Nu Holdings Ltd (NU) 2023 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to Nu Holdings conference call to discuss the results for the third quarter of 2023. A slide presentation is accompanying today's webcast, which is available in Nu's Investor Relations website, www.investors.nu in English, and www.investidores.nu in Portuguese. This conference is being recorded, and the replay can also be accessed on the company's IR website. This call is also available in Portuguese. (Operator Instructions) (foreign language).

女士們、先生們，午安。歡迎參加Nu Holdings 電話會議，討論2023 年第三季度的業績。今天的網絡廣播附帶幻燈片演示，可在Nu 的投資者關係網站、英語www.investors.nu 和葡萄牙語www.investidores.nu 上觀看。 。本次會議正在錄製中，您也可以在公司的 IR 網站上觀看重播。此電話也提供葡萄牙語服務。 （操作說明）（外語）。

I would now like to turn the call over to Mr. Jorg Friedemann, Investor Relations Officer at Nu Holdings. Mr. Friedemann, you may proceed.

我現在想將電話轉給 Nu Holdings 投資者關係官 Jorg Friedemann 先生。弗里德曼先生，您可以繼續了。

Thank you very much, operator. And thank you all for joining our earnings call today. If you have not seen our earnings release, a copy is posted in the Results Center section of our Investor Relations website. With me on today's call are David Velez, our Founder, Chief Executive Officer and Chairman; Youssef Lahrech, our President and Chief Operating Officer, Guilherme Lago, our Chief Financial Officer; and Jag Duggal, our Chief Product Officer.

非常感謝您，接線生。感謝大家今天參加我們的財報電話會議。如果您還沒有看到我們的收益發布，我們的投資者關係網站的結果中心部分會發布一份副本。與我一起參加今天電話會議的有我們的創辦人、執行長兼董事長 David Velez； Youssef Lahrech，我們的總裁兼營運長，Guilherme Lago，我們的財務長；以及我們的首席產品長 Jag Duggal。

Throughout this conference call, we will be presenting non-IFRS financial information, including adjusted net income. These are important financial measures for Nu Holdings but are not financial measures as defined by IFRS and may not be comparable to similar measures from other companies. Reconciliations of our non-IFRS financial information to the IFRS financial information are available in our earnings press release.

在整個電話會議中，我們將介紹非國際財務報告準則的財務信息，包括調整後的淨利潤。這些是 Nu Holdings 的重要財務指標，但不是 IFRS 定義的財務指標，可能無法與其他公司的類似指標進行比較。我們的收益新聞稿中提供了我們的非國際財務報告準則財務資訊與國際財務報告準則財務資訊的調整表。

Unless noted otherwise, all growth rates are on a year-over-year FX neutral basis.

除非另有說明，所有成長率均以外匯中性為基礎計算。

I would also like to remind everyone that today's discussion might include forward-looking statements, which are not guarantees of future performance, and therefore, you should not put undue reliance on them. These statements are subject to numerous risks and uncertainties and could cause actual results to differ materially from our expectations. Please refer to the forward-looking statements disclosure in our earnings release.

我還想提醒大家，今天的討論可能包含前瞻性陳述，這些陳述並不是對未來業績的保證，因此，您不應過度依賴它們。這些陳述面臨許多風險和不確定性，可能導致實際結果與我們的預期有重大差異。請參閱我們的收益報告中所揭露的前瞻性聲明。

Today, our Founder, Chairman and CEO; David Velez will discuss the main highlights of our third quarter 2023 results and provide an overview of our company flywheel. Subsequently, Guilherme Lago, our CFO, and Youssef Lahrech, our President and COO, will take you through our financial and operating performance for the quarter. After which time, we will be happy to take your questions.

今天，我們的創辦人、董事長兼執行長； David Velez 將討論我們 2023 年第三季業績的主要亮點，並概述我們公司的飛輪。隨後，我們的財務長 Guilherme Lago 和總裁兼營運長 Youssef Lahrech 將向您介紹我們本季的財務和營運業績。之後，我們將很樂意回答您的問題。

Now I'd like to turn the call over to David. David, please go ahead.

現在我想把電話轉給大衛。大衛，請繼續。

Thank you, Jorg. Good evening, everyone, and thank you for being with us today. Once again, in Q3 '23, Nu continued its remarkable upward trajectory, demonstrating strong operating performance, fast growth and increasingly robust profitability. We remain focused on executing our business plan without distractions while keeping an eye on the significant growth opportunities we have as a company in the long run.

謝謝你，約格。大家晚上好，感謝你們今天和我們在一起。 23 年第三季度，Nu 再次繼續其顯著的上升軌跡，展現了強勁的經營業績、快速成長和日益強勁的獲利能力。我們仍然專注於心無旁騖地執行我們的業務計劃，同時關注我們作為一家公司的長期重大成長機會。

Reflecting on one of the key milestones of the third quarter, our pace of customer growth exceeded our expectations, culminating in over 89 million customers at the end of the quarter. Once again, we witnessed robust customer acquisition in Brazil, Mexico and Colombia, with slightly more than 1.5 million new customers per month.

回顧第三季的關鍵里程碑之一，我們的客戶成長速度超出了我們的預期，在本季末客戶數量達到了 8,900 萬以上。我們再次見證了巴西、墨西哥和哥倫比亞的強勁客戶獲取，每月新增客戶略高於 150 萬。

Over the past 12 months, our customer base growth in Brazil has outpaced that of the five largest incumbent banks combined. Additionally, we welcomed over 700,000 new customers in Mexico during the quarter, driven by the rollout and continued expansion of Cuenta Nu and the unlocking of our member-get-member referral programs potential.

在過去 12 個月中，我們在巴西的客戶群成長速度超過了五家最大的現有銀行的總和。此外，在 Cuenta Nu 的推出和持續擴張以及會員間推薦計劃潛力的釋放的推動下，本季度我們在墨西哥迎來了超過 70 萬名新客戶。

Our business model continues to demonstrate its ability to drive both growth and profitability. In the third quarter, our revenue surged to $2.1 billion, marking a 53% year-over-year increase. Our gross profit reached $915 million, doubling year-over-year, while our gross margin expanded once more, reaching 43% this quarter, solidifying the upward trajectory initiated last year.

我們的商業模式繼續證明其推動成長和獲利的能力。第三季度，我們的營收飆升至 21 億美元，年增 53%。我們的毛利達到 9.15 億美元，年比翻了一番，同時毛利率再次擴大，本季達到 43%，鞏固了去年開始的上升軌跡。

Sequential gross margin expansion, coupled with further efficiency improvements, significantly boosted our net income, which reached $303 million and adjusted net income stood at $356 million, reflecting a 34% quarter-over-quarter increase on an FX-neutral basis for both.

毛利率的連續擴張，加上效率的進一步提高，顯著提高了我們的淨利潤，達到3.03 億美元，調整後淨利潤為3.56 億美元，在匯率中性的基礎上，兩者環比增長34% 。

This slide provides a high-level overview of our financial performance trends over the past 2 years. It underscores our ability to consistently expand our customer base and increase revenues while driving profitability. Notably, in October, we reached a significant milestone by surpassing 90 million customers, firmly establishing us as the fourth largest financial institution in Brazil in terms of the number of customers, whereas the second largest measured by the number of customers with access to a credit product.

這張投影片高度概述了我們過去兩年的財務表現趨勢。它強調了我們持續擴大客戶群、增加收入、同時提高獲利能力的能力。值得注意的是，10 月份，我們實現了一個重要的里程碑，客戶數量超過9000 萬，牢固確立了我們作為巴西第四大金融機構（按客戶數量計算）的地位，而按獲得信貸的客戶數量計算，我們成為巴西第二大金融機構產品。

The robust growth for our customer base driven by the growing cross-selling and upselling opportunities facilitated by our highly engaged platform resulted in a more than fourfold increase in quarterly revenues in just 2 years on an FX-neutral basis. This translates to a triple-digit revenue annual compounded growth rate over this period.

我們高度參與的平台促進了交叉銷售和追加銷售機會的不斷增長，推動了我們客戶群的強勁增長，在匯率中性的基礎上，季度收入在短短兩年內增長了四倍多。這意味著在此期間收入年複合成長率達到三位數。

The third chart of this slide effectively illustrates our prudent pricing strategy and robust underwriting capabilities. Our quarterly gross profit calculated as total revenues minus funding costs, transactional expenses, and credit loss allowances also increased by more than fourfold during the same period. This growth was achieved while maintaining healthy gross profit margins despite increased credit delinquency observed in the market over the past 12 months.

本投影片的第三張圖表有效地說明了我們審慎的定價策略和強大的核保能力。我們的季度毛利以總收入減去融資成本、交易費用和信用損失準備金計算，同期也增加了四倍多。儘管過去 12 個月市場上的信貸拖欠情況有所增加，但在實現這一增長的同時仍保持了健康的毛利率。

Lastly, we believe the synergistic impact of the mentioned factors combined with the potent operating leverage of our platform and the maturation of our early products in Brazil has led to a significant acceleration in net income growth. This growth is evident in the chart on the right covering the past 3 quarters. We anticipate this compounding effect to continue in the coming periods, resulting from the combination of sustained growth and enhanced profitability within our platform.

最後，我們相信上述因素的協同影響，加上我們平台強大的營運槓桿以及我們在巴西的早期產品的成熟，導致淨利潤成長顯著加速。這種增長在右圖涵蓋過去三個季度的圖表中很明顯。我們預計，由於我們平台內持續成長和獲利能力增強的結合，這種複合效應將在未來一段時間內持續下去。

As evident from this slide, our platform continues to showcase its cross-selling potential, offering our customers comprehensive solutions as we continue to expand the scope and diversity of our product offerings. While our initial focus was primarily oriented towards some bundling financial services as our platform has evolved, today, we expect our most significant opportunities to lie in the rebundling of financial services by creating a diversified multiproduct, multisegment and multi-country portfolio of businesses.

從這張投影片可以明顯看出，我們的平台繼續展示其交叉銷售潛力，隨著我們不斷擴大產品範圍和多樣性，為客戶提供全面的解決方案。雖然隨著我們平台的發展，我們最初的重點主要是一些捆綁式金融服務，但今天，我們預計最重要的機會在於透過創建多元化的多產品、多細分市場和多國家的業務組合來重新捆綁金融服務。

As illustrated on this slide, even our complementary businesses have successfully attracted millions of customers, highlighting our impressive cross-selling capabilities. As we will delve into later in this presentation, we believe that critical product launches announced this year and insulated for 2024 will help further solidify our position as the preferred banking partner for an increasing number of customers. We expect this, in turn, will drive the expansion of our growth and profitability engines.

正如這張投影片所示，即使我們的互補業務也成功吸引了數百萬客戶，凸顯了我們令人印象深刻的交叉銷售能力。正如我們稍後將在本簡報中深入探討的那樣，我們相信今年宣布並在 2024 年推出的關鍵產品將有助於進一步鞏固我們作為越來越多客戶的首選銀行合作夥伴的地位。我們預計這反過來將推動我們的成長和獲利引擎的擴張。

I'd like to take a moment to delve into our company's flywheel, a pivotal driver of our past growth and an essential foundation for future success. The core element of our strategy is very simple. We work extremely hard to make customers love us fanatically as we built what we think are the very best products and services in the markets we operate. This obsession for our customers' experience enables our customer base to expand both in terms of size and engagement.

我想花點時間深入研究我們公司的飛輪，它是我們過去成長的關鍵驅動力，也是未來成功的重要基礎。我們策略的核心要素非常簡單。我們非常努力地工作，讓客戶狂熱地喜愛我們，因為我們在我們經營的市場上打造了我們認為最好的產品和服務。這種對客戶體驗的執著使我們的客戶群在規模和參與度方面不斷擴大。

By the end of Q3 '23, we had achieved an impressive milestone with over 50% of Brazil's adult population as part of our customer base and steadily increasing market shares in Mexico and Colombia. This level of scale allows us to aggregate both structured and unstructured data, which becomes an invaluable competitive asset as we currently accumulate over 30,000 data points on each active customer annually and this is growing exponentially over time.

到 23 年第三季末，我們實現了令人印象深刻的里程碑，超過 50% 的巴西成年人口成為我們的客戶群，並且在墨西哥和哥倫比亞的市場份額穩步增加。這種規模水準使我們能夠聚合結構化和非結構化數據，這成為無價的競爭資產，因為我們目前每年累積每個活躍客戶的30,000 多個數據點，並且隨著時間的推移呈指數級增長。

Through harnessing cutting-edge technology, we've transformed this data into actionable intelligence, continually enhancing our credit underwriting and customer insights models. These model refinements, in turn, empower us to broaden the scope of our product offerings, reaching even larger segments of the populations we serve. This scale also allows us to reduce our operational costs. efficiency, which we then decide to pass to our customers via lower prices, helping us to provide better products and services at competitive rates, and thus starting the virtuous cycle again.

透過利用尖端技術，我們將這些數據轉化為可操作的情報，不斷增強我們的信用核保和客戶洞察模型。這些模型的改進反過來又使我們能夠擴大產品範圍，涵蓋我們所服務的更廣泛的人群。這種規模也使我們能夠降低營運成本。效率，然後我們決定透過更低的價格傳遞給客戶，幫助我們以有競爭力的價格提供更好的產品和服務，從而再次開始良性循環。

The momentum we're seeing over the past 12 months is a direct result of this flywheel accelerating. And in Q3, we had the opportunity to throw fuel to the flywheel with the introduction of new lending products such as payroll lending, where we decided to price at very competitive price points. The efficiency of our model also enables us to make these pricing decisions while maintaining healthy unit economics. We're seeing meaningful price elasticity in these products and are excited about the opportunity to use our efficient cost structure and data sophistication on our customers' behalf.

