策略加速了更高的參與度，我們能夠實現創紀錄的每月 ARPAC 32.5 雷亞爾。這一成長主要是由淨費用的強勁表現推動的，光是本季淨費用就成長了 20%。

The key contributors of this growth were Inter Shop insurance distribution effects and interchange. These areas demonstrated high levels of recurring active clients transacting on a daily basis within the platform, significantly enhancing our fee revenue lines. We also reached record margin per active client of BRL19.9, continuing our trend of sequential improvements quarter after quarter. We believe that this demonstrates our ability to effectively monetize our customer base, while capturing economies of scales in terms of cost.

這一增長的主要貢獻者是店內保險分銷效應和互換。這些領域展示了平台內日常交易的高水準經常性活躍客戶，顯著提高了我們的費用收入線。我們的每位活躍客戶利潤率也達到創紀錄的 19.9 雷亞爾，延續了逐季連續改善的趨勢。我們相信，這表明我們有能力有效地將客戶群貨幣化，同時在成本方面實現規模經濟。

Let's now deep into our interest income, specifically focused on NIMs. We are pleased to report record-breaking level NIMs before and after deducting cost of risk. Both are NIM 1.0, which means including in the denominator the non-interest accrual of credit cards and the NIM 2.0, which excludes these non-interest receivables. We are showing a positive upward trend compared to prior quarters, even within the negative inflation of the quarter. When we consider the risk adjusted NIM, which deducts cost of risk, the performance is even stronger, further highlighting the work that we have been doing in optimizing our deployment of capital.

現在讓我們深入了解利息收入，特別關注淨利息收入。我們很高興地報告扣除風險成本之前和之後的淨利差創紀錄水準。兩者都是NIM 1.0，意味著分母中包括信用卡的非應計利息；NIM 2.0，意味著不包括這些非應收利息。即使在本季的負通膨情況下，與前幾季相比，我們仍呈現出正面的上升趨勢。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，進一步凸顯了我們在優化資本配置方面所做的工作。

In page 34, we can see the NIM improvement on a different perspective, this time in relation with the CDI rate. Our NIM 2.0 reached 91.7% and the NIM 1.0 reached nearly 80%. As you can see clearly, this performance has consistently improved over the past quarters, ruined by our diligent use of our balance sheet across portfolios.

在第 34 頁中，我們可以從不同的角度看到淨利差的改善，這次是與 CDI 率相關。我們的NIM 2.0達到了91.7%，NIM 1.0達到了近80%。正如您可以清楚地看到的，這種業績在過去幾個季度中持續改善，但由於我們在各個投資組合中對資產負債表的勤奮使用而被毀掉了。

Jumping into expenses, we continue to invest strategically in core areas that will help us drive the future of the company. There are in particular marketing, technology and talent. In terms of advertising and marketing, we focus on attracting high quality clients in terms of engagement and principality. And we also initiated the second wave of our branding campaign to continue increasing awareness. In personal expenses, we grew mainly in technology department to support our new and existing initiatives, always focusing on delivering top quality products to our clients.

在支出方面，我們繼續對核心領域進行策略性投資，這將有助於我們推動公司的未來。尤其是行銷、技術和人才。在廣告和行銷方面，我們專注於在參與度和公信力方面吸引優質客戶。我們也啟動了第二波品牌宣傳活動，以繼續提高知名度。在個人開支方面，我們主要在技術部門發展，以支援我們的新的和現有的計劃，始終專注於為客戶提供最優質的產品。

Additionally, the integration of Interpac in the third quarter resulted in an increase in expenses, particularly in personal, with strong optimization potential in the coming quarters. We are proud of the results we have achieved through our cost control initiatives through the quarters and expect to continue having significant gains in the coming quarters.

此外，第三季 Interpac 的整合導致費用增加，特別是個人費用，在未來幾季具有強大的最佳化潛力。我們對幾季透過成本控制措施所取得的成果感到自豪，並預計在未來幾季將繼續取得顯著收益。

Jumping to our operational leverage page, this quarter, as I mentioned, we integrated Inter Pag back in July. This company, which will become a business unit inside of Inter, started with a standalone efficiency ratio close to 100%. Going forward, we expect significant synergy gains from Inter Pag to a cost structure optimization, combined with accelerated revenue growth, driving significant opportunities to drive further operational leverage.

跳到我們的營運槓桿頁面，正如我所提到的，本季我們早在 7 月就整合了 Inter Pag。這家公司將成為國際米蘭內部的一個業務部門，一開始的獨立效率接近100%。展望未來，我們預期 Inter Pag 在成本結構優化方面將產生顯著的綜效，再加上營收的加速成長，將帶來進一步提升營運槓桿的重大機會。

In terms of efficiency ratio, we achieved 50.7% and 48.7% (sic - see slide 33, "48.6%") when excluding Inter Pag, continuing ahead of our 60/30/30 plan in this specific metric.

就效率而言，排除Inter Pag 後，我們實現了50.7% 和48.7%（原文如此- 參見幻燈片33，“48.6%”），在這一具體指標上繼續領先於我們的60/30/30 計劃。

To conclude, I'd like to highlight our performance in terms of profitability as presented on page 37. This quarter, we achieved another record-breaking ROE, surpassing the double-digit mark and reaching an impressive 11.9% and 11.3% when excluding non-controlling interest. Our reported net income of BRL260 million, or BRL243 million, when excluding non-controlling interest, is 2.5 times higher than the net income of the third quarter of the prior year. We believe that this strong performance shows our commitment to drive sustainable profitability, while creating a truly differentiated platform that is built to succeed in the long term.

最後，我想強調一下我們在獲利能力方面的表現，如第 37 頁所示。本季，我們的 ROE 再次破紀錄，突破兩位數大關，剔除非控制權益後分別達到令人印象深刻的 11.9% 和 11.3%。我們報告的淨利潤為 2.6 億雷亞爾，扣除非控制權益後為 2.43 億雷亞爾，是上年第三季淨利的 2.5 倍。我們相信，這一強勁的業績表明我們致力於推動可持續盈利，同時創建一個真正差異化的平台，以實現長期成功。

Now, I will pass it back to João for his closing remarks. Thank you.

