Inter & Co Inc (INTR) 2025 Q1 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to Inter & Co's first quarter of 2025 earnings conference call. Today's speakers are Joao Vitor Menin, Inter's Global CEO; Alexandre Riccio, Brazil's CEO; Santiago Stel, Senior Vice President and CFO. 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，感謝您的支持。歡迎參加 Inter & Co 2025 年第一季財報電話會議。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 (Joao Vitor Menin)、巴西首席執行官亞歷山大·里奇奧 (Alexandre Riccio) 和高級副總裁兼首席財務官聖地亞哥·斯特爾 (Santiago Stel)。請注意，今天的會議將被錄製，重播將在該公司的 IR 網站上提供。

(Operator Instructions) 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.

（操作員指示）在整個電話會議期間，我們將提供非國際財務報告準則的財務資訊。這些是公司的重要財務指標，但不是國際財務報告準則定義的財務指標。該公司的非國際財務報告準則 (IFRS) 財務資訊與國際財務報告準則 (IFRS) 財務資訊的對帳可在 Inter & Co 的收益報告和收益列報附錄中找到。

Today's discussion might include forward-looking statements, which are not guarantees of future performance. Please refer to the forward-looking statements disclosure in the company's earnings release and earnings presentation.

今天的討論可能包括前瞻性陳述，這些陳述並不能保證未來的表現。請參閱公司收益報告和收益介紹中的前瞻性陳述揭露。

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

現在，我請若昂‧維托爾‧梅寧先生發言。先生，請您發言。

Thank you, operator. Good morning, everyone. Today, I'm glad to share our strong financial and operational performance for this quarter, and even more thrilled about the future we are building at Inter. We are uniquely positioned to thrive in a rapidly changing banking industry. The market is moving towards a model that fits us perfectly. I believe we are leaving a secular shift with huge opportunities that we are already capturing.

謝謝您，接線生。大家早安。今天，我很高興與大家分享我們本季強勁的財務和營運業績，並且對我們在國際米蘭正在建立的未來感到更加興奮。我們擁有獨特的優勢，可以在快速變化的銀行業中蓬勃發展。市場正在朝著一個完全適合我們的模式發展。我相信，我們正經歷著一場長期的變革，其中蘊藏著巨大的機遇，而我們已經在抓住這些機會。

Let me explain why I am so confident on that thesis. Back in 2016, Brazil had a highly concentrated banking industry. That service was expensive and services were costly for clients with hidden fees and high charges for basic transactions. Since then, we saw a significant shift towards digitalization of banking services. Over $20 billion were raised in the capital markets.

讓我解釋為什麼我對該論點如此有信心。2016年，巴西的銀行業高度集中。這項服務價格昂貴，客戶需要支付隱藏費用，基本交易收費也很高。從那時起，我們看到銀行服務向數位化發生了重大轉變。資本市場籌集資金超過200億美元。

The Central Bank of Brazil launched the agenda BC+ to promote financial inclusion and competition, many niche players emerged with us being one of the protagonists in this revolution. However, we took a different approach than most players.

巴西中央銀行推出了BC+議程，以促進金融包容性和競爭，許多利基參與者湧現，而我們是這場革命的主角之一。然而，我們採取了與大多數玩家不同的方法。

We choose to focus on sustainable products with a high level of diversification, both on fees and credit, although Bancarization has made significant progress mostly on transactional costs, it still relies on expensive unsecured credit, primarily through credit cards and personal loans.

我們選擇專注於費用和信貸方面高度多樣化的可持續產品，儘管銀行化主要在交易成本方面取得了重大進展，但它仍然依賴昂貴的無擔保信貸，主要是透過信用卡和個人貸款。

Since 2016, we have seen a threefold increase in this type of lending, place in Brazil within the countries with the highest credit costs. As I mentioned, we have taken a different route, which I have been vocal about for many years.

自 2016 年以來，我們看到此類貸款增加了三倍，巴西是信貸成本最高的國家之一。正如我所提到的，我們走上了一條不同的道路，多年來我一直在強調這一點。

We operate a mostly collateralized credit portfolio that promotes sustainability for both our clients and interim. Beyond credit, we offer a wide range of services that contribute to a highly diversified revenue stream.

我們經營的主要是抵押信貸組合，以促進我們的客戶和臨時客戶的永續發展。除了信貸之外，我們還提供廣泛的服務，以實現高度多樣化的收入來源。

Our complete digital platform fosters client engagement, encouraging them to use Inter for their daily transactions, which results in a strong retail funding franchise. This is what I call Inter by design. We see the market moving in a direction that aligns with our strategy.

我們完整的數位平台促進了客戶參與，鼓勵他們使用 Inter 進行日常交易，從而帶來了強大的零售融資特許經營權。這就是我所說的「國際米蘭設計」。我們看到市場正朝著符合我們策略的方向發展。

Some examples are mortgages, home equity, FGTS loans, along with the new private payroll loan and the upcoming SMB digital receivables. We have a remarkable success in this recently launched products with market shares growing towards our 80.2% PIX share. In the following slides, you'll notice a secular shift opportunity stamp, highlighting the potential in the markets that we are already well positioned.

一些例子是抵押貸款、房屋淨值、FGTS 貸款，以及新的私人工資貸款和即將推出的 SMB 數位應收帳款。我們在最近推出的這款產品上取得了顯著的成功，市佔率成長至 80.2% PIX 份額。在下面的幻燈片中，您會注意到一個長期轉變機會印章，突顯了我們已經處於有利地位的市場潛力。

Xandre, please take over to elaborate on our business model.

Xandre，請接手闡述我們的商業模式。

Thank you, Joao. It's exciting to see what we're building, and the market opportunities on this secular shift. Hello, everyone, and thank you for joining us today. The first quarter was once again exciting for all of our businesses and reinforced Inter as a unique growth story. As usual, I'll highlight the performance of our seven verticals, which represents Inter's large and complete set of products and solutions.

謝謝你，若昂。看到我們正在建立的一切以及這一長期轉變帶來的市場機遇，我們感到非常興奮。大家好，感謝大家今天加入我們。第一季對於我們所有的業務來說再次令人興奮，並鞏固了 Inter 獨特的成長故事。像往常一樣，我將重點介紹我們七個垂直領域的表現，它們代表了 Inter 龐大而完整的產品和解決方案。

For the fifth consecutive quarter, we added 1 million new active clients, bringing us to a 57% activation rate. This is a result of our constant efforts to improve our onboarding process including early activation strategies and also enhancements in hyper-personalization. Last quarter, we personalized the homepage according to each client's interactions with Babi, our customer service bot, and that increased the conversion of those clients by 12%.

連續第五個季度，我們增加了 100 萬新活躍客戶，啟動率達到 57%。這是我們不斷努力改進入職流程的結果，包括早期活化策略以及超個人化的增強。上個季度，我們根據每位客戶與我們的客戶服務機器人 Babi 的互動對主頁進行了個人化設置，這使這些客戶的轉換率提高了 12%。

On our business clients, we grew by 23% year over year, reaching 2.4 million clients. These clients show high engagement and increased ARPAC levels. When we look at bank -- at our banking performance, we observed seasonality effects typical of the first quarter with lower liquidity and transactional volumes in the market.

我們的商業客戶數量年增 23%，達到 240 萬客戶。這些客戶表現出很高的參與度和更高的 ARPAC 水平。當我們觀察銀行業績時，我們觀察到第一季典型的季節性影響，市場流動性和交易量較低。

Therefore, TPV decreased when compared to the last quarter, but has increased by 33% in the yearly comparison, reaching BRL342 billion. Transactions made through PIX totaled BRL315 billion in the first quarter, achieving an 8.2% market share. TPV levels across cohorts are steadily increasing with newer clients transacting more and faster than other clients.

因此，TPV 與上一季相比有所下降，但與去年同期相比成長了 33%，達到 3,420 億巴西雷亞爾。第一季透過 PIX 進行的交易總額達到 3,150 億巴西雷亞爾，佔 8.2% 的市佔率。隨著新客戶的交易量比其他客戶更大、更快，各群體的 TPV 水準正在穩步提高。

Now moving to credit. I'm pleased to report strong growth in our Consumer Finance 2.0 portfolio, which includes PIX Financing, Buy Now Pay Later and Overdraft. In a yearly comparison, our portfolio grew by more than 5 times, reaching BRL920 million. This quarter, we expanded our product offering by including the new private payroll. In only 10 days, we added BRL150 million in new credit to our portfolio through a 100% digital underwriting process.

現在轉向信用。我很高興地報告我們的消費金融 2.0 產品組合實現了強勁增長，其中包括 PIX 融資、先買後付和透支。與去年同期相比，我們的投資組合成長了5倍多，達到9.2億巴西雷亞爾。本季度，我們透過增加新的私人薪資單擴展了我們的產品範圍。僅用 10 天時間，我們就透過 100% 數位化核保流程為我們的投資組合增加了 1.5 億巴西雷亞爾的新信貸。

This product offers significant opportunity for us as it is a perfect fit for our business model, digital, low distribution costs, scalable and collateralized with little to no overlap with other credit products we already offer to our clients.

該產品為我們提供了重大機遇，因為它完美契合我們的商業模式，數位化、分銷成本低、可擴展且有抵押，與我們已經向客戶提供的其他信貸產品幾乎沒有重疊。

Private payroll is also another secular shift opportunity, and we're seizing it. Also worth mentioning our reshaping process on the credit card portfolio is underway with the participation of installments in the total portfolio, moving from 7% to 9%.

私人薪資單也是另一個長期轉變的機會，我們正在抓住它。另外值得一提的是，我們正在對信用卡組合進行重塑，分期付款在整個組合中的佔比從 7% 上升到 9%。

Moving forward to the investments vertical, AUC increased 54% on a yearly-basis, reaching BRL146 billion. Our engaged base also maintained growth reaching over 7.2 million active clients. One highlight of this quarter is that we achieved nearly 4% market share of treasury direct balance, growing 80 bps in one year, also great evolution in our third-party fixed income distribution and on Inter assets under management when we look at the yearly comparison.

