Nu Holdings Ltd (NU) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to Nu Holdings' conference call to discuss the results for the second quarter of 2024. A slide presentation accompanies today's webcast, which is available on Nu's Investor Relations website, www.investors.nu in English and www.investidores.nu in Portuguese.

女士們、先生們，午安。歡迎參加 Nu Holdings 電話會議，討論 2024 年第二季業績。今天的網路廣播附帶幻燈片演示，可在 Nu 的投資者關係網站（英文版 www.investors.nu 和葡萄牙文版 www.investidores.nu）上觀看。

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)

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。（操作員說明）

(spoken in Portuguese)

（以葡萄牙語發言）

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Mr. Jörg 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.

非常感謝運營商。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，所有成長率均基於外匯中性因素。

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 second quarter 2024. 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 2024 年第二季的主要亮點。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 would 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, Jörg. Good evening, everyone, and thank you again for being with us today. During Q2 2024, our business model, anchored in three fundamental principles, customer expansion, revenue per customer, and efficient operating costs, demonstrated its formidable strength by accelerating earnings power.

謝謝你，約爾格。大家晚上好，再次感謝你們今天和我們在一起。2024 年第二季度，我們的業務模式以客戶擴張、每位客戶收入和高效營運成本三個基本原則為基礎，透過加速獲利能力展現了其強大的實力。

Our net customer additions have consistently exceeded expectations, reaching 105 million customers by the end of the quarter, a 60% increase from the 65 million recorded just two years ago. Customer growth in Brazil remains outstanding with an average of 1.2 million new customers monthly, bringing the total to 95.5 million at the end of the quarter.

我們的淨客戶增量持續超出預期，到本季末達到 1.05 億客戶，比兩年前的 6,500 萬增加了 60%。巴西的客戶成長依然強勁，平均每月新增 120 萬客戶，本季末客戶總數達到 9,550 萬。

Meanwhile, Mexico has experienced strong growth with 1.2 million net adds in the quarter, culminating in 7.8 million customers. This success validates our strategy of increasing deposit yields in Mexico, boosting our momentum and solidifying Nu as the leading digital financial platform in Mexico.

與此同時，墨西哥經歷了強勁的成長，本季淨增加了 120 萬客戶，最終客戶數量達到 780 萬。這項成功驗證了我們提高墨西哥存款收益率的策略，增強了我們的發展勢頭，並鞏固了 Nu 作為墨西哥領先數位金融平台的地位。

Additionally, Colombia surpassed the 1 million customer mark, ending the quarter with almost 1.3 million customers following the successful launch of the Cuenta product.

此外，在成功推出 Cuenta 產品後，哥倫比亞的客戶數量突破了 100 萬大關，本季末客戶數量接近 130 萬。

Now let's go to some financial highlights. Despite LatAm currencies depreciating against the US dollar during the quarter, our revenue surged to $2.8 billion as we continued to successfully cross-sell and upsell while introducing relevant new products, reflecting a 65% year-over-year increase, or a gross profit climbed to $1.4 billion, marking an 88% year-over-year growth with a gross margin of 47.7%.

現在讓我們來看看一些財務亮點。儘管本季拉丁美洲貨幣兌美元貶值，但由於我們在推出相關新產品的同時繼續成功地進行交叉銷售和追加銷售，我們的收入飆升至 28 億美元，同比增長 65%，即毛利潤攀升達到14 億美元，年增88%，毛利率為47.7%。

Net income also saw significant growth, reaching $487 million, resulting in a record annualized return of equity of 28%, one of the highest in the industry.

淨利潤也顯著成長，達到 4.87 億美元，年化股本回報率達到創紀錄的 28%，為行業最高之一。

Additionally, our adjusted net income hit $563 million with a sequential expansion of 36% quarter over quarter and 131% year over year. This achievement underscores the strength of our business model, which combines robust top-line growth with solid profitability.

此外，我們調整後的淨利潤達到 5.63 億美元，季增 36%，年增 131%。這項成就凸顯了我們業務模式的優勢，將強勁的營收成長與穩健的獲利能力結合在一起。

In this slide, we, again, demonstrated how our flywheel effectively drives customer acquisition and data growth while sustaining strong momentum in our key financial metrics. Our model's inherent operational strengths are driving significant profitability.

在這張投影片中，我們再次展示了我們的飛輪如何有效地推動客戶獲取和數據成長，同時保持關鍵財務指標的強勁勢頭。我們的模式固有的營運優勢正在推動顯著的獲利能力。

In the second quarter, Nu Holdings achieved an adjusted net income of $563 million with an adjusted annualized return on equity of 33% despite maintaining a robust level of excess capital of $2.4 billion at the holding level and with two subsidiaries in Mexico and Colombia yet to be profitable.

儘管控股層面的超額資本保持在24 億美元的強勁水平，且墨西哥和哥倫比亞的兩家子公司尚未完成調整，但Nu Holdings 第二季度的調整後淨利潤為5.63 億美元，調整後年化股本回報率為33%。

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 delivered a robust second quarter as we continue to increase revenue growth, see enhanced customer engagement, and deliver strong operating margins and profitability.

謝謝你，大衛，晚上好。每個人。正如大衛所提到的，我們第二季業績強勁，因為我們繼續增加收入成長，客戶參與度提高，並實現強勁的營業利潤和獲利能力。

Now let's dig deeper into the second-quarter results to gain a greater understanding of the progress against each one of these pillars.

現在，讓我們更深入地研究第二季度的業績，以便更好地了解每個支柱的進展。

I will begin with the results of our customer acquisition. During the second quarter of 2024, our customer base grew at a strong pace with 5.2 million new customers joining our platform. By the end of the quarter, our total customer count reached 104.5 million, marking a 25% increase year over year.

我將從我們的客戶獲取結果開始。2024 年第二季度，我們的客戶群強勁成長，有 520 萬新客戶加入我們的平台。截至本季末，我們的客戶總數達到 1.045 億，年成長 25%。

Once we have more customers, engaging and retaining them becomes our focus. Our active base increased by 27% year over year, followed by another sequential quarterly increase in the monthly activity rate, which now stands at 83.4%, up from 82.2% just one year ago.

一旦我們擁有更多客戶，吸引和留住他們就成為我們的重點。我們的活躍基數年增了 27%，隨後月度活躍率再次連續季度增長，目前為 83.4%，高於一年前的 82.2%。

This marks the 11th consecutive increase in this metric, demonstrating our proficiency and consistently offer of compelling value proposition to our customers in Brazil, Mexico, and Colombia.

這標誌著該指標連續 11 次增長，展示了我們的熟練程度以及始終如一地為巴西、墨西哥和哥倫比亞的客戶提供令人信服的價值主張。

Turning our attention to revenue expansion. The first chart highlights that Nu has established primary banking relationships with around 60% of our active customer base. This solid performance underscores our ability to increase the share of wallet in an agile manner within our customer base.

將我們的注意力轉向收入擴張。第一張圖表強調 Nu 已與約 60% 的活躍客戶群建立了主要銀行關係。這種穩健的表現凸顯了我們在客戶群中以靈活的方式增加錢包份額的能力。

Moreover, recent cohorts are achieving this level of principality at an increasingly rapid pace. As you can see in the second chart, the number of products per active customer is at 4.1, illustrating the success of our cross-selling strategy, even as we continue to quickly onboard many new customers. By effectively introducing our products to new customers, we solidify our role as their primary banking partner.

此外，最近的一批人正在以越來越快的速度達到這種程度。正如您在第二張圖表中看到的，每個活躍客戶的產品數量為 4.1，這說明我們的交叉銷售策略取得了成功，儘管我們繼續快速吸引許多新客戶。透過有效地向新客戶介紹我們的產品，我們鞏固了作為他們主要銀行合作夥伴的角色。

The last chart illustrates the combined effect of these two powerful dynamics. By having significant customer engagement, as demonstrated in the first chart, coupled with our growing product cross-sell capabilities, shown in the second chart, we achieve increasingly positive results. While our monthly ARPAC contracted to $11.2 this quarter compared to $11.4 last quarter, on an FX-neutral basis, ARPAC, in fact, expanded by 6%.

最後一張圖表說明了這兩種強大動力的綜合影響。透過大量的客戶參與（如第一個圖表所示），加上我們不斷增長的產品交叉銷售能力（如第二個圖表所示），我們取得了越來越積極的成果。雖然本季我們的月度 ARPAC 收縮至 11.2 美元，而上季度為 11.4 美元，但在匯率中性的基礎上，ARPAC 實際上增長了 6%。

On the next slide, we will present the growth rates on an FX-neutral basis, and you can also note that our more mature cohorts are already generating a monthly ARPAC of $25. Our monthly ARPAC reached $11.2. However, on an FX-neutral basis, it grew 6% sequentially and a robust 30% year over year, up from $9.3 just one year ago. We continue to see a clear path to further increase ARPAC towards its full potential.

在下一張投影片中，我們將在外匯中性的基礎上展示成長率，您還可以注意到，我們更成熟的群體已經產生了每月 25 美元的 ARPAC。我們每月的 ARPAC 達到 11.2 美元。然而，在匯率中立的基礎上，它環比增長了 6%，同比增長了 30%，高於一年前的 9.3 美元。我們仍然看到了進一步增強 ARPAC 並充分發揮其潛力的明確途徑。

The second chart highlights that our revenues hit a new record high this quarter, reaching $2.8 billion, an increase of 65% year over year. Just a year ago, our revenues stood at $1.8 billion. This impressive growth was driven by two things: the increase in active customers combined with higher ARPAC levels year over year.

第二張圖則突顯，我們本季的營收創下新高，達到 28 億美元，年增 65%。就在一年前，我們的收入為 18 億美元。這一令人印象深刻的成長是由兩件事推動的：活躍客戶的增加以及 ARPAC 水平逐年提高。

This quarter, our consumer finance portfolio encompassing credit cards and lending showed strong growth.

本季度，我們包括信用卡和貸款在內的消費金融投資組合顯示出強勁成長。

While the nominal dollar value of our book contracted, it achieved a 49% year over year and an 8% quarter-over-quarter expansion on an FX-neutral basis, reaching a total of $18.9 billion. This growth was driven by increases across both product categories.

儘管我們帳簿的名目美元價值有所收縮，但在匯率中立的基礎上，其同比增長了 49%，環比增長了 8%，總計達到 189 億美元。這一增長是由兩個產品類別的成長所推動的。

Credit cards expanded sequentially. Despite the same FX impact in nominal dollars, it grew by 39% year over year and 6% quarter over quarter, reaching $14.3 billion. This growth was driven by the consistent increase in the share of wallet across all customer segments.

