Inter & Co Inc (INTR) 2025 Q2 法說會逐字稿

(audio in progress) today's call are Joao Vitor Menin, Inter's Global CEO; Alexandre Riccio, Brazil's CEO; and Santiago Stel, Senior Vice President and CFO.

（音訊進行中）今天參加電話會議的有國際米蘭全球執行長 Joao Vitor Menin、巴西執行長 Alexandre Riccio 和資深副總裁兼財務長 Santiago Stel。

Throughout this conference call, we'll be presenting non-IFRS financial information. These are important financial measures for the company but are not financial measures as defined by the IFRS. Reconciliations to the company's non-IFRS to the IFRS financial information are available in our earnings release and earnings presentation appendix.

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。我們的收益報告和收益列報附錄中提供了公司非國際財務報告準則與國際財務報告準則財務資訊的對帳表。

I would also like to remind everyone that today's discussion might include forward-looking statements which are not guarantee of future performance. Please refer to the forward-looking statements disclosure in the company's earnings release and earnings presentation.

我還想提醒大家，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。

Today, Joao will discuss the interest strategy and business overview. After that, Alexandre and Santiago will take you through our financial and operating results in more detail. We'll then open the call for questions. I will now turn the call over to Joao. Joao, please go ahead.

今天，Joao 將討論利益策略和業務概況。之後，亞歷山大和聖地牙哥將向您更詳細地介紹我們的財務和經營業績。然後我們將開始提問。現在我將把電話轉給若昂。若昂，請繼續。

Thank you, Raf. Good morning, everyone. Today, I'm happy to share that we had another quarter of solid results. I'm also excited about our progress. As we keep innovating and making the client experience better every day.

謝謝你，拉夫。大家早安。今天，我很高興地告訴大家，我們又一個季度取得了穩健的業績。我對我們的進步也感到興奮。我們不斷創新，讓客戶體驗每天都變得更好。

Inter was designed with a clear focus. From the beginning, we choose to offer sustainable credit options, for us and for our clients. We also worked hard to diversify our source of fees and to build a strong funding franchise. Because of this choice, our profitability has compounded quarter after quarter. For the last 10 quarters, we have drawn our profits in a consistent way.

Inter 的設計重點明確。從一開始，我們就選擇為我們自己和我們的客戶提供可持續的信貸選擇。我們也致力於實現費用來源多元化，並建立強大的融資特許經營權。由於這一選擇，我們的盈利能力逐季提高。在過去的 10 個季度中，我們一直保持著穩定獲利。

This compounding effect gives us a solid foundation for the future, and we plan to keep building on it. What gets me really excited is in addition to deliver increasing profits, we are building long-term value for our stakeholders. This quarter, we delivered two features that exemplifies this value creation. One on the asset side and another one on the funding side.

這種複合效應為我們的未來奠定了堅實的基礎，我們計劃繼續在此基礎上發展。真正讓我興奮的是，除了增加利潤之外，我們還在為利害關係人創造長期價值。本季度，我們推出了兩項體現這項價值創造的功能。一個在資產方面，另一個在資金方面。

Let's start with My Credit. This is a new journey inside our app to help clients build a healthy credit relationship with Inter. Our goal is to expand credit access in a safe and responsible way. With My Credit clients can now track their scores with us directly in the app. This is much more transparent than what you usually see in Brazilian banks, where your score is often hidden.

讓我們從「我的信用」開始。這是我們應用程式內的新旅程，旨在幫助客戶與 Inter 建立健康的信用關係。我們的目標是以安全、負責任的方式擴大信貸管道。透過“我的信用”，客戶現在可以直接在應用程式中追蹤他們的信用分數。這比你通常在巴西銀行看到的要透明得多，在巴西銀行你的分數通常是隱藏的。

Through My Credit, clients can take steps to improve their scores and unlock higher limits out in clear states. This feature is not just for those who are behind on payments and want to rebuild their credit. It is also for clients who want to improve their scores and plan their finance better. We believe MyCredit is a strong tool for financial education, and it will help us grow credit penetration in a sustainable and healthy way.

透過“我的信用”，客戶可以採取措施提高他們的信用分數，並在明確的情況下解鎖更高的限額。此功能不僅適用於那些拖欠付款並希望重建信用的人。它也適用於想要提高分數和更好地規劃財務的客戶。我們相信 MyCredit 是一個強大的金融教育工具，它將幫助我們以可持續和健康的方式提高信貸滲透率。

Now moving on the funding side. We have launched My Piggybank by savings goals. With this new feature, clients can organize their savings for a specific purpose, like buying a new car, planning a vacation, or getting a new smartphone. It is a simple way for people to take control of their future.

現在談談資金方面。我們根據儲蓄目標推出了「我的小豬銀行」。透過這項新功能，客戶可以將他們的儲蓄用於特定目的，例如購買新車、計劃假期或購買新智慧型手機。這是人們掌控自己未來的簡單方法。

The response has been excellent. In less than one month over 425,000 clients have used this feature, creating more than 520,000 savings goals. This shows how engaged our users are and the strength of our platform.

反響非常好。在不到一個月的時間裡，已有超過 425,000 名客戶使用了此功能，創造了超過 52 萬個儲蓄目標。這顯示了我們的用戶參與度以及我們平台的實力。

For example, the client is saving for a new smartphone, we can offer a special promotion from Inter Shop and send tailored communications. If someone is saving for a new home, we can present our mortgage solutions. By understanding our clients' goals, we can offer the right products at the right time. This is a partial tool for monetization as it drives cross-sell across our verticals.

例如，客戶正在存錢購買一部新智慧型手機，我們可以提供 Inter Shop 的特別促銷活動並發送客製化的訊息。如果有人正在為購買新房子而存錢，我們可以提供抵押貸款解決方案。透過了解客戶的目標，我們可以在正確的時間提供正確的產品。這是實現貨幣化的部分工具，因為它可以推動我們垂直領域的交叉銷售。

Features like My Piggy Bank By Savings Goals, and My Credit, show how we listen to our clients and bring useful solutions for their everyday lives. By doing that, we were able to continuously grow our client base.

「我的儲蓄目標存錢筒」和「我的信用」等功能展示了我們如何傾聽客戶的意見並為他們的日常生活提供有用的解決方案。透過這樣做，我們能夠不斷擴大我們的客戶群。

Just a few days ago, we reached 40 million clients. This is a clear sign of the trust people place in our platform. We know this trust will keep growing as we deliver real value to our clients. That's why user experience is always at the center of what we do. Every interaction must be simple, intuitive and enjoyable.

就在幾天前，我們的客戶數量達到了 4,000 萬人。這清楚地表明了人們對我們平台的信任。我們知道，隨著我們為客戶提供真正的價值，這種信任將會不斷成長。這就是為什麼使用者體驗始終是我們工作的核心。每次互動都必須簡單、直覺且令人愉快。

This approach has helped us build a strong brand. We are proud that Inter was named the seven most powerful brand in Brazil, and the number one banking brand for Gen Z. These achievements tell us that we are on the right path. We want to create lasting and meaningful relationships with our clients.

這種方法幫助我們建立了強大的品牌。我們很自豪，Inter 被評為巴西七大最具實力的品牌之一，以及 Z 世代第一大銀行品牌。這些成就告訴我們，我們走在正確的道路上。我們希望與客戶建立持久而有意義的關係。

We're very grateful for their trust. Now Xandre and Santi will walk you through the quarterly results. Xandre, please go ahead.

我們非常感謝他們的信任。現在 Xandre 和 Santi 將向您介紹季度業績。Xandre，請繼續。

Thank you, Joao. It's incredibly exciting to see 40 million clients embracing our platform and joining us on this journey. The strength of our brand is rooted in the close relationship we built with our customers. Our Net Promoter Score remains firmly in the excellence zone at 85 points. We also continue to receive outstanding feedback with ratings of 4.9 in the Apple Store, and 4.8 in the Play Store.

謝謝你，若昂。看到 4000 萬客戶接受我們的平台並加入我們的旅程，我們感到非常興奮。我們品牌的力量源自於我們與客戶建立的密切關係。我們的淨推薦值仍穩居優秀區域，為 85 分。我們也繼續收到出色的回饋，在 Apple Store 的評分為 4.9，在 Play Store 的評分為 4.8。

These numbers aren't just statistics. They reflect the trust and engagement of real users who interact with our platform every day. In June, we saw nearly 19 million daily logins, and we now process over 780 million financial transactions each month. All these achievements highlight the high level of engagement our clients have with our ecosystem, as well as the value and synergy we create across our seven verticals.

這些數字不僅僅是統計數據。它們反映了每天與我們的平台互動的真實用戶的信任和參與。6 月份，我們每天的登入量接近 1,900 萬次，現在我們每月處理的金融交易超過 7.8 億筆。所有這些成就都凸顯了我們的客戶與我們生態系統的高度參與，以及我們在七個垂直領域創造的價值和協同效應。

Moving to the next slide. Let me start by highlighting our ongoing robust client growth. We've consistently added 1 million to 1.1 million active clients each quarter, showing how attractive and relevant our platform is to millions of people. Our activation rate has reached 57.7% with a clear upward trend towards 60%, driven by continuous improvements in marketing, onboarding and personalized experiences.

移至下一張投影片。首先，我要強調我們客戶持續強勁成長的情況。我們每季持續增加 100 萬到 110 萬活躍客戶，這表明我們的平台對數百萬人來說具有多大的吸引力和相關性。我們的啟動率已達到 57.7%，並呈現明顯上升趨勢，預計將達到 60%，這得益於行銷、入職培訓和個人化體驗的持續改進。

Our private per payroll loan is helping us reactivate former clients and attract new active users from day one. On the business side, our client base grew 19% year-over-year to 2.4 million accounts, with strong engagement and rising ARPAC levels. These achievements demonstrate the power of our platform and our commitment to deliver innovation and value.

我們的私人薪資貸款幫助我們從第一天起重新激活以前的客戶並吸引新的活躍用戶。在業務方面，我們的客戶群年增 19%，達到 240 萬個帳戶，參與度很高，ARPAC 水準不斷上升。這些成就證明了我們平台的強大以及我們對提供創新和價值的承諾。

Moving to the next page. When we look at banking performance, we see strong momentum. Total payment value grew by 33% year over year and reached BRL 374 billion, a new record high. PIX was a major driver, accounting for BRL 346 billion, and achieving an 8.2% market share.

移至下一頁。當我們觀察銀行業績時，我們看到了強勁的勢頭。總支付額年增33%，達3,740億巴西雷亞爾，創歷史新高。PIX 是主要推動力，貢獻了 3,460 億巴西雷亞爾，佔了 8.2% 的市佔率。

On the chart on the right, we can see that TPV levels keep rising across all cohorts with the darker lines representing our newest clients. These cohorts are transacting even more intensely and at a faster pace, showing higher engagement levels from the beginning. These results highlight the growing engagement of our users and the power of our platform to drive sustainable, high-quality transactional growth.