在投資垂直領域，AUC 年增 54%，達到 1,460 億巴西雷亞爾。我們的用戶群也保持成長，活躍客戶數量達到 720 多萬。本季的一個亮點是，我們在國庫直接餘額方面取得了近 4% 的市場份額，一年內增長了 80 個基點，而且從年度比較來看，我們的第三方固定收益分配和國際資產管理規模也有了很大的發展。

Moving to insurance. We had another record-breaking quarter. We have been experiencing significant growth and penetration which we can achieve with the right targeting quality products and hyper-personalization. We reached nearly 8 million active contracts growing 51% in just one quarter, and sold an impressive 3.5 million items. FGTS and (inaudible) low ticket but recurrent products, continue to be the highlights.

轉向保險。我們又經歷了一個破紀錄的季度。我們一直經歷著顯著的成長和滲透，這是我們透過正確定位優質產品和高度個人化實現的。僅一個季度，我們就達成了近 800 萬份有效合同，增長了 51%，並售出了令人印象深刻的 350 萬件商品。FGTS 和（聽不清楚）低價但反覆出現的產品繼續成為亮點。

Shifting to our marketplace, we saw good numbers to start the year. GMV grew by almost 30% comparing to the first quarter of last year, reaching BRL1.3 billion. This quarter, 8% of the (inaudible) GMV was generated through our By Now Pay Later operations. This unique combination enables us to leverage our fee revenues while also generating interest income from higher-margin unsecured credit operations.

轉向我們的市場，我們看到年初的業績表現良好。GMV 與去年第一季相比成長了近 30%，達到 13 億巴西雷亞爾。本季度，8% 的 (聽不清楚) GMV 是透過我們的 By Now Pay Later 業務產生的。這種獨特的組合使我們能夠利用我們的費用收入，同時也能從利潤率較高的無擔保信貸業務中獲得利息收入。

Our global front is growing at an accelerated pace with clients increasing 41% in the year, totaling 4.1 million. Global AUC grew around 20% in the quarter, with a highlight in the deposit balance, which increased almost 30% in only one quarter.

我們的全球業務正在加速成長，客戶數量今年增加了 41%，達到 410 萬人。本季全球 AUC 成長了約 20%，其中存款餘額尤為突出，僅在一個季度就成長了近 30%。

Recently, we announced the launch of our investment accounts for Argentinians through a partnership with Bind, an Argentinian bank. Through this product, our clients will have access to a product very similar to our global account used by Brazilians.

最近，我們宣布與阿根廷銀行 Bind 合作，為阿根廷人推出投資帳戶。透過該產品，我們的客戶將可以使用與巴西人使用的全球帳戶非常相似的產品。

Finally, we surpassed 12 million clients in loyalty, our last business vertical, with several ways for them to earn and redeem their points with Inter Super App. Those clients become the most active within our platform. They tend to generate many times more ARPAC than regular clients and use 2.3 times more products. This quarter, we added one more airline to the burn portfolio, and we'll keep evolving the offering.

最後，我們的忠誠度客戶數量超過了 1,200 萬，這是我們的最後一個業務垂直領域，客戶可以透過 Inter Super App 以多種方式賺取和兌換積分。這些客戶成為我們平台內最活躍的客戶。他們往往比普通客戶產生更多 ARPAC，並且使用更多 2.3 倍的產品。本季度，我們在 Burn 投資組合中又增加了一家航空公司，並且我們將繼續改進產品組合。

Last but not least, talking about market share on Page 23, we can see a great evolution for many products. We are effectively providing our clients with access to our extensive range of solutions and increasing our share of wallet.

最後但同樣重要的一點是，談到第 23 頁的市場份額，我們可以看到許多產品都有了巨大的發展。我們正在有效地為客戶提供廣泛的解決方案，並增加我們的市場份額。

This evolution is happening both on credit and fee businesses, and we gained more than 40 bps of market share in 7 of the 10 presented products. As we continue to expand our product offerings and enhanced client engagement, I am confident that we will further solidify our position in the market.

這種演變發生在信貸業務和費用業務上，我們在 10 種展示的產品中的 7 種中獲得了超過 40 個基點的市場份額。隨著我們不斷擴大產品供應並增強客戶參與度，我相信我們將進一步鞏固我們的市場地位。

Now, I'll pass the mic to Santi, who would cover the financial part.

現在，我將把麥克風交給桑蒂 (Santi)，他負責財務部分。

Thank you, Xandre. Hello, everyone. Starting with loans, we had another great quarter. Our total loans grew 33% over the last year, 3 times more than the Brazilian market. Notably, our FGTS and home equity products have been once again the key highlights, growing 43% and 45% year over year, respectively. Both products have very attractive returns and have been instrumental in improving our credit portfolio profitability.

謝謝你，Xandre。大家好。從貸款開始，我們又度過了一個出色的季度。去年我們的貸款總額增加了 33%，是巴西市場的 3 倍。值得注意的是，我們的 FGTS 和房屋淨值產品再次成為主要亮點，分別年增 43% 和 45%。這兩種產品的回報都非常誘人，並且有助於提高我們的信貸組合獲利能力。

Payroll and personal loans also had great performance with a 7% growth this quarter jumping from BRL5.2 billion to BRL5.7 billion, the highest growth in many years.

薪資和個人貸款也表現出色，本季成長 7%，從 52 億雷亞爾躍升至 57 億雷亞爾，創下多年來的最高增幅。

As shown in this slide, we outpaced the market growth in most of our portfolios. FGTS and home equity grew about twice as fast as the market, continuing to gain both market share and prominence in our loan mix.

正如這張投影片所示，我們的大多數投資組合都超過了市場的成長。FGTS 和房屋淨值的成長速度大約是市場的兩倍，繼續在我們的貸款組合中獲得市場份額和突出地位。

Credit cards also grew nearly twice the market all while maintaining our risk appetite and improving asset quality metrics. On mortgages, we continue to gain share with accretive returns and have been recently favored by competitors being less active as earmarked mortgage loans availability decreases.

在維持風險偏好和改善資產品質指標的同時，信用卡市場規模也成長了近兩倍。在抵押貸款方面，我們繼續透過增加回報來獲得市場份額，並且由於專用抵押貸款可用性的減少，我們最近受到競爭對手的青睞，而競爭對手的活躍度有所下降。

We are also seeing an increase in underwriting of payroll loans and had strong start in the private payroll market, reaching nearly 200 million portfolio in just 10 days of originations. So overall, healthy growth trends across profitable and sustainable products.

我們也看到薪資貸款承銷量有所增加，並在私人薪資市場取得了強勁開局，在發放貸款僅 10 天後就達到了近 2 億的投資組合。因此總體而言，獲利和永續產品的成長趨勢是健康的。

Moving to our asset quality page. Our metrics showed further improvement even though first quarters are typically more challenging given lower liquidity among individuals. The 90-day past due loans ratio demonstrated a strong performance improving 10 basis points going back to 2022 levels.

前往我們的資產品質頁面。儘管由於個人流動性較低，第一季通常更具挑戰性，但我們的指標仍顯示出進一步的改善。90 天逾期貸款比率表現強勁，較 2022 年水準提高了 10 個基點。

The credit cards NPL when analyzed across cohorts continue to show strong performance validating the improvements made in our underwriting models. And finally, NPL formation remained stable at 1.2%, a decrease of approximately 30 basis points over the last 12 months. Main improvements came from credit card portfolio, combined with strong performance in the collections front.

在對不同群組進行分析時，信用卡不良貸款持續表現出強勁的表現，驗證了我們的核保模式所取得的改善。最後，不良貸款形成率保持穩定在 1.2%，在過去 12 個月中下降了約 30 個基點。主要的改善來自於信用卡組合，以及收款方面的強勁表現。

On this page, we can see the evolution of our cost of risk metric. To keep improving our financial reporting KPIs, we included all the securities that generate provision expense in this ratio. This quarter, we reached at 4.6% cost of risk level improving 20 basis points relative to our prior quarter and experiencing the best performance since 2022.

在此頁面上，我們可以看到風險成本指標的演變。為了持續提高我們的財務報告關鍵績效指標 (KPI)，我們將所有產生撥備費用的證券都納入了此比率。本季度，我們的風險成本水準達到 4.6%，較上一季度提高了 20 個基點，創下了 2022 年以來的最佳業績。

Furthermore, our coverage ratio has increased from 136% to 143% due to significant organic improvements in our NPL levels as seen on the prior page. We had another strong quarter of funding growth, increasing 35% on a year-over-year basis and surpassing BRL59 billion. This growth was primarily driven by time deposits, which is mainly explained by Selic increases and the success of [My PIX Bank] our product through which clients can easily invest in fixed income.

此外，如上頁所示，由於不良貸款水準的顯著有機改善，我們的覆蓋率已從 136% 上升至 143%。我們又經歷了一個融資成長強勁的季度，年增 35%，超過 590 億巴西雷亞爾。這一成長主要由定期存款推動，這主要歸因於 Selic 的成長以及我們的產品 [My PIX Bank] 的成功，客戶可以透過該產品輕鬆投資固定收益。

At the same time, the decrease in the central deposits was impacted by seasonal effects as it happened in prior first quarters. It's also important to mention that our active clients had an average of [BRL1.9300] in deposits, the second highest in our history.

同時，與前一季一樣，中央存款的減少也受到季節性因素的影響。另外值得一提的是，我們的活躍客戶平均存款為 [BRL1.9300]，這是我們歷史上第二高的水平。

Lastly, our loan-to-deposit ratio decreased from 75% to 72%, marking the high growth in our funding franchise. The healthy growth and funding mix demonstrated on the prior page enabled us to have an industry-leading indicator among Brazilian banks and FinTech's. Our cost of funding stood at 63.8% of CDI this quarter, decreasing 1.9 percentage points year over year.

最後，我們的貸存比從 75% 下降到 72%，標誌著我們的融資業務實現了高速成長。上一頁所展示的健康成長和融資組合使我們在巴西銀行和金融科技行業中擁有行業領先指標。本季我們的融資成本為 CDI 的 63.8%，年減 1.9 個百分點。

Jumping into our revenue page. We achieved a BRL3.2 billion in total gross revenue and BRL1.8 billion in net terms, a year-over-year growth of 38% and 31%, respectively. The growth in fee was affected by seasonal factors, particularly due to the decrease in TPV and GMV as well as changes in the Resolution 4966, which requires us to defer credit revenue fees through the life of the loans.

