Inter & Co Inc (INTR) 2026 Q1 法說會逐字稿

Hi, everyone. I'm Rafaela Vitoria, IR Officer at Inter, and I would like to welcome all to Inter & Co's first quarter 2026 earnings conference call. (Operator Instructions) that the conference is being recorded. A replay will be available at the company's IR website.

大家好。我是 Rafaela Vitoria，Inter 投資人關係（IR）主管，歡迎各位參加 Inter & Co 2026 年第一季財報電話會議。（接線員指示）本次會議將被錄音。公司 IR 網站將提供重播。

With me today are Joao Vitor Menin, our Global CEO; Alexandre Riccio, our Brazil CEO; and Santiago Stel, our CFO. To start with the CEO overview, I would like to invite Joao.

今天與我一同出席的有：我們的全球執行長（Global CEO）Joao Vitor Menin；巴西執行長（Brazil CEO）Alexandre Riccio；以及財務長（CFO）Santiago Stel。首先進入執行長總覽，我想邀請 Joao。

Joao, please go ahead.

Joao，請開始。

Thank you for joining us today to discuss our first quarter results for 2026. As you can see, we had a strong start of the year, and our first Q results reaffirm our path to sustainable and profitable growth. We have a strong momentum across several metrics.

感謝各位今天加入我們，一同討論 2026 年第一季的業績表現。如各位所見，我們在今年有一個強勁的開局，第一季的結果再次印證我們正走在可持續且具獲利性的成長道路上。我們在多項指標上都展現出強勁動能。

Some examples are our gross loan portfolio scaled to more than BRL50 billion. Our structural profitability is taking shape. Our net income reached almost BRL400 million on first Q and on a run rate of BRL1.6 billion on a year base, more than BRL1.7 trillion in run rate for the TPV on this first quarter. Xandre and Santi will join me later on to elaborate more on that. And I want to highlight that these results were at the same time executed with discipline and they connect to our vision for the future.

例如，我們的總放款組合規模已擴大至超過 500 億巴西雷亞爾（BRL）。我們的結構性獲利能力正在成形。第一季淨利接近 4 億 BRL，年化（run rate）約 16 億 BRL；本季支付總額（TPV）的年化（run rate）超過 1.7 兆 BRL。稍後 Xandre 與 Santi 也會加入我，進一步說明。我也想強調，這些成果是在紀律執行下達成，同時也與我們對未來的願景相連結。

During earnings call, I usually speak about the strategic view of Inter, our vision. However, next Monday, we're hosting our Owners Day, and I will save the big picture for that event, which I'm personally very excited about. We will showcase our ambition to lead through innovation and deliver growth and profitability together, creating a sustainable business model for our owners.

在財報電話會議中，我通常會談 Inter 的策略觀點與願景。不過，下週一我們將舉辦 Owners Day，我會把更宏觀的內容留到那個活動上分享，我個人也非常期待。我們將展示以創新引領、同時實現成長與獲利的企圖心，為我們的股東打造可持續的商業模式。

I really encourage you to join us next Monday at Nasdaq. For the first time, we will have our senior leadership sharing the perspectives on topics such as client principality, credit penetration, monetization through upsell and cross-sell and of course, our latest tech evolutions, how we are unlocking the AI opportunities at Inter.

我誠摯邀請各位下週一到納斯達克（Nasdaq）與我們一同參與。這將是首次由我們的高階管理團隊分享多個主題的觀點，例如：客戶主銀行化（client principality）、信貸滲透率、透過加售（upsell）與交叉銷售（cross-sell）提升變現，以及我們最新的科技演進——我們如何在 Inter 解鎖 AI 機會。

We will discuss our vision, our financial strategy, our execution plan and the core enablers behind all of it. As you are already familiar, in every earnings day, I'd like to present not only the financial KPIs, but also new products and solutions that we deliver to our clients.

我們將討論願景、財務策略、執行計畫，以及支撐這一切的核心推動因素。如各位所熟悉，在每次財報日，我不僅會呈現財務 KPI，也會介紹我們為客戶推出的新產品與解決方案。

This quarter, I want to highlight the announcement we just made two days ago. For those who haven't seen it, we just launched Seven, our new multi-agent AI tool. It has massive potential because it is not just a user interface. It is a powerful Agentic platform built from the ground up. It connects the full power of our data infrastructure to deliver the absolute best client experience.

本季我想重點提及我們在兩天前剛發布的公告。若各位尚未看到，我們剛推出 Seven——全新的多代理（multi-agent）AI 工具。它具備巨大的潛力，因為它不只是使用者介面。它是一個從零打造、功能強大的代理式（Agentic）平台。它將我們資料基礎設施的完整能力串接起來，提供最佳的客戶體驗。

Since 2025, our AI evolved from simply answering questions to actually getting things done. It's now a fully transactional AI tool. Clients can ask for investment advice, make PIX transfers through text and also buy gift cards. They can also manage credit card installments and much more. Seven makes even the most complex products incredibly simple to understand and use. You will see the full picture of it during our Owners Day, where we will present how Seven plays a crucial role in our business model going forward.

自 2025 年起，我們的 AI 已從單純回答問題，進化到真正把事情完成。它現在是一個完全可交易（transactional）的 AI 工具。客戶可以詢問投資建議、透過文字進行 PIX 轉帳，也能購買禮品卡。他們也可以管理信用卡分期，還有更多功能。Seven 讓即使最複雜的產品也變得非常容易理解與使用。在 Owners Day 上，各位將看到完整全貌；我們也會說明 Seven 在未來商業模式中扮演的關鍵角色。

Now I want to invite our Brazil CEO, Xandre, to present the business update for the first Q of 2026. Xandre, please go on.

接下來我想邀請我們的巴西執行長 Xandre，為各位帶來 2026 年第一季的業務更新。Xandre，請開始。

Thank you, Joao. We're excited to share our long-term plans with all of you at the Owners Day on May 11. But first, let us dive into our first quarter results. Let me start with our client base. Our total number of clients keeps growing, and our base is stronger than ever.

謝謝你，Joao。我們很期待在 5 月 11 日的 Owners Day 與各位分享我們的長期規劃。但首先，讓我們先深入第一季的業績表現。我先從客戶基礎談起。我們的客戶總數持續成長，且客戶基礎比以往任何時候都更強健。

We reached 44 million total clients. We just achieved our highest quarterly jump in activation rate since 2024, reaching almost 60%. People are not just opening accounts, they're actively using them.

我們的客戶總數已達 4,400 萬。自 2024 年以來，我們剛達成最高的單季啟用率跳升，接近 60%。人們不只是開戶，他們也在積極使用帳戶。

We're achieving this high engagement while maintaining a deliberately disciplined low customer acquisition cost. Our absolute focus remains on increasing principality and becoming the primary bank for every single user. This means increasing cross-sell and driving much higher monetization levels. That's another topic we will explore during our upcoming Owners Day.

我們在維持刻意且嚴謹的低客戶取得成本（CAC）的同時，也達成了高度參與。我們的絕對重點仍是提升主銀行化（principality），成為每一位用戶的主要往來銀行。這意味著提高交叉銷售並推動更高的變現水準。這也是我們即將到來的 Owners Day 會深入探討的另一個主題。

These high activation levels translate directly into massive payment volumes. As you can see in the cohort chart on the right side of the slide, our clients are transacting more than ever before. In the first quarter, our combined cards and PIX volume reached BRL1.7 trillion run rate with a 25% growth year-over-year, where the solution people use for their daily needs. Because of this daily engagement, 8.5% of the PIX transactions made in Brazil flow through Inter.

這些高啟用水準直接轉化為龐大的支付量。如投影片右側的分群（cohort）圖表所示，我們的客戶交易頻率與金額都比以往更高。第一季，我們的卡片與 PIX 合計交易量年化（run rate）達 1.7 兆 BRL，年增 25%，成為人們日常需求所使用的解決方案。也因為這種日常互動，在巴西所有 PIX 交易中，有 8.5% 是透過 Inter 流轉。

Moving to the credit side. We continue to see healthy and balanced growth across our entire credit portfolio. We're growing fast at more than 30% year-over-year, but we're doing it in a diversified way. Nearly 70% of our portfolio is secured with some type of collateral. We do this by balancing our growth across products like mortgages, payroll loans and credit cards.

接著談信貸。我們持續看到整體信貸組合呈現健康且均衡的成長。我們年增超過 30%，成長速度很快，但我們是以多元化方式推進。我們的放款組合中，近 70% 具有某種形式的擔保品（collateral）。我們透過在房貸、薪資貸款與信用卡等產品間平衡成長來達成。

This strategic mix ensures steady returns are protecting our asset quality. Private payroll has been our main highlight over the past year. We maintain a positive view on this product. We reached BRL2.5 billion portfolio and 600,000 active clients. This shows the true strength of our digital distribution and our ability to scale a new product quickly.

這種策略性的組合配置可確保穩定報酬並保護資產品質。過去一年，民營企業薪資貸款（private payroll）是我們最主要的亮點。我們對此產品維持正向看法。我們已達到 25 億 BRL 的組合規模與 60 萬名活躍客戶。這展現了我們數位化通路分發的真正實力，以及快速擴張新產品的能力。

On credit cards, we are making progress in increasing the volume of the installments and the overall interest-earning volume. We call this process reshaping. These interest-earning portfolios now represent over 25% of our credit card portfolio, up from 21% last year. Revolving grew as clients are no longer mandatorily moved to installments. Santi will provide more details on our strong loan book performance later.