我們在過去 12 個月看到的勢頭是飛輪加速的直接結果。在第三季度，我們有機會推出新的貸款產品（例如薪資貸款），從而為飛輪注入動力，我們決定以極具競爭力的價格點進行定價。我們模型的效率也使我們能夠在保持健康的單位經濟效益的同時做出這些定價決策。我們看到這些產品具有有意義的價格彈性，並且很高興有機會代表客戶使用我們高效的成本結構和複雜的數據。

Now I'd like to highlight how our flywheel isn't just driving customer acquisition and data growth but also sustaining strong momentum in our key financial metrics. As our three geographic regions continue to expand, benefiting from the interim operating leverage of our model, we're holding companies effectively converting its potential into profits.

現在我想強調一下，我們的飛輪不僅推動了客戶獲取和數據成長，而且還保持了我們關鍵財務指標的強勁勢頭。隨著我們的三個地理區域不斷擴張，受益於我們模型的臨時營運槓桿，我們控股公司有效地將其潛力轉化為利潤。

In the third quarter, Nu Holdings achieved an impressive adjusted net income of $356 million, reflecting an adjusted annualized return on equity of 25%. We believe our current level of profitability already positions us ahead of most traditional and common banks in the Latin American region. It's worth noting that we have achieved this remarkable result, even as Mexico and Colombia continue to be in the early stages of investments, and we believe Nu maintains a considerably larger capital base compared to our peers.

第三季度，Nu Holdings 實現了令人印象深刻的調整後淨利潤 3.56 億美元，調整後年化股本回報率為 25%。我們相信，我們目前的獲利水準已經使我們領先於拉丁美洲地區大多數傳統和普通銀行。值得注意的是，儘管墨西哥和哥倫比亞仍處於投資的早期階段，但我們仍取得了這一顯著的成果，而且我們相信與同行相比，Nu 保持著相當大的資本基礎。

As a reminder, where holdings company holds $2.3 billion in excess capital which can be strategically allocated to our operating subsidiaries as we continue to grow. As a reference, if we take our Brazilian operation, considering this excess cash we could cover 3.1x the required capital for Brazil.

提醒一下，控股公司持有 23 億美元的過剩資本，隨著我們的不斷發展，這些資本可以策略性地分配給我們的營運子公司。作為參考，如果我們以巴西業務為例，考慮到這些多餘的現金，我們可以支付巴西所需資本的 3.1 倍。

It's important to underscore that we are achieving these strong levels of profitability while making substantial investments in future products and geographic expansion. Simultaneously, we're delivering a robust 53% year-over-year revenue growth rate, a feat that we believe few financial institutions at our scale can match. As you can see, we're once again thrilled with the momentum of our business.

需要強調的是，我們正在實現如此強勁的獲利水平，同時對未來產品和地理擴張進行大量投資。同時，我們實現了 53% 的強勁收入同比增長率，我們相信很少有像我們這樣規模的金融機構能夠匹敵這一壯舉。正如您所看到的，我們再次對我們業務的發展勢頭感到興奮。

And now I'd like to pass the floor to our CFO, Guilherme Lago, who will guide you through our financial numbers. Over to you, Lago.

現在我想請我們的財務長 Guilherme Lago 發言，他將指導您了解我們的財務數據。交給你了，拉戈。

Thank you, David, and good evening, everyone. As David mentioned, we have once again achieved a strong quarter in terms of our operating and financial key performance indicators. This accomplishment is a result of our commitment to a simple, yet powerful value-generating strategy which can be summarized into three guiding principles. First, we continue to expand our customer base in the markets where we operate, quickly transforming new customers into active ones. Second, we are focused on increasing the average revenue per active customer, or ARPAC, through effective cross-selling and upselling initiatives. And third, we are dedicated to achieving growth while maintaining one of the industry's lowest operating cost structures.

謝謝大衛，大家晚上好。正如大衛所提到的，我們在營運和財務關鍵績效指標方面再次取得了強勁的季度業績。這項成就是我們致力於簡單而強大的價值創造策略的結果，可歸納為三個指導原則。首先，我們持續擴大經營所在市場的客戶群，並迅速將新客戶轉化為活躍客戶。其次，我們致力於透過有效的交叉銷售和追加銷售計劃來增加每個活躍客戶（ARPAC）的平均收入。第三，我們致力於成長，同時維持業界最低營運成本結構之一。

Let's delve deeper into our third quarter results to understand how these three principles continue driving value for our company.

讓我們更深入地研究第三季的業績，了解這三個原則如何繼續為我們公司帶來價值。

During the third quarter, our customer base continued to display impressive growth, expanding by 27% year-on-year as we welcomed 5.4 million new customers, bringing our total to 89.1 million customers at the quarter's close. Notably in Brazil, our monthly net additions remained steady with slightly over 1.5 million customers, a significant portion of whom were acquired through cost-effective organic channels.

第三季度，我們的客戶群持續呈現令人印象深刻的成長，年增 27%，迎來了 540 萬新客戶，截至本季末，我們的客戶總數達到 8,910 萬。尤其是在巴西，我們的每月淨新增客戶數量保持穩定，略高於 150 萬客戶，其中很大一部分是透過具有成本效益的有機管道獲得的。

In Mexico, our customer count crossed the 4.3 million mark. And in Colombia, we are now serving nearly 800,000 customers. We are preparing to introduce our savings account in Colombia by year-end, anticipating further growth. Our active customer base increased by 29% year-over-year with the monthly activity rate, posting another sequential quarterly increase, reaching 82.8%. We believe this outcome underscores Nu's effectiveness in engaging our customers on our platform.

在墨西哥，我們的客戶數量突破了 430 萬大關。在哥倫比亞，我們現在為近 80 萬名客戶提供服務。我們準備在年底前在哥倫比亞推出我們的儲蓄帳戶，預計會進一步成長。我們的活躍客戶群按月活躍率年增 29%，較上季再次成長，達到 82.8%。我們相信這項結果凸顯了 Nu 在我們的平台上吸引客戶的有效性。

Turning our attention to revenue expansion. The first chart highlights the Nu has established primary banking relationships with nearly 60% of our active customer base. As we have emphasized in previous discussions, the more customers choose Nu as their primary bank, the more products they tend to utilize. We see the synergy between these two factors as continuing to be the driving force behind the sustained quarter-over-quarter growth in the ARPAC.

將我們的注意力轉向收入擴張。第一個圖表突顯 Nu 已與我們近 60% 的活躍客戶群建立了主要銀行關係。正如我們在先前的討論中所強調的那樣，選擇 Nu 作為主要銀行的客戶越多，他們傾向於使用的產品就越多。我們認為這兩個因素之間的協同作用將繼續成為 ARPAC 季度環比持續成長的驅動力。

The second chart illustrates our product cross-selling performance, showcasing our successful strategy of introducing new products to our customers, effectively cross-selling and establishing ourselves as their primary banking partner.

第二張圖表說明了我們的產品交叉銷售績效，展示了我們向客戶推出新產品、有效交叉銷售並將自己確立為他們的主要銀行合作夥伴的成功策略。

Lastly, the third chart depicts our ARPAC performance. This chart represents the compounding effect of our expanding customer engagement, as demonstrated in the first chart, combined with our growing product cross-sell capabilities, as shown in the second chart. In this quarter, our monthly ARPAC reached a new milestone, breaking into double digits at $10. Furthermore, our more mature cohorts are already achieving a monthly ARPAC of $26. The increase in ARPAC has resulted in another quarter of solid revenue growth as depicted in the next slide.

最後，第三張圖表描述了我們的 ARPAC 表現。這張圖表代表了我們不斷擴大的客戶參與度（如第一個圖表所示）與我們不斷增長的產品交叉銷售能力（如第二個圖表所示）相結合的複合效應。在本季度，我們的每月 ARPAC 達到了一個新的里程碑，突破了兩位數，達到 10 美元。此外，我們更成熟的團隊已經實現了每月 26 美元的 ARPAC。 ARPAC 的成長導致另一個季度的營收穩健成長，如下一張投影片所示。

Monthly ARPAC has continued its growth trend, expanding by 18% year-over-year for yet another quarter. As we have emphasized in previous discussions, our confidence remains high that there is a still untapped potential for further ARPAC growth, moving us closer to realizing what we believe is our full ARPAC capacity. This ARPAC growth, coupled with the expansion of our customer base, has led to a 53% year-over-year increase in revenues, reaching a new record high of $2.1 billion.

月度 ARPAC 繼續維持成長趨勢，又一個季度年增 18%。正如我們在先前的討論中所強調的那樣，我們仍然充滿信心，認為 ARPAC 進一步成長的潛力尚未開發，這使我們更接近實現我們認為的 ARPAC 全部產能。 ARPAC 的成長，加上我們客戶群的擴大，導致營收年增 53%，達到 21 億美元的新紀錄。

Now let's delve into our cards business. Purchase volumes have surged to $29 billion, marking a 28% increase compared to a year ago. Once again, this growth has been primarily driven by our successful product upsell and cross-sell strategies as well as stronger customer engagement.

現在讓我們深入研究一下我們的卡片業務。採購量激增至 290 億美元，年增 28%。再次強調，這種成長主要是由我們成功的產品追加銷售和交叉銷售策略以及更強的客戶參與度所推動的。

The chart on the right illustrates the correlation between purchase volumes and the aging of customer cohorts. Notably, older cohorts continue to exhibit higher purchase volumes spending more per month compared to recent cohorts. We believe the compounding effect of integrating millions of new customers each quarter coupled with their gradual transition to higher spending patterns will help support the future growth of purchase volumes. When comparing our purchase volume relative to the market, this quarter, our market share for credit cards stands at approximately 13.7%, up from 12.2% 1 year ago, with prepaid cards at 15.5% compared to 12.8% one year ago.

右圖說明了購買量與客戶群老化之間的相關性。值得注意的是，與最近的群體相比，年齡較大的群體繼續表現出更高的購買量，每月的支出也更多。我們相信，每季整合數百萬新客戶以及他們逐漸轉向更高消費模式的複合效應將有助於支持未來購買量的成長。將我們的購買量與市場進行比較時，本季我們的信用卡市佔率約為 13.7%，高於一年前的 12.2%，預付卡市佔率為 15.5%，高於一年前的 12.8%。

As we continue to gain ground, our confidence in our ability to capture additional market share in the future growth. This confidence is grounded in the consistent pace of customer acquisition and the deepening maturity of their relationships with us.

隨著我們不斷取得進展，我們對在未來成長中佔領更多市場份額的能力充滿信心。這種信心建立在客戶獲取的持續步伐以及他們與我們的關係日益成熟的基礎上。

Our credit cards and personal loans portfolio, also known as the consumer finance portfolio reached a significant milestone this quarter, now amounting to $15.4 billion and marking a 48% year-over-year growth. Both segments of our portfolio maintained their growth trends. Credit card loans expanded by 46% year-over-year now standing at $12.3 billion. We believe this growth is a direct result of our consistent pace of customers' onboarding into our ecosystem and our low-and-grow credit expanding approach.

我們的信用卡和個人貸款組合（也稱為消費金融組合）本季達到了一個重要里程碑，目前達到 154 億美元，年增 48%。我們投資組合的兩個部分都保持了成長趨勢。信用卡貸款年增 46%，目前達到 123 億美元。我們相信，這種成長是我們持續不斷地讓客戶加入我們的生態系統以及我們的低成長信貸擴張方法的直接結果。

Furthermore, our personal loans portfolio growth rate accelerated sequentially, registering a 48% increase year-over-year and reaching $3.1 billion. Our personal loan cohorts continue to exhibit the expected behavior, enabling us to increase originations for yet another quarter.

此外，我們的個人貸款組合成長率連續加快，年增 48%，達到 31 億美元。我們的個人貸款群體繼續表現出預期的行為，使我們能夠在另一個季度增加發放量。

We see meaningful opportunities to continue to expand our credit portfolio going forward with attractive returns and robust resilience. As a result, this may intentionally lead to higher delinquency rates, but our goal is to ensure that those will be more than offset by additional revenues and result in higher risk-adjusted net interest margins.

我們看到了繼續擴大信貸投資組合的有意義的機會，並具有有吸引力的回報和強勁的彈性。因此，這可能會故意導致更高的拖欠率，但我們的目標是確保這些拖欠率將被額外收入所抵消，並導致更高的風險調整後淨利差。

Now let's delve deeper into the breakdown of interest-earning loans within our credit card portfolio. Our interest-earning installment balance continued its growth this quarter, now constituting 21% of our total credit card loan portfolio. This expansion is a direct result of our strategic commitment to bolstering our transactional financing product portfolio with a special emphasis on PIX financing. This strategy is intended to capitalize on the increasing adoption of PIX in Brazil, where we remain one of the leaders among PIX service providers.

現在讓我們更深入地研究信用卡組合中生息貸款的細目。我們的生息分期付款餘額本季持續成長，目前占我們信用卡貸款組合總額的 21%。此次擴張是我們策略承諾的直接結果，即加強我們的交易融資產品組合，特別是 PIX 融資。該策略旨在利用 PIX 在巴西的日益普及，我們仍然是巴西 PIX 服務提供者中的領導者之一。

Over the past year, we have steadily expanded our transactional financing portfolio, and we see its performance, reinforcing our belief in its ability to deliver highly attractive risk-adjusted rates of return. This approach not only allow us to monetize our credit card business and our PIX market share, but also unlocks substantial value for our customers.