信用卡規模不斷擴大。儘管以名目美元計算同樣受到外匯影響，但其年增 39%，季增 6%，達到 143 億美元。這一成長是由所有客戶群中錢包份額的持續成長所推動的。

Once again, our lending portfolio performed extremely well, growing 92% year over year and 15% quarter over quarter on an FX-neutral basis, reaching $4.6 billion.

我們的貸款組合再次表現出色，在匯率中立的基礎上年增 92%，季增 15%，達到 46 億美元。

Lending growth continues to outpace credit cards and now represents 24% of the total portfolio. Consistent with trends from the previous quarters, our lending cohorts continued to show strong credit performance, enabling us to scale originations effectively.

貸款成長持續超過信用卡，目前佔總投資組合的 24%。與前幾季的趨勢一致，我們的貸款群體繼續表現出強勁的信貸表現，使我們能夠有效地擴大貸款規模。

Now let's move to the breakdown of our credit card portfolio. Interest-earning installment balance now represents 28% of our total credit card portfolio, up from 26% last quarter. Once again, this growth was fueled by the successful expansion of our PIX and Boleto financing products.

現在讓我們來分析一下我們的信用卡投資組合。生息分期付款餘額目前占我們信用卡組合總額的 28%，高於上季的 26%。我們的 PIX 和 Boleto 融資產品的成功擴展再次推動了這一成長。

This type of financing offers an attractive risk-adjusted rate of return, enabling us to further expand the monetization of our credit card business while meeting important customer needs. Our strategy is further validated by the stability of our revolving receivables, which remain at 6% of total credit card receivables this quarter. Going forward, we expect the percentage relevance of interest earning installments balance to begin to stabilize.

這種類型的融資提供了有吸引力的風險調整回報率，使我們能夠進一步擴大信用卡業務的貨幣化，同時滿足重要的客戶需求。我們的循環應收帳款的穩定性進一步驗證了我們的策略，本季循環應收帳款仍佔信用卡應收帳款總額的 6%。展望未來，我們預期生息分期付款餘額的百分比相關性將開始穩定。

Looking at in our lending business, originations reached BRL13 billion this quarter, a 78% year-over-year increase. Unsecured lending remains the primary driver of growth, reaching BRL11.2 billion in originations this quarter. This highlights our ability to expand credit availability to those who previously lacked that access to this product.

從我們的貸款業務來看，本季的貸款金額達到 130 億雷亞爾，年增 78%。無擔保貸款仍然是成長的主要推動力，本季發放量達到 112 億雷亞爾。這凸顯了我們有能力向那些以前無法獲得該產品的人提供信貸。

Our secured lending originations reached BRL1.8 billion during the second quarter of 2024 or 14% of total lending originations. During the second half of the year, we anticipate a gradual increase in the pace of originations of secure lending as new features such as portability, top-ups, and refinancings are introduced.

2024 年第二季度，我們的擔保貸款發放額達到 18 億雷亞爾，佔貸款發放總額的 14%。今年下半年，隨著可移植性、儲值和再融資等新功能的推出，我們預期安全借貸的啟動速度將逐漸加快。

We have also signed six new collateral agreements to increase eligibility and TAM, including parts of the Armed Forces and some of the major Brazilian states and municipalities. The integrations of these new entities are ongoing, and once completed, we will release the product for newly eligible customers, thus helping us further grow originations.

我們還簽署了六項新的附帶協議，以提高資格和 TAM，其中包括部分武裝部隊以及巴西的一些主要州和城市。這些新實體的整合正在進行中，一旦完成，我們將為新符合資格的客戶發布該產品，從而幫助我們進一步發展起源。

In fact, during the month of July 2024, total originations exceeded BRL5.2 billion, of which BRL750 million in secured lending alone.

事實上，2024 年 7 月期間，發放總額超過 52 億雷亞爾，其中僅擔保貸款就有 7.5 億雷亞爾。

Now let's review the progress on the funding front. Although deposits in our Brazilian business contracted in nominal dollars to $21.7 billion, they expanded 10% quarter over quarter on FX-neutral terms. Our total deposit base for the quarter increased to $25.2 billion, representing a 64% year-over-year growth, primarily driven by significant expansion in Mexico through Cuenta Nu.

現在讓我們回顧一下資金方面的進展。儘管我們巴西業務的名目美元存款收縮至 217 億美元，但在匯率中性條件下，其季度環比增長了 10%。本季我們的總存款基礎增至 252 億美元，年增 64%，這主要是由 Cuenta Nu 在墨西哥的大幅擴張所推動的。

By the end of the second quarter of 2024, we surpassed over $3 billion in deposits in Mexico, more than tripling in just two quarters. The strong growth in Mexico represents a significant milestone in building one of the strongest local currency retail deposits franchise in Latin America.

截至 2024 年第二季末，我們在墨西哥的存款超過 30 億美元，在短短兩季內增加了兩倍多。墨西哥的強勁成長是建立拉丁美洲最強大的本幣零售存款業務之一的重要里程碑。

Another noteworthy achievement was the launch of Nu Colombia's checking account product. In the second quarter of 2024, we attracted over $220 million in consumer deposits more than 80% in the month of June. Net interest income, or NII, increased by 77% year over year, reaching another record high of $1.7 billion.

另一項值得注意的成就是Nu Columbia 支票帳戶產品的推出。2024 年第二季度，我們吸引了超過 2.2 億美元的消費者存款，超過 6 月的 80%。淨利息收入（NII）年增77%，再創歷史新高17億美元。

This consistent growth was driven by our expanding credit card and lending products, collectively boosting our NII and net interest margins for Nu to new record highs. For the second quarter of 2024, we delivered a net interest margin of 19.8%, an increase of 30 basis points from last quarter and 150 basis points from one year ago.

這種持續成長是由我們不斷擴大的信用卡和貸款產品所推動的，共同將 Nu 的 NII 和淨利差提升至歷史新高。2024年第二季度，我們的淨利差為19.8%，比上季增加30個基點，比一年前增加150個基點。

Looking ahead, and regardless of the directions of interest rates, we are confident that the primary driver for future NIMs will be the continued deployment of our balance sheet capacity in the form of credit originations growth. Our excess deposits today invested primarily in public bonds, yields much lower returns compared to the lowest yield loan products such as secure credits.

展望未來，無論利率走向如何，我們相信未來淨利差的主要驅動力將是以信貸發放成長的形式繼續部署我們的資產負債表能力。如今，我們的超額存款主要投資於公債，與安全信貸等收益率最低的貸款產品相比，其回報率要低得多。

Let's now turn our attention to the very last pillar of our overall strategy, maintaining a low cost to serve. Our platform remains one of the most cost effective in our markets with its low cost to serve providing a significant competitive advantage. We anticipate this cost at or below the $1 per active customer for the foreseeable future.

現在讓我們將注意力轉向我們整體策略的最後一個支柱，即保持較低的服務成本。我們的平台仍然是我們市場上最具成本效益的平台之一，其低成本的服務提供了顯著的競爭優勢。我們預計在可預見的將來，每個活躍客戶的成本將保持在或低於 1 美元。

And once again, we successfully achieved this goal with a cost to serve per active customer in $0.90. On an FX-neutral basis, this figure has grown 19% year over year when adjusted by one-offs related to networks reimbursements in Mexico during the second quarter of 2023.

我們再次成功實現了這一目標，每個活躍客戶的服務成本為 0.90 美元。在匯率中立的基礎上，經 2023 年第二季與墨西哥網路報銷相關的一次性調整後，這一數字年增 19%。

In the same period, our ARPAC expanded by 30%. This showcases the strong operating leverage of our business model. Our gross profit reached a new quarterly high of approximately $1.4 billion, an 88% year-over-year increase. Our annualized gross margins has rebounded to 2023 levels despite higher cost of funding in the new geos. Our investments in Mexico and Colombia have been effectively offset by the positive trends in Brazil, driving our gross margins to 47.7%.

同期，我們的 ARPAC 規模擴大了 30%。這展示了我們業務模式的強大營運槓桿。我們的毛利達到約 14 億美元的季度新高，年增 88%。儘管新地區的融資成本較高，但我們的年化毛利率已反彈至 2023 年的水平。我們在墨西哥和哥倫比亞的投資已被巴西的正面趨勢有效抵消，使我們的毛利率達到 47.7%。

A core element of our strategy is achieving operational leverage. Our efficiency ratio stood at 32% during the second quarter of 2024, an improvement of 10 basis points from the first quarter of 2024 and more than 300 basis points better than a year ago.

我們策略的核心要素是實現營運槓桿。2024年第二季度，我們的效率為32%，比2024年第一季提高10個基點，比去年同期提高300多個基點。

We are set to fully harness our platform's operational potential as we expand our customer base, upsell and cross-sell products, launch new features and achieve profitability in the new markets of Mexico and Colombia, which are essentially in their investment phases.

我們將充分利用我們平台的營運潛力，擴大客戶群、追加銷售和交叉銷售產品、推出新功能並在墨西哥和哥倫比亞新市場實現盈利，這些市場基本上處於投資階段。

Let's now review the sustainable advantages across all four cost pillars. Number one, our cost to acquire was stable at $7. This figure continues to be one of the lowest among consumer fintechs and banks globally.

現在讓我們回顧一下所有四個成本支柱的可持續優勢。第一，我們的採購成本穩定在 7 美元。這一數字仍然是全球消費金融科技和銀行中最低的數字之一。

Number two, as expected, our cost to serve remains exceptionally low, below $1 and approximately 85% lower than those of incumbent banks. This positions Nu as one of the most efficient financial services companies worldwide.

第二，正如預期的那樣，我們的服務成本仍然非常低，低於 1 美元，比現有銀行低約 85%。這使 Nu 成為全球最高效的金融服務公司之一。

Number three, on cost of risk, we have effectively managed credit risk, consistently outperforming competitors on an apples-to-apples basis with respect to delinquency rates.

第三，就風險成本而言，我們有效地管理了信用風險，在拖欠率方面始終優於競爭對手。

And finally, number four on the cost of funding, we have significantly increased deposits volumes while maintaining our cost of funding at a competitive level of 87% of the blended interbank rates of the countries in which we operate. This has closed the gaps with incumbent banks and widened our advantage over consumer fintechs.

最後，第四點是融資成本，我們顯著增加了存款量，同時將我們的融資成本保持在我們經營所在國家混合銀行同業拆息的 87% 的競爭水平。這縮小了與現有銀行的差距，並擴大了我們相對於消費金融科技公司的優勢。

And, finally, turning to net income. We delivered another quarter of strong profitability with net income reaching $487 million, representing an increase of 134% compared to the previous year. These results underscore the effectiveness of our strategy and business model.