現在，我將把它轉交給若奧，讓他作結束語。謝謝。

Thank you, Santi. To conclude, I believe we had a quite good quarter. But don't get me wrong. There is still a lot more to deliver. And I would like to assure you, myself and the rest of the team will work relentlessly to keep delivering the best financial platform to all our stakeholders, which are our clients, our employees, the regulators, our community, and of course, to our shareholders. Thank you for the support. And remember, the best is yet to come. See you. Bye bye.

謝謝你，桑蒂。總而言之，我相信我們度過了一個相當不錯的季度。但請不要誤會我的意思。還有很多事情需要交付。我想向您、我本人和團隊的其他成員保證，將不懈努力，不斷為我們的所有利益相關者提供最好的金融平台，這些利益相關者是我們的客戶、我們的員工、監管機構、我們的社區，當然還有我們的利害關係人。感謝您的支持。請記住，最好的尚未到來。再見。再見。

(Operator Instructions) Mr. Tito Labarta, Goldman Sachs.

（操作員指令）Tito Labarta 先生，高盛。

Hi, good afternoon, everyone. Thank you for the call and taking my question. My question, just to understand, I guess, the incorporation of Inter Pag and the pickup in expenses. I know you mentioned there that you should get some operating leverage. But just to understand, I guess one, how do we think about expense growth from here?

嗨，大家下午好。感謝您的來電並回答我的問題。我想我的問題只是為了了解國際米蘭的合併以及費用的增加。我知道你在那裡提到你應該獲得一些營運槓桿。但我想先了解一下，我們如何看待這裡的費用成長？

And if you can maybe either quantify or help us think about that operating leverage, right? Because, I mean, you still have a lot to go to get to the 30% efficiency ratio target. But does the implement incorporation of Inter Pag delay that in any sense? Or could it accelerate? How should we think about that evolution from here? Thank you.

如果您可以量化或幫助我們考慮營運槓桿，對吧？因為，我的意思是，要達到 30% 的效率目標，還有很長的路要走。但是 Inter Pag 的實作是否會在任何意義上推遲這項進程呢？或者說它能加速嗎？我們該如何思考從這裡開始的演變？謝謝。

Thank you, Tito. This is Santiago. I'll take that one. So on efficiency ratio, this is the metric from the three main metrics of our 60/30/30 plan, where we're the most ahead of. Remember when we reported the plan or we presented the plan into the market, we were at 70%. And only seven quarters or less than 40% of the time went by, and we were already more than halfway into the target. So we are very excited of what we delivered in the expense front.

謝謝你，蒂托。這是聖地牙哥。我會接受那個。因此，就效率而言，這是我們 60/30/30 計劃的三個主要指標中的指標，我們在這方面是最領先的。請記住，當我們報告該計劃或將該計劃推向市場時，我們的完成率是 70%。只過了七個季度，即不到 40% 的時間，我們就已經完成了目標的一半以上。因此，我們對我們在費用方面所取得的成果感到非常興奮。

Obviously, we started with the lower hanging fruits on the expense side, and now the majority of the improvement on efficiency will come on the revenue side as we continue to cross the products and monetize our clients. Specifically, on this quarter on the efficiency ratio, we had a few things that played out that I think are worth mentioning.

顯然，我們從費用方面的唾手可得的成果開始，現在隨著我們繼續跨產品並透過客戶貨幣化，效率的大部分改進將來自收入方面。具體來說，在本季的效率比率方面，我們有一些我認為值得一提的事情。

On the one hand, we had the inflation, which was a bit lower than in prior quarters. We had 0.8% relative to 1.1% in the second quarter, which is the same number we expect for the fourth quarter, 1.1%. That had an impact of around BRL15 million in NII or 40 bps in efficiency.

一方面，我們的通貨膨脹率比前幾季略低。我們的成長率為 0.8%，而第二季為 1.1%，這與我們對第四季 1.1% 的預期相同。這對 NII 產生了約 1500 萬雷亞爾的影響，或者說效率提高了 40 個基點。

We also invested in the structured notes in the investment portfolio around BRL3.2 billion. This is visible in the financial statements. This consumes NII in around BRL10 million, but it liberates taxes in the bottom in around BRL20 million. And this has another 30 bps of impact on the efficiency ratio.

我們也投資了投資組合中約 32 億雷亞爾的結構性票據。這在財務報表中可見一斑。這消耗了大約 1000 萬雷亞爾的 NII，但它釋放了底層約 2000 萬雷亞爾的稅收。這對效率比又產生了 30 個基點的影響。

And then we have the inter-pack situation. So the Inter Pag, we incorporated at the beginning of July. So the entire quarter was part of our conglomerate. It has an efficiency ratio higher than 100% with BRL40 million in revenues and BRL15 million expense. And that has a huge potential in terms of optimizing on both sides of the equation.

然後我們就有了包裝間的情況。因此，我們在七月初成立了 Inter Pag。所以整個季度都是我們集團的一部分。它的效率高於 100%，收入為 4,000 萬雷亞爾，費用為 1,500 萬雷亞爾。這在等式兩邊的最佳化方面具有巨大的潛力。

On revenues, we can cross-sell our products to the Inter Pag clients. We can cross-sell the inter-packed products to Inter clients. And additionally, we can improve the efficiency through expenses as we integrate the platforms together.

在收入方面，我們可以向 Inter Pag 客戶交叉銷售我們的產品。我們可以將內部包裝的產品交叉銷售給Inter客戶。此外，當我們將平台整合在一起時，我們可以透過費用來提高效率。

So overall, we are excited on efficiency. We think that the work we are doing diligently to control expenses continues to play out nicely. We have some specific factors playing in the quarter, but overall we think that the trend of continuation towards the 30% remains intact.

總的來說，我們對效率感到興奮。我們認為，我們為控制開支而努力所做的工作繼續取得了良好的效果。本季我們有一些具體因素在發揮作用，但總體而言，我們認為繼續朝 30% 邁進的趨勢仍然完好無損。

Okay, great. Thanks, Santiago. And just one quick question on the tax rate. How should we think about the tax rate from here?