進入我們的收入頁面。我們實現了總收入 32 億雷亞爾，淨收入 18 億雷亞爾，分別年增 38% 和 31%。費用的成長受到季節性因素的影響，特別是由於TPV和GMV的下降以及第4966號決議的變化，該決議要求我們在貸款期限內推遲信貸收入費用。

On the NII front, the strong performance was primarily driven by improvements in our mix towards higher OE products, ongoing repricing and increased returns in our investment portfolio. As we are experiencing high engagement, as presented by Xandre, we observed acceleration in revenue in both new and older cohorts. We surpassed BRL116 gross ARPAC in mature cohorts, demonstrating the sustainability long-term relationship we are building with our clients.

在 NII 方面，強勁的表現主要得益於我們向更高 OE 產品組合的改進、持續的重新定價以及投資組合回報率的提高。正如 Xandre 所述，由於我們的參與度很高，我們觀察到新舊用戶群的收入正在加速成長。我們在成熟群體中超過了 BRL116 ARPAC 總額，證明了我們與客戶正在建立的可持續的長期關係。

In the first quarter, net ARPAC was impacted by fee revenue performance, as explained earlier. We expect ARPAC to resume growth in the second quarter as credit penetration continues to increase, and the deferral impact begins to dissipate. On the other hand, our efforts to optimize operations and streamline expenses contributed to our CTS to decrease 6% in the quarter, achieving BRL13.1 per client.

如同前面所解釋的，第一季度，淨 ARPAC 受到費用收入表現的影響。我們預計，隨著信貸滲透率持續提高，遞延影響開始消散，ARPAC 將在第二季恢復成長。另一方面，我們為優化營運和精簡開支所做的努力導致本季我們的 CTS 下降了 6%，達到每位客戶 13.1 巴西雷亞爾。

Now let's dive into our NIMs. It's important to highlight that we have updated the NIM methodology to better capture our financial performance by including cash and equivalents from compulsory notes in the Central Bank and excluding Interbank on lending. Both our NIM 1.0 and NIM 2.0, which excludes the noninterest receivables, are consistently showing growth over the past four quarters, achieving record levels once again this quarter.

現在讓我們深入了解我們的 NIM。值得強調的是，我們已更新 NIM 方法，透過納入中央銀行強制票據的現金和等價物並排除銀行間拆借，更好地反映我們的財務業績。我們的 NIM 1.0 和 NIM 2.0（不包括非利息應收款）在過去四個季度中持續呈現成長，本季再次達到創紀錄的水平。

As mentioned already, NII growth and by consequence, NIM expansion are the result of our disciplined capital allocation strategy, which has compounding results quarter after quarter. When we consider the risk-adjusted NIM, which deducts cost of risk, the performance is even stronger, growing 20 bps quarter over quarter.

如前文所述，NII 成長以及隨之而來的 NIM 擴張是我們嚴謹的資本配置策略的結果，該策略每季都會產生複合效果。當我們考慮扣除風險成本的風險調整後淨利差 (NIM) 時，表現更加強勁，季增 20 個基點。

Regarding expenses, we are able to decrease our overall expense base by BRL10 million, demonstrating our commitment to cost control and operating leverage. We delivered this improvement while continuing to invest in technology, focusing on process optimization, automation and providing a seamless experience to our clients.

至於費用，我們能夠將整體費用基礎減少 1,000 萬巴西雷亞爾，這表明我們致力於成本控制和營運槓桿。我們在實現這項改進的同時，繼續投資技術，專注於流程優化、自動化並為客戶提供無縫體驗。

Keep increasing the gap between net revenue growth and expense growth is one of our key goals. For another quarter, we were successful in increasing revenue in a faster pace while maintaining our costs under control. As a result, our efficiency ratio once again decreased, reaching 48.8%, 130 bps improvement relative to the prior quarter.

不斷擴大淨收入成長與支出成長之間的差距是我們的主要目標之一。在另一個季度，我們成功地以更快的速度增加了收入，同時控制了成本。結果，我們的效率比率再次下降，達到 48.8%，比上一季提高了 130 個基點。

Finally, I'd like to highlight another quarter of access in our journey towards our profitability goals. We reached 12.9% ROE, excluding minority interest, and a record net income of BRL287 million. Our consistency of progress quarter-by-quarter is remarkable in our opinion, as you can see on this slide. As Joao and Xandre mentioned, we're increasing our profitability by offering a sustainable menu of products, making these results of very high quality.

最後，我想強調一下我們在實現獲利目標的過程中所取得的另一個季度的進展。我們的股本回報率 (ROE) 達到 12.9%（不包括少數股東權益），淨收入達到創紀錄的 2.87 億巴西雷亞爾。我們認為，我們每個季度取得的進展的一致性非常顯著，正如您在這張投影片上所看到的。正如 Joao 和 Xandre 所提到的，我們透過提供可持續的產品菜單來提高盈利能力，從而使這些產品的品質非常高。

Now, I'll pass it back to Joao for his closing remarks. Thank you.

現在，我將把發言權交還給若昂，請他作最後發言。謝謝。

Thank you, Xandre. Thank you, Santi. As we approach the halfway mark for our 60-30-30 plan, I couldn't be prouder of the progress achieved so far. We ended the first quarter with 38 million clients, a 48.8% efficiency ratio and at 12.9% ROE. As I always say, every new quarter is our best quarter ever, and it's not just about these numbers.

謝謝你，Xandre。謝謝你，桑蒂。當我們的 60-30-30 計劃接近一半時，我對迄今為止的進展感到無比自豪。第一季結束時，我們擁有 3,800 萬客戶，效率比率為 48.8%，ROE 為 12.9%。正如我常說的那樣，每個新季度都是我們有史以來最好的季度，而這不僅僅是關於這些數字。

It's about building the future. As I said, we're leading the market shift with our Inter by design approach, thanks to our sustainable win-win model that benefits our stakeholders. A special thanks to our team for making this journey so amazing.

這是為了建設未來。正如我所說，我們正透過 Inter by design 方法引領市場轉變，這要歸功於我們讓利害關係人受益的可持續雙贏模式。特別感謝我們的團隊讓這趟旅程如此精彩。

Operator, you can now open for the Q&A session.

接線生，您現在可以開始問答環節了。

We will now begin the question and answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Mr. Pedro Leduc, Itaú BBA.

Pedro Leduc 先生，義大利工商管理學士。

Hi, good morning, everybody. Thank you so much for the call and the question. Congrats on the quarter. Two quick ones, please. You have any first comments to make on the private payroll product -- have been the learning so far, if there's some sort of volumes that you can share? If there's any impact on this quarter whatsoever?

大家好，早安。非常感謝您的來電和提問。恭喜本季取得佳績。請快速回答兩個問題。您對私人薪資產品有什麼初步評論嗎？到目前為止，您是否學到了一些知識，可以分享一些嗎？這是否會對本季產生任何影響？

And then second, on your NIM trajectory, we had a nice -- another advance this quarter. But if you can help us also understand the moving pieces here, if there's more pricing, if there's some -- the treasury yields, what played against or in favor, essentially trying to gauge if we -- and expect a continued expansion in NIMs in the next few quarters as well? Thank you.

其次，在您的 NIM 軌跡上，本季我們取得了不錯的進展。但是，如果您可以幫助我們了解這裡的變動因素，如果有更多的定價，如果有的話 - 國債收益率，哪些因素是有利的或不利的，本質上是試圖判斷我們 - 並且預計未來幾個季度 NIM 也會繼續擴大？謝謝。

Hi Pedro, Joao here. Thanks for the question. I'm going to cover the first part, and then Santi will mention about the second part of the question. So first of all, regarding the private payroll, as I mentioned on the call, we're very excited with the product. It's here -- it's music for our ears because at the end of the day, what we call Inter by design, it's all about that.

你好，佩德羅，我是若昂。謝謝你的提問。我將介紹第一部分，然後 Santi 將提到問題的第二部分。首先，關於私人薪資單，正如我在電話中提到的，我們對該產品感到非常興奮。它就在這裡——這是我們耳邊的音樂，因為歸根結底，我們所謂的「國際米蘭」設計，就是關於這一點的。

A good product, a huge pent-up demand where we can benefit from our funding franchise, our 100% distribution channel. So it's a very good news for us that we have this product up and running. But as always, at Inter, we like to proceed fast, but with caution.

好的產品，巨大的被壓抑的需求，我們可以從我們的融資特許經營權和 100% 分銷管道中獲益。因此，對我們來說，這款產品的推出和運作是一個非常好的消息。但與往常一樣，在國際米蘭，我們喜歡快速前進，但也要謹慎。

So we could be growing faster than we are, but we also were trying to understand how the nuance of the product, but long story short, very good opportunity for Inter, for us to capture a big market share on this product in the years to come, okay? And Santi will comment now on the capital. Thank you.

因此，我們的成長速度可能會比現在更快，但我們也在試圖了解產品的細微差別，但長話短說，對於國際米蘭來說，這是一個非常好的機會，讓我們在未來幾年佔據該產品的巨大市場份額，好嗎？桑蒂現在將對首都發表評論。謝謝。

And no impact in this first quarter, right, Joao, from the new product yet?

那麼，新產品對第一季還沒有影響嗎，對吧，Joao？

No, no impacts yet.

不，目前還沒有影響。

Thank you.

謝謝。

Leduc, thank you for the questions. So on NIMs, this is the result of our capital allocation strategy that we have been working with for many years by now, and we think that the consistency of the results in the curve of NIM, both before and after cost of risk speak for themselves.

Leduc，謝謝你的提問。因此，就 NIM 而言，這是我們多年來一直遵循的資本配置策略的結果，我們認為，風險成本之前和之後 NIM 曲線結果的一致性不言而喻。

And there are a few elements explained that we covered in prior calls that continue to be true today, which is one is the credit mix continues to improve. The credit mix even within the secured component, we have these products like FGTS and home equity, we have 30% to 40% marginal ROE. Then on the mix also, we have the financing, the Buy Now Pay Later and now the private payroll that Joao alluded to, also improving the yields as a consequence of mix change.

我們在先前的電話會議中討論過的一些因素在今天仍然適用，其中之一就是信貸組合持續改善。信貸組合即使在有擔保部分中，我們也有 FGTS 和房屋淨值等產品，邊際 ROE 為 30% 至 40%。然後，在組合方面，我們還有了融資、先買後付以及 Joao 提到的私人薪資單，這些也因組合變化而提高了收益率。

And then the second element is within each of the specific portfolios the interest rates are also going up, particularly on the loan portfolios. As you know, the payroll and the mortgages, a lot of which were issued when the Selic was low. And now we are originating them at margin ROEs of around 20%, and therefore, the performance increases.