最後，轉向淨利。我們又一個季度實現了強勁的獲利能力，淨利潤達到 4.87 億美元，比上年增長 134%。這些結果強調了我們的策略和商業模式的有效性。

Additionally, adjusted net income for this quarter reached $563 million, growing 131% versus one year ago. While we are very encouraged by the second-quarter results, our focus remains steadfast on long-term value creation. This approach may involve making strategic short-term investments to optimize our long-term opportunities.

此外，本季調整後淨利潤達到 5.63 億美元，比一年前成長 131%。雖然我們對第二季的業績感到非常鼓舞，但我們的重點仍然是長期價值創造。這種方法可能涉及進行策略性短期投資，以優化我們的長期機會。

Now I'd like to hand over the call to Youssef, our President and Chief Operating Officer, who'll walk you through the key highlights of our asset quality and credit portfolio health.

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和信貸投資組合健康狀況的主要亮點。

Thank you, Lago, and good evening, everyone. Let's start by having a look at our NPL trends. First, following an anticipated seasonal rise in NPL 15 to 90 in the first quarter of 2024, which is typical for early-stage delinquencies, it has decreased to 4.5% this quarter, slightly more than historical seasonality. Second, our 90-plus NPL ratio increased to 7%, also in line with expectations.

謝謝拉戈，大家晚上好。讓我們先來看看我們的不良貸款趨勢。首先，預計 2024 年第一季不良貸款將季節性上升 15 至 90（這是早期拖欠的典型特徵），但本季不良貸款率已降至 4.5%，略高於歷史季節性。其次，我們的90+不良貸款率上升到7%，也符合預期。

The 70 basis point increase in 90-plus NPL this quarter is simply a reflection of the 90 basis point, mostly seasonal increase in 15 to 90 NPL we saw last quarter. As discussed in past earnings calls, we are intentionally and strategically growing our lending book and expanding down the credit spectrum where we see relevant opportunities.

本季 90 以上不良貸款增加 70 個基點只是上季度 15 至 90 不良貸款 90 個基點的反映，主要是季節性增加。正如過去的財報電話會議中所討論的那樣，我們正在有意識地、策略性地擴大我們的貸款規模，並在我們看到相關機會的地方擴大信貸範圍。

In line with our credit philosophy, we prioritize decisions that optimize the long-term net asset value of our credit scores rather than focusing solely on short-term NPL metrics. When we identify asset classes or customer segments with compelling risk-adjusted returns that promote responsible customer behavior, we actively pursue growth in those areas.

根據我們的信用理念，我們優先考慮優化信用評分的長期資產淨值的決策，而不是只關注短期不良貸款指標。當我們發現具有令人信服的風險調整回報、促進負責任的客戶行為的資產類別或客戶群時，我們會積極追求這些領域的成長。

As we will show in the next few slides, this strategy has yielded increased revenue and greater resilience that are more than offsetting the higher delinquency rates that come with it. To illustrate the impact of credit expansion on our consumer finance portfolio, we are presenting this analysis of normalized NPLs starting in December 2022 before the latest waves of credit expansions.

正如我們將在接下來的幾張幻燈片中展示的那樣，該策略增加了收入並增強了彈性，這足以抵消隨之而來的較高拖欠率。為了說明信貸擴張對我們消費金融投資組合的影響，我們對 2022 年 12 月最新一波信貸擴張之前開始的正常化不良貸款進行分析。

This shows what our NPLs would have been if we hadn't undertaken these expansions. In other words, you can see clearly that the increase in NPLs in the last several quarters is largely the product of these deliberate expansions. In fact, the evolution of these NPL metrics continues to closely follow our expectations.

這表明，如果我們沒有進行這些擴張，我們的不良貸款將會是多少。換句話說，你可以清楚地看到，最近幾季不良貸款的增加很大程度上是這些刻意擴張的產物。事實上，這些不良貸款指標的演變繼續嚴格遵循我們的預期。

Similarly to last quarter, we show on this slide asset quality trends under a different basis, considering both 15 to 90 and 90-plus NPLs per interest earning balances rather than total receivables on the previous slides. On this basis, you can clearly see a stable to downward trend in the last few years.

與上季類似，我們在這張投影片上顯示了不同基礎的資產品質趨勢，考慮了每利息收入餘額15 至90 和90 以上的不良貸款，而不是上一張投影片中的應收帳款總額。在此基礎上，可以清楚地看到近幾年穩定到下降的趨勢。

Aside from the normal seasonal ups and downs, like the ones we saw in Q1 of 15 to 90 and in Q2 with 90-plus. And this goes to show that we have been remunerated for additional risk we've taken. In the next slide, we further validate this conclusion looking directly at risk-adjusted returns.

除了正常的季節性起伏之外，就像我們在第一季看到的 15 至 90 和第二季的 90 以上。這表明我們因承擔額外風險而獲得了報酬。在下一張投影片中，我們直接透過風險調整後的報酬來進一步驗證這個結論。

To demonstrate the significant value generated by this expansion strategy, we show on this slide the risk-adjusted margins, or RAMs, for our Brazil consumer credit portfolio with and without the risk expansions we undertook since late 2022. This clearly indicates that the additional revenues stemming from this expansion strategy have more than offset the additional credit risk and delivered substantially increased returns.

為了展示這項擴張策略所產生的巨大價值，我們在這張投影片上展示了我們的巴西消費信貸投資組合的風險調整利潤（RAM），無論我們自 2022 年底以來是否進行了風險擴張。這清楚地表明，這項擴張策略帶來的額外收入足以抵銷額外的信用風險，並帶來大幅增加的回報。

Credit loss allowance expenses declined to $760 million this quarter, a decrease of only 2% on a ForEx-neutral basis. This slight drop is the result of two drivers: the first is the relatively slower growth base in Q2 compared to Q1 as the growth is the main driver of our ECL provisions as you can see in the appendix of this presentation; the second driver is early delinquency, which behaves slightly better than historical seasonality in the second quarter, as mentioned previously.

本季信用損失準備金支出下降至 7.6 億美元，在外匯中性的基礎上僅下降 2%。這種小幅下降是由兩個驅動因素造成的：首先是第二季度的增長基數較第一季相對緩慢，因為增長是我們的預期信用損失撥備的主要驅動力，正如您在本演示文稿的附錄中所看到的；第二個驅動因素是早期拖欠，如前所述，第二季的表現略優於歷史季節性。

Lastly, risk-adjusted NIM reached a record high of 11% this quarter, reflecting a 300 basis point expansion from a year ago and a 150 basis point increase quarter over quarter.

最後，本季風險調整後淨利差達到 11% 的歷史新高，較去年同期擴大 300 個基點，較上季增加 150 個基點。

Now I would like to turn the call over to David, David, over to you.

現在我想把電話轉給大衛，大衛，轉給你。

Over the past decade, we have cultivated unique attributes that position Nu to become the largest consumer technology platform in Latin America. These strengths include:

在過去的十年中，我們培育了獨特的屬性，使 Nu 成為拉丁美洲最大的消費科技平台。這些優勢包括：

Brand, by consistently simplifying complexity to empower people, we build one of Brazil's most beloved and trusted brands with recognition rapidly growing in Mexico and Colombia;

品牌，透過不斷簡化複雜性以增強人們的能力，我們打造了巴西最受歡迎和最值得信賴的品牌之一，其認知度在墨西哥和哥倫比亞迅速增長；

Scale. We're a significant presence in Brazil, reaching now 56% of the total population, enables us to offer superior products and lower prices, creating a powerful flywheel effect;

規模。我們在巴西佔有重要地位，目前已佔總人口的 56%，這使我們能夠提供優質的產品和更低的價格，從而產生強大的飛輪效應；

Data. Our vast data, supported by cutting edge infrastructure, forms the foundation of our advanced customer segmentation and credit underwriting capabilities.

數據。我們的海量資料在尖端基礎設施的支援下，構成了我們先進的客戶細分和信用承銷能力的基礎。

Talent. We boast one of the world's leading technology and product teams, a distinction unmatched by any other company in Latin America;

天賦。我們擁有世界領先的技術和產品團隊之一，這是拉丁美洲任何其他公司都無法比擬的；

Culture, Nu's values, including customer centricity and operational excellence, are deeply ingrained in every team member and drive our decision making, ensuring our focus on long-term, sustainable growth.

Nu 的文化價值觀，包括以客戶為中心和卓越運營，已深深植根於每個團隊成員的心中，並推動我們的決策，確保我們專注於長期、可持續的成長。

While our success relies on a combination of these unique attributes, I'd like to double-click on some key factors to place us in an unmatched market position. Our exceptional talent, our focus on technology as a driver of sustainable growth, and our enduring brand that has galvanized and empowered almost 105 million Latin Americans.

雖然我們的成功依賴於這些獨特屬性的組合，但我想雙擊一些關鍵因素，使我們處於無與倫比的市場地位。我們擁有卓越的人才、我們對科技作為永續成長驅動力的關注，以及我們持久的品牌激勵和賦權了近 1.05 億拉丁美洲人。

Since our beginning, we have described ourselves as a technology company, not a financial institution. Therefore, through our 11 years of history, we have gone to great lengths to build what we think is the leading product engineering team in Latin America.

從一開始，我們就將自己描述為一家科技公司，而不是一家金融機構。因此，在我們11年的歷史中，我們竭盡全力建立了我們認為是拉丁美洲領先的產品工程團隊。

Today, we have over 59 nationalities working in Nu Bank, and over 50% of our headcount is focused in technology and analytics. This access to world-class technical talent has been a key reason for our historical performance and will continue to be a great enabler of overperformance over the long run as competition increases.

如今，Nu Bank 的員工來自超過 59 個國家，超過 50% 的員工專注於技術和分析。獲得世界一流的技術人才是我們取得歷史業績的關鍵原因，隨著競爭的加劇，從長遠來看，這將繼續成為我們超額業績的重要推動力。

Additionally, the ongoing AI revolution creates new opportunities for differentiation, and we're very focused on building on these talent magnet assets. As an example, I wanted to highlight our recently announced acquisition of Hyperplane. Hyperplane is a Silicon Valley-based leader in AI power solutions for the financial services space.