在信用卡方面，我們在提升分期交易量以及整體計息交易量方面持續取得進展。我們將此流程稱為「重塑」（reshaping）。這些計息資產組合目前已占我們信用卡組合的 25% 以上，高於去年的 21%。循環信用（revolving）成長，因為客戶不再被強制轉為分期。稍後 Santi 會就我們強勁的放款組合表現提供更多細節。

I'll finish with a view on our market shares. Business keeps increasing materiality, consolidating our position as a high-volume, high engagement platform for dozens of millions of people. Because of our complete ecosystem, we're gaining market share across every key product. Whether you look at PIX, credit cards, mortgages or investments, our numbers are climbing steadily. Our foundation is solid, and we're ready to build another solid year and an even more remarkable future.

最後我以市占率的觀點作結。我們的業務重要性（materiality）持續提升，鞏固我們作為服務數千萬人之高交易量、高參與度平台的地位。憑藉完整的生態系，我們在每一項關鍵產品上都在提升市占。無論是 PIX、信用卡、房貸或投資，我們的數據都在穩步攀升。我們的基礎穩固，已準備好再打造一個扎實的一年，以及更卓越的未來。

Now I'll pass the word to Santiago, who will detail our financial performance.

現在我把發言交給 Santiago，他將詳細說明我們的財務表現。

Thank you, Xandre. Hello, everyone. Let's jump into financial performance. As Santi mentioned, our loan portfolio is growing at a strong pace. We nearly reached BRL50 billion, which is a 33% growth in the last 12 months or 3% relative to last quarter.

謝謝你，Xandre。各位好。我們直接進入財務表現。如同 Santi 提到的，我們的放款組合正以強勁速度成長。我們幾乎達到 500 億巴西雷亞爾（BRL），較過去 12 個月成長 33%，或較上季成長 3%。

If we exclude the SME portfolio, which has short duration and usually decreases during the first quarter, our growth is even stronger at 37% year-on-year and 5% versus last quarter. In terms of loan balance per active client, a very important KPI that drives ARPAC growth, we remained at BRL1,930 following a very strong growth in the prior quarter.

若排除中小企業（SME）組合（其期限較短，且通常在第一季會下降），我們的成長更為強勁：年增 37%，較上季增 5%。就每位活躍客戶的放款餘額而言，這是一項推動 ARPAC 成長的非常重要 KPI；在前一季大幅成長後，本季我們維持在 BRL1,930。

Now let me break down this growth by each of the products, starting with the bottom of the page. On the real estate side, mortgages grew 42% year-on-year, while home equity grew an impressive 43%.

現在我將按各產品拆解這項成長，先從頁面底部開始。在不動產方面，房貸年增 42%，而房屋淨值貸款（home equity）更是大幅年增 43%。

On the payroll and personal loans portfolio, which includes both private and private payroll, we grew 38% year-on-year. The highlight in this group was private payroll, which reached BRL2.5 billion portfolio, just as Xandre highlighted before. Finally, credit cards grew 27% year-on-year, supported by solid risk management and continued progress from our reshaping strategy, driving improved monetization and profitability in the product.

在薪資扣繳與個人貸款組合方面（包含民營與民營薪轉），我們年增 38%。此組合的亮點是民營薪轉，正如 Xandre 先前所強調，組合規模達到 BRL25 億。最後，信用卡年增 27%，在穩健的風險管理與我們持續推進的重塑策略支持下，帶動產品變現能力與獲利能力提升。

To close this slide, it's worth highlighting that we have three products growing at nearly 40%. At the same time, credit cards are growing at around 30% year-on-year. This enables us to continue building a powerful balance sheet, driving NIM and ARPAC expansion while maintaining strict control risk management.

為本頁作結，值得強調的是，我們有三項產品的成長接近 40%。同時，信用卡年增約 30%。這使我們得以持續打造強健的資產負債表，推動 NIM 與 ARPAC 擴張，同時維持嚴格的風險管理控管。

This fast loan growth we just covered came together with sound asset quality metrics. We have three factors playing out in this quarter. On the macro side, as you all know, delinquency in the system is increasing. On seasonality, first quarters tend to have a bit more pressure in these metrics. And third, on growth strategy, we are growing private payroll plus working on cards reshaping, which pay off in NIM side but do pressure on the asset quality metrics.

我們剛剛提到的快速放款成長，同時伴隨著穩健的資產品質指標。本季有三個因素在發酵。在總體面，如各位所知，整體系統的逾期率正在上升。在季節性方面，第一季這些指標通常會承受較多壓力。第三，在成長策略方面，我們擴張民營薪轉並推進信用卡重塑；這在 NIM 端帶來成效，但會對資產品質指標造成壓力。

All these factors put together, we had increase in NPLs from 4.7% to 5.1%. In terms of NPL and Stage 3 formation, we had a stable quarter, having almost the same metrics as we had in the prior quarter.

綜合以上因素，NPL 由 4.7% 上升至 5.1%。就 NPL 與第 3 階段（Stage 3）形成而言，本季表現穩定，幾乎與上季相同。

In terms of cost of risk, though it did increase as a consequence of private payroll being in our books for several quarters, you can see that excluding it, it remained fairly flat during the past three quarters. Lastly, on credit cards, our cohorts continue to perform well, significantly better than two to three years ago and now with much greater monetization.

就風險成本而言，雖然因民營薪轉已在帳上累積數季而有所上升，但你可以看到，若排除該項目，過去三季基本維持相當平坦。最後，在信用卡方面，我們的分群（cohort）持續表現良好，明顯優於兩到三年前，且目前具備更高的變現能力。

Moving to the funding side. Our total funding reached BRL74 billion, which is a 25% annual growth. Another great number to highlight is the loan-to-deposit ratio. It increased 4 percentage points in one year as our loan growth is expanding faster than our deposit base.

接著看資金端。我們的總資金來源達到 BRL740 億，年增 25%。另一個值得強調的數字是放款對存款比（loan-to-deposit ratio）。由於放款成長快於存款基礎，該比率在一年內上升了 4 個百分點。

Our deposits per active client remains strong, sitting above BRL2,000 per active client. The slight decrease in the first quarter is seasonal. This happens when compared to the fourth quarter when people received their 13th salary and year-end bonuses. Our annual growth was driven primarily by time deposits due to the high level of the Selic rate and the ongoing success of My Piggy Bank product that now has over 5 million clients.

每位活躍客戶的存款仍然強勁，維持在每位活躍客戶 BRL2,000 以上。第一季的小幅下降屬於季節性因素。這是因為與第四季相比，第四季人們會收到第 13 個月薪資與年終獎金。我們的年度成長主要由定期存款帶動，原因在於 Selic 利率水準偏高，以及「My Piggy Bank」產品持續成功，目前客戶數已超過 500 萬。

As we said many times in prior calls, our strong funding franchise remains being one of our key competitive advantages, given that our cost of funding remains one of the lowest and most stable in the industry. While market rates fluctuate very strongly, we are able to keep our funding costs very stable. This quarter, our cost of funding stood at 64% of CDI, an improvement from the 66% of the prior quarter and almost identical to the level we had one year ago.

如同我們在先前多次電話會議中所說，我們強大的資金募集平台（funding franchise）仍是關鍵競爭優勢之一，因為我們的資金成本在業界屬於最低且最穩定之一。即使市場利率大幅波動，我們仍能將資金成本維持得非常穩定。本季我們的資金成本為 CDI 的 64%，較上季的 66% 改善，且幾乎與一年前水準相同。

On the revenue front, both our net interest income and our fee income continue growing at a strong pace. Our total gross revenue surpassed BRL4.3 billion. This marks an impressive 37% year-over-year growth. This magnitude clearly highlights the scale and momentum of our business as we continue to expand.

在營收方面，我們的淨利息收入與手續費收入皆持續以強勁速度成長。總毛營收突破 BRL43 億。這代表年增 37% 的亮眼成長。如此幅度清楚凸顯我們業務的規模與動能，並持續擴張。

Total net revenue also delivered significant results, growing 33% year-on-year to BRL2.4 billion. The standout driver behind this growth was our credit portfolio. Our NIM increased by 38% year-on-year. This acceleration was heavily driven by strong performance in payroll loans, credit card, mortgages and home equity loans. These are key segments where we have built significant scale and efficiency.

總淨營收同樣交出顯著成果，年增 33% 至 BRL24 億。帶動此成長的最主要動能來自我們的信貸組合。我們的 NIM 年增 38%。這項加速主要由薪資貸款、信用卡、房貸與房屋淨值貸款的強勁表現所驅動。這些都是我們已建立顯著規模與效率的關鍵領域。

On the fee side, net fee revenue grew 18% year-on-year. This reinforces the importance of our complete ecosystem, having Seven verticals and 180 products allows us to easily cross-sell and increase our fee composition.

在手續費方面，淨手續費收入年增 18%。這再次凸顯我們完整生態系的重要性：擁有 7 大垂直領域與 180 項產品，使我們能輕鬆交叉銷售並提升手續費收入占比。

The completeness of our platform enables cross-selling and further monetization. Because of this, most cohorts are monetizing better quarter after quarter. This increases our ARPAC while our cost to serve remains flat. This dynamic is a key driver of our structural profitability. As a result, our net ARPAC reached BRL34. This is a solid 9% growth year-on-year despite strong active client growth. Furthermore, our margin per active client stands at BRL21, marking a 15% improvement on an annual basis and recording the second best quarter ever.

我們平台的完整性使交叉銷售與進一步變現成為可能。因此，多數分群（cohort）一季比一季更能有效變現。這推升我們的 ARPAC，而服務成本仍維持持平。這種動態是我們結構性獲利能力的關鍵驅動因素。因此，我們的淨 ARPAC 達到 BRL34。儘管活躍客戶強勁成長，仍實現年增 9% 的穩健成長。此外，每位活躍客戶的利潤（margin）為 BRL21，年增 15%，並創下史上第二佳季度。

Our mature clients demonstrate even greater potential. They are already generating over BRL130 in gross ARPAC, further underscoring the attractive opportunity ahead once clients mature in our base. This performance is a true testament to the strength of our ecosystem. We will dive on this much deeper in our unit economics and principality efforts during our Owners Day on May 11.