在過去的一年裡，我們穩步擴大了我們的交易融資投資組合，我們看到了它的表現，增強了我們對其提供極具吸引力的風險調整回報率的能力的信心。這種方法不僅使我們能夠透過信用卡業務和 PIX 市場份額實現貨幣化，而且還為我們的客戶釋放了巨大的價值。

Our personal loan portfolio continues to demonstrate impressive resilience, aligning with our expectations for asset quality and allowing us to steadily sharpen our credit underwriting and expand our origination levels. In the last quarter, personal loan originations saw a 93% year-over-year increase reached an all-time high of BRL 8.9 billion.

我們的個人貸款組合繼續表現出令人印象深刻的彈性，符合我們對資產品質的預期，並使我們能夠穩步提高信貸承銷並擴大我們的發放水平。上個季度，個人貸款發放量年增 93%，達到 89 億雷亞爾的歷史新高。

Furthermore, we have made substantial progress in broadening our lending product portfolio. Year-to-date, we have introduced payroll loans for federal public servants and retirees as well as FGTS-backed loans for the wider Brazilian population. Additionally, we have initiated the offering of unsecured personal loans for our Mexican customers. While these new products may not have a material impact on origination volumes, or on credit portfolio for 2023, we expect them to lay the groundwork for continued growth and an even more resilient credit portfolio in the coming years.

此外，我們在擴大貸款產品組合方面取得了實質進展。今年迄今為止，我們為聯邦公務員和退休人員推出了薪資貸款，並為更廣泛的巴西人口推出了由 FGTS 支持的貸款。此外，我們也開始為墨西哥客戶提供無擔保個人貸款。雖然這些新產品可能不會對 2023 年的發行量或信貸投資組合產生重大影響，但我們預計它們將為未來幾年的持續成長和更具彈性的信貸投資組合奠定基礎。

Our confidence in our ability to sustain and drive substantial growth in the personal loan segment is underpinned by several factors. This include our substantial and expanding customer base, our strong underwriting platform, our robust capital base and our ample liquidity position.

我們對維持和推動個人貸款領域大幅成長的能力充滿信心，這是由幾個因素所支撐的。這包括我們龐大且不斷擴大的客戶群、強大的核保平台、穩健的資本基礎和充足的流動性狀況。

Moreover, as of June 30, around 50% of the outstanding balance of unsecured personal loans in Brazil was already held by Nu's clients, and nearly 40% of the outstanding balance of payroll loans in Brazil is also held by Nu's clients. In essence, we believe we have significant opportunities to expand our market share in these credit products while selectively targeting our most valued customers.

此外，截至6月30日，巴西約50%的無擔保個人貸款未償餘額已由Nu的客戶持有，巴西近40%的薪資貸款未償餘額也由Nu的客戶持有。從本質上講，我們相信我們有很大的機會擴大我們在這些信貸產品中的市場份額，同時有選擇地瞄準我們最有價值的客戶。

Now let's turn our attention to funding. Our total deposits continued their growth, expanding by 26% year-over-year and reaching $19.1 billion this quarter. This progress indicates another significant stride towards the realization of our objective, which is, building one of the most robust local currency retail deposit franchise in the region to support our consumer finance operations across the three geos where we operate.

現在讓我們把注意力轉向資金。我們的存款總額持續成長，年增 26%，本季達到 191 億美元。這一進展標誌著我們在實現目標方面又邁出了重大一步，即建立該地區最強大的本幣零售存款特許經營權之一，以支持我們在三個營運地區的消費金融業務。

Our loan-to-deposit ratio, or LDR, for this quarter remained stable at 35%, with deposit growth showing sequential acceleration. One year ago, our LDR was at 25%, indicating our ongoing efforts to optimize our balance sheet. But we believe there is still ample room for additional balance sheet optimization ahead.

本季貸存比（LDR）穩定在 35%，存款成長率較上季加速。一年前，我們的貸存比為25%，顯示我們正在努力優化資產負債表。但我們相信未來仍有足夠的空間進一步優化資產負債表。

Our cost of funding for this quarter held steady at 80% of the interbank deposit rate of Brazil aligning with our expectations. This consistency underscores our progress in harnessing the value of our robust liability franchise. We anticipate a slight decrease in the cost of funding next quarter giving the seasonality observed in the final quarter of the year.

本季我們的融資成本穩定在巴西銀行同業存款利率的 80%，符合我們的預期。這種一致性突顯了我們在利用強大的責任專營權價值方面所取得的進展。鑑於今年最後一個季度觀察到的季節性，我們預計下個季度的融資成本將略有下降。

Regarding Cuenta Nu in Mexico, at the close of the third quarter, we had accrued over $150 million in deposits and amassed almost 2.4 million accounts. We believe the strong reception of our value proposition underscores our potential to further expand our deposit franchise model across Latin America. As mentioned previously, we also expect to launch our savings account in Colombia in the near future.

至於墨西哥的 Cuenta Nu，截至第三季末，我們已累積了超過 1.5 億美元的存款，並累積了近 240 萬個帳戶。我們相信，我們的價值主張的強烈接受凸顯了我們在拉丁美洲進一步擴展我們的存款特許經營模式的潛力。如前所述，我們也預計在不久的將來在哥倫比亞推出儲蓄帳戶。

Our net interest income, or NII, reached $1.2 billion this quarter, marking another robust period of growth with an 111% year-over-year increase. We believe this expansion can be attributed to the continued growth of our credit card and personal loan portfolio which collectively have been the driving force behind the expansion of our NII, and our net interest margin, or NIM, reaching new record highs. Our NIM achieved 18.8% this quarter showcasing an increase of 7.7 percentage points compared to one year ago.

本季我們的淨利息收入 (NII) 達到 12 億美元，年增 111%，標誌著另一個強勁成長時期。我們相信這種擴張可歸因於我們的信用卡和個人貸款組合的持續增長，它們共同成為我們的NII和淨息差（NIM）擴張背後的驅動力，達到新的歷史新高。本季我們的淨利差達到 18.8%，比一年前增加了 7.7 個百分點。

Now let's focus on the third pillar of our strategy, achieving a low cost-to-serve. We firmly believe that our most relevant and differentiating competitive advantage lies in maintaining a low cost-to-serve. As we have highlighted in previous discussions, our objective is to sustain a cost-to-serve at or below the $1 level for the foreseeable future.

現在讓我們專注於我們策略的第三個支柱，即實現低成本服務。我們堅信，我們最相關和最差異化的競爭優勢在於維持較低的服務成本。正如我們在先前的討論中所強調的那樣，我們的目標是在可預見的未來將服務成本維持在 1 美元或以下的水平。

In the third quarter of 2023, we once again successfully realized this goal with a cost to serve per active customer standing at $0.90. This figure currently remains virtually unchanged on an FX neutral basis compared to 1 year ago, all while our ARPAC increased by 18%. We believe this outcome underscores the robust operating leverage inherent in our business model.

2023 年第三季度，我們再次成功實現了這一目標，每位活躍客戶的服務成本為 0.90 美元。與一年前相比，在外匯中性的基礎上，這一數字目前幾乎保持不變，而我們的 ARPAC 卻成長了 18%。我們相信這項結果凸顯了我們業務模式固有的強勁營運槓桿。

Our gross profit increased to a new quarterly record high, reaching $915 million, marking a 100% year-over-year increase. Our gross profit margin reached 42.8%, an increase of 1 percentage point sequentially and a 10 percentage point increase compared to the previous year. This data underscores the margin expansion that began in the third quarter of 2022.

我們的毛利創下季度新高，達到 9.15 億美元，年增 100%。毛利率達42.8%，較上一季增加1個百分點，較上年提高10個百分點。該數據凸顯了 2022 年第三季開始的利潤率擴張。

Notably, Nu achieved this result even in the face of higher credit provisions, a natural consequence of our growth in both credit card and personal loans, as discussed in previous slides.

值得注意的是，即使面臨更高的信貸準備金，Nu 也取得了這一成果，這是我們信用卡和個人貸款成長的自然結果，正如之前的幻燈片所討論的。

We maintain our commitment to operating leverage as a defining element of our strategy. The chart provided here underscores the ongoing enhancement of our efficiency ratio over time. In the third quarter of 2023, we reached a new all-time low registering and efficiency ratio of 35%, marking the seventh consecutive quarter of improvement.

我們始終致力於將營運槓桿作為我們策略的決定性要素。這裡提供的圖表強調了我們的效率隨著時間的推移而不斷提高。 2023 年第三季度，我們的註冊率和效率達到了 35% 的歷史新低，標誌著連續第七個季度實現改善。

We firmly believe that this level of efficiency positions new holdings as one of the most efficient companies in Latin America. While we have already achieved an impressive level of efficiency, we anticipate additional gains in operating leverage as we continue to scale through increased customer expansion, product upselling, cross-selling and the introduction of new features and products. Also, we believe there is potential for increased leverage in the future, especially as our Mexican and Colombian geos, which are currently operating with losses, reached their inflection points.

我們堅信，這種效率水準使新控股成為拉丁美洲效率最高的公司之一。雖然我們已經取得了令人印象深刻的效率水平，但隨著我們繼續透過增加客戶擴張、產品追加銷售、交叉銷售以及推出新功能和產品來擴大規模，我們預計營運槓桿將進一步提高。此外，我們相信未來槓桿率還有可能增加，特別是當我們目前虧損的墨西哥和哥倫比亞地理資產已達到轉折點時。

Lastly, in terms of profitability, we are delighted to report yet another quarter of robust bottom line performance. Our adjusted net income has reached $356 million. Meanwhile, net income for the third quarter stood at $303 million. This is strong and positive results serve as evidence of the effectiveness of our strategy and business model.

最後，在獲利能力方面，我們很高興地報告又一個季度實現了強勁的獲利業績。我們調整後的淨利潤已達到 3.56 億美元。同時，第三季淨利為 3.03 億美元。這是強而有力且積極的結果，證明了我們的策略和商業模式的有效性。

While we are pleased with the results we have achieved thus far. It's important to reinforce that our business is managed with a keen focus on long-term value creation. With this perspective, our strategy may entail additional short-term investments aimed at unlocking further long-term value creation opportunities.

我們對迄今為止所取得的成果感到滿意。需要強調的是，我們的業務管理重點在於長期價值創造。從這個角度來看，我們的策略可能需要額外的短期投資，旨在釋放更多的長期價值創造機會。

As I wrap up, let me provide a summary of the sustainable advantages across all four cost pillars. In terms of cost to acquire we successfully added more than 5 million customers this quarter while maintaining what we believe to be one of the lowest customer acquisition costs among consumer fintechs and banks on a global scale.

最後，讓我總結一下所有四個成本支柱的可持續優勢。就獲取成本而言，本季我們成功增加了超過 500 萬客戶，同時保持了我們認為的全球消費金融科技和銀行中最低的客戶獲取成本之一。

On cost to serve, we consistently kept it below the $1 threshold, which we estimate to be approximately 85% lower than that of incumbents. Our efficiency ratio is at 35%, which we believe makes Nu one of the most efficient companies in Latin America.

在服務成本方面，我們始終將其保持在 1 美元以下，我們估計成本比現有企業低約 85%。我們的效率率為 35%，我們相信這使 Nu 成為拉丁美洲效率最高的公司之一。

Regarding cost of risk, we have effectively managed the risk within our credit portfolio even in the face of a challenging backdrop, outperforming competitors on an apples-to-apples basis in terms of delinquency rates.

在風險成本方面，即使面對充滿挑戰的背景，我們仍然有效地管理了信貸投資組合中的風險，在拖欠率方面優於競爭對手。

And finally, on the cost of funding front, we maintain our cost of funding at 80% of CDI, all while increasing deposit volumes substantially, thus closing the negative gap against incumbent banks and widening the positive gap over consumer fintechs. We are pleased with the results achieved this quarter, and we remain confident in our ability to develop and scale best-in-class products, expand internationally and continue to operate at low costs.

最後，在融資成本方面，我們將融資成本維持在 CDI 的 80%，同時大幅增加存款量，從而縮小與現有銀行的負差距，並擴大與消費金融科技公司的正差距。我們對本季所取得的成果感到滿意，並對我們開發和擴展一流產品、國際擴張以及繼續以低成本營運的能力充滿信心。

Now I would like to hand the call over to Youssef, our President and Chief Operating Officer, who will walk you through some of the key highlights of our asset quality.

現在我想將電話轉交給我們的總裁兼營運長尤瑟夫，他將向您介紹我們資產品質的一些關鍵亮點。

Thanks, Lago. Good evening, everyone. I will now take you through some of the key indicators of asset quality and credit portfolio health for the third quarter of 2023. Let's begin with NPL trends. Our leading indicator NPL 15 to 90 showed a slight improvement with a decrease of 10 basis points from last quarter, ending Q3 at 4.2%. This was in line with our expectations.

謝謝，拉戈。各位晚上好。現在我將帶您了解2023年第三季資產品質和信貸組合健康狀況的一些關鍵指標。首先讓我們從不良貸款趨勢開始。我們的領先指標不良貸款 15 至 90 略有改善，較上季下降 10 個基點，第三季末為 4.2%。這符合我們的預期。

Our 90-plus NPL ratio increased from 5.9% to 6.1% quarter-over-quarter and was also in line with our expectations. It's important to note that this ratio exhibits a stock behavior due to loans moving through the delinquency buckets rather than any flow behavior. As a reminder, we haven't sold any credit receivables, so our NPL ratios require no adjustment.