此外，正在進行的人工智慧革命創造了新的差異化機會，我們非常專注於建立這些人才磁石資產。作為一個例子，我想強調一下我們最近宣布的對 Hyperplane 的收購。Hyperplane 是總部位於矽谷的金融服務領域人工智慧電源解決方案的領導者。

As we tested Hyperplane's platform on our vast amount of data, we were impressed by the opportunity to meaningfully improve performance of even our most advanced machine learning models by using a financial services-focused foundation model that included our own unstructured data.

當我們在大量資料上測試Hyperplane 的平台時，我們對透過使用包含我們自己的非結構化資料的以金融服務為中心的基礎模型來有意義地提高即使是我們最先進的機器學習模型的性能的機會印象深刻。

We're very excited to welcome the Hyperplane team on board see them as a key part of our AI strategy in the foreseeable future.

我們非常高興地歡迎 Hyperplane 團隊的加入，並將他們視為我們在可預見的未來人工智慧策略的關鍵部分。

The powerful tree of trust, exceptional service, and competitive pricing also underscores Nu's continued success. This winning combination is the foundation of our beloved brand, attracting customers who seek the most compelling value proposition in the market. We believe that in a world of choices, customers will naturally gravitate towards those who offer superior products and services. And that's exactly what we provide.

強大的信任樹、卓越的服務和有競爭力的價格也強調了 Nu 的持續成功。這種成功的組合是我們深受喜愛的品牌的基礎，吸引了尋求市場上最具吸引力的價值主張的客戶。我們相信，在一個充滿選擇的世界中，客戶自然會傾向於那些提供優質產品和服務的公司。這正是我們所提供的。

The growth of our deposit base in Mexico and now in Colombia is a testament to this principle. In Mexico, we've attracted $3.3 billion in retail deposits in just over a year since the launch of our checking account product. In Colombia, our Cuenta products launched this quarter has already garnered over 220 million in new deposits.

我們在墨西哥和現在在哥倫比亞的存款基礎的增長證明了這一原則。在墨西哥，自推出支票帳戶產品以來，僅一年多時間，我們就吸引了 33 億美元的零售存款。在哥倫比亞，我們本季推出的 Cuenta 產品已經吸引了超過 2.2 億的新存款。

While other players are pursuing even more aggressive pricing strategies, paying higher yields in their savings account, since launch, Nu has been able to capture over 70% of the deposits in both Mexico and Colombia across all fintechs combined.

雖然其他參與者正在追求更激進的定價策略，在儲蓄帳戶中支付更高的收益率，但自推出以來，Nu 已經能夠獲取墨西哥和哥倫比亞所有金融科技公司 70% 以上的存款。

This proves that consumers are going beyond whoever simply pays in the highest yield and are coming to Nu Bank because of our product, our brand, and ultimately the entire user experience that we are providing.

這證明，消費者不再只是支付最高收益，而是因為我們的產品、我們的品牌以及最終我們提供的整個用戶體驗而來到 Nu Bank。

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 like to turn the call over to Mr. Jörg Friedemann, Investor Relations Officer.

（操作員指示）我想將電話轉給投資者關係官 Jörg Friedemann 先生。

Thank you, operator. Jorge Kuri, Morgan Stanley.

謝謝你，接線生。豪爾赫·庫裡，摩根士丹利。

Hi, everyone. Good afternoon and congrats on the results. Thanks for the color on how originations are running in July. That's evidently an impressive number already and are annualizing very -- for the quarter already showing very strong run rate.

大家好。下午好，祝賀結果。感謝您提供有關 7 月份起源運行情況的資訊。顯然，這已經是一個令人印象深刻的數字，並且按年計算，該季度已經顯示出非常強勁的運行率。

Can you provide some color on how the payroll loan, particularly, is trending now that you have all of the features that consumers look for mainly the top-up? What's the acceptance level that you're seeing with your consumers? What is it reaction from competitors? Are you taking share or is it growth coming from new customers?

既然您擁有消費者主要尋求的所有功能（主要是充值），您能否提供一些關於薪資貸款（特別是薪資貸款）的趨勢的資訊？您認為消費者的接受程度如何？競爭對手有何反應？您是在獲取份額還是來自新客戶的成長？

Just help us understand in these early days how this is shaping up. Thank you.

請幫助我們在早期了解這是如何形成的。謝謝。

Hi, Jorge. This is Lago. Thanks so much for the questions. So we are super pleased with the performance of what we call our secured lending products, which encompasses both public payroll loans as well as FGTS. And we are still in the very early part of this journey, right?

嗨，豪爾赫。這是拉戈。非常感謝您的提問。因此，我們對我們所謂的擔保貸款產品的表現非常滿意，其中包括公共工資貸款和 FGTS。我們仍處於這趟旅程的早期階段，對吧？

So today, we are operating only with two collateral agreements, which are INSS and SIAPE. INSS or the pensioneers and the retirees and SIAPE for the federal public servants. The two collateral agreements combined, they account for approximately 50% of the target market that we have in Brazil.

因此，今天，我們僅根據兩項附屬協議開展運營，即 INSS 和 SIAPE。INSS 或退休金領取者和退休人員以及聯邦公務員的 SIAPE。這兩項附屬協議合計約占我們在巴西目標市場的 50%。

We have already signed six additional collateral agreements with Armed Forces and some of the largest states and municipalities in Brazil. And we expect to continue to expand this so that by the end of the year, our target market can be expanded from today's 50% to somewhere around 70% to 75% and even more is expected to come in 2025. So that's one dimension of expansion.

我們已經與武裝部隊以及巴西一些最大的州和市簽署了六項附加協議。我們預計將繼續擴大這一規模，以便到今年年底，我們的目標市場可以從目前的 50% 擴大到 70% 至 75% 左右，預計 2025 年還會擴大。這是擴張的一個維度。

However, the second dimension of expansion is the launch of new products and features, which are already -- which are still far from being now complete. You did point out that we have already launched portability and we did so progressively throughout the second quarter of the year, but it still have some features that are very important missing, specifically related to refinancing and top-ups. And those two features refinancing and top-up, when coupled with portability, can afford the online or digital players account for more than 50% of our portfolio.

然而，擴張的第二個維度是新產品和功能的推出，這些產品和功能已經完成，但目前還遠遠沒有完成。您確實指出，我們已經推出了可移植性，並且在今年第二季度逐步推出，但它仍然缺少一些非常重要的功能，特別是與再融資和充值相關的功能。再融資和充值這兩個功能，再加上可移植性，可以負擔得起占我們投資組合 50% 以上的線上或數位玩家。

So we are seeing a progressive ramp up to the public payroll loans. We do believe that we have structural cost advantages to play in e segment. So, as you know, we originate the 100% digitally. Therefore, we have no customer acquisition cost whatsoever. We don't operate with loan brokers of branches. And our existing customers accounts for nearly 40% of the total public payroll loan book in Brazil.

因此，我們看到公共薪資貸款逐步增加。我們確實相信我們在電子領域具有結構性成本優勢。所以，如您所知，我們 100% 數位化。因此，我們沒有任何客戶獲取成本。我們不與分行的貸款經紀人合作。我們現有的客戶佔巴西公共薪資貸款總額的近40%。

So again, we don't need to fish outside of our fishbowl to tap into more than 40% of the total market. So early days for us, encouraging signs so far in both public payroll loans and also if not primarily (inaudible), and we expect that growth will pick up in the coming quarter.

再說一遍，我們不需要在魚缸外捕魚就可以佔據超過 40% 的市場。對我們來說，目前還處於早期階段，到目前為止，公共薪資貸款以及主要的（聽不清楚）方面都出現了令人鼓舞的跡象，我們預計下一季成長將會加快。

Thank you, Lago. That was very clear.

謝謝你，拉戈。這非常清楚。

Pedro Leduc, Itaú.

佩德羅·勒杜克，義大利。

Hi, everybody. Thank you so much for the question. I would like to pick your brains a little bit on the provision expense side for bad credit. Here, of course, we have seen it -- it increased a lot during 1Q and back then we discuss how it was related for greater risk-taking and well-planned, conscious move, and that had brought up those provision expenses.

大家好。非常感謝你的提問。我想請您在不良信用的撥備費用方面稍微思考一下。當然，在這裡，我們已經看到了它——它在第一季增加了很多，然後我們討論了它與更大的風險承擔和精心計劃、有意識的行動之間的關係，而這又增加了這些撥備費用。

And now in the second quarter, additional FX neutral, you're flattish, lowering your cost of risk effectively. So wanted to get your thoughts around this a little bit and probably go around how those recently originated portfolios have behaved, how we are seeing the risk in the coming origination harvest. Just to get a sense on the provision side. So that's that. Thank you, again.

現在在第二季度，額外的外匯中性，您表現平平，有效降低了風險成本。因此，想了解您對此的想法，並可能討論這些最近發起的投資組合的表現，以及我們如何看待即將到來的發起收穫中的風險。只是為了了解供應方面的情況。就是這樣。再次謝謝你。

Hi, Pedro. This is Youssef. Thanks so much for the question. So look, I believe you're referring to slide 24 of our presentation, which shows our CLA quarter on quarter. And you are correct that there was a slight contraction from Q1 to Q2 on an FX-neutral basis, about 2% down.

嗨，佩德羅。這是優素福。非常感謝您的提問。所以，我相信您指的是我們簡報的第 24 張投影片，該投影片顯示了我們逐季的 CLA。您是對的，在匯率中立的基礎上，從第一季到第二季略有收縮，下降了約 2%。

As I as I mentioned previously, you have to think about the fact that we provision when we grant loans or book credits on the basis of expected credit losses, right, per IFRS 9. And so what's happened this quarter is the credit quality and the actual performance has played out per our expectations. In fact, slightly better when you look at 15 to 90, as I pointed out.

正如我之前提到的，您必須考慮這樣一個事實：當我們根據 IFRS 9 的預期信用損失發放貸款或記入信貸時，我們會根據 IFRS 9 的規定進行撥備。因此，本季發生的情況是信貸品質和實際表現符合我們的預期。事實上，正如我所指出的，當您查看 15 到 90 時，會稍微好一些。

So that's what's, in part, driving the slight decrease in CLA, coupled with the fact that on a relative basis to the size of the portfolios and the relative growth was less in Q2 than Q1.

因此，這在一定程度上推動了 CLA 略有下降，再加上相對於投資組合規模和相對成長而言，第二季的相對成長率低於第一季。

Another way to look at it is if you refer to the appendix of the presentation, I believe it's slide 37 with the coverage ratios on both the basis of total loans and the coverage in 90-plus, you see the coverage ratio of total loans has continued to go up as one would intuitively expect, given that the net effect of all our growth is expanding credit and expanding credit risk.