我們的成熟客戶展現出更大的潛力。他們目前每位已創造超過 BRL130 的毛 ARPAC，進一步凸顯當客戶在我們的客群中逐步成熟後，前景相當具吸引力。這項表現充分證明我們生態系的強大。我們將在 5 月 11 日的 Owners Day，於單位經濟（unit economics）與主帳戶（principality）推進上更深入探討。

Now I'll go through the NIM page. The first comment I'll make is that this year, we will be using the NIM 2.0 as our primary NIM. This NIM has the interest earnings portfolio in the denominator and is in line with what we see in the industry, both on incumbents and disruptors disclosure.

接下來我會說明 NIM 頁面。我首先要說的是，今年我們將以 NIM 2.0 作為主要的 NIM 指標。此 NIM 以生息資產組合（interest earnings portfolio）作為分母，並與我們在業界所見一致，無論是傳統同業或新興顛覆者的揭露方式皆然。

Now jumping into the metric itself. Our NIM of 9.54% was the second best on record, only 3 basis points lower than in fourth quarter 2025, which had a very strong performance. On a 12-month comparison, it is an increase of 70 basis points or 15 basis points per quarter on average, exactly in the middle of the 10 to 20 basis points per quarter that we have signaled to the market.

現在回到該指標本身。我們的 NIM 為 9.54%，為歷史第二佳紀錄，僅比 2025 年第四季（表現非常強勁）低 3 個基點。以 12 個月比較，提升 70 個基點，或平均每季提升 15 個基點，正好落在我們向市場所指引的每季 10 到 20 個基點區間的中間值。

On a risk-adjusted basis, we are seeing the impact of the upfront provisioning of private payroll loans as those expenses come in before the interest of the product through the natural J-Curve. Overall, the results that we see in this page makes us very proud as it is the consequence of disciplined and consistent capital allocation. We're delivering growing and stable margins despite volatility in macro variables and a more levered balance sheet as we continue to grow and scale.

在風險調整後的基礎上，我們正看到私人薪資扣繳貸款（private payroll loans）前置提列備抵的影響，因為依產品自然的 J 曲線（J-Curve），這些費用會在利息收入之前先行入帳。整體而言，本頁所呈現的成果令我們非常自豪，這是嚴謹且一致的資本配置所帶來的結果。儘管宏觀變數波動且資產負債表槓桿更高，隨著我們持續成長與擴張規模，我們仍交出持續成長且穩定的利潤率。

While revenue grew 33% in the last 12 months, our cost control approach allowed us to grow expenses by 20%, a delta of 13 percentage points. There are a few factors that I would like to explain on this page.

在過去 12 個月營收成長 33% 的同時，我們的成本控管作法使費用僅成長 20%，相差 13 個百分點。本頁有幾個因素我想加以說明。

First, on personal loans, our headcount remained stable at approximately 4,000 employees over the last 12 months, where we continue to seniorize multiple teams. Second, our administrative expenses rose 17% year-on-year at almost half the top line growth level despite the much higher transaction volumes in our super app as it continues to scale. And third, a topic that touches both personal and administratives, we're seizing AI opportunities across the company.

第一，在個人貸款方面，過去 12 個月我們的人員編制維持穩定，約 4,000 名員工，同時我們持續提升多個團隊的資深化程度。第二，儘管我們的超級 App 交易量大幅提升且持續擴張規模，我們的管理費用年增 17%，約為營收成長幅度的一半。第三，這個同時涵蓋個人與管理面向的主題是：我們正在全公司把握 AI 的機會。

By now, it's much more than just fraud, customer service and credit underwriting, as it has scaled across all divisions and became part of our day-to-day. We will deep dive on this in the Investor Day of May 11. Putting both revenue and expenses in the same page, here, we can see the essence of our digital banking model, which is high operating leverage potential.

到目前為止，這已不僅是詐欺防制、客服與授信審核，AI 已擴展到所有事業部門，並成為我們日常運作的一部分。我們將在 5 月 11 日的投資人日（Investor Day）深入探討。把營收與費用放在同一頁來看，我們可以看到數位銀行模式的精髓：具備高度營運槓桿的潛力。

On the left side, we can see it indexed since beginning of 2023. And then on the right-hand side, the efficiency ratio shows that we had a very strong quarter, reaching a record low of 43.8%, meaning 170 basis points improvement versus the prior quarter, thus starting the year with a very strong momentum on this metric. Operating leverage is in full action and is driving incredible results straight to our bottom line. All of this strong execution combined is reflected on this profitability page, which makes us again very proud.

左側顯示自 2023 年初以來的指數化走勢。右側的效率比率顯示我們本季表現非常強勁，降至創新低的 43.8%，較前一季改善 170 個基點，因此在這項指標上以非常強的動能開啟今年。營運槓桿正全面發揮作用，並將驚人的成果直接帶到底線。所有這些強勁的執行成果綜合起來，反映在本頁的獲利表現上，再次令我們非常自豪。

We reached a net income of BRL395 million this quarter, meaning a run rate of almost BRL1.6 billion. We delivered 15.5% ROE and 1.59% ROA, both record numbers. A new metric that we added this quarter, which we think is interesting to follow is our return on tangible equity, which reached 19.5%, a very impressive level in our view. To close on my end, I would like to highlight that these results speak to the discipline in capital allocation, risk management and cost control, all with an ambitious growth mindset.

本季我們達成淨利 3.95 億巴西雷亞爾（BRL），相當於接近 16 億巴西雷亞爾的年化運行水準（run rate）。我們交出 15.5% 的股東權益報酬率（ROE）與 1.59% 的資產報酬率（ROA），兩者皆為歷史新高。本季我們新增一項我們認為值得追蹤的新指標：有形股東權益報酬率（return on tangible equity），達到 19.5%，以我們的觀點來看非常亮眼。最後我想強調，這些成果展現了我們在資本配置、風險管理與成本控管上的紀律，同時也保持積極進取的成長心態。

Now Joao Vitor will take the stage for the closing remarks. Thank you.

接下來請 Joao Vitor 上台做結語。謝謝。

Thank you, Santiago. On top of the great results the team just presented, I want to add one final thought. 10 years ago, we completely transformed our business. We decided to go mobile only, not just mobile first. We launched the first digital bank in Brazil, placing a strategic path on the banking revolution concept.

謝謝你，Santiago。在團隊剛才呈現的優異成果之外，我想補充最後一點想法。10 年前，我們徹底改造了業務。我們決定採取「只做行動端」（mobile only），而不只是「行動優先」（mobile first）。我們推出了巴西第一家數位銀行，並以「銀行革命」的概念確立了策略路徑。

Today, 10 years later, we are experiencing a true deja vu moment. We are entering a new trend that is as big as the banking revolution back then. We call it the banking AI revolution. It is a massive new technological wave and at Inter, we are seizing it. Our first quarter results prove we have the perfect combination of growth and profitability.

今天，10 年後，我們正經歷一個真正似曾相識（deja vu）的時刻。我們正進入一個與當年的銀行革命同等規模的新趨勢。我們稱之為「銀行 AI 革命」。這是一波龐大的新科技浪潮，而在 Inter，我們正積極把握。我們第一季的成果證明，我們具備成長與獲利的完美組合。

On top of this strong momentum, we can aspire to transform the retail banking market again, exactly as we did in 2016. There is much more to come. Stay tuned.

在這股強勁動能之上，我們有機會再次改造零售銀行市場，就像我們在 2016 年所做的一樣。未來還有更多值得期待。敬請期待。

Thank you very much for joining us today. Rafa, now let's open for the Q&A session. Thank you.

非常感謝各位今天與會。Rafa，現在我們開始 Q&A 問答環節。謝謝。

Thank you, Joao. We are very proud of this quarter, but we are even more excited about the future. Before we open for Q&A, I would like to invite all of you to join us on May 11 for our Owners Day. It will be an exciting opportunity to reflect on our incredible journey and share insights into the future we are building together.

謝謝你，Joao。我們對本季的表現非常自豪，但對未來更感到興奮。在開始 Q&A 之前，我想邀請各位在 5 月 11 日參加我們的 Owners Day。這將是一個令人振奮的機會，讓我們回顧這段非凡旅程，並分享我們共同打造的未來洞見。

We will be live at the NASDAQ market site in New York City starting at 9:00 AM next Monday. For those who can attend in person, the event will be broadcast live. You can use the QR code on the screen to register for the live broadcast. Hope to see you all there. Now let's start the Q&A session.

下週一上午 9:00 起，我們將在紐約市的 NASDAQ 市場現場進行直播。對於能親臨現場的朋友，活動也將同步直播。您可以使用螢幕上的 QR code 註冊觀看直播。希望到時見到各位。現在我們開始 Q&A 問答環節。

Our first question comes from Gustavo Schroden.

我們的第一個問題來自 Gustavo Schroden。

Hello, can you hear me?

你好，你們聽得到我嗎？

Yes, please go ahead.

可以，請說。

Okay, thank you. Well, good afternoon, Joao, Santiago, Raf, Thanks for the call. I'd like to explore the asset quality trend because we have been seeing a recurring deterioration in these indicators over the last few quarters. And as a consequence, it has impacted the cost of risk as well.

好的，謝謝。那麼，下午好，Joao、Santiago、Raf，謝謝這通電話會議。我想探討資產品質的趨勢，因為過去幾季我們看到這些指標持續惡化。因此也影響了風險成本（cost of risk）。

And you mentioned that it is related to this acceleration in private payroll loans as it requires upfront provisions. But I'd like -- maybe you could explain us the dynamics of this private payroll loan. I mean, what is the level of expected credit loss you have to build in the beginning? What is the expectations regarding breakeven point? So I think that would be great because we have received a lot of questions from investors about this, let's say, increase in NPLs and NPLs formation and increase in the cost of risk.