好的，太好了。謝謝，聖地亞哥。還有一個關於稅率的簡單問題。從這裡我們該如何考慮稅率？

Yes, so on tax rate, we see the number on a yearly basis. So we have to see the cumulative number. And for that, we are roughly above 20%. We think that 20%-ish is the number at which we will operate with this level of profitability. We did have, as I mentioned before, the [notas] as well and we are reallocating capital from the operating entity, the main operating entity, which is Banco Intesa, into the holding, which is tax efficient.

是的，所以在稅率方面，我們每年都會看到這個數字。所以我們必須看到累計的數字。就這一點而言，我們大約在 20% 以上。我們認為 20% 左右是我們在這種獲利水準下營運的數字。正如我之前提到的，我們確實也有[notas]，我們正在將資本從營運實體（主要營運實體，即聯合銀行）重新分配到控股公司，這樣可以節省稅收。

We did a lot of work in the past to be able to do this now and we're beginning to see the benefits of that now. So in the 20% level is where we expect to continue operating on a yearly accumulative basis.

我們過去做了很多工作，現在才能夠做到這一點，現在我們開始看到這樣做的好處。因此，我們預計每年累積營運將保持在 20% 的水平。

Okay, great. Thank you, Santiago.

好的，太好了。謝謝你，聖地牙哥。

Thanks, Tito.

謝謝，蒂托。

Mr. Ricardo Buchpiguel, BTG.

Ricardo Buchpiguel 先生，BTG。

Good afternoon, everyone, and thank you for the opportunity of making questions. I have one here on my side. You mentioned that Inter has now a consumer finance portfolio of around BRL500 million. So I would like to understand a little bit better what is reasonable to expect for this portfolio by year end and also next year. Any information you could tell us about the growth of this specific portfolio would be very helpful.

大家下午好，感謝大家給我提問的機會。我這邊有一個。您提到國際米蘭目前擁有約 5 億雷亞爾的消費金融投資組合。因此，我想更了解年底和明年對該投資組合的合理預期。您可以告訴我們有關該特定投資組合成長的任何資訊都會非常有幫助。

Ricardo, João Vitor speaking here. Thanks for the question. I don't know if you recall, but I have been advocating for this Consumer Finance 2.0 portfolio for a while. And if you break down the number, we have the PIX financing, we have the Binopulator at Inter Shop, and we have the overdraft.

里卡多·若昂·維託在這裡講話。謝謝你的提問。我不知道你還記不記得，我倡導消費金融2.0這個組合已經有一段時間了。如果你細分數字，我們有 PIX 融資，我們有 Inter Shop 的 Binopulator，我們還有透支。

We have been growing, I would say, quite fast. We're coming from a very low base, of course. We believe that maybe something close to BRL700 million at the end is possible. It's feasible. That's what to expect. And we believe that 2025, 2026, we're gonna keep growing that.

我想說，我們一直在快速成長。當然，我們的基礎非常低。我們相信最終可能會達到近 7 億雷亞爾。這是可行的。這就是我們所期待的。我們相信，到 2025 年、2026 年，我們將繼續成長。

But again, you know Inter for a while, we like to proceed, but always with caution. So we're always monitoring how the delinquency is evolving, how we can improve the products to make sure that we have the right risk-reward equation.

但再說一次，你了解國米一段時間了，我們喜歡繼續前進，但總是要小心謹慎。因此，我們始終監控拖欠行為的演變情況，以及如何改進產品，以確保我們擁有正確的風險回報方程式。

We know that we have 8% market share PIX. At PIX, we could move way, way faster on that portfolio, but we're doing that step by step. But anyway, excited for what's ahead. Our transaction platform is big and we have a very good underwriting approach on these three products.

我們知道我們擁有 8% 的 PIX 市場份額。在 PIX，我們可以更快地推進該產品組合，但我們正在一步一步地進行。但無論如何，對未來感到興奮。我們的交易平台很大，我們對這三種產品有很好的承銷方式。

And also very important, a very good collection approach through the app for these three products. So very excited. I believe that's going to keep helping us to improve our NIMs going forward. So very, very constructive on this Consumer Finance 2.0 heads.

同樣非常重要的是，透過應用程式對這三種產品提供了非常好的收集方法。非常興奮。我相信這將繼續幫助我們改善未來的 NIM。對於消費金融 2.0 的想法非常非常有建設性。

All right. And just a quick follow up. If you could also mention if the deterioration in the macro environment change in any way, the outlook for long growth with you guys? If you are more, you mentioned you're being more cautious, could be more cautious a little bit on the Consumer Finance? If you -- we should see something similar as well in the other products?

好的。只需快速跟進即可。您是否也可以提到，如果宏觀環境惡化有任何變化，長期成長的前景如何？如果您更，您提到您更加謹慎，在消費金融方面是否可以更加謹慎一點？如果你——我們應該在其他產品中看到類似的東西？

Okay, Ricardo. Yes, we are always watching the macro. It's very important for sure, the ability for our clients to repay. We need to remember that at Intel, we have, first of all, most of our portfolio collateralized, we have always worked this way. We have a very good cost of funding, and therefore, we are always cherry picking the clients that we want to underwrite.

好的，里卡多。是的，我們一直在關注宏觀。毫無疑問，我們客戶的償還能力非常重要。我們需要記住，在英特爾，首先，我們的大部分投資組合都有抵押，我們一直都是這樣工作的。我們的融資成本非常高，因此，我們總是精挑細選我們想要承保的客戶。

On the Consumer Finance, we tend to be more cautious when the macro is deteriorating, but we need to remember that we still have a small market share on credit and the right on the market. Remember, so we have 8% market share PIX, a lot of deposits, a low loan to deposit ratio, the best cost of funding in the industry.