第二個因素是，每個特定投資組合的利率也在上升，尤其是貸款投資組合。如你所知，很多薪資單和抵押貸款都是在 Selic 較低時發放的。現在我們以 20% 左右的利潤率 ROE 發起這些活動，因此業績有所提高。

And the last point is on the yields of the investment portfolio. We've been also working on improving those yields, which are now about 100% of CDI. That combined with the capital optimization at the holding level, which, as you know, we've been moving part of the excess capital from the OpCo to the HoldCo, and therefore, having some benefits that are reflected -- not reflected in the NIM. They are reflected in the effective tax rate, but we can gross it up on the NIM. And all that together is yielding these strong results.

最後一點是關於投資組合的報酬率。我們也一直在努力提高產量，目前產量已達到 CDI 的 100% 左右。這與控股層面的資本優化相結合，正如您所知，我們一直在將部分過剩資本從 OpCo 轉移到 HoldCo，因此獲得了一些反映出來的收益 — — 而不是反映在 NIM 中。它們反映在有效稅率中，但我們可以在淨利息收益率 (NIM) 上將其加總。所有這些因素加在一起產生了這些強勁的成果。

The good thing is that we are -- we have a lot more to continue improving on this front. The majority is still to come, particularly from the consequence of mix improvements. The Inter by design is playing out pretty well. Private payroll is an example of that. We started operating that product from the very beginning of the first day.

好消息是，我們在這方面還有很多需要繼續改進的地方。大部分仍未實現，特別是混合改進的結果。國際米蘭的設計發揮得相當不錯。私人薪資單就是一個例子。我們從第一天起就開始營運該產品。

We're excited that, that will be another lever on the NIM expansion that we didn't have obviously planned when we presented the 60-30-30 nor when we did the budget for 2025. And hopefully, we'll continue growing and improving our NIMs as a consequence of that new product, too.

我們很高興，這將成為 NIM 擴展的另一個槓桿，這顯然是我們在提出 60-30-30 或製定 2025 年預算時沒有計劃到的。並且希望，透過推出這款新產品，我們也能繼續發展和改進我們的 NIM。

Amazing. Thank you so much.

驚人的。太感謝了。

Mr. Gustavo Schroden, Citi.

花旗銀行的 Gustavo Schroden 先生。

Hi, good morning everybody. Thanks for taking my question, and congrats on the results. I have two questions as well. The first one is regarding the loan growth. Excluding the prepayment of receivables, loans grew like 20%, 21%. So my question is should we expect some acceleration in the second -- in the coming quarters?

嗨，大家早安。感謝您回答我的問題，並祝賀您所取得的成果。我也有兩個問題。第一個是關於貸款成長。不包括預付應收帳款，貸款增加了20%、21%。所以我的問題是，我們是否應該預期未來幾季會出現一些加速？

And how do you see the challenging environment regarding inflation and high interest rates? Should we expect the bank accelerating this loan growth? And also a few words about consumer loans, which reached BRL920 million, what is the level should we expect that would reach in 2025?

您如何看待通貨膨脹和高利率帶來的嚴峻環境？我們是否應該預期銀行會加速貸款成長？另外想問消費貸款，目前已達到 9.2 億巴西雷亞爾，我們預計 2025 年會達到什麼水準？

And my second question is regarding the margin per active customer as you showed in our slide 31. We saw an increase in gross ARPAC and a decrease in cost to serve, but there was a negative impact on net ARPAC. So could you explain what is this negative impact in the net ARPAC, it was related to 4966 rule? Or I mean what can explain this decrease in net ARPAC, and as a result in margin per customer? Thank you.

我的第二個問題是關於您在第 31 張投影片中所展示的每位活躍客戶的利潤。我們發現 ARPAC 總額有所增加，服務成本有所下降，但對 ARPAC 淨額卻產生了負面影響。那麼你能解釋一下網路 ARPAC 中的這種負面影響是什麼嗎？它與 4966 規則有關嗎？或者我的意思是什麼可以解釋淨 ARPAC 的下降，以及由此導致的每位客戶利潤的下降？謝謝。

Hi, Gustavo, thanks for your question. This is Xandre speaking. So I'll start with the credit growth. So for this year, we're expecting growth in the range of 25% to 30%, even excluding the anticipation of credit card receivables, credit lines like the private payroll that Joao explored in the previous question, is going to likely boost it because it's something totally new and we see no room for cannibalization of the existing portfolio. So that's going to be on top of our normal growth.

你好，Gustavo，謝謝你的提問。我是 Xandre。我先從信貸成長開始。因此，對於今年，我們預計成長率將在 25% 至 30% 之間，即使不包括信用卡應收款的預期，Joao 在上一個問題中探討的私人工資等信貸額度也可能會推動增長率，因為它是一個全新的東西，我們認為沒有空間蠶食現有的投資組合。因此，這將是我們正常成長的最高水準。

Micro improvements that we've been doing in other credit modeling are going to help this growth also, and we'll keep executing smart strategies, so that we can grow as we have been growing in the last two years, right, without lowering the bar on credit quality. So this is very important for us, and we're excited with the year to come.

我們在其他信貸模型中所做的微小改進也將有助於這種成長，我們將繼續執行明智的策略，以便我們能夠像過去兩年一樣成長，而不會降低信貸品質的標準。這對我們來說非常重要，我們對來年充滿期待。

So far, no impact on inflation and interest rates which has a lot to do with the Inter by design, right? two-thirds of the portfolio collateralized, one-third, not collateralized and very diligent on all the modeling and policies on the noncollateralized part. This is part of the story.

到目前為止，通貨膨脹和利率沒有受到影響，這與國際米蘭的設計有很大關係，對嗎？投資組合的三分之二有抵押，三分之一無抵押，並且非常認真地對待非抵押部分的所有建模和政策。這是故事的一部分。

When we move to the Consumer Finance 2.0, PIX Financing and things like that, we continue to be excited about it. The product is growing. So we had more than 30% growth quarter on quarter in the total portfolio. We're optimizing volume as we go in a mix of volume and pricing to make sure that we bring the NII that we need to bring at the same time that we address clients.

當我們轉向消費者金融 2.0、PIX 融資等時，我們對此繼續感到興奮。產品正在成長。因此，我們的整個投資組合的季度環比增長超過 30%。我們正在透過混合數量和定價來優化數量，以確保我們在滿足客戶需求的同時帶來我們需要的國家資訊基礎設施 (NII)。

We see this -- the potential for this portfolio to reach somewhere around BRL1.5 billion, maybe -- we will have to navigate through the year to see how it goes, but that's a number that we can name about BRL1.5 billion coming from this BRL920 million.

我們看到，這個投資組合的潛力可能達到 15 億雷亞爾左右，我們必須觀察今年的情況才能知道進展如何，但我們可以確定的是，從這 9.2 億雷亞爾中可以賺到 15 億雷亞爾。

And one next step that's going to be interesting is we're going to launch a variation of a credit card, which we're going to call Inter Card, where we're going to be able to address clients with a credit limit to be used in platform and on PIX credit.

下一步將會很有趣，我們將推出一種信用卡的變體，我們將其稱為 Inter Card，我們將能夠為客戶提供可在平台和 PIX 信用卡上使用的信用額度。

It's going to -- and with this product, we're going to be able to address a client that has a credit rating that's marginally lower than the ones that have a full credit card. And we're also hoping to see good results from this strategy, from this product.

透過這款產品，我們將能夠解決信用評級略低於擁有完整信用卡的客戶的問題。我們也希望看到這項策略和該產品取得良好的效果。

And to finish on our Consumer Finance 2.0 portfolio, we haven't seen any delinquency variations from what we have been discussing in the prior calls, meaning that we have healthy delinquency on all of these products. Thank you.

最後，在我們的消費金融 2.0 投資組合中，我們沒有看到任何與我們在之前的電話會議中討論過的拖欠情況不同的變化，這意味著我們在所有這些產品上的拖欠情況都是健康的。謝謝。

I'll take, Gustavo, the other parts, which had to do with the margin per active clients, which is another way to ask the ARPAC. The ARPAC in this quarter, the net ARPAC, net of cost of funding decreased and therefore, the margin per active client also did. This is a consequence of a few factors.

古斯塔沃，我將討論其他部分，這些部分與每個活躍客戶的利潤有關，這是向 ARPAC 詢問的另一種方式。本季的 ARPAC，即扣除融資成本後的淨 ARPAC 有所下降，因此，每個活躍客戶的利潤率也有所下降。這是多種因素共同作用的結果。

On the one hand, fees were affected this quarter for seasonal and nonseasonal factors and therefore, impacted revenue and revenue per active clients, too. We added 1 million new active clients this quarter, which is what we did in most of the last quarter. So we're maintaining capacity to attract and retain the clients and that they look to the ARPAC.

一方面，本季費用受到季節性和非季節性因素的影響，因此也影響了收入和每活躍客戶收入。本季我們增加了 100 萬名新活躍客戶，這與上個季度的大部分時間我們所做的一樣。因此，我們保持吸引和留住客戶的能力，並讓他們專注於 ARPAC。

The good thing is that when we see it on a cohort basis, we see very strong performance, both before and after cost of funding on the cohorts, and that gives us confidence that the trend is moving in the right direction.

好消息是，當我們以群組為基礎觀察時，我們會看到非常強勁的表現，無論是在群組融資成本之前還是之後，這讓我們有信心趨勢正朝著正確的方向發展。

And lastly, there are two fronts of very strong improvement that we've had recently that are not measured in the ARPAC, but they should in a way, which is the cost of risk or delinquency levels and the efficiency that comes from the tax side that affects also ARPAC.

最後，我們最近在兩個方面取得了非常強勁的改進，雖然 ARPAC 沒有對其進行衡量，但應該以某種方式對其進行衡量，即風險成本或拖欠水平以及稅收方面的效率，這也會影響 ARPAC。

So putting all that together, we're confident that the monetization of the clients, which is what the ARPAC should answer, is moving in the right direction and as long as we continue at -- in this level of clients, and extracting value from them from a financial perspective, we are happy with the trends.

因此，綜合考慮所有這些因素，我們相信客戶的貨幣化（這是 ARPAC 應該回答的問題）正在朝著正確的方向發展，只要我們繼續保持這一級別的客戶，並從財務角度從他們身上獲取價值，我們就對這種趨勢感到滿意。

Okay. Just a follow-up on this last one, Santi. So this, let's say, small decrease in net ARPAC was related to fees? Is this correct to think this way?