在右側的圖表中，我們可以看到 TPV 水平在所有群組中持續上升，其中較深的線條代表我們的最新客戶。這些群體的交易更加激烈，交易速度更快，從一開始就表現出更高的參與。這些結果凸顯了我們用戶日益增長的參與度以及我們平台推動可持續、高品質交易成長的力量。

Moving to the next page, we see that we had a strong quarter in credit across both secured and unsecured products. Credit penetration among active clients continues to climb, now reaching 33.8%. These healthy and sustainable growth is underpinned by initiatives such as the MyCredit journey that Joao presented, as well as our monthly credit reassessments to make sure we're supporting our clients.

翻到下一頁，我們看到本季我們的有擔保和無擔保產品信貸表現都十分強勁。活躍客戶信貸滲透率持續攀升，目前已達33.8%。這些健康且永續的成長得益於 Joao 提出的 MyCredit 之旅等舉措，以及我們每月的信用重新評估，以確保我們為客戶提供支援。

A standout highlight this quarter is our private payroll loan portfolio which sort to BRL 728 million, and now serves 153,000 clients. This success demonstrates the strength of our digital distribution and how seamlessly this product fits into our strategy, truly Inter by design.

本季的一大亮點是我們的私人薪資貸款組合，總額達 7.28 億巴西雷亞爾，目前為 153,000 名客戶提供服務。這一成功證明了我們數位分銷的實力，以及該產品如何無縫融入我們的策略，真正體現了國際米蘭的設計風格。

Real estate lending also continues to perform exceptionally well. Despite a high interest rate environment, our portfolio grew 37% year-over-year, reaching BRL 13.3 billion, including mortgages and home equity loans.

房地產貸款也持續表現優異。儘管利率較高，我們的投資組合仍年增 37%，達到 133 億巴西雷亞爾，其中包括抵押貸款和房屋淨值貸款。

In the last quarter, I shared our focus on reshaping our credit card portfolio. We're continuing to increase the share of installment products that help clients organize their financial lives. Santi will provide more details on our strong and balanced loan book performance in the next session. Altogether, these results reinforce the effectiveness of our credit strategy and our commitment to delivering sustainable, high-quality growth across all of our lending products.

上個季度，我分享了我們對重塑信用卡組合的關注。我們正在繼續增加分期付款產品的份額，以幫助客戶組織他們的財務生活。桑蒂將在下次會議上提供有關我們強勁且均衡的貸款帳簿表現的更多詳細資訊。總而言之，這些結果強化了我們的信貸策略的有效性以及我們對所有貸款產品實現可持續、高品質成長的承諾。

Moving to the next page. Let's now look at the strong performance of our other verticals. Investments continues to deliver impressive results, reaching 7.9 million active clients, a growth of 38% year-over-year. This was fueled by the success of My Piggybank with its new savings goals feature driving high engagement. As a result, assets under custody grew by 47% year-over-year.

移至下一頁。現在讓我們來看看其他垂直產業的強勁表現。投資持續取得令人矚目的成果，活躍客戶數量達到 790 萬，較去年同期成長 38%。這是由於 My Piggybank 的成功，其新的儲蓄目標功能推動了高參與度。因此，託管資產年增47%。

Insurance adoption continues to rise, reaching 10 million active contracts, up 272% year over year. This reflects the success of our fully integrated offering across other verticals, including e-commerce and banking.

保險採用率持續上升，有效合約數量達到 1,000 萬份，較去年同期成長 272%。這反映了我們在電子商務和銀行等其他垂直領域中全面整合的服務的成功。

In shopping, our in-app e-commerce platform, we saw our net take rate increased to 7.6%, while GMV grew 9%. Additionally, 9.3% of our total GMV was converted into a Buy Now Pay Later, highlighting our ecosystem's strong cross selling power.

在我們的應用程式內電子商務平台購物方面，我們的淨收入率成長至 7.6%，而 GMV 成長了 9%。此外，我們總 GMV 的 9.3% 轉化為“先買後付”，凸顯了我們生態系統強大的交叉銷售能力。

Finally, in loyalty, our client base grew 64% year over year to 13.6 million. Member of our loyalty program are highly engaged transacting 3 times more than nonmembers and using more products across our platform. These results show how each vertical not only grows individually, but also drives greater engagement and value through integration within our ecosystem.

最後，在忠誠度方面，我們的客戶群年增 64%，達到 1,360 萬。我們的忠誠度計畫的會員參與度很高，交易量比非會員高出 3 倍，並且在我們的平台上使用更多產品。這些結果表明，每個垂直產業不僅可以單獨發展，而且可以透過與我們生態系統內的整合來推動更大的參與和價值。

Our global front, in the next page, continues to accelerate with a remarkable result this quarter. The number of global account clients grew 34% year over year, reaching 4.4 million. We also had a record performance in deposits, which surpassed $294 million this quarter, up 90% year-over-year, marking our best ever quarterly growth. This vertical is becoming increasingly relevant for our clients.

在下一頁中，我們的全球戰線持續加速發展，本季取得了令人矚目的成績。全球帳戶客戶數量年增34%，達440萬。我們的存款業績也創下了歷史新高，本季存款超過 2.94 億美元，年增 90%，創下了有史以來最好的季度成長記錄。這個垂直領域對我們的客戶來說變得越來越重要。

Whether they're traveling, diversifying their investments internationally, or doing business abroad, this significant deposit growth is a clear sign of the scale and importance we have achieved with our global account offering. These results confirm that our global platform is not only gaining traction, but also building real materiality for Inter and our clients around the world.

無論他們是在旅行、在國際上分散投資還是在國外做生意，這種顯著的存款成長都清楚地表明了我們在全球帳戶服務方面所取得的規模和重要性。這些結果證實，我們的全球平台不僅獲得了關注，而且還為 Inter 和我們在世界各地的客戶建立了真正的實質。

To wrap up on the next slide, I want to highlight our continued and impressive market share gains across some of our key -- the key markets we participate. Quarter after quarter, we see tangible progress in both our credit and fee-based businesses. This momentum is a result of giving our clients real access through a complete range of solutions, which increases our share of wallet and compounds the positive impact on engagement.

在下一張投影片的最後，我想強調我們在我們參與的一些關鍵市場中持續且令人印象深刻的市場份額成長。每個季度，我們都能看到信貸業務和收費業務都取得了實際的進展。這種勢頭是透過全方位的解決方案為我們的客戶提供真正的訪問權限而實現的，這增加了我們的錢包份額並對參與度產生了積極影響。

Our strong performance in market share demonstrates not only our capacity to attract new clients but also should deepen relationship with existing ones, showing the strength and relevance of our platform. I'm confident that we will continue strengthening our position and capturing even more opportunities ahead. With that, I'll hand it over to Santi, who will share more about our financial performance.

我們在市佔率方面的強勁表現不僅證明了我們吸引新客戶的能力，而且還能加深與現有客戶的關係，展現出我們平台的實力和相關性。我相信，我們將繼續鞏固我們的地位並抓住更多的機會。說完這些，我將把話題交給桑蒂，他將分享更多有關我們財務表現的資訊。

Thank you, Xandre. Starting with loans, we had another great quarter. The total portfolio grew 8% quarter-on-quarter with a run rate basis that is slightly over 30%, marking a slight acceleration versus the growth we experienced in the prior quarters. The quality of our portfolio mix continues to be very strong, with close to 70% of it being collateralized, and therefore resilient to asset quality cycles while maintaining strong profitability as our mix continues evolving towards the high ROE products.

謝謝你，Xandre。從貸款開始，我們又度過了一個出色的季度。總投資組合較上季成長 8%，運行率略高於 30%，與前幾季相比略有加速。我們的投資組合品質仍然非常強勁，其中近 70% 有抵押，因此能夠抵禦資產品質週期的影響，同時隨著我們的投資組合繼續向高 ROE 產品發展，保持強勁的盈利能力。

As shown on this slide, we outpaced the market growth rate in most of our portfolios. FGTS and home equity grew at around 40% on a year-on-year basis, continue to gain market share and prominence in our loan mix. Mortgages, as Xandre mentioned, performed very well, growing 27% year-on-year, benefiting from an operating environment where incumbents are struggling to grow through earmarked loans.

正如這張投影片所示，我們的大多數投資組合的成長率都超過了市場成長率。FGTS 和房屋淨值年增約 40%，繼續在我們的貸款組合中獲得市場份額和突出地位。正如 Xandre 所提到的，抵押貸款表現非常出色，年增 27%，這得益於現有銀行努力透過專款實現成長的經營環境。

On payroll and personal loans, we accelerated to 27%, led mainly by digital private payroll, where we have been aggressively ceasing the opportunity given strong fit in the Inter by design model. Credit cards also grew nearly 1.5 times the market, reaching a 24% year-on-year growth level. This was achieved while working on the reshaping of the portfolio, as alluded by Xandre, and therefore, improving the profitability profile of the product. Lastly, on SMEs, we have strongly prioritized profitability over loan growth, focusing on secured working capital lines such as Pronampe and FGI-PAC or in Portuguese FJE-PAC.

在薪資和個人貸款方面，我們的成長加速至 27%，主要由數位私人薪資單帶動，我們一直在積極停止這一機會，因為該機會與 Inter by design 模型高度契合。信用卡也成長了近1.5倍，達到了24%的年成長水準。正如 Xandre 所提到的，這是在重塑產品組合的過程中實現的，因此提高了產品的獲利能力。最後，對於中小企業，我們優先考慮獲利能力而不是貸款成長，重點是有擔保的營運資金額度，例如 Pronampe 和 FGI-PAC 或葡萄牙的 FJE-PAC。

Moving on to the asset quality metrics. The 15- to 90-day NPL improved 20 basis points, while the 90-day past due demonstrated a stable trend. The credit card NPLs, when analyzed across cohorts, continue to show strong performance, validating the improvement made in our underwriting and collection models. And finally, NPL formation and Stage 3 formation stood at 1.6% and 1.5%, respectively, in line with the historical trends.

繼續討論資產品質指標。15至90天不良貸款改善20個基點，90天逾期穩定趨勢。從各組別分析來看，信用卡不良貸款持續表現強勁，驗證了我們的核保和收款模式有所改善。最後，不良貸款形成率和第三階段形成率分別為 1.6% 和 1.5%，與歷史趨勢一致。

As we observe the evolution of our cost of risk, we reached 5.0% this quarter. It is worth reminding what I've mentioned in prior calls that we are not solving to minimizing this metric but to continuously expand our risk-adjusted NIM on a healthy and sustainable basis, both for us and even more importantly, for our clients. This level of cost of risk allowed us to build a coverage ratio of 143% since the prior quarter, which is approximately 10 percentage points higher than the one we operated in the prior quarters.

隨著我們觀察風險成本的演變，本季我們達到了 5.0%。值得提醒的是，我在之前的電話會議中提到過，我們並不是要努力最小化這個指標，而是要在健康和可持續的基礎上不斷擴大我們的風險調整後的淨利息收益率，這不僅對我們有益，更重要的是對我們的客戶有益。這種風險成本水準使我們自上一季以來建立了 143% 的覆蓋率，比前幾個季度的覆蓋率高出約 10 個百分點。

We had another strong quarter of funding growth, increasing 30% in one year, and surpassing the BRL 62 billion mark. This growth was driven primarily by time deposit, which is mainly explained by the Selic increase and the success of My Piggybank, our product through which clients can invest in fixed income.