另一種看待它的方式是，如果你參考簡報的附錄，我相信它是幻燈片 37，其中基於總貸款的覆蓋率和覆蓋率都在 90 以上，你會看到總貸款的覆蓋率鑑於我們所有成長的淨效應是擴大信貸和擴大信貸風險，正如人們直觀預期的那樣繼續上升。

On the basis of 90-plus, it continues to be hovering around 200%. Again, the fact that it decreased a little bit is just based on the early delinquencies improving, as I mentioned.

在90多的基礎上，繼續在200%左右徘徊。同樣，正如我所提到的，它的下降一點點只是基於早期拖欠率的改善。

Thank you.

謝謝。

Mario Pierry, Bank of America.

馬裡奧·皮里，美國銀行。

Hi, guys, good afternoon. Let me stay on this topic of the provisions because I think there was a big surprise this quarter. You show right on, I think, slide 11 or 12, that your originations went up. So you're originating more credit and the new provisioning less. Like you mentioned, you provision based on expected losses. So does it mean that you expect lower losses on these new originations than you had before? And why would that be the case? Because we continue to see rising NPLs going up. So, yeah, that's my question. If you can give us a little bit more color on why the -- even if originations going up, provisions are going down.

嗨，夥計們，下午好。讓我繼續討論條款這個主題，因為我認為本季有一個很大的驚喜。我想，你在投影片 11 或 12 上就表明你的起源上升了。因此，您會發放更多的信貸，而新的供應則更少。正如您所提到的，您根據預期損失進行撥備。那麼這是否意味著您預計這些新產品的損失會比以前更低？為什麼會這樣呢？因為我們繼續看到不良貸款不斷上升。所以，是的，這就是我的問題。如果你能給我們更多的信息，說明為什麼即使起源增加，供應量卻下降。

Yeah, Mario. Thanks for the question. Youssef again. So it might be helpful to refer to slide 38 in the appendix of the presentation, which looks at the ECL itself, right. Since the ECL increased by about $300 million or so, $400 million of that was growth. So the impact of growth is fully reflected there.

是的，馬裡奧。謝謝你的提問。又是優素福。因此，參考簡報附錄中的投影片 38 可能會有所幫助，該投影片介紹了 ECL 本身，對吧。由於 ECL 增加了約 3 億美元左右，其中 4 億美元是成長。所以成長的影響在那裡得到了充分的體現。

And then we had a $110 million of other factors, mostly what I mentioned in terms of the slightly better than expected early delinquency performance. And so in fact, we're continuing to grow this line item, ECL line item. It's just a little bit better than our expectations when we front-loaded provisions in Q1.

然後我們還有 1.1 億美元的其他因素，主要是我提到的略好於預期的早期拖欠表現。事實上，我們正​​在繼續增加 ECL 訂單項目。當我們在第一季預先加載準備金時，這比我們的預期要好一點。

Okay. And Youssef, you mentioned right that the NPLs continue to behave according to your expectations. But what are your expectations going forward for NPLs?

好的。優素福，您正確地提到，不良貸款繼續按照您的預期行事。但您對不良貸款未來有何期望？

Yeah, good question. So in terms of what to expect going forward, it's very much along the lines of continuing to grow our credit book. There's several dynamics at play. First of all, we continue to increase the relevance and the mix of lending, personal loans, both secured and unsecured. As a percentage of total receivables, personal loans have been growing faster than credit cards. They tend to have, on net, a higher risk content that tends to push NPLs up and provisions up.

是的，好問題。因此，就未來的預期而言，這與繼續增加我們的信用帳簿非常相似。有幾個因素在起作用。首先，我們繼續增加有擔保和無擔保貸款、個人貸款的相關性和組合。作為應收帳款總額的百分比，個人貸款的成長速度快於信用卡。從網路上看，它們往往具有較高的風險內容，這往往會推高不良貸款和準備金。

But also within credit card, what we've been seeing over the last several quarters is a pickup in interest-bearing receivables because we have more interest-bearing receivables in the credit card book that gives us better unit economics, which allows us to then expand credit to more customers and more credit to existing and already eligible customers.

但在信用卡領域，我們在過去幾季看到的是帶息應收帳款的增加，因為我們的信用卡帳簿中有更多帶息應收帳款，這給我們帶來了更好的單位經濟效益，這使我們能夠擴大對更多客戶的信貸，並為現有和已經符合資格的客戶提供更多信貸。

And then in both products, both personal loans and credit card as we improve our model, as we get more data and more test results, we're able to serve more customers across the spectrum and expand our credit box.

然後，在個人貸款和信用卡這兩種產品中，隨著我們改進模型，隨著我們獲得更多數據和更多測試結果，我們能夠為更多的客戶提供服務並擴大我們的信用額度。

So all those dynamics point to increasing NPLs and also increasing returns as we've illustrated earlier in this call. There's one offsetting factor, which is the growth in secured lending, which tends to come with lower NPL. But, on net, I would expect to continue the trend that we've been seeing over the last several quarters.

因此，所有這些動態都表明不良貸款增加，回報也增加，正如我們之前在本次電話會議中所說明的那樣。有一個抵消因素，那就是擔保貸款的成長，而這往往伴隨著不良貸款的下降。但是，從網上來看，我預計將繼續我們過去幾季所看到的趨勢。

And again, this is all related to our philosophy of what are we trying to optimize when we grow. We try to optimize the NPV of that full customer relationship over its lifetime, including future cross-sell opportunities, including principality, increases, et cetera, rather than trying to minimize NPLs over the short term.

再說一次，這都與我們的理念有關，就是我們在成長時試圖優化什麼。我們嘗試優化整個客戶關係整個生命週期的淨現值，包括未來的交叉銷售機會，包括公國、增加等，而不是試圖在短期內最大限度地減少不良貸款。

So, again, when we see opportunities to grow in a way that's resilient, that is suitable for those customers, that is high NPS, high quality, we seize those opportunities. And so we still see a lot of opportunity to grow going forward on that basis.

因此，當我們看到以一種有彈性、適合這些客戶、高 NPS、高品質的方式成長的機會時，我們會抓住這些機會。因此，我們仍然看到很多在此基礎上繼續發展的機會。

You can also just think of it through the lens of -- in Brazil, for example, we have about 60% of total adult population. When you look at the proportion of customers who have Nu Bank as their primary banking account, it's about one-third of total population of Brazil.

你也可以從以下角度來思考──例如，在巴西，成年人口佔總人口的 60% 左右。當您查看以 Nu Bank 為主要銀行帳戶的客戶比例時，您會發現該比例約為巴西總人口的三分之一。

In contrast, our market share in our most mature product like credit cards is about 13%, 14%. It's even lower when you look at loans. It's in the single digits. Secured loans even lower in the small single-digit range. And so we still see a lot of opportunity to grow those market shares on the basis of the customer base we already have.

相較之下，我們在信用卡等最成熟的產品上的市佔率約為13%、14%。當你查看貸款時，這個數字甚至更低。這是個位數。有擔保貸款甚至更低，僅在個位數範圍內。因此，我們仍然看到許多機會在我們已有的客戶群的基礎上擴大這些市場份額。

Okay. So then to summarize, basically, you're saying you expect NPLs to continue to go up. But we did see an acceleration in the deterioration this quarter around like we saw 70 basis points deterioration. You were deteriorating 20 to 30 basis points before. Is that the 70 basis points that you were expecting or should we go back to the to the 20 to 30 basis points per quarter?

好的。總結一下，基本上，你是說你預計不良貸款將繼續上升。但我們確實看到本季惡化速度加快，大約惡化了 70 個基點。之前你的匯率惡化了 20 到 30 個基點。這是您預期的 70 個基點嗎？

Right. So in terms of what we saw this quarter, the 70 basis points on 90-plus that you point out, the way I would think about it is if you go back one quarter and you look at what happened to 15 to 90, there was a seasonal pickup in Q1 of about 90 basis points.

正確的。因此，就我們本季看到的情況而言，您指出的 90+ 的 70 個基點，我的思考方式是，如果您回顧一個季度，看看 15 到 90 之間發生了什麼，您會發現第一季季節性回升約90 個基點。

What we're observing this quarter in 90-plus is merely the impact of that rolling forward into the next bucket of delinquency. So 90 basis points increase in 15 and 90 in Q1 resulted in about 70 basis points increase in Q2 in 90-plus. So that's just the mechanics of it.

我們在本季觀察到的 90 多個犯罪行為僅僅是其進入下一個犯罪階段的影響。因此，第一季 15 和 90 的成長 90 個基點導致第二季 90+ 成長約 70 個基點。這就是它的機制。

And remember, Q1 tends to be the peak of delinquency in 15 to 90, which then translates to a peak increase in the next quarter 90-plus. So I think that's just more than anything seasonality.

請記住，第一季往往是 15 歲至 90 歲之間的拖欠高峰，然後轉化為下一季 90 歲以上的拖欠高峰。所以我認為這不僅僅是季節性因素。

Okay. Thank you very much.

好的。非常感謝。

Geoff Elliott, Autonomous.

傑夫·艾利奧特，自治。

Hello. Thanks very much for taking the question. We've spoken in the past about moving upmarket initiatives like Ultravioleta, but the message here feels almost one of moving down market, taking on more risk. If you look at the purchase volumes analysis by cohort that you show, it seems to point to maybe lower purchase volumes for newer customers. So what is the thinking on the shift up market? Is that still going to come? Is that pushback? What's happening there?

你好。非常感謝您提出問題。我們過去曾談到向 Ultravioleta 等高端市場推出舉措，但這裡傳達的訊息幾乎是朝向低端市場邁進，承擔更多風險。如果您查看所顯示的按群組進行的購買量分析，似乎表示新客戶的購買量可能較低。那麼市場對於換檔的看法是怎麼樣的呢？那還會來嗎？這算逆襲嗎？那裡發生了什麼事？

So, Geoff, I think I tried to join in and I'll let my comments -- my colleagues add as well. But by no means, in the growth that we have had in lending and credit cards suggest is that deviation from our intention to grow very fast in high income (technical difficulty)

所以，傑夫，我想我試著加入，我會發表我的評論——我的同事也會補充。但貸款和信用卡的成長絕不顯示我們偏離了高收入快速成長的初衷（技術難度）

On the opposite, I think the high income market provides us with tremendous opportunity in consumer credit in Brazil as it accounts for a fairly relevant share of all of the asset classes in which we play.

相反，我認為高收入市場為我們在巴西的消費信貸領域提供了巨大的機會，因為它在我們參與的所有資產類別中佔據了相當相關的份額。

I think over the past now 12 to 24 months, we believe that we have made fairly good inroads into our pursuit of increasing our share of wallet within the high-income population. As we pointed out in prior calls, we have the opportunity now to increase share of wallet, largely as a result of our success in head and acquired high-income customers over the past, now two years.