我們的90+不良貸款率較上季從5.9%上升至6.1%，也符合我們的預期。值得注意的是，該比率表現出存量行為，因為貸款通過拖欠類別，而不是任何流動行為。提醒一下，我們沒有出售任何信用應收帳款，因此我們的不良貸款率不需要調整。

Renegotiations stood at approximately 9% of the book this quarter. It's worth noting that nearly half of these renegotiations were from loans that were current and not past due at the time of renegotiation. Furthermore, about 90% of renegotiations occurred before the loan is 90 days late thus having a limited impact on NPL rates.

本季重新談判約佔總金額的 9%。值得注意的是，這些重新談判中近一半來自重新談判時尚未到期的當前貸款。此外，約 90% 的重新協商發生在貸款延遲 90 天之前，因此對不良貸款率的影響有限。

I'd also like to take the opportunity to reiterate what Lago mentioned earlier. We see meaningful opportunities to continue to expand our credit portfolio going forward with attractive returns and robust resilience levels. We expect that part of that growth will come from expanding down the credit spectrum. As a result, this may lead to intentionally higher delinquency rates, but our goal is to ensure that these will be more than offset by additional revenues and result in even higher risk-adjusted margins as we grow.

我還想藉此機會重申拉戈剛才提到的內容。我們看到了繼續擴大信貸投資組合的有意義的機會，並具有有吸引力的回報和強勁的彈性水平。我們預計成長的一部分將來自信貸範圍的擴大。因此，這可能會導致故意提高拖欠率，但我們的目標是確保這些拖欠率將被額外收入所抵消，並隨著我們的發展帶來更高的風險調整利潤。

Now turning to the performance of our credit card portfolio versus the industry. These six graphs show the time series of NPLs for credit cards by income band. The purple line represents Nu and the green line represents the Brazilian industry. As you can see, our NPLs continue to outperform the industry on a like-for-like basis in most segments and this is even more pronounced within the lower income bands.

現在轉向我們的信用卡組合相對於行業的表現。這六張圖顯示了按收入範圍劃分的信用卡不良貸款的時間序列。紫色線代表Nu，綠色線代表巴西工業。正如您所看到的，我們的不良貸款在大多數細分市場的同類基礎上繼續跑贏行業，這在較低收入範圍內更為明顯。

The growth of our portfolio is a direct impact on provisions because we front-load credit provisions went originating loans in accordance with IFRS 9 standards. Therefore, the increase in credit loss allowance of $628 million this quarter directly reflects the elevated level of loan origination during the period. Despite this increase in provision volumes, our risk-adjusted net interest margin reached a new all-time high of 9.0% for the quarter, a 100 basis point increase quarter-over-quarter. Compared to the same period a year ago, risk-adjusted NIM is up nearly 3x.

我們投資組合的成長對撥備有直接影響，因為我們根據 IFRS 9 標準預先加載信貸撥備來發放貸款。因此，本季信用損失準備金增加6.28億美元直接反映了期內貸款發放水準的上升。儘管撥備數量增加，本季經風險調整後的淨利差仍創下 9.0% 的歷史新高，季增 100 個基點。與去年同期相比，風險調整後的淨利差 (NIM) 成長了近 3 倍。

In summary, we're very pleased with our results this quarter with the progress we've made and the track record we've built over the years. Our asset quality and returns remain robust through the cycle, reflecting our effective approach to pricing and superior credit underwriting capabilities. We couldn't be more excited about the prospects for continued, resilient, high-return growth going forward.

總之，我們對本季的業績、我們所取得的進步以及多年來建立的業績記錄感到非常滿意。我們的資產品質和回報在整個週期中保持強勁，反映了我們有效的定價方法和卓越的信貸承銷能力。我們對未來持續、有彈性、高回報的成長前景感到非常興奮。

With that, we're now ready to address your questions. Thank you very much.

至此，我們現在準備好回答您的問題了。非常感謝。

(Operator Instructions). I would now like to turn the call over to Mr. Jorg Friedemann, Investor Relations Officer.

（操作員說明）。我現在想將電話轉給投資者關係官 Jorg Friedemann 先生。

Thank you, operator. And our first question comes from the line of Jorge Kuri at Morgan Stanley.

謝謝你，接線生。我們的第一個問題來自摩根士丹利的豪爾赫·庫裡（Jorge Kuri）。

I wanted to ask about -- first of all, congrats on the numbers. I wanted to ask about credit card growth on a sequential basis. We see the dollar numbers and those seemingly decelerated quarter-on-quarter. But I'm wonder what the FX impact is in -- we just don't know what percentage of the book is Brazil and versus Mexico. So it's hard to look at it on an FX-neutral basis.

我想問的是──首先，要祝賀這些數字。我想問信用卡的環比增長情況。我們看到美元數字以及似乎季度環比下降的數字。但我想知道外匯的影響是什麼——我們只是不知道這本書中巴西和墨西哥的比例是多少。因此，很難在外匯中性的基礎上來看待它。

But just assuming most of it is in Brazil, I'm getting to an FX neutral quarter-on-quarter growth of credit cards of around 6%, which is lower than the 10% you registered in the second quarter and also 10% in the first quarter. So somewhat of a deceleration. So I wanted to see, indeed, those are the right numbers on an FX-neutral basis? And if so, what do you think explains that much lower growth rate versus the previous quarters?

但假設其中大部分發生在巴西，我得到的信用卡的匯率中性季度環比增長約為 6%，低於第二季度的 10%，也低於 2019 年的 10%。第一季。所以有點減速。所以我想看看，在外匯中立的基礎上，這些數字確實是正確的嗎？如果是這樣，您認為如何解釋成長率比前幾季低得多的原因？

Jorge, thanks so much for the question. Yes, I think you are very much right on the need to do an FX adjustment. I think the Brazilian currency depreciated in the third quarter of the year. And therefore, it probably makes more sense to look at this on an FX-neutral basis.

豪爾赫，非常感謝你的提問。是的，我認為您關於需要進行外匯調整的觀點非常正確。我認為巴西貨幣在今年第三季貶值了。因此，在外匯中性的基礎上看待這個問題可能更有意義。

In our calculations, the FX-neutral evolution of our total credit portfolio, both credit cards and lending grew by about 9%, which we believe is continues to be a fairly healthy growth. But in terms of credit card more specifically, in the third quarter of 2023, the overall market decelerated a little bit. We, however, continued to gain share. We grew what we estimate to be anywhere between 50 to 60 basis points market share in the quarter. We believe that we have become the second largest credit card issuer in Brazil already. And we also estimate that we will continue to acquire market share in the coming quarters.

根據我們的計算，我們總信貸投資組合（包括信用卡和貸款）的外匯中性演變增長了約 9%，我們認為這仍然是相當健康的增長。但更具體地說，就信用卡而言，2023 年第三季度，整體市場略有放緩。然而，我們繼續獲得份額。我們預計本季市佔率將成長 50 至 60 個基點。我們相信我們已經成為巴西第二大信用卡發行商。我們還估計，我們將在未來幾季繼續獲得市場份額。

There is one additional caveat that I would make in the credit card numbers (inaudible), which is an accounting change that we have made in the way that we account for the credit card receivables, starting in the third quarter of 2023, the credit card receivables are accounted in our balance sheet as the present value of the future flows just like the credit card payables. And that has cost us about $150 million to $200 million in the credit card book. But all in all, I think the FX-neutral growth anywhere between 7% to 9% for credit card robust market share gain, and we becoming the second credit card issuer in the country.

我要在信用卡號中提出一個額外的警告（聽不清楚），這是我們在信用卡應收帳款核算方式上所做的一項會計變更，從 2023 年第三季開始，信用卡應收帳款在我們的資產負債表中記為未來流量的現值，就像信用卡應付帳款一樣。這使我們在信用卡帳簿上損失了約 1.5 億至 2 億美元。但總而言之，我認為，在匯率中立的情況下，信用卡市佔率的成長將在 7% 至 9% 之間，我們將成為全國第二大信用卡發行人。

Thanks, Lago, that was a very clear explanation. Thank you. I wanted to ask a follow-up also on credit, if I may. The follow-up is on payroll loans. Is there any metric that you can share on the payroll product during the third quarter, what cross-selling you've been able to do with your clients, what market share of origination you've achieved, any metric would be very helpful for us to gauge your initial success of that product.

謝謝拉戈，這是一個非常清楚的解釋。謝謝。如果可以的話，我也想以賒帳方式詢問後續狀況。後續是薪資貸款。您是否可以分享第三季薪資商品的任何指標，您能夠與客戶進行哪些交叉銷售，您所獲得的市場份額，任何指標都會對我們非常有幫助衡量該產品的初步成功。

Jorge, let me start with some comments, and then Jag, who is here with us can certainly share more about the reception of the customer base. So we've launched (inaudible) CRP consignado product back in April 2023. We've launched FGTS in August 2023, and we launched ISS in October 2023. So the ISS, which is the largest payroll loan business is not yet represented in our September 2023 books. And we have only now launched [portability].

Jorge，讓我先發表一些評論，然後與我們在一起的 Jag 當然可以分享更多有關客戶群接待情況的信息。因此，我們早在2023 年4 月就推出了（聽不清楚）CRP consignado 產品。我們於2023 年8 月推出了FGTS，我們於2023 年10 月推出了ISS。因此，最大的薪資貸款業務ISS 尚未在我們的業務中體現出來。2023 年 9 月 書籍。而我們現在才推出了【便攜性】。

So we are in the very early days of the consignado journey or the payroll long journey in Brazil, but we couldn't be more excited, not only because of the customer reception to which Jag will allude to but also given the sheer size of the opportunity that we have ahead of us.

因此，我們正處於巴西托運旅程或工資單長途旅行的早期階段，但我們非常興奮，不僅因為 Jag 提到的客戶接待，而且還因為巴西的龐大規模我們面前有機會。

So the payroll loans is the largest asset class within consumer finance in Brazil. It accounts for about BRL 650 billion of credit book and it also accounts for about 1/3 of the profit pool of retail industry in Brazil. Our customers, if we stopped growing today, our customers account for approximately 40% of the total payroll loan books in Brazil.

因此，薪資貸款是巴西消費金融中最大的資產類別。其信用帳簿約佔6500億雷亞爾，也約佔巴西零售業利潤池的1/3。我們的客戶，如果我們今天停止成長，我們的客戶約佔巴西薪資貸款總額的 40%。

So just fishing inside of our fish bowl, we have a tremendous room of growth. In the third quarter of 2023, consignado or payroll loans accounted for about BRL 300 million out of our BRL 9 billion origination, so super (inaudible) to move the needle in 2023, but we are very excited with its ability to move the needle for us in 2024 and 2025.

因此，只要在魚缸裡釣魚，我們就有巨大的成長空間。 2023 年第三季度，在我們發起的90 億雷亞爾中，寄售貸款或工資貸款約佔3 億雷亞爾，因此在2023 年取得重大進展（聽不清楚），但我們對其能夠在2023年取得重大進展感到非常興奮。我們將在 2024 年和 2025 年。

Jorge, this is Jag. Thank you for the question. Let me just complement a few of the points that Lago made. As he said, we couldn't be more encouraged by the initial reception of these payroll lending products as we put them out in the market over the last several months.

豪爾赫，這是賈格。感謝你的提問。讓我補充一下拉戈提出的一些觀點。正如他所說，過去幾個月我們將這些薪資貸款產品推向市場時，我們對這些產品的最初反應感到無比鼓舞。

If you look at the Net Promoter Score for secured lending products, they are at 78 versus a category average of 44 so well above the average. As Lago mentioned, Nu bank's customers account for 40% of the balances in the market. And in our originations in these very early stages of the product getting launched was less than 4%. So we expect a lot of growth in secure -- being driven by secured lending as we head into 2024.

如果您查看擔保貸款產品的淨建議值，您會發現它們為 78 分，而類別平均值為 44 分，遠高於平均水平。正如Lago所提到的，Nu銀行的客戶佔市場餘額的40%。在我們最初推出的產品的早期階段，這一比例還不到 4%。因此，我們預計，隨著 2024 年的到來，安全貸款將在擔保貸款的推動下大幅增加。

The design of the products has been engineered work backwards from the customer needs. We've built the product to be direct to consumer with a much simpler UX that is typical, 100% digital flow, that allows us to offer disbursement of the loan much, much quicker than what is typical in the market. And we're also able to offer the product at a very low price, typical -- versus what is typical in the market.

產品的設計是根據客戶需求進行逆向設計的。我們建立的產品直接面向消費者，具有更簡單的用戶體驗，即典型的 100% 數位流程，這使我們能夠比市場上典型的情況更快地提供貸款支付。我們也能夠以非常低的價格提供產品，與市場上的典型價格相比。

Our average right now is about 1.39% versus the market average of about 1.8%. And this is also a category where we found customers are very responsive to a competitive price and the price [elasticity] has been very, very high. So we see a lot of potential here, great early start, but a lot of room to go as we head into 2024.

我們目前的平均水平約為 1.39%，而市場平均約為 1.8%。我們發現，在這個類別中，客戶對有競爭力的價格非常敏感，而且價格[彈性]非常非常高。因此，我們在這裡看到了巨大的潛力，起步很好，但在進入 2024 年時還有很大的發展空間。

And our second question comes from the line of Tito Labarta, Goldman Sachs.