你們提到這與私人薪資扣繳貸款的加速成長有關，因為它需要前置提列備抵。但我想——也許你們可以向我們解釋這種私人薪資扣繳貸款的運作動態。我的意思是，一開始需要建立的預期信用損失（ECL）水準是多少？對於損益兩平點（breakeven point）的預期為何？我想這會很有幫助，因為我們收到投資人很多相關問題，關於不良貸款（NPL）上升、不良貸款形成（NPLs formation）以及風險成本上升。

And what is the level of cost of risk we should expect during the year? Thank you.

以及今年我們應該預期的風險成本水準大概是多少？謝謝。

Joao Vitor, speaking. Thank you for your question. I'm going to cover first the answer from a strategic point of view, how we see that delinquency going forward and how it can impact our growth. And then Santi will cover more on the cost of risk NPLs going forward.

我是 Joao Vitor。謝謝你的提問。我會先從策略角度回答：我們如何看待未來的逾期情況，以及它可能如何影響我們的成長。接著 Santi 會補充未來風險成本與不良貸款（NPLs）的更多細節。

So important to mention that it might look contradictory, but I do see opportunity for Inter at this moment. We know that it's a hot topic today, most in Brazil that there is a big pressure on cost of risk. The macro scenario is not good. And why do I see that as an opportunity? Let me just try to be clear about that.

重要的是要提到，這看起來可能有些矛盾，但我確實認為此刻對 Inter 而言存在機會。我們知道這是當前的熱門議題，尤其在巴西，風險成本面臨很大壓力。宏觀環境並不好。那為什麼我會把它視為機會？讓我盡量把這點說清楚。

As you might know, the ones that have been following Inter for a while, we have been working hard for the past 10 years since we launched the first digital bank in Brazil to build a very strong funding franchise. So we have the best funding to keep underwriting well. Also, due to the digital model, digital distribution model, we can distribute loans and serve loans cheaper than our competitors.

如各位所知，長期關注 Inter 的人應該了解，自從我們在巴西推出第一家數位銀行以來，過去 10 年我們一直努力打造非常強大的資金來源平台（funding franchise）。因此，我們擁有最好的資金來源，得以持續做好授信承作（underwriting）。此外，由於數位模式、數位分銷模式，我們能以比競爭對手更低的成本發放貸款並提供貸款服務。

That said, we see that the last credit cycle was positive. And now we see some deterioration on the credit cycle in Brazil. We see that Inter is well positioned to be ahead of the competition and therefore, keep growing at the 30%-ish level that we have been growing for the past year or so.

話雖如此，我們看到上一個信貸週期是正面的。而現在我們看到巴西的信貸週期出現一些惡化。我們認為 Inter 的定位良好，能夠領先競爭對手，因此得以維持過去一年左右我們約 30% 的成長速度。

We do see that our transactional part of the business, the TPV, the fixed volume are working really well. It will help us to keep bringing the best cost of funding, the best distribution channel and the best way to serve. With all that in place, we're excited for keep producing more loans, mostly on the secured portfolio, important to highlight, as of today, roughly 70% of our portfolio is collateralized and also keep growing on the unsecured part of it through credit cards. Xandre has already explained on his remarks. And now with all that said, I'm going to hand over to Santi to cover about the delinquency and the NPLs going forward.

我們確實看到我們業務中的交易端，也就是 TPV、固定量，運作得非常好。這將幫助我們持續取得最佳的資金成本、最佳的分銷渠道，以及最佳的服務方式。在這些條件都到位的情況下，我們很期待能持續發放更多貸款，主要是在擔保型投資組合上——這點很重要要強調——截至目前，我們的投資組合約 70% 是有抵押品的；同時也會透過信用卡在無擔保部分持續成長。Xandre 在他的發言中已經說明過。在此基礎上，我把時間交給 Santi，請他談談未來的逾期與不良貸款（NPL）。

Hi, Gustavo, Santi here. Thank you for your question. So on private payroll and its delinquency, this product continues to show the expected behavior that an early-stage book has and its performance remains within our assumptions. This quarter, we had record volume of originations as we started to also sell it through WhatsApp in addition to the app and the portal. And this channel is driving more conversion of clients. So we're pleased with the dynamic that it's taking from a commercial point of view. Xandre can comment on this later in greater depth.

嗨 Gustavo，我是 Santi。謝謝你的提問。關於民營企業薪資代扣貸款及其逾期表現，這個產品持續呈現早期帳簿（early-stage book）應有的行為，其表現仍在我們的假設範圍內。本季我們的承作量創下紀錄，因為除了 App 與入口網站外，我們也開始透過 WhatsApp 銷售。而這個渠道帶來更高的客戶轉換率。因此從商業角度來看，我們對其發展動能感到滿意。Xandre 之後可以更深入地補充。

Private payroll did drive NPL 90 days up, mainly because it came from around zero last year and its share of the provisions and delinquency mix keeps growing within the portfolio. This quarter, we saw operational improvements such as, one, the possibility of moving contracts from one company to another when clients switches jobs as well as two, a smoother process of collecting payments from employers.

民營企業薪資代扣貸款確實推升了 90 天以上不良貸款（NPL 90 days），主要是因為去年它幾乎從零開始，而其在備抵與逾期結構中的占比在投資組合內持續上升。本季我們看到一些營運改善，例如：第一，當客戶換工作時，可以把合約從一家公司轉移到另一家公司；第二，向雇主收取款項的流程更順暢。

We still see many other operational improvements coming, such as, for example, the possibility to use the severance funds as a collateral when the employees are terminated and the automatic re-inclusion across employers and lastly, the use of FGTS as collateral. These are improvements that we think that eventually will come and will also impact positively delinquency.

我們仍看到還有許多其他營運改善將陸續到來，例如：員工被解雇時可將遣散基金作為擔保品、跨雇主的自動重新納入，以及最後，使用 FGTS 作為擔保品。我們認為這些改善最終都會落地，並且也會對逾期率帶來正面影響。

It's also important, Gustavo, to know that the current pricing of this product already implies a double-digit delinquency. And with these current levels of delinquency, the ROE of the product at the rates at which we are originating are around 30%. And as we have also mentioned in prior calls, the product has its natural J-Curve where first, we have to provision upfront and then as the interest income comes through the P&L, we see the positiveness of the results. We passed the breakeven point a quarter ago. And as the portfolio starts growing -- stock of the portfolio starts growing more than the new originations, that NPL should continue moving forward.

另外也很重要的是，Gustavo，這個產品目前的定價本身就已經隱含了兩位數的逾期率。在目前這些逾期水準下，以我們目前承作的利率來看，該產品的 ROE 約在 30% 左右。而且如同我們在先前電話會議提到的，這個產品有其自然的 J 型曲線：一開始需要先行提列備抵，之後隨著利息收入進入損益表（P&L），我們就會看到結果轉為正向。我們在一季前已經跨過損益兩平點。而當投資組合開始成長——也就是存量成長超過新增承作——該 NPL 應會持續往前推進（改善）。

So in all, we are happy with it. This is an investment for the future. It fits very well in the inter by design formula. The people that get these loans are benefiting from this versus more expensive alternatives. And as we continue to capitalize this opportunity, we will do so. Thank you.

總體而言，我們對此感到滿意。這是一項面向未來的投資。它非常符合 Inter by design 的公式。取得這些貸款的人，相較於更昂貴的替代方案，能從中受益。而我們也會持續把握並資本化這個機會。謝謝。

All right. If I may, just a follow-up here. What is the period on average to reach a breakeven point, right? Because I imagine that is, as you mentioned, is a J-Curve. So you originate in the beginning of the contract, you have this higher cost of risk and then you reach the breakeven.

好的。如果可以的話，我想再追問一下。平均需要多久才能達到損益兩平點？因為我想如你所說，這是一條 J 型曲線。也就是在合約初期承作時，風險成本較高，之後才達到損益兩平。

So what is the average period to reach a breakeven point is?

那麼平均多久會達到損益兩平點？

Vintages of private payroll at the rates that we're originating and with the delinquency that we're seeing reach breakeven in around two quarters or six months, Gustavo. We did accelerate originations in the last quarter through that. So we had a steepness on the volumes coming in, but a typical cohort breaks even in six months.

以我們目前承作的利率與所觀察到的逾期情況來看，民營企業薪資代扣貸款的各期別（vintages）大約在兩個季度、也就是六個月左右達到損益兩平，Gustavo。我們在上一季確實透過該渠道加速了承作。因此新增量的進件曲線更陡，但典型的一個同批次（cohort）會在六個月損益兩平。

Okay. And just a final one, is the expected cost of risk for the year is still 5% to 5.5% or it has changed?

了解。最後一個問題，今年預期的風險成本仍是 5% 到 5.5% 嗎？還是已經改變了？

On the current scenario that we're seeing, we are expecting something closer to 6%. And we -- again, as we have mentioned many times, in the business of maximizing or solving for risk-adjusted NIM. And the cost of risk in this particular year with the scenarios that we're seeing and taking more marginal exposure to private payroll and within cards also with the reshaping, we see closer to 6% for the remaining of the year.

以我們目前看到的情境來看，我們預期會更接近 6%。而且我們——再次強調，如同我們多次提到的——我們的業務是在最大化或優化風險調整後的淨利差（risk-adjusted NIM）。在今年這個特定年度、以我們所看到的情境，加上對民營企業薪資代扣貸款承擔更多邊際曝險，以及卡片業務也在重塑之下，我們認為今年剩餘期間的風險成本會更接近 6%。

Cool. Thank you.

很好。謝謝。

Ricardo, your mic is open. Please go ahead.

Ricardo，你的麥克風已開。請開始。

Hi everyone and thank you for the opportunity of making questions. We saw that NIM was roughly stable in this quarter despite changes in the portfolio mix, as you mentioned, the private payroll loan that has higher yields and that also kind of drove higher cost of risk.