在消費金融方面，當宏觀惡化時，我們往往會更加謹慎，但我們需要記住，我們在信貸和市場上的市佔率仍然很小。請記住，我們擁有 8% 的 PIX 市場份額、大量存款、較低的貸存比、行業內最好的融資成本。

With all that in place, we can keep growing even on the unsecured portfolio at a good pace and also cherry picking and being cautious with the delinquents. So, still confident that we're going to grow despite of the mark.

有了所有這些，即使是無擔保的投資組合，我們也可以繼續以良好的速度成長，同時也可以精挑細選，並對違約者保持謹慎。因此，儘管有這樣的成績，我們仍然相信我們會成長。

Thank you.

謝謝。

Mr. Pedro Leduc, Itaú BBA.

Pedro Leduc 先生，義大利 BBA。

Thank you guys for the question. Sorry if they've already made a dropped out, but first can comment a little bit on the credit card, cohort performances, be it delinquency, be it interest bearing, how are you feeling? They seem to be growing fast, but if it's really something you feel comfortable in continue accelerating next year.

謝謝你們的提問。抱歉，如果他們已經退出了，但首先可以評論一下信用卡、隊列表現、拖欠、利息，您感覺如何？它們似乎增長很快，但如果你確實覺得這樣的話，明年會繼續加速成長。

And the second question, if you can comment or update us on the international side of the US story, either be it in size of revenues or profitability. And I know João has made some recent comments about the broader international ambition, if you can update us there as well. Thank you.

第二個問題，您是否可以對美國故事的國際方面發表評論或更新我們的情況，無論是收入規模還是盈利能力。我知道若昂最近就更廣泛的國際野心發表了一些評論，如果您也能向我們介紹最新情況的話。謝謝。

Hi, Leduc. This is Xandre speaking. I'll start with the credit card, and then João will fill in for the international part. And so on credit card, we are seeing good improvement in cohorts, so new cohorts, activating well with low delinquency, a lot of control of the early delinquency metrics, such as first payment before.

嗨，勒杜克。我是 Xandre。我將從信用卡開始，然後 João 將填寫國際部分。以信用卡為例，我們看到隊列有良好的改善，因此新隊列的激活良好，拖欠率較低，對早期拖欠指標有很多控制，例如之前的首次付款。

So we're being able to do what we've discussed in the past, which is mean -- which is like being able to drive the outcome using our underwriting models. This is working well. And simultaneously, we're seeing the, let's call the digestion of the delinquency of those older cohorts that we've been talking about for the last quarters, like the 2021 cohort mainly. It's getting out of the way, remaining good transactional clients.

因此，我們能夠做我們過去討論過的事情，這意味著能夠使用我們的承保模型來推動結果。這運作良好。同時，我們看到，讓我們稱之為對過去幾個季度我們一直在談論的那些較老群體的拖欠行為的消化，主要是 2021 年的群體。它正在擺脫困境，保留良好的交易客戶。

Having said that, plans don't change. If we look at 2025, 2027, we're still aiming at having about 30% of our portfolio on credit cards. And as we move on, thinking about next year, we'll keep also focused on increasing the interest-earning portfolio.

話雖如此，計劃不會改變。如果我們展望 2025 年、2027 年，我們的目標仍然是信用卡佔投資組合的 30% 左右。隨著我們繼續前進，考慮明年，我們也將繼續專注於增加生息投資組合。

So João talked about the Consumer Finance 2.0, just in the last question. We'll keep our focus on increasing products such as PIX financing, which we've been not only gaining traction, but also observing very good delinquency levels as we move forward.

所以João在最後一個問題談到了消費金融2.0。我們將繼續把重點放在增加 PIX 融資等產品上，隨著我們的前進，我們不僅獲得了關注，而且還觀察到非常好的拖欠水平。

With that, I'll pass the word to João so he can comment on International.

有了這個，我會把這個消息轉達給喬奧，這樣他就可以對《國際》發表評論。

Leduc, thanks for the question. João speaking. There are global expansion, which we're doing that through our global account approach. It's going really, really well. So when we envisioned, two years ago, to launch that product, we were, to be honest, afraid of what would be the outcome.

勒杜克，謝謝你的提問。喬奧講話。我們正在透過全球帳戶方法進行全球擴張。一切進展得非常非常順利。因此，當我們兩年前設想推出該產品時，說實話，我們擔心會出現什麼結果。

And as of today, 10% of our clients, they have and they use the globe account feature, I would say. And they are using it both for investments and for service. We see that we have, as of today, a very good volume in AUC, already in US.

我想說，截至今天，我們 10% 的客戶擁有並使用全球帳戶功能。他們將其用於投資和服務。我們看到，截至今天，我們在美國的 AUC 數量已經非常大了。

We have good TPV on debit cards, launching the credit card by beginning of 2025. It's gonna be very interesting. We have also our shop initiative, starting to gain momentum here. And we have also our mortgage portfolio any momentum as well.

我們在藉記卡方面擁有良好的 TPV，並於 2025 年初推出信用卡。這將會非常有趣。我們也有我們的商店計劃，開始在這裡獲得動力。我們的抵押貸款組合也有任何動機。

About other geographies that you mentioned, actually I was in a podcast two months ago trying to explain a little bit about our global account approach. What we envision is by having a solid foundation in the US, having our account here, our security platform, our shopping platform, we could offer that, not only for Brazilians, but to other geographies as well.

關於您提到的其他地區，實際上兩個月前我在播客中試圖解釋我們的全球帳戶方法。我們的設想是，透過在美國建立堅實的基礎，在這裡擁有我們的帳戶、我們的安全平台、我們的購物平台，我們不僅可以為巴西人提供這些服務，也可以為其他地區提供服務。

But different from what you have in Brazil, where we have the bank license and the portfolio and our capital, we could go to other geographies through Bank-as-a-Service and just launching the globe account approach to that clients over there.

但與巴西不同的是，我們擁有銀行牌照、投資組合和資本，我們可以透過銀行即服務進入其他地區，並為那裡的客戶推出全球帳戶方法。

So we think that 2025 will be a year for us to try some other markets. And we'll let you know as soon as we decide which markets that will be, but excited that this is a asset-light approach, very fee, business-oriented, and very excited with the quality of the clients that we attract when we launch the Globe account product in Brazil. So very excited with this initiative for 2025.