我認為在過去的 12 到 24 個月裡，我們相信我們在增加高收入人群錢包份額方面取得了相當好的進展。正如我們在先前的電話會議中指出的那樣，我們現在有機會增加錢包份額，這主要是由於我們在過去（現在是兩年）中在頭部和獲得高收入客戶方面取得了成功。

Today, if you define high income as a customer in Brazil who earns more than BRL12,000, we estimate then we already have more than 60% of those high-income customers with us. Over the past quarters, we have materially improved brand awareness, materially improved brand considerations for the high-income segment.

如今，如果您將巴西的高收入定義為年收入超過 12,000 巴西雷亞爾的客戶，我們估計我們已經擁有超過 60% 的高收入客戶。在過去的幾個季度中，我們顯著提高了品牌知名度，並顯著提高了高收入群體的品牌考量。

As of December 2023, we have become the number one player in NPLs in the high-income category and high income has become the fastest growing segment within our purchase volume. So as I referenced, the PV of Ultravioleta, which is all were now higher tier, has increased by over 70% over the past 12 months, even coming still from a relatively low base. But we are fairly encouraged on our drive to go into high income, and we think that is fairly compatible and I think, to what we are doing (inaudible)

截至2023年12月，我們已成為高收入類別不良貸款第一名，高收入已成為我們購買量中成長最快的細分市場。正如我所提到的，Ultravioleta 的 PV（現在都屬於較高級別）在過去 12 個月中增長了 70% 以上，儘管基數仍然相對較低。但我們對實現高收入的努力感到相當鼓舞，我們認為這與我們正在做的事情相當兼容（聽不清楚）

Thanks. And the principality among high income, what would that look like?

謝謝。而高收入中的公國，會是什麼樣子呢？

So we -- our overall principle is about 60%. I don't have the figures for high income, middle income, and low income here, nor do I think we disclosed them, but they are certainly higher within the bottom of the pyramid than they are within the top of the pyramid. The opportunity that we have now as we improve our brand attributes as we launch new products and features is to gain principality and share of wallets within the high income customers.

所以我們——我們的總體原則是大約 60%。我這裡沒有高收入、中等收入和低收入的數字，我認為我們也沒有披露它們，但金字塔底部的數字肯定高於金字塔頂部的數字。隨著我們推出新產品和功能，提高我們的品牌屬性，我們現在擁有的機會是在高收入客戶中獲得主導權和錢包份額。

And we can --

我們可以--

Thank you.

謝謝。

As we as we track the primary banking relationship, or PBR, has increased quarter after quarter within the high-income segments in Brazil.

據我們追踪，巴西高收入群體的主要銀行關係（PBR）逐季增加。

Great. Thanks very much. Sorry to cut you off there.

偉大的。非常感謝。抱歉打斷你了。

Yuri Fernandes, JPMorgan.

尤里‧費爾南德斯，摩根大通。

Congrats, everybody, for the quarter. I had a question. It was Lago mentioning in the beginning of the call that he's expected interest in the assets from the card, the installments to start to stabilize. So I want to confirm I heard this correctly, and if that's correct, why? Because you continue to make good returns on fixed financing, Boleto, and credit cards, as you always mention, like this is a good risk-adjusted product. So basically confirming that we should see some stabilization on that, yeah, for credit cards? And if yes, why should we see the stabilization? Thank you, guys.

恭喜大家，這個季度。我有一個問題。拉戈在電話會議一開始就提到，他預計對卡片資產的興趣、分期付款將開始穩定。所以我想確認我聽到的是否正確，如果這是正確的，為什麼？因為你繼續在固定融資、Boleto 和信用卡上獲得良好的回報，正如你經常提到的，這是一個很好的風險調整產品。所以基本上確認我們應該看到信用卡方面的一些穩定？如果是的話，為什麼我們會看到穩定？謝謝你們，夥計們。

Yuri, thanks for the question. And I think you are referring to my remarks to slide number 10, in which we see the evolution of our interest-earning assets evolving from 19% last year to about 28% this year. So it is, first, extremely hard to draw high condition outlooks for innovative products. So this is an innovation that we like to believe that we helped to introduce in Brazil. And you're absolutely right that we are very pleased with the unit economics of this product with the customer adoption.

尤里，謝謝你的提問。我認為您指的是我對第 10 號投影片的評論，其中我們看到我們的生息資產從去年的 19% 發展到今年的 28% 左右。因此，首先，很難對創新產品描繪出良好的前景。因此，我們相信我們幫助在巴西引入了一項創新。您說得完全正確，我們對該產品的單位經濟效益以及客戶的採用感到非常滿意。

We just view that the adoption curve that we have experienced over the past four quarters has been fairly steep. So it's hard for us to believe that we will continue to see the same adoption velocity over the coming quarters. So we are assuming that going forward, there's going to be a slight reduction in the growth, not a reduction in the overall percentage, but probably not going to grow at the same pace as it grew in the prior quarters.

我們只是認為過去四個季度我們經歷的採用曲線相當陡峭。因此，我們很難相信在未來幾季我們將繼續看到相同的採用速度。因此，我們假設未來成長將略有下降，而不是總體百分比下降，但可能不會以與前幾季相同的速度成長。

No, super clear. So could still gain some penetration, but not maybe at the same pace as we are seeing currently, right? Basically, this is what you're trying to say.

不，超清晰。因此，仍然可以獲得一些滲透，但可能不會達到我們目前看到的速度，對吧？基本上，這就是你想說的。

That's correct.

這是正確的。

Tito Labarta, Goldman Sachs.

蒂托·拉巴塔，高盛。

A bit of a follow-up on asset quality. Looking here at slide 21 in the presentation. It does look like here that without the expansions, the NPLs will be doing even better. So just maybe help us think about the credit quality outlook that you see in Brazil versus ex Brazil, where it's still very early stages and maybe you're taking on more risk there? Like are you feeling more comfortable?

關於資產品質的一些後續行動。請看簡報中的投影片 21。看起來，如果沒有擴張，不良貸款會做得更好。因此，也許可以幫助我們思考您在巴西與前巴西相比的信貸品質前景，在巴西，它仍處於非常早期的階段，也許您在那裡承擔了更多風險？你感覺更舒服了嗎？

I mean, you alluded to this but that maybe the Brazil credit quality outlook is getting better? And can that help you maybe even accelerate growth in Brazil a bit?

我的意思是，您提到了這一點，但也許巴西的信貸品質前景正在變得更好？這可以幫助您加速巴西的成長嗎？

Tito, thanks for the question. So as a reminder, we -- thinking about macro and credit outlook, we try to refrain from meeting any bets on what's going to happen to macro on a going-forward basis. In fact, if you look at our history, starting in Brazil, it is marked by big peers of instability, downturns, et cetera.

蒂托，謝謝你的提問。因此，提醒一下，考慮到宏觀和信貸前景，我們盡量避免對宏觀經濟未來將發生的情況進行任何押注。事實上，如果你回顧我們的歷史，從巴西開始，它的特點就是不穩定、低迷等等。

And so we feel like -- our philosophy continues to be one of demanding a lot of resilience from whatever growth we underwrite, right? So we always take the stance of the future will be worse than the past.

所以我們覺得──我們的理念仍然是要求我們承擔的任何成長都具有很大的彈性，對嗎？所以我們總是採取未來會比過去更糟糕的立場。

And whatever we underwrite needs to be able to withstand a significant amount of deterioration. So typically, our cohorts as we've said in the past, what withstand the doubling of risk and still be above hurdle. And so we continue to operate in this way where we tend to be fairly agnostic to any forecasts about the future.

無論我們承保什麼，都需要能夠承受大量的損壞。因此，正如我們過去所說，我們的群體通常能夠承受雙倍的風險，並且仍然高於障礙。因此，我們繼續以這種方式運作，我們往往對未來的任何預測都相當不可知。

To your point, what we've seen when you back out the expansions -- if you look at it what entails would have been without the expenses, we see a period of relative stability over the last 1.5 years or so. But we're not banking on that or any improvement going forward to be able to continue to grow.

就您的觀點而言，當您取消擴張時我們所看到的情況 - 如果您看看沒有費用的情況下會發生什麼，我們會看到過去 1.5 年左右的相對穩定時期。但我們並不指望這一點或未來的任何改進能夠繼續成長。

Okay. No, that's fair. And maybe a follow-up. Just on the risk-adjusted NIM, right, slide 24, a nice improvement there. As you continue to grow the loan book and monetize, do you think there's still room for that to continue to increase further?

好的。不，這很公平。也許還有後續行動。就風險調整後的淨利差而言，右圖，投影片 24，這是一個很好的改進。隨著您繼續擴大貸款規模並貨幣化，您認為還有繼續進一步增加的空間嗎？

Yes, a good question. So as I mentioned earlier, we see continued opportunities to grow, as I described the various categories of growth that are available to us across our personal loan and credit card products. That said, it's not a trend that I would expect to go on forever, right?

是的，一個好問題。正如我之前提到的，我們看到了持續成長的機會，正如我所描述的，我們的個人貸款和信用卡產品可以實現各種類型的成長。也就是說，我不認為這種趨勢會永遠持續下去，對吧？

Because we optimize NPV, as I said, over the lifetime of the customer relationship rather than minimizing NPL. But we are constraining that based on resilience, based on churn, based on quality of the product and the relationship in NPS.

因為正如我所說，我們在客戶關係的整個生命週期中優化淨現值，而不是最小化不良貸款。但我們基於彈性、客戶流失、產品品質和 NPS 關係來限制這一點。

And so those are all important guardrails and governance of how much we allow ourselves to grow down the credit spectrum. I think in the near term, we still see some opportunity. But I don't think these numbers are unbounded by any stretch of the imagination.

因此，這些都是我們允許自己在信用範圍內成長的重要護欄和治理。我認為在短期內，我們仍然看到一些機會。但我不認為這些數字是無限的想像。

The one thing, Tito, that I would add to what you Youssef mentioned is that I would also point out that we have a gigantic opportunity to continue to optimize our balance sheet, right? So our loan-to-deposit ratio, this is still below 40%, whereas most of the retail banks in the regions are above 100%.

蒂托，我要補充你優素福提到的一件事是，我還要指出，我們有一個巨大的機會繼續優化我們的資產負債表，對嗎？所以我們的貸存比仍然低於40%，而該地區大多數零售銀行都在100%以上。

So as we increase loan-to-deposit ratios, our net interest margins are expected to continue to expand that will just be an additional tailwind to this trend that you said was a lot.