我們又經歷了一個融資成長強勁的季度，一年內成長了 30%，超過了 620 億巴西雷亞爾大關。這一成長主要由定期存款推動，這主要歸功於 Selic 的成長和 My Piggybank 的成功，客戶可以透過該產品投資固定收益。

It is also important to mention that our active clients had on average, nearly BRL 2,000 in deposits, our second highest level on record or the highest outside of our fourth quarter, which is typically the moment of the year where the liquidity is at the highest.

另外值得一提的是，我們的活躍客戶平均存款接近 2,000 巴西雷亞爾，這是我們有記錄以來的第二高水平，也是除第四季度之外的最高水平，而第四季度通常是一年中流動性最高的時刻。

Once again, the healthy growth and mix funding shown in the prior page, enabled us to have an industry-leading cost funding, which stood at 64.8% of CDI. It is interesting to note that even though our funding mix may be affected at times of high interest rates as clients naturally gravitate towards higher-yielding deposits, on the other hand, this funding cost becomes more advantageous to our performance, the highest nominal interest rate level is.

再次，上一頁顯示的健康成長和混合融資使我們擁有了領先業界的成本融資，佔 CDI 的 64.8%。值得注意的是，儘管我們的資金組合可能在高利率時期受到影響，因為客戶自然傾向於收益較高的存款，但另一方面，這種融資成本對我們的業績更有利，最高名目利率水準是。

Jumping into revenues, we achieved BRL 3.6 billion in total gross revenues, and $2.0 billion in net revenue, a year-over-year growth of 48% and 35% respectively. Quarterly growth levels were also strong at 13% and 9% respectively. This quarter, the fees performed even stronger than NAI, as explained by our growth in interchange investments and shopping.

談到收入，我們的總收入達到 36 億巴西雷亞爾，淨收入達到 20 億美元，分別比去年同期成長 48% 和 35%。季度成長水準也強勁，分別為 13% 和 9%。本季度，費用表現甚至比 NAI 更為強勁，這可以透過我們的交換投資和購物成長來解釋。

As we are experiencing higher engagement, as presented by Xandre, we observed acceleration in client monetization across cohorts. On a mature basis, we reached BRL 128 and BRL 89 on gross and net basis, respectively, when the average across active clients reached BRL 54 and BRL 32, respectively. These strong levels, combined with the cost to serve of BRL 13, allowed us to print our second best quarter of gross margin per active client, which reached BRL 19.

正如 Xandre 所介紹的，隨著我們參與度的提高，我們觀察到各個群體的客戶貨幣化速度都在加快。從成熟情況來看，我們的總額和淨額分別達到 128 巴西雷亞爾和 89 巴西雷亞爾，而活躍客戶的平均金額分別達到 54 巴西雷亞爾和 32 巴西雷亞爾。這些強勁的水平，加上 13 巴西雷亞爾的服務成本，使我們實現了每位活躍客戶毛利率第二好的季度，達到了 19 巴西雷亞爾。

We are excited with the performance we're seeing in the monetization of our customers across cohorts, and believe the success in products such as private payroll will enable us to continue seeing performance in the coming quarters.

我們對各個群體客戶貨幣化的表現感到非常興奮，並相信私人薪資等產品的成功將使我們能夠在未來幾季繼續看到良好的表現。

Now let's deep dive in our net interest margins. Both are NIM 1.0 and NIM 2.0, which excludes the noninterest receivables of credit cards, are consistently showing growth quarter-after-quarter and achieving new record levels. This performance is a result of having a healthy mix across products with an ROE-driven credit origination model, which is resulting in an increasingly optimized capital allocation of our balance sheet.

現在讓我們深入了解淨利差。兩者都是NIM 1.0和NIM 2.0（不包括信用卡的非利息應收款），它們連續幾季呈現成長態勢，並創下新的紀錄。這一業績得益於我們採用 ROE 驅動的信貸發放模式，實現了產品的健康組合，從而使我們的資產負債表的資本配置日益優化。

When we consider the risk-adjusted NIM which deducts the cost of risk from the NIM, the performance is strong too, demonstrating the compounding result of our strategy. It is interesting to see that despite the big movements, macro variables such as inflation and CDI, the trend in our NIM has remained stable, moving in the right direction. We think this is a good example of our ALM strategy is proving successful.

當我們考慮風險調整後的淨利息收益率 (NIM)，即從淨利息收益率 (NIM) 中扣除風險成本時，其表現也很強勁，證明了我們策略的複合結果。有趣的是，儘管通貨膨脹和CDI等宏觀變數波動很大，但我們的NIM趨勢仍然保持穩定，朝著正確的方向發展。我們認為這是我們的 ALM 策略成功的一個很好的例子。

On the expense side, we grew this quarter 5%, reaching BRL 873 million. A few important remarks. We continue to make strategic investments in marketing to strengthen our brand awareness. This has resulted with a record net adds of 1.1 million new active clients this quarter.

在支出方面，本季我們成長了 5%，達到 8.73 億巴西雷亞爾。幾點重要的評論。我們繼續在行銷方面進行策略性投資，以增強我們的品牌知名度。這使得本季新增活躍客戶數創下 110 萬的紀錄。

On the personal side, we continue to invest in the seniorization of our team. An example of this is the addition of Marlos Araújo that joined us as the CRO of the company, after having a highly successful career of more than 20 years at Bradesco. We are also actively investing in technology focusing on process automation and providing a seamless experience to our clients. As our business continues to expand at a strong pace, we are focused on converting the contracts with major vendors to further reduce our cost per transaction and improve the overall efficiency as we continue to scale up.

在個人方面，我們繼續投資團隊的高級化。其中一個例子是 Marlos Araújo，他在 Bradesco 銀行工作了 20 多年，取得了巨大成功，之後他加入我們，擔任公司的首席風險官。我們也積極投資專注於流程自動化的技術，為客戶提供無縫體驗。隨著我們的業務繼續強勁擴張，我們專注於轉換與主要供應商的合同，以進一步降低每筆交易的成本，並在繼續擴大規模的同時提高整體效率。

We continue focusing on operational leverage, which is one of our core pillars of our digital banking model. As a result, we are able to see improvement in our efficiency ratio where we delivered 100 basis points improvement, moving from 48.8% to 47.8%. We added this quarter another version of the efficiency ratio, which excludes the tax expense that comes from paying interest on capital, or GCP in Portuguese, which isn't an operational expense, but instead a tax one.

我們持續專注於營運槓桿，這是我們數位銀行模式的核心支柱之一。結果，我們的效率比率得到了提高，提高了 100 個基點，從 48.8% 上升到 47.8%。我們在本季度添加了另一個版本的效率比率，其中不包括支付資本利息（葡萄牙語為 GCP）產生的稅費，這不是營運費用，而是稅費。

We think that this metric is more accurate to observe and assess our operational leverage evolution. And in that basis, we reached 47.1%, a record low level. Same as with all of our other KPIs, we added the detail of this metric in our historical Excel series, which is available in our Investor Relations website.

我們認為這個指標更能準確地觀察和評估我們的營運槓桿演變。在此基礎上，我們達到了47.1%的歷史最低水準。與我們所有其他 KPI 一樣，我們在歷史 Excel 系列中添加了此指標的詳細信息，您可以在我們的投資者關係網站上找到。

And last, but certainly not least, I'd like to highlight our journey towards higher profitability. We reached a record ROE of 13.9%, delivering a record net income of BRL 315 million. On a quarterly basis, we think that the page speaks for itself, showing a remarkable consistency that makes us very proud. And it does so because we achieved it while keeping a fortressed balance sheet while continuing to invest in our long-term franchise. With that said, I'll pass it back to João for his final remarks. Thank you.

最後，但同樣重要的一點是，我想強調我們實現更高獲利能力的歷程。我們的股本回報率達到了創紀錄的 13.9%，淨收入達到了創紀錄的 3.15 億巴西雷亞爾。以季度來看，我們認為頁面本身就說明了一切，展現了讓我們感到非常自豪的驚人一致性。我們之所以能取得這樣的成績，是因為我們不僅保持了穩健的資產負債表，還繼續投資於我們的長期特許經營權。話雖如此，我會將其交還給若昂，請他做最後的評論。謝謝。

Thank you, Xandre and Santi. After sharing the quarter highlights, I want to share why I'm so excited about Inter's future. Back in 2015, when we started this journey, our focus was on building the platform.

謝謝你，Xandre 和 Santi。分享完本季的亮點後，我想分享我為何對國際米蘭的未來感到如此興奮。早在 2015 年，當我們開始這趟旅程時，我們的重點就是建立平台。

Over the last two years, we have added consistent profitability to our story. Today, growth and profitability working through symbiosis. Each one is strengthening the other, and this is the engine behind our network effect.

在過去的兩年裡，我們不斷獲利。如今，成長和獲利透過共生關係實現。每一個都在加強另一個，這就是我們的網路效應背後的引擎。

As our client base grows, we gain scale and efficiency. This greater efficiency feeds our profitability. With higher profitability, we are able to invest -- to reinvest more in our platform, improve our products and bring even more clients.

隨著客戶群的不斷擴大，我們的規模和效率也不斷提高。更高的效率提高了我們的獲利能力。在獲利能力提高後，我們就能進行投資——在我們的平台上進行更多投資，改進我們的產品並帶來更多客戶。

This restarts the cycle stronger and larger each time. Thank you to our clients, partners, and the Inter team for making all of this possible. Let's keep building the future together.

每次重新啟動這個循環，其強度和規模都會更大。感謝我們的客戶、合作夥伴和 Inter 團隊，是你們讓這一切成為可能。讓我們繼續共同建構未來。

Before we move to the Q&A, I'd like to remind our investors about the current subsidy period for converting BDRs to Class A shares. We've been highly successful in our journey to migrate our share liquidity to the US market since 2022, and it's now surpassed 50% of combined volume on most trading days. I want to emphasize that the subsidy period ends at the close of this month on August 30.

在進入問答環節之前，我想提醒我們的投資者註意將 BDR 轉換為 A 類股票的當前補貼期。自 2022 年以來，我們在將股票流動性遷移到美國市場的過程中取得了巨大成功，目前大多數交易日的交易量已超過總交易量的 50%。我想強調的是，補貼期將於本月底即8月30日結束。

If you have any questions, please don't hesitate to reach out to us. On our IR website, we've made available all the conversion rules and comprehensive guide to help you through the operational process. We want to reinforce that this movement benefits everyone, both shareholders and the company, as having shares traded in a single market creates value for all parties involved. Now let's open for questions.

如果您有任何疑問，請隨時與我們聯繫。在我們的 IR 網站上，我們提供了所有轉換規則和綜合指南，以協助您完成操作流程。我們希望強調，這項措施對所有人（包括股東和公司）都有利，因為在單一市場交易股票會為所有相關方創造價值。現在讓我們開始提問。

Eduardo Rosman.