大家好，謝謝讓我有機會提問。我們看到本季 NIM 大致持平，儘管如你們提到的，投資組合結構有所變化，例如收益率較高的民營企業薪資代扣貸款，同時也在某種程度上推升了風險成本。

So, it would be helpful if you could help us understand what makes sense to expect for NIM in the coming quarters? And what drove this effect in Q1, perhaps it's something to do with seasonality and also the J-Curve that you mentioned, but just wanted to hear your thoughts on that. Thank you.

所以，如果你們能協助我們理解未來幾季 NIM 合理的預期會很有幫助。以及第一季造成這個效果的原因是什麼？也許與季節性以及你們提到的 J 型曲線有關，但想聽聽你們的看法。謝謝。

Thank you, Ricardo. This is Santiago again. So on NIM, we -- first, let me give a longer-term answer. We've been saying that the NIM should grow 10 to 20 basis points per quarter on average. And if we look at the growth in the metrics for the past 12 months, it grew 70%, so 15 basis points on average, which makes us very pleased that we see that improvement continuously happening.

謝謝你，Ricardo。我再次是 Santiago。關於 NIM——首先我先給一個較長期的回答。我們一直說 NIM 平均每季應該成長 10 到 20 個基點。如果看過去 12 個月的指標成長，總共增加了 70 個基點，平均約 15 個基點，這讓我們非常高興，因為我們看到這種改善持續發生。

In the fourth quarter, we have a greater increase from 9.28% to 9.57%. Everything plays favorably for the NIM in the fourth quarter. A bit of the opposite happens in the first quarter, particularly with deposit balance on the cheapest type of deposits being lower in this quarter, and that generates that opposing view. So it's relative to last quarter, we have 3 basis points difference, 9.57% versus 9.54%, we call it roughly flat. But we are continuing to see more NIM expansion.

在第四季，NIM 從 9.28% 大幅上升到 9.57%。第四季所有因素都對 NIM 有利。第一季則有些相反的情況，特別是本季最便宜類型的存款餘額較低，因而產生相反的影響。因此相較上一季，我們只有 3 個基點的差異，9.57% 對 9.54%，我們稱之為大致持平。但我們仍持續看到 NIM 進一步擴張。

We see it closer to around 10 bps on average for this quarter, NIM expansion as a consequence of a lot of the lower-hanging fruits in terms of repricing of older portfolio and putting the liquidity to work at higher yields. We still have a lot to be done. We have many initiatives on the treasury front as well.

我們認為本季 NIM 擴張平均更接近約 10 個基點，原因在於一些較容易取得的成果，例如對舊投資組合重新定價，以及把流動性投入到更高收益的用途。我們仍有很多工作要做。在資金管理（treasury）方面我們也有許多措施。

But again, this first quarter is more -- the stableness has more to do with seasonality in the funding side for the first quarter, which had the opposite effect in the fourth quarter. And therefore, we were roughly flat versus fourth quarter '25.

但再說一次，這個第一季更——這種穩定性更多是來自第一季在資金端的季節性因素，而這在第四季則產生了相反的影響。因此，相較於25年第四季，我們大致持平。

That's clear. And on another topic, I wanted to ask if you could comment a little bit on the impact from the changes in payroll loan rules that we saw this week, either in the short term, medium term. I'm not sure if that would be relevant for you guys.

了解。另外一個主題，我想請你們稍微評論一下我們本週看到的薪資貸款規則變更所帶來的影響，無論是短期或中期。我不確定這對你們是否相關。

So this is Alexandre speaking, Ricardo. Thank you for the question. So first, on the private payroll, we're very constructive with the product. It's important to say this. And the changes in the caps do not change materially our underwriting.

我是Alexandre，Ricardo。謝謝你的問題。首先，關於民營（私部門）薪資貸款，我們對這個產品非常看好。這點很重要。而上限（cap）調整並不會對我們的授信審核造成實質性的改變。

If we look back since the beginning, that would be less than 5% of the total underwriting. And what's happening with our underwriting dynamics is that we're evolving the distribution channels and our own distribution channels, which will -- which we're confident that's going to offset the impact of this 5% that we might see as potential reduction.

如果回頭看從一開始到現在，這部分占我們總授信審核量不到5%。而我們授信動能的變化在於，我們正在調整分銷通路以及我們自有的分銷通路；我們有信心這將抵消我們可能看到的、這5%潛在縮減所帶來的影響。

To give you a few numbers, we reached the BRL2.5 billion portfolio. The average rate is at 3.7%, which is considerably lower than what we see in the caps. And also talking about a few dynamics on the private payroll loans and how good it is for Inter. So the cross-selling is at about 2 times the average cross-selling of the product. The ARPAC is about 4 times the average ARPAC of the clients.

給你一些數字：我們的投資組合已達到25億巴西雷亞爾（BRL2.5 billion）。平均利率為3.7%，明顯低於我們在上限中看到的水準。另外也談一下民營薪資貸款的一些動態，以及它對Inter有多好。交叉銷售約為該產品平均交叉銷售的2倍。ARPAC約為客戶平均ARPAC的4倍。

That's very good. And last quarter, we talked about WhatsApp origination that we would start it during the first quarter of this year. We started -- and in these early days, it's still early days. We're already seeing about 30% of our origination coming from the WhatsApp channel. So that would be good.

這非常好。而且上季我們談到WhatsApp進件（origination），我們會在今年第一季開始。我們已經開始了——而且目前仍是初期階段。我們已經看到大約30%的進件來自WhatsApp通路。所以這會是好事。

And also I would like to finish talking a little bit about the public payroll. So we also saw rules changing a little bit. The most -- the biggest impact comes on the public payroll cards, which we don't operate, also the benefit cards, which we also don't operate. So we shouldn't see any impact on business, and we see the changes as positive for the population, positive for our clients.

另外我也想以公部門薪資貸款稍作結尾。我們也看到規則有一些變動。最大的影響來自公部門薪資卡（payroll cards），但我們沒有經營；以及福利卡（benefit cards），我們也沒有經營。因此我們不應該會看到任何業務上的影響，而且我們認為這些變更對民眾是正面的、對我們的客戶也是正面的。

So anything that's positive for our clients will be positive for Inter in the long term. Thank you, Ricardo.

所以任何對客戶有利的事情，長期而言都會對Inter有利。謝謝你，Ricardo。

Thank you. And just a quick follow-up on that. The reduction in payroll margins for public employees to reaching eventually 30% wouldn't have a negative impact on you guys or perhaps that's not that relevant? If you could also elaborate on this part?

謝謝。我再快速追問一下。公務員薪資可扣繳額度（payroll margins）降低、最終降到30%，對你們不會有負面影響嗎？或許這其實不太相關？也請你們就這部分再多說明一下。

Yes. From an underwriting volume perspective and as we look at the penetration of this product in our overall portfolio, it's not significant. And we believe, as we're still growing the portfolio, we shouldn't see any material changes as we look for the future of the products.

是的。從授信放款量的角度，以及我們看這個產品在整體投資組合中的滲透率來看，影響並不顯著。而且我們認為，因為我們仍在擴大投資組合，展望未來產品發展時，不應該會看到任何實質性的變化。

Perfect. Thank you.

完美。謝謝。

Our next question comes from Tito Labarta. Tito, please go ahead.

下一個問題來自Tito Labarta。Tito，請說。

Thanks, Rafa. Hi, Santi, Alexandre, and Joao Vitor. Thanks for taking my question. Follow-up, I guess, on asset quality. Are you able to quantify, I guess, how much of the pickup in NPLs was one related to the private payroll and two, seasonality? Just trying to understand a little bit how much is like underlying deterioration versus some of the other mix and seasonality?

謝謝，Rafa。嗨，Santi、Alexandre和Joao Vitor。謝謝你們回答我的問題。我想追問一下資產品質。你們能否量化一下，不良貸款（NPL）上升中，有多少是（1）與民營薪資貸款相關，以及（2）季節性因素？我想更了解一下，這其中有多少是基本面惡化，還是一些其他組合與季節性的影響。

And then second -- and also, I guess, as the private payroll sort of stabilizes and the collateral and all the systems are working, where do you think the write-offs or NPLs for private payroll will eventually end up?

第二個——同時我想問，隨著民營薪資貸款逐步穩定、擔保品與各項系統都運作到位後，你們認為民營薪資貸款的核銷（write-offs）或不良貸款最終會落在什麼水準？

And then my second question, Santi, you mentioned, right, cost of risk will probably be closer to 6% this year. I think you're keeping the NIM expansion guidance. But I guess, how are you thinking from a risk-adjusted NIM perspective, given that cost of risk is probably going to be a little bit higher. Do you think you'll be able to compensate for that with better NIM? Or is the risk from asset quality a little bit greater than the NIM expansion that you expect?

然後我的第二個問題，Santi，你提到今年的風險成本（cost of risk）可能會更接近6%。我想你們仍維持淨利差（NIM）擴張的指引。但從風險調整後NIM的角度來看，既然風險成本可能會略高，你們是怎麼思考的？你們認為能用更好的NIM來補償嗎？還是資產品質的風險會略大於你們預期的NIM擴張？

Tito, thank you for the question. So on the first one to quantify seasonality versus internal dynamics in the portfolio, it's roughly half and half, the split of both. We see -- if you look at the last year, our NPLs grew around 30 basis points, and we see a similar amount of delinquency increase this quarter as a consequence of seasonality.

Tito，謝謝你的問題。第一個問題，量化季節性與投資組合內部動態的影響，大致是一半一半。我們看到——如果你看去年，我們的NPL大約上升了30個基點，而本季我們也看到類似幅度的逾期上升，主要是季節性所致。

And then the remaining is two factors, private payroll growing the portfolio and also the additional delinquency from credit cards that is obviously paying off very, very nicely on the credit card portfolio P&L. So it's partially seasonality and partially internal and within internal, both private payroll and credit cards being the two main factors.