我們的第二個問題來自高盛的蒂托·拉巴塔（Tito Labarta）。

I guess first question, in terms of the provisioning levels, it seems as these as a percentage of loans actually came down for the first time in some time actually as far as back as I can see. So some good asset quality trends, early NPLs looked a little bit better, 90 days, which were lagging, still gone up a little bit. But just some thoughts. I mean, you mentioned as you grow NPLs can go up.

我想第一個問題，就撥備水準而言，據我所知，這些貸款所佔的百分比實際上在一段時間內首次下降。因此，一些良好的資產品質趨勢，早期不良貸款看起來好一點，滯後的90天仍然上升了一點。但只是一些想法。我的意思是，你提到隨著你的成長，不良貸款可能會上升。

But in terms of where we are in the credit cycle, are you feeling more comfortable there to continue to accelerate growth and just how do we think about that cost of risk? Does this mean it's peak and maybe that could be a tailwind going forward? And how much of it was kind of impacted by sort of the FX impact on loan growth. I don't know if that had any impact at all.

但就我們所處的信貸週期而言，您是否對繼續加速成長感到更放心？我們如何看待風險成本？這是否意味著它已經達到頂峰並可能成為未來的順風車？其中有多少是受到外匯對貸款成長的影響的。我不知道這是否有任何影響。

Tito, this is Youssef. Thanks for the question. So let me -- let me address your question with a couple of points. First off, as you know, we don't provide guidance on NPLs or otherwise, nor do we try to time the cycle. Our philosophy is of credit is to originate and manage credit with strong resilient returns through the cycle. And I think our track record over the last 10 years is a good testament to that.

蒂托，這是優素福。謝謝你的提問。所以讓我——讓我用幾點來回答你的問題。首先，如您所知，我們不會提供有關不良貸款或其他方面的指導，也不會嘗試確定週期的時間。我們的信貸理念是在整個週期中創造和管理具有強勁彈性回報的信貸。我認為我們過去 10 年的業績記錄很好地證明了這一點。

But that being said, I would point out that what you see in our asset quality and delinquency metrics for both credit cards and unsecured lending is the net result of two offsetting forces. The first thing is you got older cohorts that we've originated in the past that are maturing and as they mature, they exhibit lower levels of delinquency.

但話雖這麼說，我想指出的是，您在我們的信用卡和無擔保貸款的資產品質和拖欠指標中看到的是兩種抵銷力量的最終結果。首先，我們過去起源的老年族群正在成熟，隨著他們的成熟，他們的犯罪率較低。

The second effect is new cohorts and growth brings higher levels of delinquency as they are in the early part of their life cycle. And as Lago and I mentioned in the earlier part of the call, if anything, we see more opportunities to grow our credit portfolio in part through expansions, which will likely increase NPLs going forward.

第二個影響是新群體和成長帶來了更高的犯罪率，因為他們正處於生命週期的早期階段。正如拉戈和我在電話會議的前面部分提到的那樣，如果有的話，我們看到了更多透過擴張來擴大信貸投資組合的機會，這可能會增加未來的不良貸款。

But that's very intentional, and we're very comfortable growing and accelerating that growth because we see those opportunities to expand. It will come with higher levels of returns and higher resilience that will more than offset those higher delinquency rates.

但這是非常有意的，我們非常樂意成長並加速成長，因為我們看到了這些擴展的機會。它將帶來更高水準的回報和更高的彈性，這將足以抵消較高的拖欠率。

So at the end of the day, our objective is not to minimize NPL, it is to maximize NPV to originate a resilient high-return business. So it's -- our pass-through is entirely consistent with that objective, and we feel very comfortable growing going forward.

因此，歸根結底，我們的目標不是最大限度地減少不良貸款，而是最大限度地提高淨現值，以創造有彈性的高回報業務。所以，我們的傳遞與這個目標完全一致，我們對未來的成長感到非常滿意。

That's helpful. And then following up, I guess, a little bit more kind of on the growth outlook that you see. Maybe just on Mexico, if you can give any color, just looking at the regulated data, it looks like the loan portfolio is still not growing, but nice growth in deposits, clients. You mentioned picked up as well. I think Lago, you were in the press recently saying that we shouldn't expect Mexico to maybe be profitable next year. But any color you can give on the growth outlook from Mexico, both on deposits and loans into next year.

這很有幫助。我想，然後對你所看到的成長前景進行更多的跟進。也許就墨西哥而言，如果你能給出任何顏色，只要看看監管數據，看起來貸款組合仍然沒有成長，但存款和客戶成長良好。你也提到了撿起來。我想拉戈，你最近在媒體上說我們不應該指望墨西哥明年可能會獲利。但你可以對墨西哥明年的存款和貸款成長前景給出任何顏色。

Sure. Tito, this is David. So listen, we remain incredibly [set] about Mexico. This is potentially as big of an opportunity as we have in Brazil. It's a very large market with an 11% credit card penetration. And we've seen very good product market since we launched about 3 years ago. I think on the credit side, where you will see us doing forward in what you might have seen those doing historically is growing a credit product is never a straight line into the up and right.

當然。蒂托，這是大衛。所以聽著，我們對墨西哥仍然難以置信。這可能是一個與我們在巴西一樣巨大的機會。這是一個非常大的市場，信用卡普及率為 11%。自從大約三年前推出以來，我們已經看到了非常好的產品市場。我認為在信貸方面，你會看到我們正在做的事情，你可能會看到那些歷史上正在做的事情，即開發信貸產品從來都不是一條直線向上和向右。

You will accelerate the times, you would de-accelerate times as we include new data sources, as with new [foot] models into production as we evolve for methodology and we look at our test data. I would say, over the past couple of months, we are in that phase in Mexico where we are increasing significantly the capabilities of our models, and we're reading a bit the kind of the data that's coming out of our models after having gone from 0 to 1 of the largest credit card issuers in the country in about 3 years. So that's why you might see a bit of de-acceleration on the growth on the credit card side.

當我們納入新的資料來源時，你會加速時代，你會減速時代，就像隨著我們不斷發展方法論並查看測試資料一樣，新的[英尺]模型投入生產。我想說，在過去的幾個月裡，我們在墨西哥正處於這個階段，我們正在顯著提高我們模型的能力，我們正在閱讀一些在離開之後從我們的模型中得出的數據。大約3年內，該國最大的信用卡發行機構從0到1。因此，您可能會看到信用卡方面的成長放緩。

I would expect us to continue growing as we get more comfortable in certain areas that we read better data, especially around the impact population, which is the challenge as well as the opportunity that we see in Mexico is [bank arising] 89% of the country. So on the credit side, I think we continue to grow fast, but I would say we are in a bit of let's invest more and reaccelerate over the next few months.

我希望我們能夠繼續成長，因為我們在某些​​領域更加適應，我們閱讀了更好的數據，特別是在影響人口方面，這是我們在墨西哥看到的挑戰和機遇，[銀行產生] 89%國家。因此，在信貸方面，我認為我們將繼續快速成長，但我想說，我們現在需要加大投資，並在未來幾個月內重新加速成長。

On the debit side, and Cuenta has been a phenomenal success. We're super happy with the initial receivable of the product, which happened over a couple of months. We opened over 2.4 million accounts, over $150 million in deposits in a couple of weeks. We even decided to increase the yield that we're offering in the Nu Cuenta in Mexico to double down on the market opportunity that we're seeing there in making sure that we really position Nu Cuenta as the undisputable best savings product in the country. And I think with this move on the yield side, we are doing that. So we're very focused on winning this market and that's where we're willing to invest.

在藉方方面，昆塔取得了驚人的成功。我們對產品的初始應收帳款感到非常滿意，這在幾個月內就發生了。幾週內我們開設了超過 240 萬個帳戶，存款超過 1.5 億美元。我們甚至決定提高墨西哥 Nu Cuenta 的收益率，以加倍利用我們在那裡看到的市場機會，以確保我們真正將 Nu Cuenta 定位為該國無可爭議的最佳儲蓄產品。我認為，透過收益率方面的這項舉措，我們正在這樣做。因此，我們非常專注於贏得這個市場，這也是我們願意投資的領域。

You -- as alluded to breakeven next year. We won't break even next year in Mexico. We want to continue investing as we see this opportunity of growth, we'll invest even more. We're in an opportunity where we have a very valuable and earnings generating Brazilian business that can fund our growth into new geos. And so that's the playbook that we expect to execute in Mexico and in Colombia. And so just generally, we're really excited about what we're seeing, but it will not necessarily be a full straight line. We will accelerate at times, we'll take different speeds, we will go in one direction, we'll go in a bit of that direction, ultimately trying to become the leading, the top banking franchise in the country.

你——正如所暗示的那樣，明年將實現盈虧平衡。明年我們在墨西哥不會收支平衡。當我們看到這個成長機會時，我們希望繼續投資，我們將進行更多投資。我們面臨著一個機會，我們擁有非常有價值且能產生收益的巴西業務，可以為我們在新地區的發展提供資金。這就是我們希望在墨西哥和哥倫比亞執行的劇本。所以總的來說，我們對所看到的感到非常興奮，但它不一定是一條完整的直線。我們有時會加速，我們會採取不同的速度，我們會朝一個方向前進，我們會朝著那個方向前進一點，最終努力成為全國領先的頂級銀行特許經營權。

And our next question comes from the line of Mario Pierry at Bank of America.

我們的下一個問題來自美國銀行的 Mario Pierry。

Let me ask two questions as well in the kind of follow-ups to the questions that have been asked. When I look at your slide on Page 14, your loan book this quarter expanded by about $600 million, while we had expanded by $2 billion in the previous quarter. And then when we look on Page 16, you show that your origination jumped to EUR 8.9 billion from EUR 7.3 billion, so I'm wondering why, if you're originating so much more this quarter while your loan book wouldn't have expanded at a faster pace. So I don't know if there's any accounting issues there. So that's question number one.

讓我也問兩個問題，就像已經提出的問題一樣。當我查看第 14 頁的投影片時，您的貸款帳本季增加了約 6 億美元，而我們在上一季增加了 20 億美元。然後，當我們查看第16 頁時，您顯示您的發起金額從73 億歐元躍升至89 億歐元，所以我想知道為什麼，如果您本季度的發起金額增加了這麼多，而您的貸款賬簿卻沒有擴大以更快的速度。所以我不知道那裡是否有任何會計問題。這是第一個問題。

Question number two is related to your slide on Page 26, the NPL trends. You clearly show, right, that you have lower NPLs than the industry, but in some of these charts, we see that the industry seems to have -- that NPLs have peaked for the industry. But when I look at your numbers, they are still rising, especially when I look at the 1 to 2 months of minimum wage, the 2 to 3 months. And also now you're seeing higher NPLs in the higher income brackets than the industry. So I would just like to hear your views here, like the industry seems to be peaking, you're not peaking yet. What could explain that? And why are you seeing higher delinquencies in the higher income segments.

第二個問題與第 26 頁的投影片有關，即不良貸款趨勢。你清楚地表明，你的不良貸款率低於該行業，但在其中一些圖表中，我們看到該行業似乎 - 該行業的不良貸款率已達到頂峰。但當我看你們的數字時，它們仍在上升，特別是當我看1到2個月的最低工資，2到3個月的時候。而且現在你會發現收入較高的族群的不良貸款率高於產業。所以我想聽聽你們的看法，就像這個行業似乎已經達到頂峰，但你們還沒有達到頂峰。有什麼可以解釋這一點呢？為什麼高收入族群的拖欠率較高？

Mario, thank you so much for your questions. Let me try to take the first one, and Youssef can eventually address the second one. So I think the two slides that you mentioned, the main difference that justifies the magnitude of growth is FX. So the Slide 16, if you take a look at the title, it is denominated in local Brazilian real currency. And when you look in slides, if you get on to Slide 14, that is denominated in dollars.

馬裡奧，非常感謝你的提問。讓我試著解決第一個問題，優素福最終可以解決第二個問題。所以我認為你提到的兩張投影片，證明成長幅度合理的主要差異是外匯。所以投影片 16，如果你看標題，它是以巴西當地雷亞爾貨幣計價的。當你查看投影片時，如果你看到第 14 張投影片，它是以美元計價的。

So if you take a look at the growth of our loan book, it would have grown by only 4% in nominal dollar terms, but once you do FX neutral adjustment, it goes from -- it goes to between 9% and 10% just because of the FX movements in the quarter. So we do believe that most of the potential discrepancy in growth pace is a result of the FX depreciation of the Brazilian currency.

因此，如果你看一下我們的貸款帳簿的增長，按名義美元計算，它只會增長 4%，但一旦你進行外匯中性調整，它就會從 9% 到 10% 之間由於本季度的外匯變動。因此，我們確實認為，成長速度的大部分潛在差異是巴西貨幣貶值的結果。

And Mario, with respect to your second question on the NPL trends compared to the industry, you're correct in your observation, but that some of the segments the industry seems to have [steep] and it's coming down. With respect to our trends, I'll go back to what I said a few minutes earlier, which is the net impact of older cohorts maturing and more growth being put on the book with higher levels of NPLs that's the result of that dynamic. We actually expect that dynamic, if anything, to continue into the future as we see opportunities to expand.