所以我們認為2025年將是我們嘗試其他一些市場的一年。一旦我們決定了哪些市場，我們會立即通知您，但令人興奮的是，這是一種輕資產的方法，非常收費，以業務為導向，並且對我們吸引的客戶質量感到非常興奮在巴西推出Globe 帳戶產品。我對 2025 年的這項舉措感到非常興奮。

Thank you.

謝謝。

Mr. Yuri Fernandes, JP Morgan.

尤里‧費爾南德斯先生，摩根大通。

Thank you. Good afternoon, João, Santi, Alexandre. I have one on capital here. When we go to your corrector [20] drop and you provide some explanation on operational risk and some other things.

謝謝。下午好，若昂、桑蒂、亞歷山大。我這裡有一篇關於資本的文章。當我們找到您的校正器 [20] 時，您提供了一些關於操作風險和其他一些事情的解釋。

But going to the core capital in nominal terms, right? Like the amount of capital, there was a decrease this quarter, part of the quarter, while your earnings was up. So just trying to understand what drove to the impact on the core capital. And then I can do a follow-up. Thank you.

但以名目價值計算核心資本，對嗎？就像資本金額一樣，本季（季度的一部分）有所減少，而你的收入卻有所增加。所以只是想了解是什麼導致了對核心資本的影響。然後我可以做後續工作。謝謝。

Hi, Yuri. Santiago here to take the question. So we had an incorporation of Inter Pag, created Goodwill for around BRL19 million, together with the IOC or GCP payment from the bank to the holding and the market to market of the portfolio of investment securities. Those three had negative impact this quarter and that affected the regulatory capital or reference capital as the central bank defines it.

嗨，尤里。聖地亞哥在這裡回答問題。因此，我們成立了 Inter Pag，創造了約 1,900 萬雷亞爾的商譽，以及銀行向投資證券投資組合的控股和市場對市場支付的 IOC 或 GCP 付款。這三者對本季產生了負面影響，並影響了央行定義的監管資本或參考資本。

Super, super clear. Something, if I may just to follow up on expenses, I totally get your your speech on cost to income. But going to one line specifically that was personal expenses, even when we exclude Inter Pag there was a big increase, can you provide more color? What is driving that increase like which areas you're hiring?

超級超級清晰。有件事，如果我可以追蹤一下費用的話，我完全理解你關於收入成本的演講。但具體去一條線那是個人開支，即使我們排除Inter Pag，也有很大的增加，你能提供更多的顏色嗎？是什麼推動了這種成長，例如您正在招募哪些領域？

When should we see I don't know any improvement on those. I don't know projects just trying to understand because we have the headcount increase and I'm not sure how much is Inter Pag in the number of headcount, but pretty sure at this increase here it's not only profit sharing and inflation. There may be, I don't know, other initiatives that you are hiring and I'd like to understand what you're putting your energy on. Thank you.

我們什麼時候應該看到我不知道這些方面有什麼改進。我不知道只是想了解的項目，因為我們的員工人數增加了，我不確定 Inter Pag 的員工人數有多少，但很確定這裡的成長不僅僅是利潤分享和通貨膨脹。我不知道，您可能正在招募其他項目，我想了解您將精力投入哪些方面。謝謝。

Yeah, I can take that one too. So on year one of the plan, we went down from 4,100 employees to 3,300. So we push on the employee front quite a lot. That was 2024. On this year, we are reinforcing certain teams where we think we can add significant value to the offering and the platform, particularly on technology, but also on other fronts as well.

是的，我也可以拿那個。因此，在計劃實施的第一年，我們的員工人數從 4,100 人減少到 3,300 人。因此，我們在員工方面做出了很大的努力。那是2024年。今年，我們正在加強某些團隊，我們認為我們可以為產品和平台增加顯著的價值，特別是在技術方面，但也在其他方面。

The average compensation of the executives in the company many cases is increasing, we're bringing top talent from the market in Brazil and globally. And we are also expensing more bonds, more on compensation, variable compensation, as the net income grows throughout the year. So the combination of those factors is the one that continues to drive the personal expenses.

很多情況下，公司主管的平均薪酬都在增加，我們從巴西和全球市場引進了頂尖人才。隨著全年淨收入的成長，我們也花費更多的債券、更多的薪酬、可變薪酬。因此，這些因素的結合將繼續推動個人支出。

On the other hand, we think that for 2025, with the incorporation of many automation processes we're doing and AI, we hope to continue having operational leverage on the personal expenses front as well.

另一方面，我們認為，到 2025 年，隨著我們正在做的許多自動化流程和人工智慧的結合，我們希望繼續在個人支出方面發揮營運槓桿作用。

Oh, no, super clear, Santi. And data processing was pretty good. I guess there is some operating leverage being built there. The personal line was the one that called my attention to the mold. So thank you for the clarification. Thank you guys.

哦，不，非常清楚，桑蒂。而且數據處理也相當不錯。我猜想那裡正在建立一些營運槓桿。個人路線引起了我對模具的關注。謝謝您的澄清。謝謝你們。

Thanks, Yuri.

謝謝，尤里。

Mr. Gustavo Schroden, Citi.

Gustavo Schroden 先生，花旗銀行。

Hi, good afternoon, everybody. And thanks for taking my question. I have two questions. The first one is a follow-up, but sorry to insist in the risk uptight. I think it is a very important point to the bank. And let me put that question in a different way. Because as the earnings season is ending and we could get a view from most of the banks with a more conservative approach, even yesterday evening an important digital player gave us a more conservative view regarding the Consumer Finance.

嗨，大家下午好。感謝您提出我的問題。我有兩個問題。第一個是後續行動，但抱歉堅持風險緊張。我認為這對銀行來說非常重要。讓我以不同的方式提出這個問題。因為隨著財報季即將結束，我們可以從大多數銀行獲得更保守的觀點，甚至在昨天晚上，一個重要的數位參與者也給了我們對消費金融更保守的看法。

So what I'm trying to understand here is, is Inter going to be counter cycle player in this new cycle? Or what Inter could see in different way than the other banks? Because just to give an idea, talking to men of the banks. The expectation is that they are not expecting acceleration in low and low for 2025. Again, they are not guiding for better mix. So more conservative approach.