因此，隨著我們提高貸存比，我們的淨利差預計將繼續擴大，這將成為您所說的趨勢的額外推動力。

Eduardo Rosman, BTG Pactual.

愛德華多·羅斯曼，BTG Pactual。

I have a question regarding open banking. We have been seeing some important changes recently, such as the removal of the requirement for clients to get access for a limited period. As far as I understand as well, we've been seeing also important discussions about the granularity of the data that needs to be shared, whether new needs to keep requesting the data or if the other bank, let's say, must provide information whenever something important that client occurs.

我有一個關於開放銀行業務的問題。最近我們看到了一些重要的變化，例如取消了客戶在有限時間內訪問的要求。據我所知，我們還看到了關於需要共享的數據粒度的重要討論，無論新的銀行是否需要不斷請求數據，或者其他銀行是否必須在出現任何情況時提供信息重要的是客戶的出現。

We also have been seeing some new articles talking about potential discussions to eliminate the reimbursement costs in case of portability, I think that this has been an issue for you on payroll. So a lot of things happening and important discussion.

我們也看到一些新文章討論了在可移植性情況下消除報銷成本的潛在討論，我認為這對您來說是工資問題。所以發生了很多事情和重要的討論。

So it would be great if you guys could give us an update, let us know if these changes could be material for now.

因此，如果你們能給我們提供最新信息，讓我們知道這些更改目前是否重要，那就太好了。

Rosman, thanks so much for your question. Look, open banking is probably one of the regulatory developments with which we are most excited in Brazil. If you step back for a moment and if you look at the regulatory framework of open banking, that has been adopted in the country.

羅斯曼，非常感謝你的問題。看，開放銀行業務可能是巴西最令我們興奮的監管發展之一。如果你退後一步，看看開放銀行的監管框架，你會發現該國已經採用了這個框架。

It is probably one of the most progressive open banking frameworks that we have seen globally, even if you compare this with the frameworks that have been now developed in India or in the UK. It has a tremendous opportunity to lower the barriers for the exchange of information.

它可能是我們在全球範圍內看到的最先進的開放銀行框架之一，即使您將其與印度或英國現在開發的框架進行比較。它有一個巨大的機會來降低資訊交流的障礙。

to lower the attrition for the movement of data to lower attrition for the movements of both assets and liabilities. So it is something that we have been investing quite a lot of time and energy and we are very excited with the prospects.

降低資料移動的損耗，從而降低資產和負債移動的損耗。因此，我們在這方面投入了大量時間和精力，我們對前景感到非常興奮。

Going a little bit more into the details. So there has been a lot of efforts for many players to first gain consent from consumers to gain access to their data over the past years. We are happy to say that we probably have a market share that approaches one-third of all of the content in Brazil.

進一步了解細節。因此，在過去的幾年裡，許多參與者付出了很多努力，首先獲得消費者的同意才能存取他們的數據。我們很高興地說，我們的市場份額可能接近巴西所有內容的三分之一。

We ended the second quarter of 2024 with about 50 million customers -- 50 million constants and that basically translates into additional data that feeds into our customer segmentation, credit in the writing models and translates into better products and features that we can offer to our consumers. Going forward, there's a lot to be had to change in the next 6 to 18 months.

截至2024 年第二季度，我們擁有約5,000 萬個客戶——5,000 萬個常量，基本上轉化為額外的數據，這些數據可以輸入到我們的客戶細分、寫作模型中的信用，並轉換為我們可以為消費者提供的更好的產品和功能。展望未來，在接下來的 6 到 18 個月內，還有很多事情需要改變。

And we're thinking that given the guidelines that have now been indicated by the Brazilian Central Bank, you will see lower there to the exchange assets, so assets -- asset -- credit assets, both unsecured and secured, to also exchange liabilities, i.e., deposits and funds and also insurance and capital markets.

我們認為，考慮到巴西中央銀行現在提出的指導方針，你會看到交換資產的價格較低，因此資產——資產——信貸資產，無論是無擔保還是有擔保，也可以交換負債，即存款和基金以及保險和資本市場。

So this can be really transformational to the Brazilian banking sector. We are monitoring this very hard, and we are very glad with the cooperation that the Brazilian Central Bank has been fostering among the industry.

因此，這對巴西銀行業來說確實是一場變革。我們正在非常努力地監控這一情況，我們對巴西中央銀行一直在業界促進的合作感到非常高興。

Rosman, David here. I would just add that the agenda is very ambitious and open finance as I was mentioning. The regulator's commitment is very, very focused in making it work. But the (inaudible) has been so ambitious that the execution in the industry has been a bit challenging. So it's been -- there's been a couple of faces that have been hired for a lot of players to really integrate.

羅斯曼，大衛在這裡。我想補充一點，正如我所提到的，議程非常雄心勃勃且開放金融。監管機構的承諾非常非常注重使其發揮作用。但（聽不清楚）雄心勃勃，以至於業界的執行有點具有挑戰性。所以，很多球員都聘請了幾位面孔來真正融入球隊。

So there's been a couple of bumps in the road, I think, in terms of the time and how it has been executed. Now I think conceptually, the will that we see from the regulator is that it's going to happen, it's going to work out.

因此，我認為，就時間和執行方式而言，道路上遇到了一些坎坷。現在我認為，從概念上講，我們從監管者那裡看到的意願是，它將會發生，它將會成功。

And it's so clearly good for the consumer to be able to have access to that data and have an increase the competition in financial services that ultimately consumers, society, government, regulators are very much aligned in make work. So -- while it's been a bit of a big bumpy road or bumper, I think than people expected, that there is very clear line of sight into creating pretty significant changes in the Brazilian market.

能夠存取這些數據並增加金融服務的競爭對消費者來說顯然是有好處的，最終消費者、社會、政府、監管機構在工作中非常一致。因此，儘管道路有點崎嶇，但我認為比人們預期的要好，巴西市場有非常清晰的視野來創造相當重大的變化。

Thiago Batista, UBS. I think Thiago is having difficulties to connect. So let's move to the --

蒂亞戈·巴蒂斯塔，瑞銀集團。我認為蒂亞戈在溝通上遇到了困難。那麼讓我們轉到--

Hear me?

聽我說嗎？

Yes.

是的。

I have one question about -- we do not have a banking in Brazil. Do you believe it could make sense to ask CapEx license? And what would be the main positive and negative of the bank in Brazil right now? And finally, do you see any material change if (inaudible) to consider Nu as an S-1 and not S-3 as it is today?

我有一個問題：我們在巴西沒有銀行業務。您認為申請資本支出許可證有意義嗎？目前巴西銀行的主要正面和負面因素是什麼？最後，如果（聽不清楚）將 Nu 視為 S-1 而不是像今天這樣的 S-3，您是否會看到任何重大變化？

Thiago, this is Lago. Those are great questions. So today, we don't see a need to acquire or apply for a banking license in Brazil. our financial institution license called (inaudible) coupled with our payment institutional license basically allows us to offer every single thing that we believe is necessary to provide a fairly compelling offer to consumers both individuals and SMEs. So i.e., we can take deposits, we can issue credit cards, we can extend to.

蒂亞戈，這是拉戈。這些都是很好的問題。因此，今天，我們認為沒有必要在巴西取得或申請銀行執照。我們的金融機構許可證（聽不清楚）加上我們的支付機構許可證基本上使我們能夠提供我們認為向個人和中小企業消費者提供相當有吸引力的服務所必需的每一項服務。也就是說，我們可以吸收存款，我們可以發行信用卡，我們可以擴展到。

Over time, it may be natural then we will try to simplify and consolidate our legal structure in Brazil, and we may eventually apply or get a bank license at some point in time as the simplification of all of the legal entities that we have.

隨著時間的推移，我們可能會自然地嘗試簡化和鞏固我們在巴西的法律結構，隨著我們擁有的所有法律實體的簡化，我們最終可能會在某個時間點申請或獲得銀行執照。

What would be the implications if we were to do that, in terms of no regulatory capital in terms of reporting requirements. The answer is 0 in terms of regulatory capital and very little in terms of additional disclosure requirements. So we don't see any material change if and when we were to pursue this path in Brazil.

如果我們這樣做，在報告要求方面沒有監管資本，將會產生什麼影響。就監理資本而言，答案是 0，而就額外揭露要求而言，答案是很少。因此，如果我們在巴西走這條路，我們不會看到任何實質的變化。

Your second question is, we are an S-3 financial institution in the country. We think it is very likely that we will become an S-2 financial institution in the country, most likely by mid-2025, again, what are the implications to that from a regulatory capital perspective, it's 0, no implication whatsoever.

你的第二個問題是，我們是該國的S-3金融機構。我們認為我們很可能會在 2025 年中期成為該國的 S-2 金融機構，同樣，從監管資本的角度來看，這會產生什麼影響，它是 0，沒有任何影響。

We may have to do certain additional reports, analysis and disclosure requirements, that may increase marginally our compliance cost. So those are completely immaterial given our overall regulation. Now more importantly than the name of the license or if it is an S-1, S-2 or S-3, we would like to believe that we have been able to collaborate very effectively and efficiently with the Brazilian Central Bank and try to know joint with them, address any challenge opportunities and concerns that our growth may generate in the countries where we operate.

我們可能需要執行某些額外的報告、分析和揭露要求，這可能會略微增加我們的合規成本。因此，考慮到我們的整體監管，這些都是完全無關緊要的。現在，比許可證名稱或 S-1、S-2 或 S-3 更重要的是，我們相信我們已經能夠與巴西中央銀行非常有效和高效地合作，並努力了解與他們的合作，解決我們的成長可能在我們開展業務的國家/地區產生的任何挑戰、機會和擔憂。

Brian Flores, Citigroup.

布萊恩‧弗洛雷斯，花旗集團。

Perfect. Can you hear me?

完美的。你聽得到我嗎？

Yes.

是的。

Just wanted to ask a bit on Mexico, the information we saw from your information as of the second quarter maybe show a decrease in the loan-to-deposit ratio. Just wanted to pick up your brains and see how things are evolving there. You mentioned $3.3 billion in deposits, which is impressive. How is the credit part of the deployment going? Any news from the regulator?

只是想問墨西哥的情況，我們從你們的訊息中看到，截至第二季度，貸存比可能有所下降。只是想開動腦筋看看那裡的事情是如何演變的。你提到了33億美元的存款，這是令人印象深刻的。部署的信用部分進展如何？監理機關有什麼消息嗎？

Any more color on Mexico would be really appreciated?