馬裡奧，關於您關於不良貸款趨勢與行業相比的第二個問題，您的觀察是正確的，但行業的某些細分市場似乎[陡峭]並且正在下降。關於我們的趨勢，我將回到我幾分鐘前所說的，即老年群體的成熟和更多的增長帶來的淨影響，不良貸款水平更高，這是這種動態的結果。事實上，我們預計這種動態（如果有的話）會持續到未來，因為我們看到了擴張的機會。

And then lastly, on the highest income band, two things I'd say there is historically, we haven't had a big delta either way up or down versus the industry. And where it actually matters the most is where you have a higher risk content. So the lower income buckets is where we tend to have a much bigger advantage in terms of sort of apples-to-apples NPL comparisons.

最後，在最高收入區間，我想說的是歷史上有兩件事，與產業相比，我們沒有出現大幅的上升或下降。實際上最重要的是風險內容較高的地方。因此，在不良貸款比較方面，低收入群體往往具有更大的優勢。

Okay. But as part of your strategy, it is right, like you're trying to eventually increase your presence among the higher income population in Brazil. Does that mean that you're trying to be a little bit more aggressive, and that's why that NPL could be a little bit higher?

好的。但作為您策略的一部分，這是正確的，就像您試圖最終增加您在巴西高收入人群中的影響力一樣。這是否意味著您正試圖變得更加激進一些，這就是為什麼不良貸款率可能會更高一點的原因？

No, I don't think the monetization or the getting deeper in wallet in high income would cause the trend we've observed on NPLs to deviate substantially. I think it's just, it's the way it's been historically.

不，我不認為貨幣化或高收入錢包的深入會導致我們觀察到的不良貸款趨勢大幅偏離。我認為這就是歷史上的情況。

Okay. And Lago, let me go back to the first part of the question, right? Because if we convert the origination to dollars, right, like I quickly look at the FX here, you originated about $1.8 billion this quarter versus $1.5 billion in the second quarter. So when you originated $1.5 billion in the last quarter, we saw your loan book grow by almost $2 billion. In this quarter, your loan book only grew $600 million. So is there any change in the maturity of the loans you're originating or you originated previously?

好的。拉戈，讓我回到問題的第一部分，對嗎？因為如果我們將原始資金轉換為美元，就像我在這裡快速查看外匯一樣，本季的原始資金約為 18 億美元，而第二季為 15 億美元。因此，當您在上個季度發放 15 億美元時，我們看到您的貸款帳簿增加了近 20 億美元。本季度，您的貸款帳簿僅增加了 6 億美元。那麼，您正在發放的貸款或先前發放的貸款的期限是否有任何變化？

So Mario, I think -- but there has no -- there has not been any material change in the average duration or in the profile of the loan. I think the origination that you show -- that you're referring to is related to personal loans only. which accounts for about 20% of our book more or less, right?

所以馬裡奧，我認為 - 但沒有 - 平均期限或貸款概況沒有任何實質變化。我認為你所提到的起源僅與個人貸款有關。這或多或少佔了我們書的 20% 左右，對吧？

So if you take a look on Slide 14 and if you do an FX adjusted GAAP, you will see the gap in growth is justified for us having an average duration of the personal loan book somewhere between 5 and 6 months.

因此，如果您看一下投影片 14，並執行外匯調整後的 GAAP，您會發現成長差距對於我們的個人貸款帳簿平均期限在 5 到 6 個月之間是合理的。

As a reminder, I ask to analysts to restrict yourselves to one question and follow-up so we can take all of the questions in the call. And our next question comes from the line of Geoff Elliott (inaudible) Autonomous.

提醒一下，我要求分析師只提出一個問題並進行後續跟進，以便我們可以回答電話會議中的所有問題。我們的下一個問題來自 Geoff Elliott（聽不清楚）Autonomous。

Question on the deposit side. There was quite a big increase in interest expense and particularly interest expense on deposits in the quarter, I think up from something like $400 million to $460 million. I mean, I guess, the growth in the previous quarter was a factor. But can you just help us understand that? It looks like quite a big step-up in deposit costs this quarter.

關於存款方面的問題。本季利息支出，特別是存款利息支出大幅增加，我認為從 4 億美元增加到 4.6 億美元。我的意思是，我猜上一季的成長是一個因素。但你能幫助我們理解這一點嗎？本季存款成本似乎大幅上升。

I mean, thanks for the question. If I understand right, you're asking why our interest expense have gone up and it's just not only the growth in deposits, but also the growth in our finances. So our operations in Mexico and Colombia are primarily funded through bilateral financings and syndicated loans. And they have also contributed to the expansion of our interest expenses.

我的意思是，謝謝你的提問。如果我理解正確的話，你是在問為什麼我們的利息支出增加了，這不僅是存款的成長，而且是我們財務的成長。因此，我們在墨西哥和哥倫比亞的業務主要透過雙邊融資和銀團貸款提供資金。而且它們也導致了我們利息支出的擴大。

I was more focused. I think you break out the deposit part and the financial statements and that part specifically $401 million in 2Q, $464 million in 3Q. So pretty big increase just on the deposit side.

我更加專注。我認為你將存款部分和財務報表分開，具體來說，第二季為 4.01 億美元，第三季為 4.64 億美元。光是在存款方面就有相當大的成長。

Yes. So I think the deposit size, the 3 months of deposits, I'm looking at the financial statements, job, it went from -- for the 3 months went from about $430 million to $463 million in interest and financial expenses, the interest expense on deposits which is largely a result of the growth in the sheer size of deposits that reached $19.1 billion in the quarter. The other relatively jump you see in interest expense is going from $29 million to $74 million. That is the direct result of the growth in the financings of Mexico and Colombia.

是的。所以我認為存款規模，3個月的存款，我正在查看財務報表，工作，這3個月的利息和財務費用，利息費用，從大約4.3億美元增加到4.63億美元存款方面，這主要是由於本季存款規模達191 億美元。您看到的利息支出的另一個相對跳躍是從 2900 萬美元增加到 7400 萬美元。這是墨西哥和哥倫比亞融資成長的直接結果。

Okay. Numbers, I can see for 2Q look a little bit different, but maybe we follow up later. Thank you.

好的。我可以看到第二季的數字看起來有點不同，但也許我們稍後會跟進。謝謝。

And our next question comes from the line of Pedro Leduc of Itaú. Pedro, your line is open. Pedro, I think we can hear you. So let's try to take the next question and we can come back to Pedro later.

我們的下一個問題來自義大利的佩德羅·勒杜克 (Pedro Leduc)。佩德羅，您的線路已開通。佩德羅，我想我們能聽到你的聲音。因此，讓我們嘗試回答下一個問題，稍後我們可以回到佩德羅。

So our next question will come from the line of Thiago Batista at UBS.

因此，我們的下一個問題將來自瑞銀集團的蒂亞戈·巴蒂斯塔（Thiago Batista）。

Okay. My question is about the high income segment. You already commented in the past that this should be a focus of Nu in the future. And my question is the first one, is it possible to really achieve this client without kind of banking manager or a branch manager or a financial adviser.

好的。我的問題是關於高收入群體的。您過去已經評論過這應該是Nu未來的重點。我的問題是第一個問題，是否有可能在沒有銀行經理、分行經理或財務顧問的情況下真正實現這個客戶。

Do you see these and other banks serving those clients fully digital? And also, if it's possible to maintain the same level of ROE in our Brazilian operation, let's say, 30% to 40% in this high income segment.

您是否認為這些銀行和其他銀行為這些客戶提供完全數位化的服務？而且，如果我們的巴西業務能夠維持相同的 ROE 水平，比方說，在這個高收入領域，可以維持 30% 到 40%。

Thank you for the question. If you think -- as we think about the high-income segment, which you are correct, is an important focus for the company. We think about it in two steps. The first step for context, this customer acquisition. And the second step is how do we monetize that customer base.

感謝你的提問。如果您認為——就像我們考慮高收入市場一樣——您是對的——這是公司的一個重要關注點。我們分兩步驟思考。背景的第一步是獲取客戶。第二步是我們如何利用該客戶群貨幣化。

Our customer acquisition has made a lot of progress over the recent quarters. We now have about 60% of the high income customer segment as customers of Nu bank. And within the high income customer segment, we have the leading NPS in the market.

最近幾個季度，我們的客戶獲取取得了很大進展。目前，我們約有60%的高收入客戶群是憤怒銀行的客戶。在高收入客戶群中，我們擁有市場上領先的 NPS。

On the monetization side, it's a marathon, it's not a sprint, and we're still in the very early days of that process. We do believe that both the customer acquisition as we've already demonstrated, but also the monetization can be achieved with a high degree of customer satisfaction and customer happiness in a digital way.

在貨幣化方面，這是一場馬拉松，而不是短跑，而且我們仍處於過程的早期階段。我們確實相信，我們已經證明的客戶獲取和貨幣化都可以透過數位方式實現高度的客戶滿意度和客戶幸福感。

We do intend to invest additional focused efforts to make sure that we're doing everything we can to delight the high-income customers, but we think that can be done following the template of how Nu bank has operated over many years. So essentially in a digital-first manner.

我們確實打算投入更多的集中精力，以確保我們盡一切努力讓高收入客戶滿意，但我們認為這可以按照 Nu 銀行多年來的營運模式來完成。所以本質上是以數字優先的方式。

The initial signs on monetization have been very positive as we build out -- as we build on our customer acquisition efforts. There are, we believe, three core components to having a compelling solution for high-income customers. There is having a payments and banking and account infrastructure that they find compelling. And on that front, we are the leader in terms of, for example, PIX usage, a well over 20% share as a transactional account.

當我們在客戶獲取工作的基礎上擴展時，貨幣化的初步跡象非常積極。我們認為，為高收入客戶提供引人注目的解決方案需要三個核心要素。他們認為擁有令人信服的支付、銀行和帳戶基礎設施。在這方面，我們在 PIX 使用方面處於領先地位，作為交易帳戶，我們的份額遠超 20%。

On the credit side, we've made a lot of progress this year. We have for our Ultravioleta product, for example, been able to double the average credit limit. We've been able to roughly double the number of Ultraviolet customers. And we've also been able to double the purchase volume on the Ultraviolets credit card. And as we go forward, we are working on wrapping a bundled solution around that flagship credit card product of Ultraviolets.

從信用方面來看，今年我們取得了很大進展。例如，我們的 Ultravioleta 產品能夠將平均信用額度提高一倍。我們已經能夠將 Ultraviolet 客戶數量增加一倍。我們也讓 Ultraviolets 信用卡的購買量增加了一倍。隨著我們的前進，我們正在努力圍繞 Ultraviolets 的旗艦信用卡產品包裝一個捆綁解決方案。

And on the investment side, overall, we've seen AUC grow 50% year-on-year. So we believe we're making a lot of progress with high-income customers, getting them to try and start developing the habit of using our products. We have a long journey ahead of us, but we are confident in the direction we're going. We believe we can do that with strong unit economics and overall returns, and we believe we can do that with following the new bank template that we've had historically across the market with the digital-first approach.

在投資方面，總體而言，我們看到 AUC 年成長了 50%。因此，我們相信我們在高收入客戶方面取得了很大進展，讓他們嘗試並開始養成使用我們產品的習慣。我們的路還很長，但我們對前進的方向充滿信心。我們相信，憑藉強勁的單位經濟效益和整體回報，我們可以做到這一點，我們相信，透過遵循我們歷史上在市場上採用數位優先方法的新銀行模板，我們可以做到這一點。

And just to complement, no, we do not expect that our share of wallet gain in high income, will dilute our margins an returns, as Jag mentioned.

只是補充一下，不，正如賈格提到的那樣，我們不希望我們在高收入中所佔的錢包收益份額會稀釋我們的利潤和回報。

No, very clear. If I can do a small follow-up. You said you commented a couple of minutes ago that it's possible to see a higher delinquency ratio together with higher margins or margins after provisions at least. This is how do you guys see the fixed finance? Do you believe that fixed finance should bring higher delinquency ratio with higher after provision margins?

不，非常清楚。如果我可以做一個小小的後續行動。您說您幾分鐘前評論說，有可能會看到更高的拖欠率以及更高的利潤率或至少撥備後的利潤率。你們是如何看待固定金融的？您認為固定金融應該帶來更高的拖欠率和更高的撥備後利潤率嗎？

So Thiago, the way I think about the impact of fixed financing is just one additional way to enhance the product. It adds ARPAC per customer. It brings more interest-bearing balances at the customer level.

所以蒂亞戈，我對固定融資影響的看法只是增強產品的另一種方式。它為每個客戶添加 ARPAC。它在客戶層面帶來了更多的計息餘額。

And so it just makes the unit economics of credit card more attractive, which in turn allow us to do a couple of things. One is increased credit limit selectively, and also acquire more customers profitably that we might not have acquired before. So you kind of get the second order impact of being able to grow more at more attractive returns, albeit for part of those -- that higher growth at higher levels of NPLs.

因此，它只會使信用卡的單位經濟效益更具吸引力，從而使我們能夠做一些事情。一是選擇性地提高信用額度，同時也獲得更多我們以前可能無法獲得的客戶。因此，你會得到二級影響，即能夠以更具吸引力的回報實現更多增長，儘管其中一部分是在不良貸款水平較高的情況下實現更高的增長。

And we will try to come once again to the line of Pedro Leduc at Itaú.

我們將嘗試再次來到伊塔奧的佩德羅·勒杜克 (Pedro Leduc) 路線。

Going back quickly to the before mentioned accounting change that you had and the impact of the credit card balance. The reason I'm asking is because in our BRL estimates, it looks like the installments credit card product decelerated a lot and it's probably where this accounting change had most impact, so it probably grew if you can understand -- help us understand by how much.