所以我在這裡想了解的是，國際米蘭會在這個新周期中成為反週期球員嗎？或者國際米蘭能以與其他銀行不同的方式看到什麼？因為只是為了提供一個想法，與銀行的工作人員交談。他們預計 2025 年不會出現加速下降的情況。再次強調，他們並沒有指導更好的組合。所以採取比較保守的做法。

So I'm trying to understand here. I got and I could hear what João mentioned about the cherry picking, but again, I think that if you could elaborate more here, I think that that would be really, really great.

所以我在這裡試著去理解。我明白了，我可以聽到喬奧提到的關於櫻桃採摘的內容，但我再次認為，如果你能在這裡詳細說明，我認為那將是非常非常好的。

And my second question is regarding the 4966 Resolution from the central bank. We could see some uptick in the NPO formation in the quarter. And if I'm not wrong, you mentioned that is related to 4966 Resolution. So what could be the main impact you were expecting for the next year, not only in the capital, but also in the provision expenses. Thank you.

我的第二個問題是關於央行4966號決議的。我們可以看到本季非營利組織的形成增加。如果我沒記錯的話，您提到這與 4966 解析度有關。那麼您預計明年的主要影響是什麼，不僅在資本方面，而且在撥備費用方面。謝謝。

Gustavo, João speaking here. I'm gonna cover the credit appetite again. So you might know that Inter, and I would say maybe also myself, we are known in the market for being too conservative. And we had had a lot of pushbacks for the past, I would say maybe four or five years on that topic. Inter, you should grow faster, you should give more credit limits on the credit cards, and so on and so on.

古斯塔沃，若昂在這裡發言。我將再次討論信貸需求。所以你可能知道國際米蘭，也許我自己也知道，我們在市場上以過於保守而聞名。過去，我們在這個主題上遇到了很多阻力，我想說可能有四、五年了。國際米蘭，你應該會成長得更快，你應該給信用卡更多的信用額度，等等。

HEnce, we had always took a different approach. So first of all, not being a monoliner, it is very important for us. We always wanted to have the short-term duration portfolio, the long-term duration portfolio, the ones that are collateralized, payroll, mortgage, home equity, but they are ones also that they are not collateralized and have a good NIMs.

因此，我們一直採取不同的方法。所以首先，不要成為一個單一的人，這對我們來說非常重要。我們一直希望擁有短期久期投資組合、長期久期投資組合、有抵押的投資組合、工資、抵押貸款、房屋淨值，但它們也是無抵押的且具有良好的淨利差的投資組合。

What we see today that despite of the macro, we're not changing our credit appetite. we're still growing at 30%, 30% each this year. And this is what we foresee for 2025. The reason behind that, Gustavo, is quite simple. Again, first of all, we still have a very small market share in most of the credit portfolios that we operate. And look, we're not talking about one or two, but maybe five or six different credit portfolios. So market share growth is important for us and we have the ability to grow without impacting the market.

我們今天看到的是，儘管宏觀情況如此，我們並沒有改變我們的信貸偏好。今年我們仍然以 30%、30% 的速度成長。這就是我們對 2025 年的預測。古斯塔沃，背後的原因很簡單。首先，我們再次強調，在我們經營的大多數信貸投資組合中，我們的市佔率仍然很小。看，我們談論的不是一兩個，而是五到六個不同的信貸投資組合。因此，市場份額的成長對我們來說很重要，我們有能力在不影響市場的情況下實現成長。

Second, a good diversification, consumer finance and collateralized portfolio. We're still growing on payroll loan, we're still growing on home equity, still growing the market side.

第二，良好的多元化、消費金融和抵押品組合。我們的薪資貸款仍在成長，房屋淨值仍在成長，市場方面仍在成長。

And last, we have a very good cost of funding. This is very important for us to again be able to cherry pick the best clients without jeopardizing our nemes. So this is our approach, still growing, but again compounding and compounding and compounding. We don't want to just give a big stretch as we see some other players doing and then retract very fast. We want to keep compounding and compounding until we see room for us to grow without being a big player in the market.

最後，我們的融資成本非常高。這對我們來說非常重要，因為我們能夠再次挑選最好的客戶，而不會危及我們的對手。所以這就是我們的方法，仍在成長，但再次複合、複合、複合。我們不想像其他一些球員那樣，只做很大的伸展，然後又很快縮回。我們希望不斷複利，直到我們看到我們在不成為市場大玩家的情況下仍有成長空間。

That's our approach and we're stick to it. That's how we're going to operate most likely 2025 and probably also 2026.

這就是我們的方法，我們將堅持下去。這就是我們最有可能在 2025 年甚至 2026 年採取的營運方式。

Gustavo, hi. So on 4966 resolution, as you know, since 2022, we have been reporting results under IFRS. So therefore, most of the impact from [Basengap] to IFRS for us have been already accounted for. The two impacts yet to come are one, increasing stage three formation. And this is due to the longer period during which renegotiations will remain in stage three before being moved to stage two or written off. This is called the healing period.

古斯塔沃，嗨。因此，根據 4966 決議，如您所知，自 2022 年以來，我們一直根據 IFRS 報告結果。因此，[Basengap] 到 IFRS 對我們的大部分影響已經被考慮在內。即將到來的兩個影響之一是增加第三階段的形成。這是因為重新談判在進入第二階段或取消之前將停留在第三階段的時間較長。這稱為癒合期。

We started doing a anticipating a bit of this impact this quarter and that can be seen in the stage three formation level going up from 1.7 to 1.9. And then the same logic applies to NPL formation due to extended period in which loans can remain in our balance sheet before being written off. There's NPL formation trend that will go up as a consequence of the 4966.