剩下的部分來自兩個因素：民營薪資貸款投資組合的成長，以及信用卡帶來的額外逾期；而信用卡在信用卡投資組合的損益表（P&L）上顯然回收得非常、非常好。所以部分是季節性，部分是內部因素；而在內部因素中，民營薪資貸款與信用卡是兩個主要因素。

On the delinquency level of private payroll, it will depend, as I mentioned, with all of the factors that are still to be seen on the collateral and the severance and so on. We think that it would make sense for this product to have a delinquency level in the high single digit, potentially even mid-single digit depending on how well those things play out. It's still above 10%, but it should converge, we think, to something around those levels on the continuous improvements continue to happen.

至於民營薪資貸款的逾期水準，會如我提到的，取決於仍待觀察的各項因素，例如擔保品、資遣（severance）等。我們認為這個產品的逾期水準落在高個位數是合理的；視這些因素的落實情況，甚至可能到中個位數。目前仍高於10%，但我們認為，隨著持續改善，應該會收斂到上述大約那樣的水準。

And then on risk-adjusted NIM, first, decomposing on NIM, we expect the continuous improvement closer to 10 basis points on average in the quarter. And then with risk-adjusted -- with cost of risk growing, we think that the risk-adjusted NIM will be a bit more stable this year throughout the year than when it was before. And then it would continue to resume the upward trend going forward.

再來談風險調整後NIM。首先拆解NIM，我們預期每季平均可持續改善、接近10個基點。而在風險調整方面——隨著風險成本上升，我們認為今年的風險調整後NIM全年會比過去更為穩定。之後則會再度延續向上的趨勢。

But it will ultimately depend on the loan mix that we operate with. So what we're seeing with the current loan mix, we see it more stable throughout the year, meaning end of 2026 similar level to 2025 with NIM expansion and cost of risk both growing marginally.

但最終仍取決於我們操作的放款組合。以目前的放款組合來看，我們預期全年會更穩定，也就是說：2026年底的水準與2025年相近，同時NIM擴張與風險成本都僅小幅上升。

Okay. That's helpful. And I guess just one follow-up on the private payroll. So as the delinquencies will come down, would you expect the NIM to come down as well? So maybe risk-adjusted NIM stay the same?

好的。這很有幫助。我想再追問一下民營薪資貸款。隨著逾期下降，你們是否也預期NIM會一起下降？也就是說，風險調整後NIM可能維持不變？

Or would those dynamics change at all?

或者這些動態會有任何改變嗎？

Hi, Tito, this is Xandre speaking. We see -- so it's going to depend a lot on the competitive dynamics. Short term, we don't expect to see the average rates coming down as the market is still adapting the market is still learning and trying to reach these long-term NPL levels and the long-term cost of risk levels. So we believe for now, we should see stability.

嗨，Tito，我是 Xandre。我們看到——所以這將在很大程度上取決於競爭動態。短期內，我們不預期平均利率會下降，因為市場仍在適應，市場仍在學習，並嘗試達到這些長期的不良貸款（NPL）水準以及長期的風險成本水準。因此，我們相信目前應該會看到穩定。

Longer term, as everything is in place because Santi talked about the high single-digit NPLs. When will that happen? It's uncertain. It could be in the end of this year, could be mid next year, and it heavily depends on the implementation of all the improvements that Dataprev is working on. So as we see these NPLs in the high single digits, longer term, we may see a compression in NIMs, but Joao will fill in also with a few more info.

從較長期來看，當一切到位，因為 Santi 提到高個位數的 NPL。那會在什麼時候發生？目前不確定。可能在今年年底，也可能在明年年中，而且很大程度取決於 Dataprev 正在推動的所有改善措施的落實情況。因此，當我們看到 NPL 來到高個位數時，長期而言，我們可能會看到淨利差（NIM）收窄，但 Joao 也會補充更多資訊。

So Tito, just to connect with my first comment on how we see the business, the loan growth portfolio moving forward. Interesting to see that these first two questions connected to delinquency and some change on the regulatory part of private payroll loan, public payroll loan, it's important to see that, as I told, I has been preparing ourselves to be well positioned to capture to seize the opportunity.

所以 Tito，為了呼應我先前對我們如何看待業務、以及未來貸款成長組合的評論。有趣的是，前兩個問題都連結到逾期以及私人薪資扣款貸款、公部門薪資扣款貸款在監管面的一些變化；重要的是要看到，正如我所說，我們一直在準備，讓自己處於有利位置以把握並抓住這個機會。

So just to recap, by having the best cost of funding, we can, for instance, be more competitive when we see a cap on the interest rate for private payroll and for public payroll loan. When you see, for instance, that we can distribute most of our private payroll loan through our own app and not on the open market. Therefore, we can be more competitive when, for instance, we have a cap on the rate.

簡單回顧一下，透過擁有最佳的資金成本，我們例如可以在看到私人薪資扣款與公部門薪資扣款貸款的利率上限時更具競爭力。再例如，我們可以透過自家 App 分銷大部分的私人薪資扣款貸款，而不是在公開市場上分銷。因此，當例如利率被設上限時，我們就能更具競爭力。

So when we combine delinquencies picking up on the industry, some regulatory change, we see Inter more positioned than before to keep growing on the portfolios that we want to evolve, such as the private payroll loan, public payroll loan, mortgage, home equity and also even on credit card.

因此，當我們把產業逾期上升與一些監管變化結合起來看，我們認為 Inter 比以前更有利於持續擴張我們希望發展的投資組合，例如私人薪資扣款貸款、公部門薪資扣款貸款、房貸、房屋淨值貸款，甚至信用卡。

On credit card, by instance, although we see most of it as our unsecured credit portfolio, we're now shifting our underwriting to older clients to clients that have been with us for a while and avoiding the new underwriting. So this combination lead us to be confident that the pace of growth that we have been experiencing so far, it's solid, it's good, and we keep delivering in that trend. This is very important to mention.

以信用卡為例，雖然我們將其大多視為無擔保信貸組合，但我們現在正把授信審核轉向年齡較大的客戶、以及已與我們往來一段時間的客戶，並避免對新客戶進行新的授信審核。因此，這樣的組合讓我們有信心：我們迄今所經歷的成長速度是穩健的、是良好的，而且我們會持續沿著這個趨勢交出成果。這點非常重要，值得一提。

Again, it might look contradictory, but the overall macro deterioration in terms of delinquency and how this change that we see on private payroll loan and public payroll loan creates opportunities for Inter to keep growing and to keep penetrating and keep gaining market share. This is a very important measure that I'd like to highlight here.

再次強調，這看起來可能有些矛盾，但整體宏觀環境在逾期方面的惡化，以及我們在私人薪資扣款貸款與公部門薪資扣款貸款上看到的變化，反而為 Inter 創造了持續成長、持續滲透並持續提升市占率的機會。這是一項我想在此特別強調的非常重要的衡量指標。

Makes sense. I mean I think the fintechs should be in a good position to potentially take advantage of look. Thank you.

有道理。我的意思是，我認為金融科技公司應該處於一個不錯的位置，可能可以加以利用。謝謝。

Our next question comes from Mario Pierry.

下一個問題來自 Mario Pierry。

Hey, guys. Good afternoon. Thanks for taking my question. Let me ask two questions. Still on asset quality, if you can comment a little bit about this new debt renegotiation program in Brazil. How do you think that's going to impact your business? And if you think that any of your clients could be participating in this program?

嗨，各位。下午好。謝謝讓我提問。我想問兩個問題。仍然關於資產品質，如果可以的話，請你們評論一下巴西這個新的債務重新協商計畫。你們認為這會如何影響你們的業務？以及你們是否認為你們的任何客戶可能會參與這個計畫？

And then a second question, completely unrelated, Joao, and I keep focusing on this is on operating expenses, right? You showed a significant improvement in the efficiency ratio this quarter. However, right, your efficiency ratio still is at 44%. Everyone else is running in the 20% level, and your target was 30%. I feel like it's always personnel expenses growing 20% that concerns me the most.

第二個問題完全無關，Joao，我一直聚焦在營運費用上，對吧？你們這一季的效率比率有顯著改善。不過，你們的效率比率仍在 44%。其他人都在 20% 左右，而你們的目標是 30%。我覺得最讓我擔心的總是人事費用成長 20%。

You showed that your number of employees stayed stable at 4,000 and still expenses up 20. You talked about having a more senior management team, but I wanted to understand exactly what that means.

你們顯示員工人數維持在 4,000 人不變，但費用仍上升 20%。你們提到擁有更資深的管理團隊，但我想了解那到底是什麼意思。

Because, yes, expenses are growing less than revenues, but they're growing like 5 times inflation. And if you think -- and maybe you're going to touch on this on Monday, but there's going to be a point where your expense growth starts to normalize. And if you think that we still are like two years away from the happening or one year away, especially, right, as you talked a lot in your remarks about AI and the benefits of the AI banking. So just help us first understand why it's okay to grow personnel expenses 20%? And when do you think that this growth rate should start to normalize? Thank you.

因為，是的，費用成長低於營收成長，但費用成長大概是通膨的 5 倍。而且如果你們認為——也許你們會在週一談到——會有一個時間點，你們的費用成長會開始正常化。以及你們是否認為我們距離那個發生仍有兩年，或是一年，特別是你們在發言中談了很多 AI 以及 AI 銀行的效益。所以請先幫我們理解，為什麼人事費用成長 20% 是可以接受的？以及你們認為這個成長率何時應該開始正常化？謝謝。

Thank you, Mario. This is Xandre speaking. I'll take the first part on the Desenrola and the renegotiations, and then I'll pass the mic to Joao. So on the Desenrola, the fast answer is that it's a positive program. We participated in the discussions as the program was developed and believe that it's going to be better than the first one.