好的。這只是對最後一個問題的後續回答，桑蒂。那麼，可以說 ARPAC 淨值的輕微下降與費用有關嗎？這樣想是否正確？

Yes, because on the NII side, the performance was strong -- fees. And if you want, I can tackle that one, which is the underlying question. So fees decreased this quarter by approximately BRL100 million from the fourth quarter level. The fourth quarter is always a very strong quarter, and we had around BRL40 million lower fees coming from interchange of cards and Inter Shop, which is normal because the fourth quarter is a lot stronger.

是的，因為在 NII 方面，費用表現強勁。如果你願意，我可以解決這個問題，這是根本問題。因此，本季的費用較第四季下降了約 1 億巴西雷亞爾。第四季度一直是一個非常強勁的季度，我們從卡交換和 Inter Shop 中獲得的費用降低了約 4000 萬巴西雷亞爾，這是正常的，因為第四季度的業績要強勁得多。

Then we had one-off factors, which is partly from capital gains on Inter Pag. and then the last is the 4966 rule which forced us to defer around BRL20 million of fees associated with mortgages and real estate loans throughout the life of the loan.

然後，我們還有一些一次性因素，部分來自 Inter Pag 的資本收益，最後是 4966 規則，該規則迫使我們在整個貸款期限內推遲支付與抵押貸款和房地產貸款相關的約 2000 萬巴西雷亞爾的費用。

So it's BRL40 million from seasonal factors of interchange Inter Shop, BRL40 million from Inter Pag and then 4966, and we deferred around BRL20 million, which will come along the life of the contracts. But initially, we have that impact. So those three things together show that decrease of around BRL100 million versus the fourth quarter, which when you then divide it by clients, it impacts the ARPAC.

因此，來自交換 Inter Shop 的季節性因素的 4000 萬巴西雷亞爾、來自 Inter Pag 的 4000 萬巴西雷亞爾以及隨後的 4966 巴西雷亞爾，我們推遲了約 2000 萬巴西雷亞爾，這將伴隨合約期限而來。但最初，我們有這種影響。因此，這三件事加在一起表明，與第四季度相比，減少了約 1 億巴西雷亞爾，當您將其除以客戶數時，就會對 ARPAC 產生影響。

Super clear, guys. Thank you very much.

非常清楚，夥計們。非常感謝。

Mr. Mario Pierry, Bank of America. My apologies, we are now, receiving a question from Mr. Tito Labarta. Mr. Tito, Goldman Sachs.

美國銀行的馬裡奧·皮埃里先生。抱歉，我們現在正在接受 Tito Labarta 先生的提問。高盛的 Tito 先生。

Yes, thank you. Hi everyone. Good morning. Thanks for the call, and taking my question. My question is on the efficiency ratio. I mean you kind of addressed it a little bit, Santi, discussing fees but we did see some seasonality on fees, but also saw some good performance in expenses in terms of benefiting maybe from seasonality, although on a year-over-year basis, expense is still growing a bit faster than revenue. So help us think about the outlook for expenses and how efficiency you should continue to improve throughout the year to eventually reach that 30% long-term target? Thank you.

是的，謝謝。大家好。早安.感謝您的來電並回答我的問題。我的問題是關於效率比率。桑蒂，我的意思是，你稍微談到了費用，但我們確實看到費用有一些季節性，但也看到費用在受益於季節性方面表現良好，儘管與去年同期相比，費用的增長速度仍然比收入快一點。那麼，請幫助我們思考支出前景，以及您應該如何在全年持續提高效率，以最終實現 30% 的長期目標？謝謝。

Tito, so on expenses or on efficiency in general, we are -- we had two factors that played out in the second half of last year. And that's the reason why we went from roughly 48 to slightly above 50, which had to do, one, the consolidation of Inter Pag in the third quarter, and also efficiency in the investment portfolio as we mentioned in prior calls.

蒂托，就費用或整體效率而言，我們——去年下半年有兩個因素在發揮作用。這就是我們從大約 48 上升到略高於 50 的原因，這與第三季度 Inter Pag 的合併有關，也與投資組合的效率有關，正如我們在之前的電話會議中提到的那樣。

So those two things together impacted at around 300 basis points of the efficiency from the second quarter to the third quarter of last year, we then run two quarters above 50. This quarter, we were able to see more operational leverage as a consequence mainly on the expense front, where we took the -- we were able to control expenses and take the overall number down nominally by BRL10 million.

因此，這兩件事加在一起對去年第二季至第三季的效率產生了約 300 個基點的影響，然後我們又連續兩季將效率提高到了 50 以上。本季度，我們能夠看到更多的營運槓桿，主要是在費用方面，我們能夠控制費用並將總體數字名義上下降 1000 萬巴西雷亞爾。

Going forward, we think that the efficiency ratio improvements will come mainly as a consequence of top line growth being more than the growth in expenses. And we always -- we have said and Santi mentioned at the beginning of this call, the loan book, we are seeing it growing 25% to 30%. On top of that, we will have margin -- we hope to have margin expansion.

展望未來，我們認為效率比率的提高將主要歸因於營業收入的成長超過支出的成長。我們一直都這麼說，桑蒂在這次電話會議開始時也提到過，我們看到貸款帳簿成長了 25% 到 30%。除此之外，我們還將獲得利潤——我們希望利潤率能夠擴大。

Therefore, revenue should grow north of that loan growth level and expenses will grow at a fraction of that. It's difficult for us to anticipate exactly what level, but that delta in the growth ratios of both levels are the ones we're seeing to get to the 30% by 2027 -- end of 2027, it's 1.5 to 2 percentage points improvement per quarter.

因此，收入的成長速度應高於貸款的成長速度，而支出的成長速度僅為貸款成長速度的一小部分。我們很難準確預測出具體水平，但我們認為到 2027 年，這兩個水平的成長率將達到 30%——到 2027 年底，每個季度將提高 1.5 到 2 個百分點。

If you do that linearly, obviously, life is not linear, but if you do an approximation of that, it's in line with what we see. And again, as I mentioned, it will be a consequence of more performance on the top line than on the expense front. And this quarter is a signal in that direction, 130 bps improvement of operational leverage.

如果你線性地進行計算，顯然生活不是線性的，但如果你對此進行近似計算，它就與我們所看到的一致。正如我所提到的，這將是營收表現優於支出表現的結果。本季就是朝著這個方向的一個訊號，營運槓桿提高了 130 個基點。

Great. That's helpful. Maybe just a quick follow-up on that. What are your main sort of expense drivers from here, right? I mean you had Inter Pag last year. We saw personnel and marketing was down quite a bit on the quarter.

偉大的。這很有幫助。也許只是對此進行快速跟進。您現在的主要費用驅動因素是什麼？我的意思是去年你們有 Inter Pag。我們發現本季人員和行銷支出下降了不少。

It seems like you should have a lot of operating leverage. And so just like where do you still need to invest? What's still driving expenses higher? Because I would think it should be a little bit more steady regardless of what happens with revenues now just to put it into context?

看起來你應該要擁有很大的經營槓桿。那你還需要在哪裡投資？哪些因素導致支出持續上漲？因為我認為無論現在收入發生什麼變化，它都應該更加穩定一些，只是為了將其放在背景中？

So from our expense base, approximately one-third is service and personnel. On that one, we have a lot of room for operational leverage. With the remaining two-thirds, a big component of that are technology-driven expenses, like big suppliers from abroad, cloud computing, et cetera. They are working to have more operational leverage. But initially, they are not so meaningful as they grow with the volume of the business and therefore, the variable expenses.

因此，從我們的支出基礎來看，大約三分之一是服務和人員。從這一點上看，我們有很大的營運槓桿空間。剩下的三分之二，很大一部分是技術驅動的支出，像是來自國外的大型供應商、雲端運算等等。他們正在努力獲得更大的營運槓桿。但最初，它們並不是那麼有意義，因為它們會隨著業務量的成長而成長，因此變動費用也會隨之增加。

But we're working very heavily on improving the quality of the contracts that we have with the suppliers to effectively have operational leverage as we move forward. And then there are expenses like branding and fixed expenses that are within the other two-thirds that we can have as well operation leverage.

但我們正在大力提高與供應商簽訂的合約的質量，以便在我們前進的過程中有效地發揮營運槓桿的作用。然後還有諸如品牌費用和固定費用之類的費用，這些費用占我們可以擁有的另外三分之二，以及營運槓桿。

So that's part of the work we're doing with the team. The final leverage that I would mention is AI. We already see AI playing both on the cost front and the revenue side, an important role, but it's yet at the very beginning.

這是我們與團隊共同進行的工作的一部分。我要提到的最後一個槓桿是人工智慧。我們已經看到人工智慧在成本和收入方面發揮著重要作用，但它還處於起步階段。

On the cost side, for example, the customer service department and the fraud are very two clear examples where we are -- we think on an advanced level of development. And then on the revenue side, the hyper-personalization that we mentioned exactly a year ago when we did a tech in New York.

例如，在成本方面，客戶服務部門和詐欺行為就是兩個非常明顯的例子，我們認為我們已經處於先進的發展水平。然後在收入方面，我們一年前在紐約做技術時提到了超個人化。

When you open the app, the app is highly personalized depending on the person and depending on where the person is. If it's in the airport, he gets a travel insurance offering or an FX offering. And so we are having AI playing a role on the revenue side as well.

當你打開應用程式時，該應用程式會根據個人以及個人所在位置進行高度個人化。如果是在機場，他會得到旅遊保險或外匯優惠。因此，我們也讓人工智慧在收入方面發揮作用。

Long answer. But basically, we're actively driving the outcome to make the variables, the expense lines more fixed and less variable, and as we do that and we evolve the operational leverage should be more meaningful.

長答案。但基本上，我們正​​在積極推動結果，使變數、費用項目更加固定、更少變化，隨著我們這樣做，我們的發展，營運槓桿應該更有意義。

Okay. No, that's super helpful, Santi. So one-third on the salary and personnel, there should be a lot of operating leverage, it's the other two-thirds where you're working to see where you can improve?

好的。不，這非常有幫助，桑蒂。因此，在工資和人員方面，三分之一應該有很大的經營槓桿，而另外三分之二是您正在努力尋找可以改進的地方？

Exactly. Thanks.

確切地。謝謝。

Thank you, Santi.

謝謝你，桑蒂。

Mr. Thiago Batista, UBS.