我們本季開始對這種影響進行一些預測，這可以從第三階段的形成水準從 1.7 上升到 1.9 看出。同樣的邏輯也適用於不良貸款的形成，因為貸款在註銷之前可以保留在我們的資產負債表中。由於4966，不良貸款形成趨勢將會上升。

There is no impact on cost of risk or provision expense as a consequence of this, nor results or tier one, but yes, on the metric of NPL and state information as I just mentioned.

這對風險成本或撥備費用沒有影響，對結果或一級也沒有影響，但對我剛才提到的不良貸款和狀態資訊的指標沒有影響。

That was super clear, João and Santi. Thanks for the answers. Just to follow up, João, would you accept higher NPLs whether you have higher NIMs, which means that what is important risk-adjusted NIM in this new cycle or in this cycle?

喬奧和桑蒂，這非常清楚。感謝您的回答。João，請問，無論您的淨利差是否較高，您是否會接受較高的不良貸款？

Gustavo, that's a great one. The metric that improved the most this quarter, before and after cost of risk was NIM. We're very proud on the way we're allocating capital and the way that is playing out sequentially quarter after quarter with consistency since the beginning of last year. This is a combination of many different factors.

古斯塔沃，這真是太棒了。本季改善最大的指標（在風險成本之前和之後）是淨利差（NIM）。我們對我們分配資本的方式以及自去年年初以來逐季連續執行的方式感到非常自豪。這是許多不同因素的結合。

One is the deployment of our excess liquidity from the 100 CDI liquidity pool into a loan book. Then we also had an interesting improvement sequentially on the loan mix. Now, as we said in the opening remarks, FGTS and Home Equity, which are 30% to 40% plus ROEs, represent a significant portion of the portfolio and they continue to gain share.

一是我們將100個CDI流動性池中的過剩流動性部署到貸款帳簿中。然後我們在貸款組合上也取得了有趣的連續改進。現在，正如我們在開場白中所說，FGTS 和房屋淨值淨資產回報率高達 30% 至 40%，代表了投資組合的重要組成部分，並且它們的份額繼續增加。

And also legacy portfolios like the one of agri business, which was sub-CDI, is also decreasing in participation of the loan portfolio. So the combination of all of these factors together plus the Consumer Finance 2.0 portfolios has been driving NII. Cost of risk, depending on the mix on the unsecured side, we could or not have some pressure. We don't know until which level that portfolio will grow. But overall, the risk adjusted NIM as we call it, or the NIM after cost of risk, will continue within the trend that we have been seeing, which we're very proud of.

此外，傳統投資組合（例如農業企業投資組合，即子 CDI）在貸款投資組合中的參與度也在下降。因此，所有這些因素的結合加上消費金融 2.0 投資組合一直在推動 NII。風險成本，取決於無擔保方面的組合，我們可能會或不會有一些壓力。我們不知道該投資組合將會成長到什麼水準。但總體而言，我們所說的風險調整後淨利差，或風險成本後的淨利差，將繼續保持我們所看到的趨勢，我們對此感到非常自豪。

Excellent, excellent. Thank you very much.

優秀，優秀。非常感謝。

Thank you.

謝謝。

Mr. Jorge Kuri from Morgan Stanley.

摩根士丹利的 Jorge Kuri 先生。

Hi, this is Andrew Garrity from Jorge's team at Morgan Stanley. Just wanted to ask quickly about the NIMM. You know, in previous quarters, you had mentioned that you see a path of roughly 20 basis points, I believe, and upside each quarter coming from portfolio repricing mostly. And I just wanted to see if that has kind of changed or whether your view stays the same?

大家好，我是摩根士丹利 Jorge 團隊的安德魯·加里蒂 (Andrew Garrity)。只是想快速詢問一下 NIMM 的情況。你知道，在前幾個季度，你曾提到你看到了大約 20 個基點的路徑，我相信，每個季度的上漲主要來自投資組合重新定價。我只是想看看這種情況是否有所改變，或者您的觀點是否保持不變？

And I guess just in general, and with respect to NIM over the coming quarters, what you see as the various moving parts on cost of funding, repricing, et cetera. Thanks.

我想，總的來說，就未來幾季的淨利差而言，您所看到的資金成本、重新定價等方面的各種變化因素。謝謝。

Hi, Andrew, Santiago here again. In line with what I answered to Gustavo, we think that the NEM dynamic will continue to play out. We don't want to point at 20B specifically, but the trend is in line with what we have seen in the prior quarters as a consequence of I just mentioned the capital allocation improving and being more efficient on a quarter-by-quarter basis.

嗨，安德魯，聖地牙哥又來了。根據我對古斯塔沃的回答，我們認為新經濟模式的動態將繼續發揮作用。我們不想具體指出 20B，但這一趨勢與我們在前幾季看到的情況一致，因為我剛剛提到了資本配置逐季度改善且效率更高。

Mr. Mario Pierre, Bank of America. Apparently, Mr. Pierre is no longer with us.

馬裡奧·皮埃爾先生，美國銀行。顯然，皮埃爾先生已經不在我們身邊了。

Let's move on to the next question, which is from Ms. Neha Agarwala, HSBC.

讓我們繼續下一個問題，來自匯豐銀行 Neha Agarwala 女士。

Thank you so much. Just a quick follow up on the Consumer Finance portfolio. You mentioned that you have 8% share in PIX, but you remain cautious in growth in PIX financing. Are there any specific trends that you're seeing, which makes you a bit cautious or it's just more seeing how the portfolio performs and then continue to grow because it's pretty much about extending credit to customers who are already approved with your credit card. So if you can elaborate the trends that you're seeing there?

太感謝了。只是對消費金融投資組合的快速跟進。您提到您擁有PIX 8%的股份，但您對PIX融資的成長仍持謹慎態度。您是否看到了任何特定的趨勢，這讓您有點謹慎，或者只是更多地了解投資組合的表現，然後繼續成長，因為這很大程度上是為了向已經獲得信用卡批准的客戶提供信貸。那麼您能否詳細闡述您在那裡看到的趨勢？

And second question is on the global account. You mentioned that you could roll out the global account feature to other countries. What countries do you have in mind? What would it imply in terms of investments required to Yolande's feature to other countries. How scalable is this? Thank you so much.