快速回到之前提到的會計變更以及信用卡餘額的影響。我問這個問題的原因是因為在我們的巴西雷亞爾估計中，分期付款信用卡產品似乎減速了很多，這可能是這次會計變化影響最大的地方，所以如果你能理解的話，它可能會增長——幫助我們理解如何很多。

And the innovation products, PIX credit or Boleto, how relevant they are becoming or how much they grew this quarter but really trying to get all accounting constant growth figure for the installment credit card would interest figure for the quarter.

創新產品，PIX 信用卡或 Boleto，它們的相關性如何，或者本季度增長了多少，但真正試圖獲得分期信用卡的所有會計持續增長數據將是本季度的利息數據。

Thank you for your question, Pedro. So let me recap. So the accounting change that we implemented with respect to credit card receivables and credit card payables in the third quarter was one whereby we are now representing those receivables and payables according to their respective present value. And what does that change?

謝謝你的提問，佩德羅。讓我回顧一下。因此，我們在第三季對信用卡應收帳款和信用卡應付帳款實施的會計變更是，我們現在根據這些應收帳款和應付帳款各自的現值來表示它們。這會改變什麼？

So if you take a look at our financial statements in the credit card receivables, in the line that we call receivables installments, that is where you will see those numbers being affected. And in the liability side in where you call payable to the networks, is where you're going to see a corresponding impact almost offsetting each other.

因此，如果您查看信用卡應收帳款（我們稱之為應收帳款分期付款）中的財務報表，您會發現這些數字受到了影響。在責任方面，即您所說的應付給網路的地方，您將看到相應的影響幾乎相互抵消。

With respect, Pedro, to your question about the growth of our interest-bearing balance, I would draw your attention to Slide 15, 1-5, in which you can see that for another consecutive quarter, our share of revolving balance has remained largely unchanged at about 7%. Whereas the share of the financing portion went from 19% to 21%. Most of this growth can still be attributed to the continuous growth of PIX and Boleto Financing.

佩德羅，關於您關於我們帶息餘額增長的問題，我請您注意幻燈片 15、1-5，其中您可以看到，連續一個季度，我們的循環餘額份額基本上保持不變維持在7 %左右不變。而融資部分的份額則從19%上升到21%。這一增長大部分仍可歸因於 PIX 和 Boleto Financing 的持續增長。

Okay. And this slide, Lago, the 2Q was also restated for that accounting change, so it's comparable.

好的。這張投影片，拉戈，第二季也針對會計變更進行了重述，因此具有可比性。

No, no, no. It has not. Only we started to make this new accounting treatment only in the third quarter of 2023. There has (inaudible) whatsoever.

不不不。但事實並非如此。只是我們在 2023 年第三季才開始進行這種新的會計處理。有（聽不清楚）任何情況。

And the impact you said earlier it was like $150 million, $200 million, so we can probably do the adjustments here to the comparable end.

你之前說的影響大約是 1.5 億美元、2 億美元，所以我們可能可以在這裡進行調整以達到可比較的目的。

And our next question comes from the line of Eduardo Rosman at BTG.

我們的下一個問題來自 BTG 的愛德華多·羅斯曼 (Eduardo Rosman)。

I have a question, I think, to David. I think in a recent podcast interview, I think you talked about going beyond financial services, and that you would be dedicating an important part of your time chasing that goal.

我想我有一個問題要問大衛。我認為在最近的一次播客採訪中，我認為您談到了超越金融服務的領域，並且您將投入重要的時間來追求這一目標。

So can you share with us the potential opportunities there? Is this something that we should be seeing a couple of years down the road? Or can we expect something, let's say, in the short term? So I would be interesting to know what you're thinking about it.

那麼您能與我們分享那裡的潛在機會嗎？這是我們幾年後應該看到的事情嗎？或者說，我們可以在短期內期待一些事情嗎？所以我很想知道你對此的想法。

Yes, sure. Absolutely. So listen, I think when we -- let me take a step back and we think about what we're building and what we have built in these 10 years, we realized that with a $90 million and growing fully digital consumer base, which is one of the largest in Latin America already, one of the most valuable brands and highest NPS, a really data-rich ecosystem, very high engagement and an opportunity to do a lot of cross-sells.

是的，當然。絕對地。所以聽著，我認為當我們——讓我退後一步，思考一下我們正在建立的東西以及我們在這10 年裡所建造的東西時，我們意識到，憑藉9000 萬美元和不斷增長的全數字消費者基礎，它已經是拉丁美洲最大的品牌之一、最有價值的品牌和最高的 NPS 之一、一個真正數據豐富的生態系統、非常高的參與度和進行大量交叉銷售的機會。

This platform that we're building opens up a bunch of new optionalities ahead of us. These optionalities are going to take a long time to figure out, not necessarily something that happens very fast. We're actually thinking about how do we -- as we think of our evolution around, effectively the first 10 years, we had to catch up to the big bets, right?

我們正在建構的這個平台為我們提供了許多新的選擇。這些選擇需要很長時間才能弄清楚，但不一定會很快發生。我們實際上在思考我們如何——當我們思考我們的演變時，實際上在前十年，我們必須趕上大賭注，對嗎？

We started with a simple credit card unbundling the entire financial services products. And then we were in a complete race to try to fill all the gaps that we had in financial services to be a priority. And we are getting close to parity.

我們從一張簡單的信用卡開始，將整個金融服務產品分拆。然後，我們全力以赴，努力填補金融服務領域的所有空白，並將其作為優先事項。我們正在接近平價。

Obviously, there are a couple of things that we think improve in certain areas, more insurance products, more investment products, very valuable proposition for high income. But in general, we're at least getting very close to the core products that somebody needs to have to choose us as their primary bank account.

顯然，我們認為在某些領域有一些需要改進的地方，更多的保險產品，更多的投資產品，對於高收入來說非常有價值的主張。但總的來說，我們至少已經非常接近核心產品，人們必須選擇我們作為他們的主要銀行帳戶。

And then we are thinking about the next 10 years on how do we really change the game in the market. How do we scale competition? And this is reinventing a number of several products, and this is using all of those assets that I mentioned specifically this base to provide more products and services to our users.

然後我們正在思考未來 10 年如何真正改變市場遊戲規則。我們如何擴大競爭？這正在重塑許多產品，並且正在使用我在這個基礎上特別提到的所有資產來為我們的用戶提供更多的產品和服務。

So we are here thinking about year 4, 5, 6, 7 from now. These are going to be generally low investments over the next few years. We're operating where we have a number of different start-ups within the start-up, some of the products that we've launched already that we're growing, for example, marketplace where we already have several million users already buying nonfinancial products and services in our app.

所以我們現在正在考慮第四年、第五年、第六年、第七年的情況。未來幾年這些投資通常較低。我們在新創公司中擁有許多不同的新創企業，我們已經推出了一些我們正在發展的產品，例如，我們已經有數百萬用戶已經購買非金融產品的市場我們的應用程式中的產品和服務。

We are seeing very significant traction in Nu Pay, which is a new way to pay online, today with a number of different merchants. We are bringing increasingly the concept of the AI private bank where we see AI being able to play a significant role. And under those groups, there's a number of other initiatives that we are spinning out always in a way where they are -- provide a lot of optionality. We like to invest little money upfront, let the teams run and then we start seeing product market feeling. We get excited about the potential in brand, we invest more resources and energy into this.

我們看到 Nu Pay 的吸引力非常大，這是一種新的線上支付方式，目前已與許多不同的商家合作。我們越來越多地引入人工智慧私人銀行的概念，我們看到人工智慧能夠發揮重要作用。在這些小組的領導下，我們一直在以某種方式推出許多其他舉措——提供許多選擇。我們喜歡預先投入少量資金，讓團隊運行，然後我們開始看到產品市場的感覺。我們對品牌的潛力感到興奮，我們為此投入了更多的資源和精力。

So big answer to effectively tell you we're actively thinking about the next 5 years, but we're also actively thinking about the next 10 years. And we think the opportunity ahead of us is just much bigger than simply building one of the most profitable and efficient banks in the world, which we're getting close to be. And we want to make sure that we take advantage of the opportunity of some of the different assets that we are being able to accommodate and aggregate under one roof over the past few years.

如此重要的答案有效地告訴您我們正在積極思考未來 5 年，但我們也在積極思考未來 10 年。我們認為，擺在我們面前的機會比簡單地建立世界上最盈利、最高效的銀行之一要大得多，而我們正在接近這一目標。我們希望確保利用過去幾年我們能夠在一個屋簷下容納和聚合的一些不同資產的機會。

And our next question comes from the line of Neha Agarwala at HSBC.

我們的下一個問題來自匯豐銀行的 Neha Agarwala。

Congratulations on the results. And I have a few questions. First on credit cards...

祝賀結果。我有幾個問題。首先是信用卡...

Sorry, Neha. I apologize we can't hear you very well. Would you mind speaking up a little bit?

對不起，尼哈。抱歉，我們聽不清楚您的聲音。你介意說一點嗎？

Sure. Is this better? .

當然。這是否更好？ 。

Yes. Slightly better. Thank you.

是的。稍微好一些。謝謝。

Okay. I'll try to speak loudly.

好的。我會嘗試大聲說話。

Now it's perfect. Thank you.

現在就完美了。謝謝。

Okay. Perfect. The first question is on the credit cards. I noticed that the Stage 3 loans for credit cards has continued to rise for the last few quarters, and increased from 7.7% last quarter to 8.1% this quarter, while the cost of risk for credit cards as such has continued to decline quarter-on-quarter. So could you explain that dynamic while the cost of risk is declining and the Stage 3 loans continue to increase?

好的。完美的。第一個問題是關於信用卡的。 I noticed that the Stage 3 loans for credit cards has continued to rise for the last few quarters, and increased from 7.7% last quarter to 8.1% this quarter, while the cost of risk for credit cards as such has continued to decline quarter-on -四分之一.那麼，您能否解釋一下在風險成本下降且第三階段貸款繼續增加的情況下的動態？

My second question is on capital. I noticed the increase in the RWA and that the Basel ratio has halved to almost 11% now. Given the large increase in the RWAs, do you see the need of say, sending some capital to Brazil in next year? Or do you think the profit that is generated in Brazil will be sufficient to meet the capital requirements? Any color on that?

我的第二個問題是關於資本。我注意到 RWA 有所增加，巴塞爾比率現在已減半至近 11%。鑑於 RWA 大幅增加，您是否認為有必要在明年向巴西輸送一些資金？或者您認為在巴西產生的利潤足以滿足資本要求嗎？那上面有什麼顏色嗎？

And lastly, and I know this is something which we don't have much clarity on today, but any update or any news on the pending credit card regulation would be very helpful.

最後，我知道這是我們今天不太清楚的事情，但是有關未決信用卡監管的任何更新或任何新聞都會非常有幫助。

Thank you. Thank you so much for your questions. Let me try to start from the last one and then we'll go forward. So on the credit cohort industrial regulation. So those continue to be ongoing discussions involving multiple parties of the credit card industry, both issuers, acquirers, versions, consumers, and the Brazilian Central Bank and the Ministry of Finance and soon the Ministry of Planning as well.

謝謝。非常感謝您的提問。讓我嘗試從最後一個開始，然後我們再繼續。那麼關於信貸隊列的產業監管。因此，這些討論仍在持續進行，涉及信用卡產業的多方，包括發行方、收單方、版本、消費者、巴西中央銀行和財政部，以及規劃部。

We have been an active participant in those discussions, and we believe we have the unique opportunity to promote a more ambitious and positive or overhaul in how credit cards is structured in Brazil. And we are very encouraged by the last discussions that we have had with the parties, and we believe that we will probably have more clarity about this when we have our next earnings call. Very soon for us to actually draw any high conviction outlook on how this will unfold. But we are working very hard together with the industry and the regulator to have a positive outcome that allow us to have a much more balanced product going forward.

我們一直是這些討論的積極參與者，我們相信我們有獨特的機會來推動對巴西信用卡結構進行更雄心勃勃和積極的改革。我們對與各方進行的最後一次討論感到非常鼓舞，我們相信，當我們召開下一次財報電話會議時，我們可能會對此有更清晰的了解。我們很快就會真正對這件事將如何展開做出堅定的展望。但我們正在與行業和監管機構共同努力，以取得積極的成果，使我們能夠擁有更平衡的產品。

To your second question, I think you related to the increase in capital, I believe it's important to highlight that in 2022, the Brazilian Central Bank put forward a new regulation, which is usually referred to as Resolution 200, which basically harmonize the capital regulations of payment institutions and financial institutions.

關於你的第二個問題，我認為你涉及到資本的增加，我認為有必要強調的是，在2022年，巴西央行提出了一項新的規定，通常被稱為200號決議，它基本上統一了資本規定支付機構和金融機構。

And as a result of that, as you can see on Section 32 of our financial statements, you will note that the Brazilian Central Bank has enacted a gradual implementation of this new norm, whereby the minimum capital adequacy ratio starts at 6.75% in 2023 goes to 8.75% in 2024. And then finally, to 10.5% in 2025. And also payment institutions that control financial conglomerates will now have to report consolidated capital adequacy ratios.

因此，正如您在我們的財務報表第 32 節中看到的那樣，您會注意到巴西央行已逐步實施這一新規範，即 2023 年最低資本充足率從 6.75% 開始2024 年達到8.75%。最後，到2025 年達到10.5%。控制金融集團的支付機構現在必須報告合併資本充足率。

The result of all that is that we have a capital adequacy ratio in Brazil of 11%, whereas the minimum capital requirements today it's 6.75%. So we have a fairly relevant buffer in Brazil. And in addition to that, we have $2.3 billion of excess liquidity at our holding company. So we are super comfortable.