瑞銀集團的蒂亞戈·巴蒂斯塔先生。

Hello? Can you hear me?

你好？你聽得到我嗎？

Yes, we can hear you, sir. Go ahead, please.

是的，先生，我們能聽到您的聲音。請繼續。

Okay. Okay. Congratulations for the results. I have two questions. The first one on the global account. You guys are -- Inter achieved more than 4 million clients, is amazing strong, especially if you compare with your 22 million of active clients as a whole. Can you share with us the profile of those clients and your strategy on how to -- looking forward, how do you believe global account will evolve?

好的。好的。恭喜取得這樣的成果。我有兩個問題。全球帳戶上的第一個。你們—Inter 的客戶數量已超過 400 萬，這是非常驚人的，特別是如果與你們整體的 2,200 萬活躍客戶數量相比的話。您能否與我們分享這些客戶的概況以及您的未來策略，您認為全球帳戶將如何發展？

The second one on asset quality. The numbers of this quarter were more than positive on asset quality. We saw a small decline in NPL ratio, cost of risk also declined. This level of NPL of around 4% and cost of risk of 4.5%, is this the normalized level?

第二個是資產品質。本季的數據對資產品質而言非常積極。不良貸款率略有下降，風險成本也有所下降。不良貸款率約為 4%，風險成本為 4.5%，這是正常化程度嗎？

Or we can see a further improvement, especially as credit card since that have improved a lot, at least looking to the Stage 3, we saw almost 100 bps Q-over-Q decline in the Stage 3 of credit card. So this is a normal level or we can see further improvement going forward?

或者我們可以看到進一步的改善，特別是自從信用卡出現以來已經有了很大的改善，至少從第三階段來看，我們看到信用卡第三階段的環比下降接近 100 個基點。那麼這是一個正常水平還是我們可以看到未來進一步的改善？

Thiago, Joao Vitor speaking. I'm going to cover the first one regarding the global account. So to be honest, I think that we haven't been able to explain exactly our view for the global account. And let me try to do that again. I'm very excited with that product.

蒂亞戈，我是若昂‧維托爾。我將介紹有關全球帳戶的第一個內容。所以說實話，我認為我們還無法準確地解釋我們對全球帳戶的看法。讓我再試一次。我對該產品非常興奮。

The reason why with the global account in place, for Brazilians today and later on for other geographies, we can play a very good arbitrage. And what do I mean by that? We can bring the top clients from Brazil, Argentina now, for instance, are going to launch in the coming month. And price accordingly, for US dollar-based products such as remittance, debit card, credit card, shopping, loans, loyalty, everything that we have in our Super App.

之所以有全球帳戶，是為了今天的巴西人以及以後的其他地區，我們可以進行很好的套利。我這樣說是什麼意思呢？例如，我們現在可以吸引來自巴西、阿根廷的頂級客戶，並將在下個月推出。並針對匯款、金融卡、信用卡、購物、貸款、忠誠度等基於美元的產品進行相應的定價，我們的超級應用程式中擁有所有這些產品。

So this vision of getting the best clients, the premium clients from that region, from that geographies and pricing them very well, therefore, producing good returns for us on products that they cannot access through their domestic counters. It's the main vision for the global account. And it's been -- it's playing really, really well in Brazil, as you mentioned.

因此，我們的願景是獲得該地區、該地區的最佳客戶、優質客戶，並為他們制定非常優惠的價格，從而為我們帶來他們無法透過國內櫃檯獲得的產品的良好回報。這是全球帳戶的主要願景。正如您所說，它在巴西的表現非常出色。

I'm very excited with that -- with this opportunity to connect millions, I'd say mid-10s or maybe hundreds of millions of clients later on in the future with this product profile. So I agree they are very good clients. I would say that they are actually the best clients that we have at Inter, better ARPAC, very good cost to serve them. So very excited with the success of the global accounts so far, but still I think that a lot to come on that front. I'm really, really excited with this vision that Inter had two years ago.

我對此感到非常興奮——有機會透過這個產品聯繫數百萬，我想未來可能會有數千萬甚至數億的客戶。所以我同意他們是非常好的客戶。我想說他們實際上是我們 Inter 最好的客戶，更好的 ARPAC，為他們提供服務的成本非常低。到目前為止，我對全球帳戶的成功感到非常興奮，但我仍然認為在這方面還有很多事情要做。我對國際米蘭兩年前的這個願景感到非常非常興奮。

And now, Santi will cover about the NPLs and coverage ratio. Thank you, Thiago.

現在，桑蒂將介紹不良貸款和覆蓋率。謝謝你，蒂亞戈。

So Thiago, on the asset quality front, we are very pleased with the performance that we had in the past few quarters. Also, we're pleased with the first quarter, which is a quarter which is typically tough because the individuals have less liquidity in their pocket and despite that, we were able to improve the NPL.

因此，蒂亞戈，在資產品質方面，我們對過去幾季的表現非常滿意。此外，我們對第一季的表現感到滿意，這個季度通常比較艱難，因為個人口袋裡的流動性較少，儘管如此，我們還是能夠改善不良貸款。

But ultimately, the level at which we will be running going forward will depend on the mix. And we're seeing now many products starting to scale up more, private payroll is one of them, which -- the delinquency level is something that is still -- we need a bit more continuity in the product to see why it stabilizes.

但最終，我們未來的運行水準將取決於組合。我們現在看到許多產品開始擴大規模，私人薪資單就是其中之一，拖欠率仍然存在——我們需要產品有更多的連續性才能了解它為何穩定下來。

And then we have the unsecured products that are growing -- that are small in the portfolio, but gaining some participation like Buy Now Pay Later and PIX Financing. So when we combine that with the portfolio that we'll be running for longer, the real estate and the FGTS, home equity and then (inaudible) then the mix will be the ultimate driver of that level of delinquency.

然後，我們擁有正在成長的無擔保產品——它們在投資組合中所佔比例較小，但卻獲得了一些參與，例如「先買後付」和 PIX 融資。因此，當我們將其與我們將長期運作的投資組合、房地產和 FGTS、房屋淨值以及（聽不清楚）結合時，這些組合將成為這種拖欠程度的最終驅動因素。

But when we were trying to maximize, as I was mentioning before, is the evolution of the risk-adjusted NIM. Now ultimately, what we care the most on maximizing is that variable. So for example, on private payroll, at the rates that we're originating and even if there is some rate compression with delinquency levels that are higher or much higher than the public level payroll ones, we would have an accretiveness or an improvement in the risk-adjusted NIM. So it's a mix. At the end of the day, it's a question of the mix evolution through time that will define what asset quality level we have in the NPL side.

但當我們試圖最大化時，正如我之前提到的，這就是風險調整後的 NIM 的演變。現在，最終我們最關心的是最大化這個變數。舉例來說，在私人工資單上，按照我們發起的利率，即使存在一些利率壓縮，拖欠率高於或遠高於公共水平工資單的拖欠率，我們仍會在風險調整後的 NIM 中實現增值或改善。所以這是一種混合。歸根結底，這是一個隨著時間推移而發生的資產組合演變問題，它將決定我們在不良貸款方面的資產品質水準。

No thanks. Thanks, Stel.

不，謝謝。謝謝，斯特爾。

Mr. Yuri Fernandes, JPMorgan.

摩根大通的尤里‧費爾南德斯先生。

Thank you. Hi, Santi, well, Santi, good afternoon. Good morning. I have also a question regarding asset quality, but now regarding Stage 2, when we go to our Stage 3 formation, it was great, but Stage 2 went up a lot, driven by credit cards, basically, and it was a migration from Stage 1 into Stage 2.

謝謝。嗨，桑蒂，桑蒂，下午好。早安.我還有一個關於資產品質的問題，但是現在關於第二階段，當我們進入第三階段時，情況很好，但是第二階段上漲了很多，基本上是受信用卡的推動，這是從第一階段向第二階段的遷移。

So if you can comment a little bit on this, is this regarding peaks, is this the worsening asset quality ahead, like just trying to understand why there was an increase in Stage 2, and not only an increase, but also the coverage of Stage 2 for credit cards went down when we do like loan loss reserves divided by your balance, right? This used to be high and went down this quarter. So I'd like to understand what happened here with Stage 2 on credit cards. Thank you.

因此，如果您可以對此發表一些評論，這是否與高峰有關，這是否意味著未來資產品質的惡化，就像試圖理解為什麼第二階段會增加，而且不僅是增加，而且當我們將貸款損失準備金除以您的餘額時，第二階段的信用卡覆蓋率也會下降，對嗎？這個數字曾經很高，但本季有所下降。所以我想了解信用卡第二階段發生了什麼事。謝謝。

Hi, Yuri, good morning. So, on Stage 2, it's just a consequence of the 4966 requirement. And so the there is a reassignment from Stage 1 to Stage 2 of loans that have a higher probability of default and therefore, we reassign them from Stage 1 to Stage 2.

你好，尤里，早安。因此，在第 2 階段，它只是 4966 要求的結果。因此，對於違約機率較高的貸款，我們會將其從第 1 階段重新分配到第 2 階段，因此，我們將它們從第 1 階段重新分配到第 2 階段。

Nothing different in terms of performance or delinquency of the credit card clients. If you look at the cohorts that we closed in the presentation, we see the new ones coming in at strong levels in line with the more recent quarters as well. But it's a requirement that the model does no, with the higher probity of default cohorts being moved to the Stage 2.

信用卡客戶的履約或拖欠情況並沒有什麼不同。如果您看我們在演示中結束的隊列，我們會看到新隊列的加入也與最近幾季的水平一致。但該模型並未要求這樣做，因為更高誠信的預設群組將被移至第 2 階段。

Thank you, Santi. And just on this, on the resolution of 4966, correct me if I'm wrong here, but I understood from the past that even you have two accountants, right, you have your accounting in Brazil. In your accounting under IFRS 9, you are trying to keep both, so you don't need to have like different filings, right?

謝謝你，桑蒂。就這一點，就 4966 號決議而言，如果我錯了，請糾正我，但我從過去的經歷中了解到，即使你有兩個會計師，對，你的會計也在巴西。在根據 IFRS 9 進行會計核算時，您會嘗試保留兩者，因此您不需要進行不同的歸檔，對嗎？

Like, so you're implementing some of the Brazilian IFRS into your international IFRS so you can have like more comparable. Is this the reason why we see fees and stage show now like impacted? Like just trying to understand because some investors, they ask us why you are being impacted by the Brazilian accounting changes. And sometimes I'm not that sure about the reason why you are accounting change?