愛德華多·羅斯曼。

Congrats on the numbers and on the execution. My question, I think it's on the private payroll product. It would be great to hear an update from you on your expectations for the product and how we can, I think, Inter's great UX and hyper personalization offering can help boost the product success with clients?

祝賀這些數字和執行力。我的問題是，我認為它與私人工資產品有關。我很高興聽到您對產品的期望，以及我認為 Inter 出色的使用者體驗和超個人化服務如何幫助提升產品在客戶中的成功？

Rosman, this is Xandre speaking. Thank you for your question. So first, I'd like to say that we're very constructive with the product. So we've said before that it was like a -- almost a product that's like made for Inter by design that we've been talking about.

羅斯曼，我是 Xandre。感謝您的提問。首先，我想說我們對該產品非常有建設性。所以我們之前說過，它就像一個——幾乎是一個專為國際米蘭設計的產品，我們一直在談論它。

So we were very happy with the launch. The early days were great, and the first quarter was even better. So we should pass the $1 billion portfolio soon here in the next days. We've been increasing in-app sales. So it's around -- getting close to 40% already. The other part comes from the government app.

因此我們對此次發布感到非常高興。初期表現很好，第一季表現甚至更好。因此，我們應該在接下來的幾天內很快就通過 10 億美元的投資組合。我們一直在增加應用程式內銷售。所以現在已經接近 40% 了。另一部分來自政府應用程式。

And it is a digital-only product for us, which also fits all the digital strategy that Inter has. And the potential pain point with the product that is delinquency is coming better than our expectations.

對我們來說，這是一款純數位產品，也符合國際米蘭的所有數位策略。而且該產品的潛在痛點——拖欠率，比我們預期的要好。

So as we have discussed before, we started the product pricing it in the conservative side with the expectation that delinquency could be in the range of 15%, but the early signs that we see as the collection progresses is that it's going to be in the single-digit side. So much better than what we forecasted in the beginning.

因此，正如我們之前所討論的，我們開始以保守的方式對產品進行定價，預計拖欠率可能在 15% 左右，但隨著收款工作的進展，我們看到的早期跡象表明，拖欠率將處於個位數。比我們一開始預測的要好得多。

But again, this is a story to be written. We've been saying that, let's say, the first 12 months is going to be at least what we need to stabilize and have a good view. But the first readings are very good. The base scenario given the -- what we see in terms of delinquency is that the product will run with an ROE beyond 30%.

但再說一遍，這是一個有待書寫的故事。我們一直在說，可以說，前 12 個月至少能讓我們實現穩定並擁有良好的前景。但第一次閱讀非常好。考慮到拖欠情況，我們觀察到的基本情況是，該產品的 ROE 將超過 30%。

Finally, as we go to the UX and hyper personalization, the first goal that we have is to keep bringing underwriting volume to the app. So having Inter's app as the primary channel for underwriting is an important goal for us. We're working on it.

最後，當我們談到使用者體驗和超個人化時，我們的首要目標是繼續為應用程式帶來承保量。因此，將 Inter 的應用程式作為承保的主要管道對我們來說是一個重要的目標。我們正在努力。

And how do we do this? You touch the hyperpersonalization, and it's a good point there. It's about feeding the product not only for people that push like the credit button that are looking for credit, but also finding situations where we can solve the customer's problem with the credit, and it's where we're going. So finding the right journeys to offer the product and solve the clients' problems. We'll see a lot of that in the upcoming months.

我們該如何做到這一點？你觸及了超個性化，這是一個很好的觀點。這不僅是為了向那些按下信用按鈕尋求信用的人提供產品，也是為了找到可以用信用解決客戶問題的情況，這就是我們要去的地方。因此，找到正確的途徑來提供產品並解決客戶的問題。在接下來的幾個月裡，我們會看到很多這樣的情況。

No, great. Santi, just a follow-up here. Given that the product is digital first, and everyone is kind of starting from the same kind of lane, let's say, starting point. It's fair to say that you expect to have a substantially higher market share in this product than you have, for instance, on the public sector payroll?

不，太好了。桑蒂，這只是一個後續問題。鑑於產品首先是數位化的，每個人都是從同一條車道開始的，可以說是起點。可以公平地說，您預計該產品的市場份額將大大高於公共部門的薪資市場份額嗎？

Yeah. We expect to get like -- in the old products, as you mentioned, so like in PIX, we started with a high market share. Even FGTS, since it was a new product, started 4% market share. And that's what we're seeing in the private payroll. So we do expect to have a market share that's going to go, say, beyond 5% given that we're starting together. And we do have appetite for the product and it's additional product. And João will complement me here.

是的。我們希望獲得像您提到的那樣的舊產品，例如在 PIX 中，我們從較高的市場份額開始。即使是FGTS，由於它是一款新產品，也佔據了4%的市場。這就是我們在私人薪資單上看到的情況。因此，考慮到我們是一起起步的，我們確實希望擁有超過 5% 的市場份額。我們確實對該產品及其附加產品感興趣。若昂會在這裡稱讚我。

So Rosman, João speaking. Thank you for your questions, for your comments. One thing to highlight, we have on the numbers that were released. We have the portability rate in place. So the incumbent banks migrating their former contracts to the new one.

羅斯曼，我是若昂。感謝您的提問與評論。需要強調的是，我們已經公佈了相關數字。我們已經制定了可移植性率。因此，現有銀行將其先前的合約遷移到新的合約。

If you exclude that, we are already running at between 15% and 20% market share. So this is very good. So we believe that we have all the tools to get a big market share of this product. And last but not least, we're very excited with that.

如果排除這一點，我們的市佔率已經達到 15% 到 20%。所以這非常好。因此我們相信，我們擁有獲得該產品巨大市場份額的所有工具。最後但同樣重要的一點是，我們對此感到非常興奮。

I'd like to say that the private payroll, which has been a common topic on the conference on the earnings calls, I mean, it's a perfect product for Inter. I like to say that it's a combination of -- yes, it's 100% digital. Yes, it does have a good capital allocation, as Santi mentioned, 30% ROE.

我想說的是，私人薪資單一直是收益電話會議上的常見話題，我的意思是，它對國際米蘭來說是一個完美的產品。我想說，這是一種組合——是的，它是 100% 數位化的。是的，它的資本配置確實很好，正如桑蒂所提到的，ROE 為 30%。

Yes, it does have a significant pent-up demand in Brazil. We're talking about maybe hundreds of billions of reais of portfolio on all three, I don't know. Yes, it does have a very good win-win situation with the client, which is very important for us. That's our mindset.

是的，它在巴西確實有大量被壓抑的需求。我們談論的可能是這三家公司數千億雷亞爾的投資組合，我不知道。是的，這確實與客戶實現了非常好的雙贏局面，這對我們來說非常重要。這就是我們的心態。

It's good for the client, good debt services, good for our company, good for our balance sheet. It's good for our long lasting relationship with the clients. So that said, I mean, we're very happy with the product. And not only that, we believe that some other private payroll like products will merge such as duplicatas through Toro, which we also want to get there at first do this is approach and get a significant market share on the market. We're very happy, and thank you for the question.

這對客戶有利，對債務服務有利，對我們的公司有利，對我們的資產負債表有利。這有利於我們與客戶建立長期關係。所以，我的意思是，我們對產品非常滿意。不僅如此，我們相信其他一些私人薪資產品（例如透過 Toro 合併的 duplicatas）也將會實現，我們也希望首先透過這種方式實現這一目標並在市場上獲得相當大的市場份額。我們非常高興，感謝您的提問。

Great, thanks a lot guys.

太好了，非常感謝大家。

Tito Labarta.

蒂托·拉巴塔。

Congratulations on the strong results. I guess my question, asset quality seems to be holding up fairly well. Your provisions kind of did go up a bit, cost of risk a bit higher as you're growing, I guess, in riskier products, particularly maybe with the growth in the private payroll as well.

恭喜您取得如此優異的成績。我想我的問題是，資產品質似乎保持得相當好。我想，隨著您在風險較高的產品上的成長，您的撥備確實有所增加，風險成本也有所提高，尤其是隨著私人薪資單的成長。

So just how do you think about those two lines in terms of the outlook for credit quality for the rest of the year, given you kind of had to factor in a higher Selic and maybe economy slowing a little bit? And then your outlook for provisioning levels as well as you continue to grow at a very healthy pace, and you're growing in somewhat higher risk segments. Just help us how you're thinking about those two lines?

那麼，考慮到您必須考慮更高的 Selic 和可能略微放緩的經濟因素，您如何看待這兩條線對於今年剩餘時間信貸品質前景的影響？然後，您的撥備水平前景以及您繼續以非常健康的速度成長，並且您在風險較高的領域中不斷增長。請幫助我們，您對這兩行有什麼看法？

Tito, this is Santiago. I'll take that one. So starting by the Inter [exceptional] or the Inter by Design, that's how we prepare to navigate the asset quantity cycles through a diversified loan portfolio, which is skewed towards securitized products. And with sustainable borrowing cost for the clients, which we think is the way to have a healthy long-term relationship.

蒂托，這是聖地牙哥。我要那個。因此，從 Inter [exceptional] 或 Inter by Design 開始，這就是我們準備透過多元化貸款組合來引導資產數量週期的方式，該組合偏向於證券化產品。並為客戶提供可持續的借貸成本，我們認為這是建立健康的長期關係的方式。

And as we mentioned, we are solving to increase risk-adjusted NIM. We're not solving to increase NIM alone, or to minimize cost of risk. So we see that as a variable that we're aiming to optimize. We did report the lowest 90-day NPL since 2022. We think that this is the result of all of the great work done by our credit underwriting collections and risk teams, and that is paying off as we continue to improve quarter-over-quarter.

正如我們所提到的，我們正在努力提高風險調整後的淨利差。我們的解決方案不僅僅是增加 NIM，或最小化風險成本。因此我們將其視為我們要優化的變數。我們確實報告了自 2022 年以來最低的 90 天不良貸款。我們認為這是我們的信用核保收款和風險團隊所做的所有出色工作的結果，隨著我們逐季繼續改善，這些工作正在獲得回報。

We are taking, as you mentioned, more marginal risk on certain lines. Private payroll is an example. We're super happy with the performance that we'll have in the risk-adjusted NIM. And the ROEs, as Xandre mentioned, are significantly about a 30% level. We are reshaping the credit card portfolio and Buy Now Pay Later is another product that we're trying to lever on the success of the Inter Shop platform.

正如您所提到的，我們在某些方面承擔了更多的邊際風險。私人薪資單就是一個例子。我們對風險調整後的淨利息收益率 (NIM) 表現感到非常滿意。正如 Xandre 提到的，ROE 明顯在 30% 左右。我們正在重塑信用卡組合，「先買後付」是我們試圖利用 Inter Shop 平台的成功推出的另一款產品。

So all this together, it's resulting in an increase in the credit penetration of our active clients, which is something that we're increasingly more focused on. We want to monetize our clients increasingly more. And the (technical difficulty) has a high sensitivity to this penetration.