謝謝你，Mario。我是 Xandre。我先回答 Desenrola 與重新協商的第一部分，然後把麥克風交給 Joao。關於 Desenrola，簡短的回答是：這是一個正面的計畫。在計畫制定過程中，我們參與了討論，並相信它會比第一個版本更好。

But the reality is it's not going to materially change the business. It's going to help for sure, but it's not going to materially change the dynamics, the overall macro conditions that we see.

但現實是，它不會對業務造成實質性的改變。它肯定會有所幫助，但不會實質改變我們所看到的動態與整體宏觀條件。

Having said that, what percentage of our portfolio or of our delinquent base can participate? The answer is more than half. So we have the volume between 90 days and 720 days delinquent today that we have that's addressable is higher than 50%. So we have a lot of room to renegotiate with clients, and we see that as positive.

話雖如此，我們的投資組合或逾期基礎中，有多少比例可以參與？答案是超過一半。所以我們目前在逾期 90 天到 720 天之間、可被涵蓋處理的量體高於 50%。因此，我們有很大的空間可以與客戶重新協商，我們認為這是正面的。

Positive, it should bring positive results short term. Long term, we still believe there is a lot of structural issues in the country to resolve. And our mission here is try to help as many clients as possible. And if we can do this, it's going to positively impact the results, bottom line and cost of risk. Thank you.

這是正面的，短期內應該會帶來正面成果。長期而言，我們仍然相信這個國家有許多結構性問題需要解決。而我們在這裡的使命是盡可能幫助更多客戶。如果我們能做到，將會對結果、最終損益以及風險成本帶來正面影響。謝謝。

And I'll pass the mic to Joao.

我把麥克風交給 Joao。

Mario, here. Thanks for your question. And it's actually a very interesting question because let's just try to put that on the perspective. When we see about the number of employees that you just mentioned, 2, 2.5 years ago, we had the same number of employees, roughly at 4,000 employees at Inter. Back then, we had half of the revenue that we're producing today.

Mario，我來回答。謝謝你的提問。這其實是一個非常有意思的問題，因為讓我們試著把它放在脈絡中看。關於你剛提到的員工人數，2 到 2.5 年前，我們在 Inter 的員工人數大致相同，約 4,000 人。當時，我們的營收只有今天的一半。

So this is mostly because we have been optimizing how much revenue we are producing per employee.

所以這主要是因為我們一直在優化每位員工所產生的營收。

And just to remind, India is still a growth story. So we're not solving for only the expense on a nominal base. As we just mentioned, we are solving for a lower growth on expense compared to the growth on our revenue side. And this is exactly what we have been printing for the, let's say, maybe four or six quarters already.

另外提醒一下，印度仍然是一個成長故事。所以我們並不是只在名目基礎上去解決費用問題。如同我們剛才提到的，我們要解的是費用成長率低於營收端成長率。而這正是我們在過去，姑且說，可能已經連續四到六個季度所呈現的結果。

Also, just to connect to your question, we do have spending more on our senior management. We believe that this is very important for us to keep improving our credit underwriting collections, how we keep innovating, how we keep pushing the bar, how we can keep growing our business on a sustainable way with the right risk management approach. So yes, so we are bringing more senior managers. It's not an expensive investment, and we're proud of that. We're going to share a lot about that on our Owners Day next Monday.

另外，為了呼應你的問題，我們確實在資深管理層上投入更多支出。我們相信這對我們非常重要，能持續提升我們的授信審核與催收能力、持續創新、持續拉高標準，並以正確的風險管理方法，讓業務以可持續的方式成長。所以是的，我們正在引進更多資深主管。這不是一項昂貴的投資，我們也以此為傲。下週一的 Owners Day 我們會分享很多相關內容。

I think you're going to be pleased with what we're going to see there. But also to remember, we doubled our revenues with the same number of employees, and this equals to efficiency ratio. Of course, could we be having a better efficiency ratio. As of today, if we're not growing fast, not innovating, not putting new products, probably yes.

我想你會對我們到時候展示的內容感到滿意。但也要記得，我們在員工數不變的情況下把營收翻倍，這就體現在效率比率上。當然，我們是否可以有更好的效率比率？以今天來看，如果我們不追求快速成長、不創新、不推出新產品，可能是可以的。

But again, at the end of the day, we believe that we want to produce more value, more momentum to our shareholders. And we believe the right thing to do now is to keep growing, to keep innovating and to keep pushing the bar in terms of new clients, more clients, more engagement, more monetization, more revenues, more products and so on. So that's the arbitrage that we're doing here, maybe postponing a little bit how good you can get into efficiency ratio in order to build and to produce a better platform for our owners. That's the view behind it.

但再說一次，歸根結底，我們相信我們希望為股東創造更多價值、更多動能。我們認為現在正確的做法是持續成長、持續創新，並在新客戶、更多客戶、更高互動、更高變現、更高營收、更多產品等方面持續拉高標準。所以這就是我們在做的取捨：也許稍微延後效率比率能改善到多好的時間點，以便為我們的股東打造並產出一個更好的平台。這就是背後的看法。

Thank you very much very clear.

非常感謝，講得很清楚。

Our next question comes from Pedro Leduc.

下一個問題來自 Pedro Leduc。

Thank you very much for taking the question. First one on the interest income from personal loans, I like the way you disclosed it, it's a few quarters now that the implied yield declines, which is not too intuitive given that FGTS has been losing share there and private payroll gaining, which has a much higher rate than that's implied. So if you can help us understand that implied yield drop there in personal loans. That will be the first.

非常感謝讓我提問。第一個問題關於個人貸款的利息收入，我很喜歡你們的揭露方式；但這幾個季度以來，隱含收益率在下降，這不太直觀，因為 FGTS 在那裡的占比一直在流失，而私營薪資代扣貸款（private payroll）占比提升，而它的利率明顯高於目前隱含的水準。所以如果你們能幫助我們理解個人貸款隱含收益率下滑的原因。這是第一個。

And then second, just a general view on your SME initiatives, where you stand? I mean it's been a while since you acquired Granito. We haven't heard much since then. Just a general overview on SMEs and what we can expect here for this year. Thank you.

第二個是關於你們的中小企業（SME）計畫的整體看法，你們目前進展到哪裡？畢竟你們收購 Granito 也有一段時間了。之後我們就比較少聽到相關消息。想請你們概述一下 SME 的情況，以及我們今年可以期待什麼。謝謝。

Hey, Leduc, Santi here. Thank you for the question. So the implied yield, start more general and then touch on specifically on your point on personal loans. But the implied yield on our interest earning assets increased from 18.4% to 21.7% comparing to the same period of last year. This is 3 percentage points improvement.

嗨，Leduc，我是 Santi。謝謝你的問題。關於隱含收益率，我先從更一般的角度說起，再具體回到你提到的個人貸款。我們生息資產的隱含收益率，與去年同期相比，從 18.4% 上升到 21.7%。這提升了 3 個百分點。

On personal loans and credit cards, there's a mixed or cross effects. Now with the reshaping strategy that Santi has several times alluded to, part of those interest are remaining in the product of credit cards when before they were transferred to the personal loan portfolio. So that additional interest or interest rate increase that was outside of credit cards, but the loan to credit cards is now staying within it. That's why that curve is increasing more.

在個人貸款與信用卡上，存在一些混合或交叉影響。隨著 Santi 多次提到的重塑策略，部分利息現在留在信用卡產品中，而以前這部分會轉移到個人貸款組合。因此，那些原本不在信用卡、而是從貸款轉到信用卡之外的額外利息或利率提升，現在留在信用卡內。這就是為什麼那條曲線上升得更明顯。

And then on the personal loans, the positive angle is that private payroll is pushing that product rates up, while you have the offsetting one-off of cards remaining within the car. So the good way to see it in summary is when you see both of them together and they're going up very nicely on a quarter-by-quarter and even more on a year-by-year basis. And that's the way we think about. So there is some cross effects between the two products that makes the joint view more accurate.

至於個人貸款，正面的因素是私營薪資代扣貸款正在推升該產品的利率；但同時也有信用卡利息留在卡內的單次性抵銷因素。所以總結來看，較好的解讀方式是把兩者放在一起看，你會看到它們在逐季、甚至逐年基礎上都上升得很不錯。這也是我們的思考方式。因此，兩個產品之間確實存在一些交叉影響，使得合併視角更為準確。

Thank you, Santiago.

謝謝你，Santiago。

I'll talk about the SME business. So we're very -- I'm a big enthusiastic of this business at Inter. So we've been doing it for a few years now. And what's the dynamics that we see today?

我來談談 SME 業務。所以我們非常——我個人對 Inter 的這項業務非常熱衷。我們已經做了好幾年了。那我們今天看到的動態是什麼？

So first, in terms of client acquisition, very positive. So we're in our best year ever in terms of client acquisition, both for SMEs and base in the ballpark of close to 100,000 accounts a month. So very positive acquisition dynamics. The transactional business is strong, and it ends up bringing the majority of the profitability that we see in this segment at Inter.

首先，在客戶獲取方面，非常正面。就客戶獲取而言，無論是 SME 還是整體基礎，我們今年是史上最好的一年，每月新增帳戶數大約接近 10 萬戶。所以獲客動能非常正向。交易型業務表現強勁，而它最終帶來了我們在 Inter 這個分部所看到的大部分獲利。

Today, within our overall deposit base, about 40% is coming from the SMEs, which is also reflects a little bit the power that we have in this business. But reality is that SMEs are still an enormous opportunity for future prospects for Inter. Why is this? Cross-selling is still to be done when we think about credit. So the transactional business is very intense, the cross-selling of credit is still on the early days.