第二個問題是關於全球帳戶的。您提到可以將全球帳戶功能推廣到其他國家。您想到的是哪些國家？對其他國家來說，Yolande 功能所需的投資意味著什麼？它的可擴展性如何？太感謝了。

Neha, João speaking. Thanks for both questions. I'm going to start from the last one. We haven't decided yet when and what's going to be our next market. We are analyzing some options, but again, we don't want to go to a place where we need to deploy capital license and everything.

尼哈，喬奧。感謝您提出兩個問題。我將從最後一個開始。我們還沒有決定下一個市場的時間和地點。我們正在分析一些選擇，但同樣，我們不想去一個需要部署資本許可證和一切的地方。

We want to go to a place where we can operate through a Banker-as-a-Service partner, where we can launch our global account and bring deposits, shopping, buying power, volume, TPV for US operation business. This is our approach going forward. The same we did with Brazil. Regarding the first question was about, sorry, can you repeat the first one?

我們想要去一個可以透過銀行即服務合作夥伴進行營運的地方，在那裡我們可以開設我們的全球帳戶，並為美國營運業務帶來存款、購物、購買力、交易量、TPV。這是我們前進的方法。我們對巴西也是如此。關於第一個問題，抱歉，您能重複第一個問題嗎？

PIX financing and what trends are you seeing in terms of quality there?

PIX 融資以及您認為那裡的品質趨勢是什麼？

Okay, so similar to what I answered before, Neha, I agree you have a big market share in PIX. We only approve for PIX financing the clients that we have a credit limit for them at the credit cards, at the credit card product, but on the other hand, we know that it's something new.

好的，與我之前的回答類似，Neha，我同意您在 PIX 中擁有很大的市場份額。我們只批准為 PIX 融資的客戶，我們對他們的信用卡、信用卡產品有信用額度，但另一方面，我們知道這是新事物。

So every time we run our models and we try to get data from how the clients are performing, try to build all the cohorts to see if they are doing better or worse than what we had predict, we need to get data and data and more cohorts, more cohorts and materials. So we're still learning, we're still trying to make sure that you have the right pattern from the clients that are using this product.

因此，每次我們運行模型並嘗試從客戶的表現中獲取數據時，嘗試建立所有隊列以查看他們的表現是否比我們的預測更好或更差，我們需要獲取數據和數據等等隊列，更多隊列和材料。所以我們仍在學習，我們仍在努力確保您從使用產品的客戶那裡獲得正確的模式。

Let's remember it. This product was unveiled, I would say maybe, one year and a half, maybe two years ago. So it's a very, very new way of doing Consumer Finance. So we are improving fast in terms of the growth that we're putting percentage wise, but we need to learn and make sure that we're not going to put a bad, I would say, a credit portfolio on our books.

讓我們記住它。我想說，這個產品可能是一年半前，也許兩年前推出的。所以這是一種非常非常新的消費金融方式。因此，就我們所設定的百分比成長而言，我們正在快速改善，但我們需要學習並確保我們不會在帳簿上記下糟糕的信貸投資組合。

So again, proceeding, but with caution. That's our approach. And we do see now so far good delinquents ratio on that portfolio.

再次強調，繼續，但要小心。這就是我們的方法。到目前為止，我們確實看到該投資組合的拖欠率良好。

And what are the main use cases for the PIX financing product that you see with your customers? This is Monday for, do you see it more for like buying on your platform or it's more outside your platform? What are the main use cases?

您在客戶中看到的 PIX 融資產品的主要用例是什麼？今天是星期一，您認為在您的平台上購買更多還是在您的平台外購買更多？主要用例有哪些？

Neha, so far Ballpark, we see 65% consumer to consumer, CTC; and 35% C2B, consumer to business. And I don't have the number here about how much of that is within our ecosystem, but we have a lot of transactions within our ecosystem, again, because we have a big market share in PIX, as I mentioned before. So new product and let's see how it's gonna play out on the following years.

Neha，到目前為止，我們看到 65% 的消費者對消費者，CTC； 35%是C2B，消費者對企業。我這裡沒有關於我們的生態系統中有多少交易的數字，但我們的生態系統中有很多交易，因為我們在 PIX 中擁有很大的市場份額，正如我之前提到的。那麼新產品，讓我們看看它在接下來的幾年裡會如何發揮作用。

Okay. Thank you so much, João.

好的。非常感謝你，喬奧。

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

我們的問答環節到此結束。我想請若奧·維托爾·梅寧先生致閉幕詞。謝謝。

Thank you, operator. First of all, thank you everyone for the audience. Again, very good quarter. We're very happy, the team, myself, with what we have printed this quarter and what we have ahead for Inter.

謝謝你，接線生。首先感謝各位觀眾。再次，非常好的季度。我們、球隊、我自己，對本季的成果以及國際米蘭的未來感到非常高興。

Also, after listening to the Q&A and reading all the reports, I would say that there are two key messages that I'd like you to take home. So, first one, business-wise, we are gaining market share across all verticals. And I mean, all the seven verticals that we have at the end. This is very important for us. Upsell and cross-sell help us to improve profitability.

另外，在聽完問答並閱讀所有報告後，我想說有兩個關鍵訊息希望您帶回家。因此，首先，從業務角度來看，我們正在所有垂直領域中獲得市場份額。我的意思是，我們最後擁有的所有七個垂直領域。這對我們來說非常重要。追加銷售和交叉銷售幫助我們提高獲利能力。

Second, financial-wise, we are improving our names, quarter over quarter. That said, we are doing the best we can in terms of optimizing our capital structure. This is what we have been working hard for the past three or four years, and we are delivering this improvement.

其次，在財務方面，我們每季都在改善我們的聲譽。也就是說，我們正在盡最大努力優化資本結構。這就是我們過去三、四年來一直在努力的事情，我們正在實現這項改進。

Thank you very much for your time. See you soon on the next quarterly results on 2025. Have a good day.

非常感謝您抽出時間。敬請期待 2025 年下一季業績。祝你有美好的一天。

This conference call 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.

本次電話會議現已結束。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。