所有這些因素加在一起，導致了我們活躍客戶的信貸滲透率的提高，這也是我們越來越關注的事情。我們希望越來越多地從客戶身上獲取利潤。而且（技術難度）對這種滲透的敏感度很高。

All of this to say -- to answer your question, Tito, the 5% to 5.25% number that we have been mentioning in the product port is we continue to think that's the case. We have been surprised on having many quarters better than that. So the reality has shown us a bit better performance than our models were predicting. We would like to continue to be positively surprised going forward, but our base case continues to be in the 5% to 5.25% cost of risk basis.

所有這些都是為了回答你的問題，Tito，我們在產品端口中提到的 5% 到 5.25% 的數字是我們繼續認為情況確實如此。我們很驚訝地發現有很多季度的表現都比這更好。因此，現實情況表明，我們的表現比模型預測的要好一些。我們希望未來能夠繼續獲得正面的驚喜，但我們的基本情況仍然是風險成本在 5% 至 5.25% 之間。

Great. That's helpful, Santiago. So I guess at a high level, maybe because of the growth that you're having, growing in higher risk segments, the cost of risk could be a little bit higher, just maybe getting closer to that 5.25%, I'm not sure the exact number, but compensated with better margins overall. But in general, maybe cost of risk can still trend up a little bit more from here given the risk and the growth that you have?

偉大的。這很有幫助，聖地亞哥。因此，我猜想，從高層次來看，也許是由於你們在高風險領域取得的成長，風險成本可能會稍微高一些，可能更接近 5.25%，我不確定確切的數字，但總體而言，利潤率更高，這可以彌補這一缺陷。但總體而言，考慮到風險和成長，風險成本可能仍會從現在開始略有上升？

The 5% to 5.25% already contemplates the mix at which we are originating today. So we are continuing to do a lot of FGTS as well. Mortgages were accelerating. As Xandre mentioned that in his part where ceasing their attractive opportunity. Home equity continues to be a product with a lot of success.

5% 到 5.25% 已經考慮到了我們今天所採用的組合。因此我們也將繼續進行大量 FGTS。抵押貸款正在加速成長。正如 Xandre 提到的那樣，他的部分正在停止他們的誘人機會。房屋淨值仍然是一種非常成功的產品。

So we're also growing on the other lines, right? So when we put all of it together, and we had the improvements that we're doing in the Credit and Collections, France as well, we see the 5% to 5.25% continue to be the base case with some potential to be surprised as we have in the prior quarters.

所以我們在其他方面也在成長，對嗎？因此，當我們把所有這些因素綜合起來，再加上我們在法國信貸和收款領域所做的改進，我們看到 5% 至 5.25% 仍然是基本情況，但可能會像前幾季一樣令人驚訝。

Okay. And on the asset quality front, it sounds like you feel fairly comfortable with asset quality given the NPLs that you're delivering?

好的。在資產品質方面，考慮到您提供的不良貸款，聽起來您對資產品質感到相當滿意？

We are. We have been, as I mentioned, seeing that improvement. It's the lowest level we had since the 2022. And as we continue to navigate these new products, private payroll, as João mentioned, we see that trending towards the single digit. We need more time to see where it actually ends up.

是的。正如我所提到的，我們已經看到了這種改善。這是自 2022 年以來的最低水準。正如 João 提到的那樣，隨著我們繼續探索這些新產品，私人薪資單，我們看到這一趨勢正朝著個位數發展。我們需要更多時間才能知道最終結果如何。

But again, the goal is to continue to improve the risk-adjusted NIM. And that's what we're trying to aim for. And we see that on page 27, moving consistently in the right direction.

但同樣，目標是繼續改善風險調整後的淨利差。這正是我們努力追求的目標。我們在第 27 頁看到，我們正朝著正確的方向不斷前進。

Yuri Fernandez.

尤里·費爾南德斯。

I would like to ask you about [margins] on your NIM [expansion] especially on a by-product when we try to look after the (inaudible) We see a pretty good improvement on personal loans and real estate. I think like the personal loan yields, they moved to 23%, from 19.5% in the first Q. So if you can explain a little bit what drove this improvement? If this is seasonal?

我想問一下你們關於 NIM [擴張] 的 [利潤率] 問題，特別是當我們試圖照顧副產品時（聽不清楚）我們看到個人貸款和房地產有了相當好的改善。我認為個人貸款收益率從第一季的 19.5% 上升到了 23%。您能否稍微解釋一下推動這項改善的原因是什麼？這是季節性的嗎？

Is it sustainable? If it is driven by, I don't know, your peak finance product? Is [need]? So just to understand. And in addition to the yield, if you can comment a little bit on the margins.

它可持續嗎？如果它是由，我不知道，你的巔峰金融產品所推動的？是[需要]？所以只是為了理解。除了收益率之外，您是否可以對利潤率發表一些評論？

It has been a pretty good run. Markets continue to go up even with a -- as more increasing the funding cost that is still very low, right? But if you can also comment a little bit on your new trajectory, I think that's interesting.

運作情況相當不錯。即使融資成本不斷增加，市場仍會繼續上漲，但融資成本仍然很低，對嗎？但如果您也可以對您的新軌跡發表一些評論，我認為這很有趣。

Yuri, it's me again. So yes, we're very happy with the way the interest rates on the product level evolve. When we look at the all-in loans rate. We grew from 20.3% to 22.5%. So a pretty nice growth, twice more than what we had in the prior quarters.

尤里，又是我。所以是的，我們對產品層面的利率變化方式感到非常滿意。當我們查看全額貸款利率時。我們從 20.3% 成長到了 22.5%。因此，這是一個相當不錯的成長，是前幾季的兩倍。

The driver at the product level, the main one was person on the personal lines, which is a digital private payroll. That loan balance now surpassing BRL 130 million. It has -- it pushes the interest rate of that product up.

產品層面的驅動因素主要是個人線路上的人員，即數位私人薪資單。該筆貸款餘額現已超過 1.3 億巴西雷亞爾。它確實推高了該產品的利率。

Then on mortgages, or real estate, we have been accelerating that loan growth. As we mentioned, the competitive dynamic is favorable for us to attack that segment. And the newer loans are coming at interest rates. So the front book is significantly more accretive to me than the back book.

然後，在抵押貸款或房地產方面，我們一直在加速貸款成長。正如我們所提到的，競爭動態有利於我們進入該領域。而且新發放的貸款都有利率。因此，對我來說，前面的書比後面的書更有價值。

So the repricing is accelerating there and performing very well. There on the SMEs, as we mentioned also in the intro, we are prioritizing performance over size. The size is an output, and we want to continue to foster these lines like Pronampe and FJE-PAC, which are lines that have a very strong profitability profile.

因此，那裡的重新定價正在加速，並且表現得非常好。對於中小企業，正如我們在介紹中提到的那樣，我們優先考慮績效而不是規模。規模就是產出，我們希望繼續培育像 Pronampe 和 FJE-PAC 這樣的生產線，這些生產線具有非常強大的獲利能力。

So when we put all that together, we see this improvement and other lines that were not mentioning because we were already performing well, we think from before, like FGTS, which has a 1.8% rate, or home equity, which has inflation 10%-plus -- 15%-plus, increasing by 15% are also pushing the NIM.

因此，當我們把所有這些因素放在一起時，我們看到了這種改善，以及其他之前沒有提到的項目，因為我們已經表現良好，我們認為，從以前開始，比如利率為 1.8% 的 FGTS，或者通貨膨脹率為 10% 以上 - 15% 以上的房屋淨值，增加 15% 也在推動 NIM。

So we're seeing the model working. This ROE driven underwriting framework is working across the frame in a very positive way. And the results compound. And also we seize the opportunities that come to us.

我們看到該模型正在發揮作用。這種由 ROE 驅動的承保框架正在以非常積極的方式在整個框架內發揮作用。且結果不斷複合。我們也會抓住出現在我們面前的機會。

João mentioned that private payroll was something we did not have factor in our budget for 2025, and we did it at the end of the prior year. And we're able to start offering the product since the very first data was available.

João 提到，我們在 2025 年的預算中沒有考慮私人工資，我們在去年年底就考慮過了。自從第一批數據可用以來，我們就可以開始提供該產品。

No, super clear. So basically, repricing and mix, right, those two things combined. If I may, just a follow-up, Santiago. You mentioned like in presidential about the change in the nature of the credit card offering. If you can simplify a little bit more what are those changes if this loyalty, new product, finance whatever? Just trying to understand what you mean by that.

不，非常清楚。所以基本上，重新定價和混合，對，這兩件事結合在一起。如果可以的話，我只是想跟進一下，聖地亞哥。您在總統演講中提到了信用卡發行性質的變化。如果可以再簡化一點，忠誠度、新產品、財務等方面的變化是什麼？只是想了解你的意思。

And congrats on cards TPV. I think like the growth on volumes were strong. So I just want to understand what is different on the credit card product here for you?

並祝賀TPV卡。我認為銷量增長強勁。所以我只是想了解這裡的信用卡產品有什麼不同？

Hi, Yuri. This is Xandre speaking. So on the credit card product, there is a lot going on. We are working to grow that portfolio. And there are a few things that we're doing there. One, which is one of our key goals is to do the reshaping the reshaping to clarify means increasing the interest earning portfolio. And this increase comes in mainly two ways. One is increasing fixed finance and we keep on working to increase this volume.

你好，尤里。我是 Xandre。因此，在信用卡產品方面，有很多事情要做。我們正在努力擴大該投資組合。我們在那裡做了一些事情。一、我們的主要目標之一是進行重塑，明確增加生息投資組合的手段。這種成長主要體現在兩個方面。一是增加固定融資，我們將繼續努力增加這筆金額。

And the second one is helping customers solving their problems when they have delinquency, which means offering them more products of installments. So in the second quarter, we saw an improvement in this reshaping initiative. As you see, we went from 78.5 in transactors to 78. So we did see this improvement.

二是幫助客戶解決拖欠還款的問題，也就是提供更多的分期付款產品。因此，在第二季度，我們看到了這項重塑措施的改善。如您所見，我們的交易者數量從 78.5 增加到了 78。所以我們確實看到了這種改善。

We launched a new product in about May, which is a full balance installment renegotiation. With that launch, we held a little bit on the fixed financing for the 45 days in the tail of the quarter. And overall, did see a growth in the installment portion, as you can also see on page 14 with the BRL 1.2 billion portfolio.

我們在五月左右推出了一款新產品，這是全額餘額分期重新談判的產品。隨著此次推出，我們在本季末的 45 天內保留了一些固定融資。總體而言，分期付款部分確實有所增長，正如您在第 14 頁看到的 12 億巴西雷亞爾的投資組合一樣。

So we'll keep doing that. We'll keep stimulating growth in the installment portion, in the interest earning portfolio. And one last piece that I'd like to mention in terms of the growth of the portfolio is the product we talked about in the last quarter call, which is InterCard, which is a credit card limit that works exclusively to PIX financing, or Boleto or for -- just to pay.

所以我們會繼續這樣做。我們將繼續刺激分期付款部分和生息投資組合的成長。關於投資組合的成長，我最後想提一下我們在上個季度電話會議上討論的產品，即 InterCard，這是一種專門用於 PIX 融資或 Boleto 或支付的信用卡限額。

So it's only -- it's a credit card that's always interest earning. That's the new one. We have a few clients with already this feature enabled, and we'll see how it evolves here in the next few months. Thank you.