目前在我們整體存款基礎中，大約 40% 來自 SME，這也在某種程度上反映了我們在這項業務上的實力。但現實是，對 Inter 而言，SME 仍然是未來前景中一個巨大的機會。為什麼？當我們談到信貸時，交叉銷售仍有很多工作要做。所以交易型業務非常活躍，但信貸的交叉銷售仍處於早期階段。

And that's why I said that I'm so enthusiastic about it because we have a lot of touch points with this client. We have an activation rate of about 80% with this public, which is much higher than the activation rate of the individual accounts, meaning that as we evolve the solutions and the credit solutions, we will see this penetration of credit products that today is at about 3%, only 3% growth. So it's easy to see 3% to 6% to 10% and to see something closer to what we see in the individuals where we're above 30% credit penetration today.

這也是我說我對它如此熱衷的原因，因為我們與這類客戶有很多接觸點。我們在這個客群的啟用率大約 80%，遠高於個人帳戶的啟用率；這意味著，隨著我們完善解決方案與信貸解決方案，我們將看到信貸產品滲透率提升——目前大約在 3%，只有 3%。因此很容易想像從 3% 到 6% 到 10%，並逐步接近我們在個人客群看到的水準：目前個人端的信貸滲透率已超過 30%。

To finish, you talked about the Granito acquisition, so it's Inter Pag. On Inter Pag, we are on a modernization agenda to make sure we can serve their clients. So we should still see a few quarters until we resume growth there. Thank you, Leduc.

最後，你提到 Granito 的收購，也就是 Inter Pag。在 Inter Pag 方面，我們正在推進現代化改造的議程，以確保我們能夠服務他們的客戶。因此，我們可能還需要再等幾個季度，才會在那裡恢復成長。謝謝你，Leduc。

Our next question comes from Yuri Fernandes.

下一個問題來自 Yuri Fernandes。

I have a similar question to Leduc. But for real estate, the yield also moved down. I'm not sure if this is inflation that sometimes is lower. But when we do interest income for real estate lending, it was also a little bit down. And just checking on the credit card because I get that the private pay is polluting the asset quality metrics.

我的問題和 Leduc 類似。但在房地產方面，收益率也下滑了。我不確定這是否與通膨有關，因為有時通膨會比較低。但當我們看房地產放款的利息收入時，也略有下降。另外想確認一下信用卡，因為我理解私營薪資代扣貸款正在干擾資產品質指標。

But when we go for credit cards and we check the Stage 2, Stage 3, there was increase in the product, and you did provision for most of this formation.

但當我們看信用卡並檢視第2階段、第3階段時，該產品出現了增加，而你們也已為其中大部分的形成計提了撥備。

But just checking Santi's answer that if this is related also for you migrating some of the personal loans towards credit cards, like I guess, the refinanced loans that were cards now migrating from personal to loans to credit cards, I think this may explain.

不過再看一下Santi的回答，若這也與你們將部分個人貸款遷移到信用卡有關——例如我猜，原本是卡的再融資貸款，現在正從個人貸款遷移到信用卡——我認為這可能可以解釋。

And then I have a second question regarding fees. If you can comment a little bit why fees have been a little bit more like luster, you're growing clients, you're growing loans, but we don't see fees picking up.

然後我有第二個關於手續費的問題。你能否稍微評論一下，為什麼手續費表現有點不如預期？你們客戶在成長、貸款在成長，但我們沒有看到手續費跟著上來。

You will take the first two on rates and cards delinquency and I'll pass it to Xandre for fees. So on interest rates, there is a delay between the increase in inflation and the rate that the mortgage, particularly mortgage and also the mainly mortgage products reflect and then we will see the improvement that happened in the metric in the first quarter reflected in our financials in the second quarter. So there's a bit of a delay factor there that we're seeing already playing -- we saw in April and more to come in May.

你先回答前兩個關於利率與信用卡逾期的問題，我再把手續費的部分交給Xandre。關於利率，通膨上升與房貸利率（特別是房貸，且主要是房貸產品）反映之間存在時間落差；因此，我們會在第二季的財務數字中看到第一季指標改善所帶來的反映。所以我們看到的是一個延遲因素——我們在4月已經看到，5月還會有更多。

On the credit cards, with the reshaping, what we see is that the length at which certain clients stage in Stage 2 is longer, right, relative to what we had a year or more longer ago. So it's a continuation of the life of the client in Stage 2 for longer, and that's what led to the increase on the card front. I'll pass it to Xandre on the last one.

至於信用卡，隨著組合重塑，我們看到的是某些客戶停留在第2階段的時間更長，對吧？相較於一年前或更久以前。也就是客戶在第2階段的存續期延長，而這就是導致信用卡端增加的原因。最後一題我交給Xandre。

Thank you for the question. So we did see this pressure on fees, especially when we look at the overall picture, right? So the net revenues grew at 33%, 18% on fee, 38% on NII. Looking at the 18% year-on-year, still a positive growth. We did have some positive highlights there, for example, Inter Shop growing at 30% despite the pressures that we see in the segment.

謝謝你的提問。我們確實看到手續費承壓，特別是當我們看整體圖景時，對吧？淨營收成長33%，手續費成長18%，淨利息收入（NII）成長38%。從年增18%來看，仍然是正成長。我們也有一些正面亮點，例如Inter Shop在該分部承壓的情況下仍成長30%。

And we do have several plans in the different verticals to resume growth and try to bring it to the pace above 30%. So we have a lot of product launches coming in, for example, in insurance so that we can pick up a little bit more growth there.

而且我們在不同垂直領域有多項計畫來恢復成長，並嘗試把增速帶回30%以上。因此我們將推出許多新產品，例如在保險方面，讓我們能在那裡帶動更多成長。

Despite the delinquency, we are very constructive on growing credit cards. So we should keep seeing interchange revenues growing more than what we saw in the last 12 months. So in the last 12 months, we saw 16% growth on interchange. We expect to see it getting closer to 20%, 20-plus percent. So we're constructive.

儘管有逾期情況，我們對信用卡成長仍然非常樂觀。因此我們應該會持續看到交換手續費（interchange）收入的成長，高於過去12個月的表現。在過去12個月，我們看到交換手續費成長16%。我們預期會更接近20%、甚至20%以上。所以我們是偏正向的。

We have very good plans. And we also truly believe that with all the Seven efforts when we think about the conversational sales, it's going to become -- it's going to bring us an opportunity to engage more with the clients and sell more in products that bring fee income.

我們有非常好的計畫。而且我們也確實相信，當我們思考對話式銷售時，配合所有Seven的努力，這將會——將為我們帶來更多與客戶互動的機會，並銷售更多能帶來手續費收入的產品。

The point about fees is there was some help on cash back moving lower and other income being higher. If you normalize for that, I guess some of the fees like the interchange, for instance, that is a highly transactional fee line. It's growing like 11% that is less. So this is why I asked. But perhaps more importantly, a broad question for you, for Santi, Joao.

關於手續費的重點是，現金回饋下降以及其他收入上升對手續費有一些幫助。如果把這些因素正常化，我想有些手續費，例如交換手續費（interchange），它是一條高度交易型的手續費線。它的成長大約是11%，比較低。所以這就是我提問的原因。但也許更重要的是，我想對你們、對Santi、Joao提出一個更廣泛的問題。

The stock is down 12% today, right? And you are very positive on the speech. I think asset quality has seasonality. You just mentioned Santi just mentioned that he's looking for better trends ahead on already on the second quarter. What do you think we are missing here? Like what the market is missing on these results?

今天股價下跌了12%，對吧？而你們在發言中非常正面。我認為資產品質具有季節性。你剛提到——Santi剛提到——他預期第二季已經會看到更好的趨勢。你認為我們在這裡漏看了什麼？也就是市場在這些結果上漏看了什麼？

Actually, you made a very good question. It's very hard to understand market reaction. But at the end of the day, we're still here working hard. We're confident with the outcome for the business, not only on the short term, but also on the long term.

其實你問得很好。市場反應很難理解。但歸根結底，我們仍在這裡努力工作。我們對業務的結果有信心，不僅是短期，也包括長期。

And as I mentioned on my opening remarks, we are confident that Inter has been for many years, building our banking franchise. So let's just look at. We have the best momentum on our deposit franchise. We have a very good momentum on our transaction platform, the volume of PIX above 90% of the market.

正如我在開場致詞中提到的，我們有信心Inter多年來一直在打造我們的銀行特許經營。所以我們就來看看。我們在存款特許經營方面有最好的動能。我們在交易平台方面也有非常好的動能，PIX的交易量占市場90%以上。

So all that put in context, we're really happy with the earnings. We're really happy with the momentum of the company. And also, we're really happy with what we're going to show on our Owners Day next Monday on NASDAQ.

把這些放在一起看，我們對獲利非常滿意。我們對公司的動能非常滿意。而且，我們也非常期待下週一在NASDAQ的Owners Day上將展示的內容。

So anyways, I mean, we need to keep doing what we have been doing in the past. always focus, always diligent and not working only harder, but also smarter. So we're confident that we will be able to show very good results, not only for the rest of the year, but also for the years to come.

所以不管怎樣，我的意思是，我們需要持續做我們過去一直在做的事：始終專注、始終勤勉，不只是更努力，也要更聰明地工作。因此我們有信心能夠展現非常好的成果，不僅是今年剩餘時間，也包括未來幾年。

That's how we take this market reaction. I mean it helps us to just keep focusing and keep delivering strong momentum for the business.

這就是我們看待這次市場反應的方式。我的意思是，它幫助我們持續專注，並持續為業務交出強勁的動能。

Thanks, everyone. With that, this ends the first quarter results conference call. We hope to see you all on Monday, 11 at NASDAQ in New York. Thank you very much.

謝謝大家。至此，第一季業績電話會議結束。我們希望下週一（11日）在紐約NASDAQ見到各位。非常感謝。