所有這些的結果是，巴西的資本充足率為 11%，而目前的最低資本要求為 6.75%。所以我們在巴西有一個相當相關的緩衝區。除此之外，我們的控股公司還有 23 億美元的過剩流動性。所以我們超舒服。

It's unclear to us whether we will ever need to capitalize our Brazilian entities going forward. It will largely depend on the growth pace of our credit book. But we are very comfortable that with the business plans that we have for Brazil, Mexico and Colombia, those are fully funded and fully capitalized and the earnings that we generate in Brazil, plus the excess capital that we have at the holding company will more than suffice to fund all of this plan for the next now -- for the foreseeable future.

我們不清楚未來是否需要對我們的巴西實體進行資本化。這在很大程度上取決於我們信用帳簿的成長速度。但我們對巴西、墨西哥和哥倫比亞的業務計劃感到非常滿意，這些計劃資金充足，資本充足，我們在巴西產生的收入，加上我們在控股公司擁有的多餘資本將超過足以為下一個現在（可預見的未來）的所有計劃提供資金。

Neha, this is Youssef. So with respect to your first question on what is going on and the dynamics of various stages and provisioning, I would refer you to Note 13 in our financial statements, which contains all the breakdowns and the details stage by stage. You can look at the coverage ratios and the migration across buckets.

尼哈，這是優素福。因此，關於你的第一個問題，即正在發生的事情以及各個階段和撥備的動態，我建議你參閱我們財務報表中的附註13，其中包含了所有的細分和逐步的詳細信息。您可以查看覆蓋率和跨儲存桶的遷移情況。

But overall, I would summarize it just very simply by saying that Stage 3 tends to largely correlate with 90 plus past due delinquency rates. So it kind of mirrors what is going on there. And as I mentioned earlier in the call, as we write off credit card loans in our Brazil credit card portfolio at 360 days.

但總的來說，我會非常簡單地總結一下，第三階段往往與 90 以上的逾期拖欠率密切相關。所以它有點反映了那裡正在發生的事情。正如我之前在電話會議中提到的，我們在 360 天的期限內註銷巴西信用卡投資組合中的信用卡貸款。

So what tends to happen is you enter a 90 plus and then for several months those loans accumulate. And as they accumulate and go further and further in delinquency stages, what tends to happen is coverage ratio increases. And so you see just those mechanics playing out.

因此，通常會發生的情況是，您輸入了 90+，然後這些貸款會在幾個月內累積。隨著它們的累積並在拖欠階段越走越遠，往往會發生覆蓋率增加的情況。所以你會看到這些機制正在發揮作用。

And our next question comes from the line of Yuri Fernandes at JPMorgan.

我們的下一個問題來自摩根大通的尤里·費爾南德斯。

I had a question on fees. We see interchanges to be 75% of your total fees, but we don't see other fees growing and you have many initiatives, right? You have the investment platform, you have the insurance, you have the program of (inaudible), when should we see the fee line growing because the interchange are growing, but it's growing like 25%, 26% year-over-year and we still don't see, so just trying to get your expectations on those noncredit-related business.

我有一個關於費用的問題。我們認為交換費佔你們總費用的 75%，但我們沒有看到其他費用成長，而且你們有很多舉措，對嗎？你有投資平台，你有保險，你有（聽不清楚）的計劃，我們什麼時候應該看到費用線成長，因為交換在成長，但它同比增長了 25%、26%，我們還是沒有看到，所以只是想了解一下您對那些非信貸相關業務的期望。

So Judy, thanks for the question. And look, we do have this portfolio of business throughout the company, which we classify in three architypes. We have the anchor business, the growth business and the Moonshot. And the anchor business, which we classify as the credit card lending and our banking accounts are doing extremely well. And their profitability is basically overshadowing the very positive results and performance that we are having in more emerging business.

朱迪，謝謝你的提問。看，我們確實在整個公司都有這樣的業務組合，我們將其分為三種類型。我們有主力業務、成長業務和登月業務。我們將其歸類為信用卡貸款和銀行帳戶的主要業務表現非常好。他們的獲利能力基本上掩蓋了我們在更多新興業務中取得的非常積極的成果和業績。

But you pointed out to some of the business that we have today that are actually performing fairly well. I would highlight the investment business, whose assets have increased by over 50% over the past 12 months number of customers have doubled. So we do expect that over the coming 4 to 8 quarters, we have much more visibility on the more growth in Moonshot business that will progressively emerge into our new anchor business over the next now 3 to 5 years.

但您指出，我們今天擁有的一些業務實際上表現相當不錯。我要強調的是投資業務，其資產在過去 12 個月內增加了 50% 以上，客戶數量增加了一倍。因此，我們確實預計，在未來 4 到 8 個季度中，我們對 Moonshot 業務的成長有更多的了解，這些業務將在未來 3 到 5 年內逐步融入我們的新主力業務。

Having said that, however, if you take a look at the profit pool of the Brazilian retail industry, about 70% of the profit pool is still composed by consumer credit, namely credit cards, unsecured personal loans and secured personal loans. So it should not be a surprise that as of today, the majority of our world revenues and gross profit margin also comes from some of those consumer finance products.

不過話雖如此，如果你看看巴西零售業的利潤池，大約70%的利潤池仍然是由消費信貸構成，即信用卡、無擔保個人貸款和有擔保個人貸款。因此，截至今天，我們的全球收入和毛利率的大部分也來自其中一些消費金融產品，這並不奇怪。

But I believe as the new business that we have, namely investments, marketplace, insurance, continue to emerge, we will have more and more visibility of their financial and nonfinancial performance in the coming future.

但我相信，隨著我們擁有的新業務，即投資、市場、保險的不斷湧現，我們將越來越清楚地了解他們在未來的財務和非財務表現。

And our next question comes from the line of Craig Maurer at FT partners.

我們的下一個問題來自英國《金融時報》合作夥伴的克雷格·毛雷爾（Craig Maurer）。

So two questions. One, the activity rate showed strong improvement. Can you characterize what were the underlying drivers to that? Was it the growth in primary banking relationships or was it the launch of payroll?

那麼兩個問題。一是活動率強勁提升。您能描述一下造成這種情況的根本驅動因素是什麼嗎？是主要銀行關係的成長還是薪資的推出？

And secondly, you're talking about going down the credit quality ladder, which could drive delinquencies a bit higher. I'm curious your thoughts on how that might affect the portfolio, if you go -- if Brazil goes into another soft period regarding credit, should we expect to see a more significant rise in losses as a result, and how you're thinking about that with regard to provisioning.

其次，你談論的是信用品質階梯的下降，這可能會導致拖欠率更高一些。我很好奇你對這可能會如何影響投資組合的想法，如果你去——如果巴西進入另一個信貸疲軟時期，我們是否應該期望看到損失更顯著增加，以及你的想法關於配置方面的問題。

Bill, thank you so much for your question. Let us take this in steps. So the first question is about the activity rate and I will draw your attention to Slide #10, in which you see that activity rate has basically continued to go up from about 82% to now closer to 83%. And notwithstanding the very strong growth of our customer base. I think that is largely explained and correlated with our progress towards primary banking relationship.

比爾，非常感謝你的提問。讓我們分步驟進行。第一個問題是關於活動率，我將提請您注意幻燈片 #10，其中您會看到活動率基本上持續上升，從大約 82% 到現在接近 83%。儘管我們的客戶群成長非常強勁。我認為這在很大程度上可以解釋並與我們在主要銀行關係方面的進展相關。

If you take a look at the chart on Slide 11, which is the following one. The chart on the left indicates the primary banking relationship cohort analysis that we present every single quarter. And as you may note, we now have almost 60% of our active customers being primary banking relationship customers. And you can also note that we are getting to more than 50% faster and faster over time. For the 2018, 2019 cohorts, it used to take us about [15] months to get there.

如果您看一下投影片 11 上的圖表，如下圖所示。左圖顯示了我們每季提供的主要銀行關係隊列分析。正如您可能注意到的，我們現在有近 60% 的活躍客戶是主要銀行關係客戶。您還可以注意到，隨著時間的推移，我們的速度越來越快超過 50%。對於 2018 年、2019 年的隊列，我們過去需要大約 [15] 個月才能達到這一目標。

Now it's taken us less than 12 months to get there. Why is this happening? I think it is happening as a result of external factors and internal factors. External factors is that as consumers where we operate, embrace real-time currency [picks], embrace digital banks more and more, they more easily embraced the business model of Nu bank that has become even more pronounced during and after COVID.

現在我們只花了不到 12 個月的時間就實現了這個目標。為什麼會發生這種情況？我認為這是外在因素和內在因素共同作用的結果。外部因素是，隨著我們經營所在地的消費者越來越多地接受即時貨幣、數位銀行，他們更容易接受努銀行的商業模式，這種模式在新冠疫情期間和之後變得更加明顯。

The internal factors is actually the chart that you can see in the center of this slide, which is, as we launch more products, as we launch more features. So we earned the right to be the primary banking relationship of more and more customers.

內部因素實際上是您可以在這張投影片中心看到的圖表，即隨著我們推出更多產品，隨著我們推出更多功能。因此，我們贏得了成為越來越多客戶的主要銀行關係的權利。

So if you were a customer of the bank back in 2017, you had only one product, credit card. Arguably, it was very hard for you to give our primary banking relationship customers with credit card only. But as we launch bank account, PIX, investments, insurance, marketplace, Nucoin, we have a much more compelling value proposition, a much more complete set of products and that foster primary banking relationship that foster engagement.

因此，如果您在 2017 年是該銀行的客戶，您只有一種產品：信用卡。可以說，您很難只用信用卡向我們的主要銀行關係客戶提供服務。但當我們推出銀行帳戶、PIX、投資、保險、市場、Nucoin 時，我們擁有更引人注目的價值主張、更完整的產品集，並促進主要銀行關係，從而促進參與。

We do not see this trend stopping or declining on the contrary. We think that we will continue to launch best-in-class products, disruptive solutions. And with that, we will not only sustain high levels of activity, but we will also foster the continuous expansion of those activities.

相反，我們並沒有看到這種趨勢停止或下降。我們認為我們將繼續推出一流的產品、顛覆性的解決方案。這樣，我們不僅將維持高水準的活動，而且還將促進這些活動的不斷擴大。

So I'll pause here, I will pass the floor to Youssef to address your second question related to credit underwriting.

因此，我將在這裡暫停，我將請尤瑟夫來解決您與信用承保相關的第二個問題。

Craig, on the credit expansions and what does that do to the credit book in the event of a downturn. So just as a reminder, we underwrite, obviously, trying to -- seeking to maximize NPV, but also we underwrite for resilience. What does that mean practically? It means that every additional loan we book every new customer that we onboard we want them to be profitable and above hurdle returns in the event of a downturn.

克雷格，關於信貸擴張以及經濟低迷時信貸擴張對信貸帳簿有何影響。因此，提醒一下，我們顯然是在努力尋求 NPV 最大化，但我們也為韌性而承保。這實際上意味著什麼？這意味著，我們為每位新客戶預訂的每筆額外貸款，我們都希望他們能夠獲利，並在經濟低迷時獲得高於門檻的回報。

So specifically, when you look at a cohort level, we underwrite our cohort such that they're able to withstand the doubling of losses and still be NPV positive. So that gives us a lot of resilience and a lot of -- and a strong ability to withstand variability and the ups and downs of the cycle. That's one thing.

因此，具體而言，當您查看隊列水平時，我們會為我們的隊列提供承保，以便他們能夠承受雙倍的損失，並且仍然保持 NPV 為正值。因此，這給了我們很大的彈性和很強的能力來承受變化和週期的起伏。這是一回事。

The other thing I'll point out is thinking about various segments within the credit spectrum. Having a high-risk segment doesn't necessarily mean it's going to be a higher volatility segment in the event of a downturn. Those tend to be sort of very dependent on what kind of down cycle we're in. We've seen in other markets, more mortgage holders deteriorate more than the average.

我要指出的另一件事是考慮信貸範圍內的各個部分。擁有高風險部分並不一定意味著在經濟低迷時它將成為波動性較高的部分。這些往往在很大程度上取決於我們所處的下行週期。我們在其他市場看到，更多的抵押貸款持有人的情況惡化程度超過平均水平。

We've seen small businesses sometimes deteriorate more on the average. So it really depends on what kind of cyclical dynamic you're facing. And again, we take the approach of wanting to have through the cycle strong, resilient returns in everything we underwrite.

我們發現小型企業有時平均惡化程度較大。所以這其實取決於你面臨什麼樣的周期性動態。再次強調，我們希望在整個週期中我們承保的所有項目都能獲得強勁、有彈性的回報。

And this concludes the earnings call for the third quarter. And the name of Nu holdings and its management team, I want to thank you all for your participation in our conference call today. Our IR team is fully available for any additional follow-ups, and we will be responding to questions and via webcast over the coming days.

第三季的財報電話會議到此結束。我謹以 Nu Holdings 及其管理團隊的名義感謝大家參加我們今天的電話會議。我們的 IR 團隊隨時準備進行任何其他後續跟進，我們將在未來幾天透過網路廣播回答問題。

With that, we finished our earnings call. Have a good night. Thank you.

至此，我們結束了財報電話會議。祝你晚安。謝謝。