所以它只是一張能產生利息的信用卡。這是新的。我們有幾個客戶已經啟用了此功能，我們將在接下來的幾個月中觀察它的發展。謝謝。

Gustavo Schroden.

古斯塔沃·施羅登。

Hi, good morning. Congrats on the results. Strong evolution indeed. So my question is regarding the 6/30/30 plan, right? So we are doing some math here, taking into consideration the current run rate you have presented. And in a simple math here, we estimate an ROE by the end of this year, around 16% to 17%.

嗨，早安。恭喜取得成果。確實是強大的進化。所以我的問題是關於 6/30/30 計劃，對嗎？因此，我們在這裡進行一些計算，考慮到您提供的當前運行率。透過簡單的計算，我們估計今年年底的 ROE 約為 16% 至 17%。

Efficiency ratio around 45% and the number of customers around 40 million, 42 million customers by the end of this year. And for the next year, assuming the same run rate, we would be around 22%, 23%. And efficiency ratio around 40% and 50 million clients by the end of 2026.

效率比率約45％，客戶數約4,000萬，今年底將達4,200萬客戶。對於明年，假設運行率相同，我們的成長率將在 22% 至 23% 左右。到2026年底，效率率將達到40%左右，客戶數量將達到5000萬。

I know that you don't give official guidance, but my point here is that would you be able to elaborate on these numbers that I just mentioned? If those numbers, they make sense? And how do you see the evolution of these KPIs, let's say, to achieve this 6/30/30 plan by the end of 2027? Thank you.

我知道您沒有提供官方指導，但我的觀點是，您能詳細說明我剛才提到的這些數字嗎？如果這些數字有意義的話，它們有意義嗎？您如何看待這些 KPI 的演變，比如說，到 2027 年底實現這個 6/30/30 計畫？謝謝。

Schroden, thank you for your question. Joao speaking here. First of all, I mean we're very proud of this 6/30/30 plan, which was unveiled 2.5 years ago. As we just mentioned, it's not a guidance, but we're really focused on delivering the three KPIs of it, number of clients, efficiency and also ROE.

施羅登，謝謝你的提問。若昂在此講話。首先，我們對兩年半前推出的這項 6/30/30 計畫感到非常自豪。正如我們剛才提到的，這不是一個指導，但我們真正專注於實現它的三個 KPI，即客戶數量、效率和 ROE。

In a five-year period, a lot of things change. We have some headwinds, some tailwinds. For instance, we didn't expect that the macro will be like that today. But also we didn't expect that we would have the private payroll kicking in. We didn't expect that, for instance, we might have the duplicatas through Toro starting next year as the Central Bank is advocating for.

五年的時間裡，很多事情都改變了。我們遇到了一些逆風，也遇到了一些順風。比如說，我們沒有想到今天的宏觀會是這樣的。但我們也沒想到私人薪資單會開始生效。例如，我們沒有想到，正如中央銀行所倡導的那樣，我們可能會從明年開始透過 Toro 獲得重複項。

So it's a lot of uncertainties, of course, for a five-year plan. But the good news is, as I told in my closing remarks, we see that the network effect of our platform is starting to kick in. So we have more profitability, invest more, grow more, more clients more dilution of expenses. So I'm really not only committed, but I'm really excited. And I really think that we can achieve that.

因此，五年計劃當然存在許多不確定性。但好消息是，正如我在結束語中所說，我們看到我們平台的網路效應開始發揮作用。因此，我們的獲利能力更強，投資更多，成長更快，客戶更多，費用也更分散。所以我不僅真的全心投入，而且真的非常興奮。我確實認為我們能夠實現這一目標。

Okay, you might go few months, a few quarters ahead. It doesn't matter. At the end of the day, we are not running the company only to get to these metrics. So we're running the company to have the best capital allocation ever, the best customer-centric approach ever.

好的，您可能會提前幾個月或幾季。沒關係。歸根究底，我們經營公司不僅僅是為了達到這些指標。因此，我們經營公司時會採用有史以來最好的資本配置和有史以來最好的以客戶為中心的方法。

And the good news is we have the tools. We have the clients. We have the portfolio. We have the data. We have all the regulation behind us to get there. So excited. I believe it's feasible that you get there. And I think that our numbers are pretty much in line of what we have in-house, okay. Thank you for the question.

好消息是我們有工具。我們有客戶。我們有投資組合。我們有數據。為了實現這一目標，我們已經制定了所有相關法規。太激動了。我相信你能夠到達那裡。我認為我們的數字與我們內部的數字基本一致，好的。謝謝你的提問。

Pedro Leduc.

佩德羅·勒杜克。

Hello everybody. Congratulations on the journey here. First question, just a quick follow-up on PIX financing. Now you mentioned as a driver for the nontransaction portfolio and will be gaining share. Can you elaborate a little bit more just for us to get a sense of -- for example, how many clients, for already have it, maybe how representative, it's already being in the nontransactor card portfolio?

大家好。恭喜您一路走來。第一個問題，只是想快速跟進 PIX 融資的狀況。現在您提到了作為非交易投資組合的驅動因素並且將獲得份額。您能否詳細說明一下，以便我們了解一下——例如，有多少客戶已經擁有它，它有多具代表性，它已經在非交易卡組合中？

And then tied to that, the second question on general credit appetite. On one side, we have macro indicators turning a bit worse. On the other, you have very good credit harvest coming through that you're showing. How are you weighing these factors when thinking about growth plans for the second half as we try to also get a glimpse for next year, especially compared to when the year started? How are you feeling on credit appetite looking ahead?

與此相關的是，第二個問題是關於整體信貸偏好。一方面，宏觀指標有所惡化。另一方面，您表現出了非常好的信用收穫。當我們試圖預測明年的情況（尤其是與今年年初相比）時，您在考慮下半年的成長計畫時如何權衡這些因素？您對未來的信貸需求有何看法？

Hi, Leduc. Thanks for your question. This is Xandre speaking. So I'll take the first part. So the way we're approaching the PIX finance is not to get the clients and expect them to have full usage of their credit card limit on PIX finance. It's a product that adds up in the mix that they use.

你好，萊杜克。謝謝你的提問。我是 Xandre。所以我選擇第一部分。因此，我們處理 PIX 融資的方式不是吸引客戶並期望他們在 PIX 融資上充分利用他們的信用卡限額。這是他們所使用的混合物中的一種產品。

So they will do normal purchases as a transactor, and then they use part of their limit to PIX financing. This is the way this behavior is happening, say, two, three users a month recurrently. And delinquency levels are also following almost a normal path.

因此，他們將作為交易者進行正常購買，然後使用部分限額進行 PIX 融資。這種行為就是以這樣的方式發生的，比如說，每個月有兩三個使用者重複出現。犯罪率也幾乎處於正常水準。

So marginally higher than the normal -- the client that doesn't use PIX credit, but nothing that. So good behavior overall. Good trends that are aligned with what we presented in NPLs overall.

因此略高於正常水平——不使用 PIX 信用的客戶，但並非如此。整體來說行為良好。良好的趨勢與我們在不良貸款整體中所呈現的情況一致。

So that's kind of the way we approach it. Obviously, we stimulate usage of PIX credit, and we'll keep stimulating the usage of it. But it's a product to help clients in situations where they don't have cash to pay with a debit card and they use this product. Yeah, I think this is it. Santi?

這就是我們處理這個問題的方式。顯然，我們刺激了 PIX 信用的使用，並且我們將繼續刺激它的使用。但它是一種幫助客戶在沒有現金用借記卡支付的情況下使用該產品的產品。是的，我想就是這樣。桑蒂？

So on credit appetite, it's as high as it's ever been for us. You saw the loan growth this quarter was one of the highest we've had in a quarter. We want to put our balance sheet to work. We have bless funding franchise, which is something that we want to increasingly deploy towards our clients through an increase in the credit penetration. We're seeing very positive signs of that grade penetration on the active clients is also on target as we continue to add 1 million, in this case, 1 million new active client per quarter. So we are strong there.

因此，就信貸需求而言，我們目前的水準達到了歷史最高水準。您會發現本季的貸款成長是我們歷來最高的季度之一。我們希望我們的資產負債表能夠發揮作用。我們擁有 Bless 融資特許經營權，我們希望透過增加信貸滲透率來越來越多地向我們的客戶部署這項服務。我們看到了非常積極的跡象，表明活躍客戶的等級滲透率也達到了目標，因為我們繼續增加 100 萬，在這種情況下，每季增加 100 萬新活躍客戶。所以我們在那裡很強大。

The fact that we have a diversified portfolio, which is skewed to prove collateral makes us less -- change less our perspective to the macro, right? Because the home equity, the FGTS, the private payroll, they don't change if the economy grow or a bit less.

事實上，我們擁有多元化的投資組合，而這些投資組合傾向於證明抵押品，這使得我們對宏觀的看法改變得更少，對嗎？因為無論經濟成長或放緩，房屋淨值、FGTS、私人薪資都不會改變。

Now the dynamic is the same. We are aggressive in the market. We want to take, as we mentioned in many calls before, our market shares towards the PIX market share, which is 8%. We already did that in home equity, what for unchanged in FGTS growing quarter-by-quarter. And we expect to have the same dynamic in many of the other products.

現在情況是一樣的。我們在市場上積極進取。正如我們之前在多次電話會議中提到的那樣，我們希望將我們的市場份額提升至 PIX 市場份額的 8%。我們已經在房屋淨值方面做到了這一點，而 FGTS 則保持了逐季度增長的態勢。我們期望在許多其他產品中也能看到同樣的動態。

So our risk appetite is as high as ever. We think that this is an opportunity for us to accelerate our business plan in the credit side and is one we are intentionally attacking with the tools that we have.

因此，我們的風險偏好一如既往地高。我們認為這是我們加速信貸業務計畫的機會，也是我們利用現有工具有意為之的機會。

Daniel Vaz.

丹尼爾·瓦茲。

Hi, everyone. Congrats on the results. I wanted to touch base on your renegotiated portfolio. Just to understand how do you classify in the stages, right? So do you classify it as normally as a Stage 2? Or is it Stage 3 vecause we have been seeing a rising trend on the renegotiated portfolios? And when we listen to incumbents, and I don't want to trade you as incumbent here. But they are being more restrictive in terms of renegotiating clients, and now they're accelerating some write-offs.

大家好。恭喜取得成果。我想了解你重新協商後的投資組合。只是為了了解您如何按階段進行分類，對嗎？那麼，您是否將其歸類為第 2 階段？還是第 3 階段，因為我們已經看到重新談判的投資組合呈現上升趨勢？當我們聽取現任者的意見時，我不想在這裡將你視為現任者。但他們在重新談判客戶方面變得更加嚴格，現在他們正在加速一些註銷。

So I want to hear you about your renegotiation strategy? And how do you classify between the stages here? Just to understand how it can evolve for the next 12 months?