例如，您將一些巴西 IFRS 實施到您的國際 IFRS 中，以便更具可比性。這就是我們現在看到費用和舞台表演受到影響的原因嗎？就像試圖理解，因為有些投資人問我們為什麼你們會受到巴西會計變化的影響。有時我不太清楚您會計變更的原因是什麼？

Yes, so we are -- we've been reporting in IFRS since 2022. What the 4966 does it's that converts the local accounting towards IFRS, but it has certain minimums that are more rigid or different than the IFRS and we need to comply with those, as we, as bank of interest says it's a Brazilian bank that needs to comply with it. So, the impacts that we saw are primarily what we mentioned the east, the different ability of them.

是的，我們自 2022 年以來一直按照 IFRS 進行報告。4966 的作用是將當地會計轉換為 IFRS，但它有一些比 IFRS 更嚴格或不同的最低要求，我們需要遵守這些要求，因為我們作為利益銀行表示這是一家需要遵守它的巴西銀行。所以，我們看到的影響主要是我們所提到的東方，它們的不同能力。

So in the Stage 2 formation that we just spoke about. And then on the write-offs, which was a big debate that we spoke and we did so with many, we kept the 360-day period for the write-offs, but there was also a debate if that would change for more or not. For comparison purposes, we decided to keep it as it was since it was within the 4966 and both IFRS 9 norms.

在我們剛才談到的第二階段形成中。然後關於註銷，這是我們討論過的一場大辯論，我們也與許多人討論過，我們保留了 360 天的註銷期限，但也存在是否會延長的爭論。為了進行比較，我們決定保持原樣，因為它符合 4966 和 IFRS 9 規範。

No, thank you. So we may say that maybe you are a little bit more conservative, and congrats, about keeping the write offs and change. That's good for us here on, when we analyze it.

不，謝謝。所以我們可能會說，也許你有點保守，恭喜你保留了註銷和更改。當我們分析它時，這對我們有好處。

Yes, we believe it's more conservative and the comparison versus private peers makes it easy and therefore, the model ability of Inter, it's cleaner for investors and analysts. Thank you.

是的，我們認為它更加保守，與私人同行的比較使其變得容易，因此，Inter 的模型能力對於投資者和分析師來說更加清晰。謝謝。

Thank you.

謝謝。

Mr. Marcelo Mizrahi, Bradesco BBI.

Marcelo Mizrahi 先生，布拉德斯科 BBI。

Hi, my name is Marcelo Mizrahi from Bradesco BBI. But to the guys we are talking about our questions, so most of the questions was already answered. So the question is regarding the interest-earning assets or the interest-earning portfolio of the credit card.

大家好，我叫 Marcelo Mizrahi，來自 Bradesco BBI。但對於這些傢伙，我們正在談論我們的問題，所以大多數問題已經得到了解答。所以問題是關於信用卡的生息資產或生息組合。

We saw very good numbers, saw better, higher interest-earning assets. Of course, thanks to the seasonality, but looking for my question is, if this interest earning assets comparing to the total portfolio, in your view, guys it will be the same?

我們看到了非常好的數據，看到了更好、更高利息收益的資產。當然，這要歸功於季節性，但我的問題是，如果將這些生息資產與整個投資組合進行比較，在您看來，它會是一樣的嗎？

Or do you -- so -- or you believe that the recurrent level is a little bit lower than the level that it was in this quarter. And it's important to look for that during the strategy, so looking for the strategy that the bank is on the credit card, focus on the clients. So if you guys believe that this level is recurrent? Thank you.

或者您 — — 那麼 — — 或您認為經常性水準比本季的水準略低。在製定策略時尋找這一點很重要，因此尋找銀行信用卡策略時，請專注於客戶。那麼你們是否相信這個等級是重複的？謝謝。

Marcelo, this is Xandre speaking. Thank you for your question. So the dynamic that we saw on the credit card portfolio is exactly what we wanted. So we want to increase the percentage of installments in comparison to the revolving credit. And that increases interest earning.

馬塞洛，我是 Xandre。感謝您的提問。因此，我們在信用卡組合上看到的動態正是我們想要的。因此，我們希望提高分期付款相對於循環信貸的百分比。這會增加利息收入。

And it's a win-win because in one sense, we help clients get out of the problems that they may have in credit. And in the other hand, we increased our interest income, which is important for the business as well.

這是一種雙贏，因為從某種意義上說，我們幫助客戶擺脫了他們可能遇到的信用問題。另一方面，我們增加了利息收入，這對業務也很重要。

Another point that's important is we lower the rates that customers pay in comparison to revolving. So revolving are talking like rates that can top above 15% a month, and then we reduced these clients to rates that could be starting at 5%, 6%.

另一點很重要，那就是與循環貸款相比，我們降低了客戶支付的利率。因此，循環利率指的是每月最高可達 15% 以上的利率，然後我們將這些客戶的利率降低到 5% 或 6% 左右。

So really helping clients improve their indebtedness if that's what's happening. The goal is to keep increasing this part of the portfolio that has installments. And we have a -- I hope a long pipeline of products that we're launching in order to help clients.

因此，如果情況確實如此，這確實可以幫助客戶改善他們的負債狀況。目標是繼續增加投資組合中分期付款的部分。我希望我們能推出一系列產品來幫助客戶。

So just to give you an example, last month, we launched a product called installments on the total debt. As you know, in Brazil, we have the installments without interest that people can pay when they go to the retail and make their purchases. So we're helping people with this product by organizing the number of installments they're going to have and the size of the installments. So we've been having good adoption there.

舉個例子，上個月，我們推出了一款名為「總債務分期付款」的產品。眾所周知，在巴西，我們提供無息分期付款服務，人們可以在零售店購物時付款。因此，我們透過安排分期付款的次數和金額來幫助人們使用該產品。因此我們在那裡得到了良好的應用。

So -- and again, it's all about the strategy. We set the strategy to move our interest earnings from around 20, which is where we were to around 25, 26, and we're going to fulfill these steps as we move along bringing more interest income and ideally less delinquency, helping customers on a sustainable product. Thanks, Marcello.

所以——再說一遍，這一切都與策略有關。我們制定的策略是將我們的利息收入從原來的 20% 左右提高到 25%、26% 左右，我們將在前進的過程中實現這些步驟，帶來更多的利息收入，理想情況下減少拖欠率，幫助客戶獲得可持續的產品。謝謝，馬塞洛。

Thank you.

謝謝。

Ms. Neha Agarwala, HSBC.

匯豐銀行的 Neha Agarwala 女士。

Hi, thank you for taking my question. Just a few quick follow-ups. You mentioned you're launching a different credit card to increase the offering of PIX installments and the NPL. Did I hear that correctly? Did I understand that correctly? And why a different credit card? Why not with the current credit card you would expand the offering there? And then I'll ask a follow-up that I have.

你好，謝謝你回答我的問題。只需進行一些快速的跟進。您提到您正在推出不同的信用卡來增加 PIX 分期付款和 NP​​ 的提供。我沒聽錯吧？我理解得對嗎？為什麼要使用不同的信用卡？為什麼不利用現有的信用卡擴大其服務範圍？然後我會問我的後續問題。

Neha, Joao Vitor speaking. You know already that I love to say that we are really building this Consumer Finance 2.0 for our clients and for Inter in a sense. And this card, which you call InterCard is 100% digital, let's say, credit card scheme -- network, I would say, in a sense is to help us to foster more engagement with clients through our Buy Now Pay Later at Inter Shop through the PIX credit and other products that we are bringing to our ecosystem. With that in place, we can disintermediate interchange fees that the networks charge, the MDR. So there's a lot of technology behind that.

Neha，我是 Joao Vitor。你已經知道，我喜歡說我們確實在為我們的客戶和 Inter 建立消費金融 2.0。這張卡，你稱之為 InterCard，是 100% 數位化的，可以說是信用卡計劃 - 網絡，我想說，從某種意義上說，它可以幫助我們在 Inter Shop 通過 PIX 信用卡和我們帶入生態系統的其他產品，通過“先買後付”的方式與客戶建立更多的聯繫。有了它，我們就可以取消網路收取的交換費，即 MDR。這背後有很多技術。

And again, the only reason why we can do that is because we have the clients buying products and buying credit, I would say, in our platform in a true direct-to-consumer approach. And we're going to call it InterCard, and we believe that with that in place, we'll be able to bring more activity, more engagement from millions of clients that use our platform today for PIX Finance, Buy Now Pay Later shopping and so on. So that's the idea behind that. We're very excited with this product.

再說一次，我們之所以能做到這一點，唯一的原因是因為我們的客戶在我們的平台上以真正的直接面向消費者的方式購買產品和購買信用。我們將其命名為 InterCard，我們相信，透過這個平台，我們將能夠吸引更多客戶，讓他們更多地參與到使用我們平台進行 PIX Finance、先買後付購物等服務的數百萬客戶中。這就是背後的想法。我們對這個產品感到非常興奮。

Okay. So this is essentially like a preapproved line of credit in the form of a digital credit card, right?

好的。所以這本質上就像是以數位信用卡形式預先批准的信用額度，對嗎？

Exactly. That's the main idea behind the launch of this product.

確切地。這就是推出該產品背後的主要想法。

Okay. So part of the risk will also be offset by the lower expenses of operating the credit card, in which you would have to incur the other fees that happens. And I also saw that 8% of the GMV was on the platform was in the NPL this quarter. That's -- it's a great number. And I think there's a lot of potential there.

好的。因此，部分風險也將透過較低的信用卡操作費用來抵消，而您無需承擔由此產生的其他費用。我還發現本季該平台 8% 的 GMV 屬於不良貸款。這是一個很大的數字。我認為那裡有很大的潛力。

Could you talk a bit more about that, like are you offering BNPL? How are you choosing the customers within the Inter Shop platform, whom you're offering the NPL? What kind of rates you are charging? What kind of customer performance, asset quality performance you're seeing for those clients? And is that inducing more customers to come and shop on the Inter Shop platform or not? Thank you so much.

您能否進一步談談這一點，例如您是否提供 BNPL？您如何在 Inter Shop 平台內選擇向其提供 NPL 的客戶？你們收取什麼樣的費用？您看到這些客戶的客戶表現和資產品質表現如何？這是否會吸引更多顧客到 Inter Shop 平台購物？太感謝了。

Neha, the good thing about having our clients buying within our platforms that we can control everything. We can control very actively. The open to buy that they have, the rates that they are going to charge, the products that we want to offer them to buy depending on the take rate that we have.