所以我想聽聽你的重新談判策略？那麼這裡您如何對各個階段進行分類呢？只是想了解它在未來 12 個月內將如何發展？

Yeah, Santiago here, taking that one again. So it depends on the case of the renegotiations, we have some that are in Stage 1 in Stage 2 and Stage 3. The ones that grew this quarter were within Stage 1, which were real estate contracts that were reputated this quarter, which means that the client was performing, but the -- the contract was amended for certain conditions.

是的，我是聖地牙哥，再次回答這個問題。所以這取決於重新談判的情況，有些談判處於第一階段，有些談判處於第二階段，有些談判處於第三階段。本季度成長的是第一階段的業務，即本季度享有盛譽的房地產合同，這意味著客戶正在履行合同，但合同根據某些條件進行了修改。

That was the delta of this particular quarter. In those cases, those who are still within Stage 1, and then the others depend on the case of the loan. Some are in Stage 2, 3 and others in Stage 1.

這就是本季的增量。在這些情況下，那些人仍處於第一階段，其他人則取決於貸款情況。有些處於第 2 階段、第 3 階段，有些處於第 1 階段。

So basically, these clients are not defaulting on credit card lines. You're pretty much focusing on adjusting some conditions on the mortgage portfolio. Is that correct?

所以基本上，這些客戶並沒有拖欠信用卡債務。您主要關注的是調整抵押貸款組合的一些條件。對嗎？

Yes, it's correct. It's a commercial renegotiations. Most of them are on the real estate front, by the way, which are the ones we have collateral. And it's a longer-term agreement and they're within Stage 1.

是的，正確。這是一次商業重新談判。順便說一下，其中大多數都是房地產方面的，我們有抵押品。這是一項長期協議，目前處於第一階段。

All right, thank you. Thanks again.

好的，謝謝。再次感謝。

Mario Pierry.

馬裡奧·皮埃里。

Hi guys, good morning. Congratulations on the results. I wanted to go back on the private payroll production. You talked about running this product having a 30% ROE and you're very excited about it, which we agree, right? We see this as a tremendous opportunity.

大家好，早安。恭喜你取得這樣的成績。我想回到私人薪資生產領域。您談到運行該產品的 ROE 為 30%，您對此感到非常興奮，我們也同意這一點，對嗎？我們認為這是一個巨大的機會。

However, talking to the other banks, they have been quite reluctant so far to really grow into this product, citing that they don't feel like the guarantees are good enough, or they're still seeing a lot of operational risks. And we even heard some news outlets in Brazil talking about the NPL or the product being around 10%.

然而，在與其他銀行的交流中，他們發現到目前為止，他們還不太願意真正開發這種產品，因為他們覺得擔保不夠好，或者他們仍然看到很多操作風險。我們甚至聽到巴西的一些新聞媒體談論不良貸款或產品比率約為 10%。

So can you discuss why are you more positive right now at the beginning than the other players? And you show that you already have 10% market share. But at a time when the other players are quite cautious as they come back to the market, do you think you're going to be able to retain this 10% market share?

那你能討論為什麼你現在一開始就比其他球員更積極嗎？並且您表明您已經擁有 10% 的市場份額。但當其他參與者重返市場時都相當謹慎時，您認為您能夠保住這 10% 的市場份額嗎？

What do you think this could put some pressure on the prices that you're offering right now? So basically, I'm just trying to get a little bit more why are you so comfortable with the products and the other players are not at the beginning? And then I have another question on the efficiency.

您認為這會對您目前提供的價格造成什麼壓力？所以基本上，我只是想多了解一點，為什麼你對這些產品如此滿意，而其他玩家一開始卻不滿意？然後我還有一個關於效率的問題。

Mario, João here. Thank you for your question. I'm going to start and then Xandre you can complement. I have been in the industry for a while since 2002 -- since 2004, working at Inter. And I see the same pattern when the payroll started back in 2002.

馬裡奧，我是若昂。感謝您的提問。我要開始了，然後 Xandre 你可以補充。我從 2002 年到 2004 年一直在該行業工作，當時我在 Inter 工作。當 2002 年開始發放薪水時，我也看到了同樣的模式。

Back then, everyone said, oh, this is not a good product. There's a lot of risks. And what we realized later on was the guys that had the consumer finance portfolio, they were reluctant to jump in because there was a normal cannibalization on that product.

當時每個人都說，哦，這不是一個好產品。存在很多風險。我們後來意識到，那些擁有消費金融投資組合的人不願意加入，因為該產品存在正常的蠶食現象。

Of course, there are some issues back then and throughout the time the government. And all the institutions were able to fix it. And long story short, it is an excellent product today in the market.

當然，當時以及整個政府時期都存在一些問題。所有機構都能夠解決這個問題。長話短說，它是目前市場上的優秀產品。

We're talking about BRL 700 million-plus credit portfolio, good service debt for the population in Brazil, and very good business also for the banks. I see the same pattern here today. Of course, the product has some issues that we are -- we have been seeing already that they are fixing it, where constructive is a big portfolio, and we also see the same pattern. Big banks, incumbent banks, banks that have a lot of consumer finance portfolio reluctant to jump into the product because they might cannibalize their revenues, their fees.

我們談論的是超過 7 億巴西雷亞爾的信貸組合、為巴西民眾提供的良好服務債務以及銀行的良好業務。今天我在這裡看到了同樣的模式。當然，該產品存在一些問題——我們已經看到他們正在修復它，其中建設性是一個很大的投資組合，我們也看到了同樣的模式。大型銀行、現有銀行以及擁有大量消費金融投資組合的銀行都不願意涉足該產品，因為這可能會蠶食他們的收入和費用。

So we disagree with that. We are very construct, as you say, and are not alone, to be honest. We have a lot of other players jumping into the product. So that's how I see the trend. The same thing that happened to the private -- to the payroll back then and what we saw in 2005 and -- between 2010, big banks buying out the banks that were doing very well on the payroll portfolio. So I think that we're going to see the same picture ahead. Xandre will comment on the details of that.

所以我們不同意這一點。正如您所說，我們很有建設性，而且說實話，我們並不孤單。還有很多其他參與者也加入我們的產品。這就是我所看到的趨勢。當時私部門的薪資單也發生了同樣的事情，我們在 2005 年至 2010 年間也看到過這種情況，大銀行收購了在薪資組合方面表現良好的銀行。所以我認為我們將會看到同樣的景象。Xandre 將對此細節進行評論。

Mario, just a few points to finish this answer. So one, João talked about it, which is why are we so engaged and excited and why are others sometimes not? Cannibalization risks. So we don't have a portfolio to be cannibalized, whether it's personal loans or private payroll loans. We don't have a portfolio to be cannibalized, and that is the situation with many players of the industry. That's the first point.

馬裡奧，只需幾點就可以完成這個答案。所以，João 談到了這一點，為什麼我們如此投入和興奮，而其他人有時卻不是這樣？蠶食風險。因此，我們沒有可以被蠶食的投資組合，無論是個人貸款還是私人薪資貸款。我們沒有可以被蠶食的投資組合，而這正是該行業許多參與者的情況。這是第一點。

Second one is about delinquency and operational risks. They exist. We're aware of them. But we price for them. Taking a little bit of what Santi mentioned in the, I think, the last question. We're very disciplined in pricing and being detailed about all the risks that we assess. And in this particular product being conservative, and so we're comfortable that our pricing is right. And we will deliver the ROEs that we are modeling given this pricing.

第二個是關於違約和營運風險。它們存在。我們知道這些。但我們會為他們定價。我想，就桑蒂在最後一個問題中提到的內容來說一下。我們對定價非常嚴格，並且詳細評估所有風險。由於這款特定產品較為保守，我們確信我們的定價是正確的。我們將根據此定價實現我們所建模的 ROE。

And finally, to your point on price reduction. We do believe that this will happen because delinquency levels are going to be better than originally forecasted. But this is good news, right? We're talking about a portfolio that can be much bigger than originally planned. We've been talking about BRL 200 million to BRL 250 million. Where can this go? It is a product that's going to be priced at, say, [2.5] on average rather than what we're seeing today, which is close to [3.7].

最後，回到您關於降價的問題。我們確實相信這會發生，因為犯罪率將比最初預測的更好。但這是個好消息，對吧？我們正在討論的投資組合可能比最初計劃的要大得多。我們一直在談論 2 億雷亞爾到 2.5 億雷亞爾。這能去哪？該產品的平均定價將為 [2.5]，而不是我們今天看到的，接近[3.7]。

So again, exciting times to come. And we will be vigilant and work hard here to have the lowest delinquency levels possible and the highest origination volumes possible also. Thank you.

再次，激動人心的時刻即將到來。我們將保持警惕並努力工作，以盡可能降低拖欠率並盡可能提高發起量。謝謝。

That's very clear, Sanji. And on these originations that you're making, are these like new originations or do you think these are people replacing their existing private payroll loan with your private payroll loan?

非常清楚，山治。而您所做的這些貸款，是新的貸款嗎？或者您認為這些是人們用您的私人薪資貸款取代他們現有的私人薪資貸款？

The absolute majority, new originations.

絕大多數是新發源。

New originations. Okay, thank you. And then my follow-up also on efficiency. Xandre, right, you've made a lot of progress since the day that you announced your 60/30/30 plan. Efficiency ratio has improved quite a bit, but it has stagnated over the last year.

新的起源。好的，謝謝。然後我的後續工作也關注效率。Xandre，對的，自從你宣布 60/30/30 計劃那天起，你已經取得了很大的進步。效率比率已經有了很大提高，但去年卻停滯不前。

It's primarily not because of revenues, but primarily because of the expenses went up. It did have an acquisition and that impacted. However, should -- we would have expected there have been more operating leverage in the business.

這主要不是因為收入增加，而主要是因為支出增加。它確實進行了收購，並且產生了影響。然而，我們應該預期業務中會有更多的經營槓桿。

How do you think we should see this efficiency ratio evolving, right? I think Schroden asked that question. He gave you some numbers. But do you think efficiency gains now are driven by revenue generation or an increased focus on nominal expense growth?

您認為我們應該如何看待這個效率比率的演變，對嗎？我認為施羅登問過這個問題。他給了你一些數字。但是，您是否認為現在效率的提高是由創收驅動還是由對名義費用成長的更多關注所驅動？

Mario, I will take this one. So it's a great point. So we want to see compounding results. And that's what we have been seeing. We do not control all of the variables at the exact same time. Life is not linear, I would like to say, but we do see a trend of improvement across the metrics, efficiency ratio being one of them.

馬裡奧，我想要這個。這是一個很好的觀點。因此我們希望看到複合結果。這就是我們所看到的。我們無法同時控制所有變數。我想說，生活不是線性的，但我們確實看到各項指標都在改善，效率比就是其中之一。

We, in fact, mentioned -- or added this quarter, a new methodology for the efficiency ratio in addition to the prior one, which is cleaner given that it takes out the IOF or JCP tax from that. And you can see the evolution there very clearly with a record level of 47.1%.