Neha，讓我們的客戶在我們的平台內購買的好處是我們可以控制一切。我們可以非常主動地控制。他們擁有的購買開放度、他們將要收取的價格以及我們想要根據我們的接受率向他們提供的產品。

So at the end of the day, Buy Now Pay Later, we see as a very, I'd say, win-win situation for our clients and for ourselves. I have always been vocal about this Consumer Finance 2.0, where we take out the intermediaries, then we share the economics of scale with the clients, and then we'll keep going on, and we'll make this flywheel so clients are returning more to the platform.

所以，最終，我們認為「先買後付」對我們的客戶和我們自己來說都是一個雙贏的局面。我一直在倡導消費金融 2.0，即我們去掉中介機構，然後與客戶分享規模經濟，然後我們將繼續前進，製造這個飛輪，以便客戶更多地回到平台。

Regarding which clients we offer that, it depends on a lot of things. We can offer clients that have not have a credit card limit approved yet or clients that they have a specific credit card limit approved, but they want to buy a larger item on our shopping. And this item might have a juice take rate for us.

關於我們為哪些客戶提供該服務，這取決於許多因素。我們可以為尚未獲得信用卡額度批准的客戶或已獲得特定信用卡額度批准但想在我們這裡購買更大件商品的客戶提供服務。而該產品可能對我們有一定的吸引力。

So that's the kind of -- that's the kind of inputs that we bring to the model to our proprietary underwriting model, and you can do that in real time. That's the benefit of combining data and combining the platform through Inter Shop.

這就是我們為我們的專有承保模型提供的輸入，您可以即時進行。這就是透過 Inter Shop 整合數據和平台的好處。

Thank you so much. Very clear.

太感謝了。非常清楚。

Mr. Antonio Ruette, Bank of America.

美國銀行的 Antonio Ruette 先生。

Hi everyone. Thank you for your time. So I would like to dive a bit deeper on NIMs again. So if you could explore a little bit more increase -- your expectations for increase in terms of mix because we have now different trends in terms of payroll, credit cards, financing and also the use of excess liquidity. So how -- in short, how do you expect mix going forward? And also, what do you expect in terms of repricing and use of excess liquidity? Thank you.

大家好。感謝您抽出時間。因此我想再次更深入地探討 NIM。因此，如果您可以探索更多成長 - 您對組合成長的預期，因為我們現在在薪資、信用卡、融資以及過剩流動性的使用方面有不同的趨勢。那麼——簡而言之，您對未來的混合預期如何？另外，您對重新定價和使用過剩流動性有何期待？謝謝。

Santi, here again, taking that one. So on NIM, there are three driving factors that I mentioned. So one is mix. The other one is increasing the yields of the -- within the products. And the last one is increasing the yield of the investment portfolio.

桑蒂，又來了，接這個。關於 NIM，我提到了三個驅動因素。所以一個是混合。另一個是提高產品的產量。最後一點是提高投資組合的報酬率。

So in mix, we continue to see higher-than-average growth in the FGTS and home equity, and now including within the unsecured, we're seeing also private payroll. Within the unsecured, the ones that are gaining share are PIX Financing and By Now Pay Later. And the trend should be roughly in line with what we've seen maybe the toughest one to model is private payroll. But as Xandre mentioned, we're seeing strong start there with that product.

因此，總體而言，我們繼續看到 FGTS 和房屋淨值的增長高於平均水平，現在包括無擔保貸款在內，我們也看到私人工資單。在無擔保貸款中，份額不斷增加的是 PIX Financing 和 By Now Pay Later。這一趨勢應該與我們所看到的大致一致，也許最難建模的是私人薪資。但正如 Xandre 所提到的，我們看到該產品的開局強勁。

Within rates, the ones that are still with the opportunity to continue seeing increase in the yields are on the mortgages and public payroll that are running at rates that are lower. And then on top of that, on credit cards, there's a dynamic of what we call the reprofiling of cards that Xandre alluded to in the prior question, which we're trying to improve the monetization to the installments.

在利率中，仍有機會繼續看到收益率上升的是利率較低的抵押貸款和公共薪資。除此之外，在信用卡方面，我們有一個稱為卡片重新配置的動態，正如 Xandre 在上一個問題中提到的那樣，我們正在嘗試提高分期付款的貨幣化。

And then the investment portfolio, we did a strong improvement in the average yields that we have surpassing the 100%. And we are also optimizing the holding co structure and the majority of that benefit is in the effective tax rate. So it doesn't necessarily effect on the NIM, but it's part of the capital allocation strategy.

然後是投資組合，我們的平均收益率有了很大的提高，超過了 100%。我們也正在優化控股公司結構，其中大部分收益體現在有效稅率上。因此，它不一定會對 NIM 產生影響，但它是資本配置策略的一部分。

And all of those together, what we've been seeing is that the risk-adjusted NIM, which, as I mentioned before, is the one we're trying to maximize, has been growing at an average of around 20 basis points per quarter. We think that, that should continue to be the case in the coming quarters with this strategy continue to play out as we have been executing it.

綜合考慮所有這些因素，我們看到風險調整後的淨利息收益率 (NIM)（正如我之前提到的，這是我們試圖最大化的）平均每季增長約 20 個基點。我們認為，隨著這項策略的繼續實施，未來幾季將繼續存在。

Okay. Thank you.

好的。謝謝。

Mr. Daniel Vaz, Safra.

薩夫拉的丹尼爾·瓦茲先生。

Hey, hi, Joao, Santi. Happy to join for the first time after the initiation of courage. I think most of the questions have been answered, but I'm trying to focus on the -- that is a credit penetration. You improved meaningfully in the first quarter.

嘿，你好，若昂，桑蒂。很高興第一次加入後就有了勇氣。我認為大多數問題都已得到解答，但我試圖集中討論的是——信貸滲透。你在第一季取得了顯著的進步。

So could you elaborate on what's driving that increase? I know it's penetrating more credit but is it more about activating our existing client base, some specific products or new clients already joining with credit lines offered like upfront or any account changes that we should be aware of? Thank you.

那麼你能詳細說明一下推動這項成長的原因嗎？我知道它滲透了更多的信貸，但它是否更多的是為了激活我們現有的客戶群、一些特定的產品或已經加入的新客戶，並提供預付款等信用額度或我們應該注意的任何帳戶變化？謝謝。

Hi, Daniel, thank you for your question. So this has a lot to do with the overall strategy and also this -- what Joao mentioned earlier in the call about the secular shift that we're observing on the Inter by design. So with products such as private payroll coming in, the expansion of FGTS loans, and everything that we're doing in credit cards, we've been able to bring a lot more people to the base and increase credit penetration.

你好，丹尼爾，謝謝你的提問。所以這與整體策略有很大關係，而且 Joao 在先前的電話會議中提到了我們在設計上觀察到的長期轉變。因此，隨著私人薪資單等產品的推出、FGTS 貸款的擴大以及我們在信用卡領域所做的一切，我們已經能夠吸引更多的人加入到我們的行列，並提高信貸滲透率。

From a trend perspective, we have to work quarter after quarter and see where we get -- but the effort that we do internally is to keep boosting credit penetration, which has a lot to do with what we've been building, right?

從趨勢角度來看，我們必須一個季度接一個季度地努力，看看我們能取得什麼成果——但我們內部所做的努力是繼續提高信貸滲透率，這與我們一直在建設的目標有很大關係，對吧？

As most people know, when we onboard clients just a small percentage of them get an automatic credit card limit, for instance, but clients build behavior, and following this behavior, we give them a credit card limit, and we start engaging them with this credit products so that they can learn and we can grow. So I'd say it's -- this growth is by design. And we can expect to see more and more credit penetration within the client base as we move forward. Thank you. Thank you, Daniel.

眾所周知，當我們接納客戶時，只有一小部分人會自動獲得信用卡額度，但客戶會養成行為，並根據這種行為，我們會給他們一個信用卡額度，然後我們開始讓他們使用這些信用產品，這樣他們就可以學習，我們也可以成長。所以我想說，這種成長是經過設計的。隨著我們不斷前進，我們可以預見客戶群中的信貸滲透率將越來越高。謝謝。謝謝你，丹尼爾。

Thank you, and congrats.

謝謝，恭喜。

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

我們的問答環節到此結束。我想將發言權交還給若昂·維托爾·梅寧先生，請他作最後發言。

So everyone, thanks again for listening to our earnings call. And just to summarize, everything that we discussed here today, it's all about our Inter by design, how we envision 10 years ago, to build this, what I call, unique platform in a win-win situation with the clients, reducing the debt service, being digital first, having this Consumer Finance 2.0 in place in order to optimize everything, having this collateralized portfolio with many products also still to come, such as the digital receivables on the SME, so the best funding class, really 100% digital retail oriented.

所以大家，再次感謝收聽我們的收益電話會議。總而言之，我們今天在這裡討論的所有內容都是關於我們 Inter 的設計，以及我們 10 年前的設想，即與客戶建立雙贏的獨特平台，減少債務服務，數位化優先，實施消費金融 2.0 以優化一切，擁有這個抵押投資組合，其中許多產品即將推出，例如中小企業的數位應收帳款，因此是最好的融資類別，真正面向 100%。

So we're really happy that Inter is well positioned. We prepare ourselves to be here today sharing not only the results for the quarter, but already thinking about what's ahead of us, and we're very optimistic about the future.

因此，我們很高興看到國際米蘭處於有利位置。我們準備好今天在這裡不僅分享本季的業績，而且已經在思考未來的發展，我們對未來非常樂觀。

And therefore, I would like to thank for all the shareholders that have been supporting us since we launched our digital free checking account in Brazil. And also, of course, last but not least, our more than 4,000 employees at Inter that works every day harder and harder to take us to the next step. Thank you very much to all of them, and see you soon on our next earnings call. Thank you very much. Have a good day. Bye, bye.

因此，我要感謝自從我們在巴西推出數位免費支票帳戶以來一直支持我們的所有股東。當然，最後但同樣重要的是，國際米蘭的 4,000 多名員工每天都更努力工作，帶領我們邁向新的階梯。非常感謝他們所有人，希望下次財報電話會議再見。非常感謝。祝你有美好的一天。再見，再見。

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。Inter 的 IR 部門將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。