事實上，我們在本季度提到或增加了一種新的效率比率計算方法，以補充先前的方法，這種方法更加清晰，因為它從中去除了 IOF 或 JCP 稅。你可以非常清楚地看到那裡的演變，創下了 47.1% 的記錄。

What we are doing structurally is to continue to switch our contracts with our largest vendors from a variable dynamic to a fixed dynamic. So many of these contracts are associated with a number of clients or volumes, and that gives us less room for operational leverage. To the extent that we can change those contracts to less variable and more fixed than the revenues would outpace the growth of the expenses.

我們正在從結構上採取的措施是繼續將與最大供應商的合約從可變動態轉換為固定動態。許多合約都與一定數量的客戶或交易量相關，這減少了我們的營運槓桿空間。如果我們能夠將這些合約的變動性降低、固定性增強，那麼收入的成長速度就會超過支出的成長速度。

But with no doubt, expenses will grow. We expect to have revenues growing significantly higher than expenses. This is a good quarter to see that playing out, 5% expense growth and 8% revenue growth. So that is the dynamic that we expect playing out.

但毫無疑問，開支會增加。我們預計收入成長將大大高於支出成長。這是一個表現良好的季度，支出成長 5%，營收成長 8%。這就是我們期望會發生的動態。

In terms of the shape or the angle of the slope of the curve of the efficiency ratio, going forward, it's very hard for us to predict, but we do want to see quarter-over-quarter improvements. We haven't seen that. and the Inter Pag transaction of last year made that analysis is a bit more blurred, because it was a company that we acquired with 100% efficiency ratio. Therefore, increased the number up.

就效率比率曲線的形狀或斜率角度而言，展望未來，我們很難預測，但我們確實希望看到季度季比的改善。我們還沒有看到這種情況。去年的 Inter Pag 交易使得這種分析有點模糊，因為我們收購的是一家效率率為 100% 的公司。因此，數量就增加了。

And now, as we are delivering the efficiencies that we have planned there, many of which are on the expense side are in other fronts as well, that number is continuing to improve versus the prior level that we have prior to the Inter Pag transaction.

現在，隨著我們實現所計劃的效率，其中許多是在費用方面，也在其他方面，與 Inter Pag 交易之前的水平相比，這個數字還在繼續提高。

So all of this to say, it's a variable that we do expect continuous improving in the coming quarters. And we will continue to see how that plays out as we solve the more structural contracts that we have with our clients, which, as you know, represent more than the ones that we have a more short-term control.

總而言之，我們確實預期未來幾季這個變數會持續改善。當我們解決與客戶之間的結構性合約時，我們將繼續觀察其進展情況，正如您所知，這些合約比我們能夠短期控制的合約更為重要。

Where we have a bigger short-term control on a number of employees, which we were able to increase from the levels that we had at the end of last year. And other fixed expenses like rental and a few things. On the big vendor contracts, it's where we are doing the majority of the work and that's what will change in the coming quarters versus what we had in the past few years.

我們對一些員工擁有更大的短期控制權，我們能夠將這些員工的數量從去年年底的水平提高。以及其他固定開支，如租金和一些東西。在大型供應商合約方面，我們承擔了大部分工作，與過去幾年相比，未來幾季的情況將有所變化。

Santi, that's clear. But what percentage of your costs today are fixed versus variable? And some of these contracts that you're trying to renegotiate, are these like technology that you could develop yourself rather than relying on third parties?

桑蒂，很清楚。但是，您目前的成本中有多少百分比是固定的，有多少百分比是變動的？而您正在嘗試重新談判的一些合同，是否像您可以自己開發而不是依賴第三方的技術？

So on the expense breakdown, we have around one-third, which is personal and 2/3 which is administrative. In those two-third which are administrative, we have around 75% that are with this technology provider. So it's a big part on the administrative.

因此，在費用明細方面，大約有三分之一是個人費用，三分之二是行政費用。在這三分之二的行政管理工作中，大約有 75% 與該技術供應商合作。所以這是行政管理中一個重要的部分。

Within those, we are working to make them less variable and more sticky and therefore, to have more operational leverage. These contracts are multiyear contracts, so it doesn't happen overnight, but we have been seeing increasing level of success.

在這些方面，我們正在努力使它們更少變化、更具黏性，從而擁有更多的營運槓桿。這些合約都是多年合約，所以不會一蹴而就，但我們已經看到了越來越高的成功率。

And it's not only on the top three or four names that you may imagine, but also in the longer before working in the 100 top providers were using the tariff control McKinsey approach to revise them thoroughly every single week.

而且，這不僅是您可能想到的前三、四名，而且在進入前 100 名的供應商行列之前，麥肯錫就已經使用關稅控制方法每週對它們進行徹底的修訂。

And we see that will continue to play out. But again, the revenues will grow. This is a high-growth company. And by doing that, the difference of the revenue growth versus the expense growth is the one that will result in the operational leverage continuing to play out.

我們看到這種情況將會持續下去。但收入仍將成長。這是一家高成長公司。透過這樣做，收入成長與費用成長之間的差異將導致營運槓桿繼續發揮作用。

Neha.

妮哈。

Congratulations on the results. Just two quick questions. Again, on the private payroll side, I think one of the questions that the industry has is how effective will the collateral be? Do we have any more color on collateral in case of delinquencies, which will arise in the future, it's decent to say?

恭喜你取得這樣的成績。只要問兩個簡單的問題。再一次，在私人工資方面，我認為業界存在的一個問題是抵押品的有效性如何？我們可以肯定地說，在未來出現拖欠債務的情況下，我們是否還有更多關於抵押品的資訊？

And my second question is on expected loan growth for the year. You mentioned that the private payroll, which has been doing so well was not budgeted initially. What kind of loan growth should we expect for this year and for next year, in view of this new product and also in the macro, which is ever evolving?

我的第二個問題是關於今年預期的貸款成長。您提到，私人薪資單一直表現良好，但最初並未列入預算。鑑於這項新產品以及不斷發展的宏觀經濟形勢，我們預計今年和明年的貸款成長情況如何？

Neha, this is Xandre speaking. Thank you for your question. So I'll start with the collateral for the private payroll. We expect it's going to be a very good collateral to be exercised. Today, it's already, as I mentioned, pointing towards somewhere in the single digits as a long-term delinquency.

Neha，我是 Xandre。感謝您的提問。因此，我將從私人薪資單的抵押品開始。我們預計這將是一項非常好的抵押品。如今，正如我所提到的，長期拖欠的比例已經接近個位數。

Why is that? Because companies are learning and engaging more and more with the paying process. And the third round of payments is much better than the first round, and it should keep improving as we move forward.

這是為什麼？因為公司正在越來越多地學習和參與支付流程。第三輪付款比第一輪好得多，而且隨著我們前進，它會繼續改善。

On top of that, we have a piece of -- a part of the FGTS balance of these customers that will be used to pay for some of the debt. That's not yet happening. It's going to be a piece for another improvement around on this whole private payroll process.

除此之外，我們也擁有這些客戶的部分 FGTS 餘額，將用於償還部分債務。但那還沒有發生。這將成為整個私人薪資流程的另一項改進。

And also, you have the client itself, right? So if the company didn't collect, didn't pay as they should, the client is still liable. And what we're seeing in the early days is a good behavior on these clients as we approach them to do the collection process.

而且，您還有客戶端本身，對嗎？因此，如果公司沒有收取或支付應得的款項，客戶仍然要承擔責任。我們在早期就看到，當我們與這些客戶接洽並進行收款流程時，他們表現出了良好的行為。

So good collateral, but also other means of payment with the final one that I almost forgot to say, which is as customers switch jobs the liability or the collateral follows them almost like lifetime. And with automatic recollection, this is being fine-tuned by the government now. But everything points towards like an automatic reestablishment of the collateral as clients change jobs.

非常好的抵押品，但也有其他的支付方式，最後一點我差點忘了說，那就是當客戶換工作時，責任或抵押品幾乎會伴隨他們一生。而透過自動記憶功能，政府現在正在對此進行微調。但一切都表明，隨著客戶更換工作，抵押品將自動重新建立。

So again, it should be exciting. We're going to have to learn. We'll keep working on it. But it seems to be good.

所以，這應該會很令人興奮。我們必須學習。我們會繼續努力。但好像還不錯。

Moving to loan growth. So we had a strong quarter, 8% growth quarter on quarter. The core portfolio grew 31% year-over-year. And what we're seeing, also given that we have new products such as the private payroll, is to be on the high end of the range we've been talking about. We have been talking about a range of 25% to 30% growth for the loan portfolio. We believe we're going to be on the high range.

轉向貸款成長。因此，我們本季表現強勁，季增 8%。核心投資組合較去年同期成長31%。而且，考慮到我們擁有私人薪資單等新產品，我們看到的也是處於我們一直在談論的範圍的高端。我們一直在談論貸款組合的25%至30%的成長範圍。我們相信我們將達到較高的水平。

With the main -- and why this confidence? Why can we grow 30% in a year despite macro 15% Selic? Because we have good products as drivers of this growth that are aligned to this type of environment. So private payroll loans is the new kid on the block, that we can keep on growing. Mortgages are behaving very well, and we've been able to price them properly.

主要——為什麼有這樣的信心？為什麼宏觀經濟成長只有15%，我們一年卻能成長30%？因為我們擁有與這種環境相適應的優質產品來推動這種成長。因此，私人薪資貸款是一個新興行業，我們可以繼續發展它。抵押貸款表現良好，我們能夠對其進行合理定價。

Home equity, also FGTS. And given the size of the client base and the opportunity, we will keep pushing to grow also the unsecured lending, fix financing in these other lines to get us there to the 30% overall growth. Thank you.

房屋淨值，也是 FGTS。考慮到客戶群的規模和機遇，我們將繼續努力擴大無擔保貸款、固定融資等業務，以實現 30% 的整體成長率。謝謝。

And this concludes our Q&A session. I'll pass the word to João for his final thoughts.

我們的問答環節到此結束。我會把這個訊息傳達給若昂，聽聽他的最終想法。

Thank you, Rafa. Thank you, everyone, for being with us today. It's been a long journey so far. As I told you on my final remarks, I believe you were on our early days for the business, for the network effect that it's kicking in. We have an amazing team committed to deliver the best we can for our clients, for our shareholders, for the regulators, for the country, for the industry.

謝謝你，拉法。謝謝大家今天與我們在一起。到目前為止，這是一段漫長的旅程。正如我在最後的演講中所說的那樣，我相信您正處於我們業務的早期階段，並處於其正在產生的網路效應階段。我們擁有一支出色的團隊，致力於為我們的客戶、股東、監管機構、國家和產業提供最好的服務。

So I'm really happy with this earnings call with these earnings results. Not only because of the number, but what we have been able to accomplish in a short period of time. And as I told you, I see a bright future for this company and bright future for this project, I'm really proud to be a part of it.

因此，我對這次收益電話會議中的收益結果感到非常滿意。不僅因為數量，還因為我們能夠在短時間內完成任務。正如我告訴你的，我看到了這家公司和這個計畫的光明前景，我很自豪能成為其中的一員。

Again, thank you, shareholders, employees for helping us to make this dream come true. Thank you very much. See you on our next earnings call. Have a good day.

再次感謝股東、員工幫助我們實現這個夢想。非常感謝。下次收益電話會議再見。祝你有美好的一天。