如果墨西哥有更多顏色，我會很感激嗎？

Sure. Thank you for the question. So we're very excited with what we're seeing in Mexico. The deposits number that you mentioned really surpassed any expectations. I think that made us realize that there is not a significant opportunity to really challenge the conventional wisdom in the Mexico market about how consumers see packs and their savings.

當然。謝謝你的提問。所以我們對在墨西哥看到的一切感到非常興奮。你提到的存款數字確實超出了人們的預期。我認為這讓我們意識到，沒有一個重要的機會來真正挑戰墨西哥市場關於消費者如何看待包裝及其儲蓄的傳統觀念。

The average cost of funding in banks in Mexico is something like 30% of the risk-free rate. The majority of consumers are not paid any yield whatsoever. And so at the moment that we went to market with a very competitive yield, it began changing behavior and want to change that behavior and you change that idea in consumer behavior.

墨西哥銀行的平均融資成本約為無風險利率的 30%。大多數消費者沒有獲得任何收益。因此，當我們以非常有競爭力的產量進入市場時，它開始改變行為並且想要改變這種行為，而你改變了消費者行為中的這種想法。

We think it's very hard to go back. So we like to see the beginning here of an environment where consumers are going to be expecting to get higher remuneration for their deposits.

我們認為回去是非常困難的。因此，我們希望看到消費者期望從存款中獲得更高回報的環境的開始。

The $3.3 billion in deposits is way more than we need. And so as we've done in Brazil over the next forever, really, there's going to be an optimization of the balance sheet in how we allocate that -- those deposits but also the yield that we pay.

33 億美元的存款遠遠超出了我們的需要。因此，正如我們在未來永遠在巴西所做的那樣，實際上，我們將在如何分配這些存款以及我們支付的收益率方面對資產負債表進行最佳化。

And the other good news in Mexico really for us has been -- we continue to see very good environment in terms of credit quality and opportunities to grow credit. We reaccelerated credit over the last quarter. And we think that, that continues to grow. We're close to 8 million customer in Mexico, which really positions us already as one of the leading financial institutions in Mexico. And as you know, we've asked for a banking license.

對我們來說，墨西哥的另一個好消息是——我們在信貸品質和信貸成長機會方面繼續看到非常好的環境。上個季度我們重新加速了信貸投放。我們認為，這一數字還在持續成長。我們在墨西哥擁有近 800 萬客戶，這確實使我們成為墨西哥領先的金融機構之一。如您所知，我們已經要求獲得銀行執照。

We apply last year. We've received a couple of back and forth from the regulator everything else so far is going as expected. And we -- hopefully, that process continues to go well and we can get that bank license over the next month or so.

我們去年就申請了。我們收到了監管機構的多次回饋，到目前為止，一切都按預期進行。我們希望這個過程繼續順利進行，我們可以在下個月左右獲得銀行執照。

So, so far, we feel very good with the opportunity market, very large market, 120 million people, higher GDP per capita than Brazil, only 12% credit card penetration that hasn't really moved in over three decades. So it's a perfect configuration for full disruption with our business model and the branding that we built, the consumer base that would build all the different pieces are falling into place, and we are excited about continuing to investing heavily in growth in this market.

所以，到目前為止，我們對機會市場感覺非常好，非常大的市場，1.2億人口，人均GDP高於巴西，信用卡普及率只有12%，而這在三十多年來都沒有真正改變。因此，這是一個完美的配置，可以全面顛覆我們的商業模式和我們建立的品牌，建立所有不同部分的消費者基礎正在就位，我們很高興繼續大力投資於這個市場的成長。

And just as a follow-up. So in terms of your credit risk models, are you already comfortable in terms of increasing a bit more aggressively your credit portfolio going forward?

並且只是作為後續行動。那麼，就您的信用風險模型而言，您是否已經願意更積極地增加未來的信用投資組合？

So this the way we do credit is a dynamic decision. It literally it's a weekly decision. We look at data actively, really daily data. We look at the market, we see a performance of different cohorts, and we accelerate on one end or with the accelerator on our end.

所以我們的信貸方式是一個動態的決定。從字面上看，這是每週的決定。我們積極查看數據，真正的日常數據。我們觀察市場，看到不同群體的表現，然後我們在一端加速或在我們一端加速。

You'll see that the growth curve that we've had in basically all our products in Brazil and Mexico tend to be curves that are not straight lines. They tend to have phases of acceleration, phases of passes. That's because we launch a new model, we integrate a new data source, we are testing a new algorithm. And so in Mexico, that's what happening. I think right now, we -- if you look at some of the numbers on Q2, we're going through a bit of an acceleration phase.

您會發現，我們在巴西和墨西哥基本上所有產品的成長曲線都不是直線。他們往往有加速階段、傳球階段。那是因為我們推出了一個新的模型，我們整合了一個新的資料來源，我們正在測試一個新的演算法。在墨西哥，這就是正在發生的事情。我認為現在，如果你看第二季的一些數字，我們正在經歷一個加速階段。

We see good opportunities to grow. But if we might possibly if we see something that works in certain area or we might accelerate a little bit more if we get more comfortable. So these are very much dynamic decision. But in general, we see a market that is really wide open.

我們看到了良好的成長機會。但如果我們可能看到某些東西在某些領域有效，或者如果我們變得更舒服，我們可能會加速一點。所以這些都是非常動態的決定。但總的來說，我們看到了一個非常開放的市場。

And the methodology that we've really perfected in -- or we're in the perfecting in Brazil around low growth, beginning with our bank population with low credit limits and know and grow it, get to know the customer for the first 15, 30 days, increase a little bit more, gets another customer a little bit more.

我們真正完善的方法論——或者我們正在巴西圍繞低增長完善，從我們的銀行人口信用額度較低開始，了解並發展它，了解前 15 個客戶， 30天，再增加一點點，就可以多得到另一個客戶一點點。

That dynamic way to approach risk is something that lends itself very well so far in Mexico market that has little access to credit. So we're very optimistic about that opportunity.

迄今為止，這種動態應對風險的方式非常適合墨西哥市場，因為墨西哥市場幾乎無法獲得信貸。所以我們對這個機會非常樂觀。

And just a little bit more color on the credit quality trends we've been seeing. When you look at the trajectory since we introduced Cuenta product with a very high yield -- attractively priced yield. What we've seen, in fact, is a nearly doubling of our credit card customer originations, right? So a number of customers come in to enjoy the high yield but also take a credit card at the same time. Those customers tend to be positively selected and much better credit quality.

我們所看到的信用品質趨勢還有更多的色彩。當你觀察我們推出 Cuenta 產品以來的發展軌跡時，該產品具有非常高的收益率——價格極具吸引力的收益率。事實上，我們所看到的信用卡客戶數量幾乎翻了一番，對嗎？因此，許多顧客進來享受高收益的同時也拿了一張信用卡。這些客戶往往會被積極選擇，並且信用品質要好得多。

And so you add that to the fact that the data we get on the Cuenta actually helps us underwrite better. You add that to the fact that we now have more experience in the market, more test results, more of returns from the foundational testing we've been doing since the early days. So that gives us a lot of confidence to continue to grow credit and underwrite better as we go.

所以你補充說，我們在 Cuenta 上獲得的數據實際上可以幫助我們更好地承保。您補充說，我們現在擁有更多的市場經驗、更多的測試結果以及我們從早期以來一直在進行的基礎測試的更多回報。因此，這給了我們很大的信心，讓我們能夠繼續增加信貸並更好地承保。

And if you look at credit quality indicators, either the as we disclose it, so people or otherwise, in Mexico, there's significant improvement year-over-year, and I would say the credit quality has been lately behaving better than our own expectations. So as David said, we continue to be very optimistic or excited about prospects for growth in Mexico.

如果你看看信用品質指標，無論是我們披露的，還是人們或其他方面，墨西哥的信用品質同比都有顯著改善，我想說信用品質最近的表現比我們自己的預期要好。正如大衛所說，我們仍然對墨西哥的成長前景非常樂觀或興奮。

Craig Maurer, FT Partners.

克雷格‧毛雷爾，《金融時報》合夥人。

I wanted to ask about the evolution of the credit card market in Brazil. Maybe if you were able to break down your growth in both spending and loans between customers who are taking their first credit card versus those where you're winning share away from other banks? And secondly, I wanted to ask about Mexico and how you're viewing the nontraditional competition say from like Mercado Libre, who's being aggressive in the consumer finance space.

我想問一下巴西信用卡市場的演變。也許如果您能夠將使用第一張信用卡的客戶與您從其他銀行贏得份額的客戶之間的支出和貸款成長進行細分，會怎麼樣？其次，我想問墨西哥的情況，以及您如何看待像 Mercado Libre 這樣的非傳統競爭，他們在消費金融領域積極進取。

So Craig, let me take you -- the first question. And if you don't mind, I'll try to combine that with the second because it's good to draw of parallel between the credit card markets in Brazil. and the credit card markets in Mexico.

克雷格，讓我來回答你的第一個問題。如果您不介意，我會嘗試將其與第二個結合起來，因為將巴西的信用卡市場進行比較是很好的。以及墨西哥的信用卡市場。

So Brazil has a credit card market that is relatively mature in terms of penetration, so credit card penetration accounts for nearly 50% of the population in Brazil compared to about 12% in Mexico. The people often use credit cards in Brazil as a means of payments, not as a means of financing.

所以巴西有一個從滲透率來說比較成熟的信用卡市場，因此信用卡滲透率佔巴西人口的近50%，而墨西哥這一比例約為12%。在巴西，人們經常使用信用卡作為支付手段，而不是融資手段。

And therefore, historically, the IBB interest-bearing balance as a percentage of the total receivables of credit cards in Brazil. has been below those of the auto lots in American markets and about 20% to 25%. In Mexico, conversely, consumers tend to use credit cards more as a means of financing then as a means of payment, and therefore, IBover total credit card receivables tends to be much higher, more in the 60% to 65% of the total credit card receivables. So very, very, very different markets. with very different nuances, but both having fairly compelling unit economics for the product.

因此，從歷史上看，IBB 的計息餘額佔巴西信用卡應收帳款總額的百分比。已低於美國市場汽車市場約20%至25%。相反，在墨西哥，消費者更多地使用信用卡作為融資手段，而不是支付手段，因此，IBover 信用卡應收賬款總額往往要高得多，更多地佔信貸總額的 60% 至 65%卡應收帳款。市場非常非常不同。具有非常不同的細微差別，但兩者的產品單位經濟效益都相當引人注目。

Therefore, given the penetration of each country, the customers that we get in Brazil have been historically our customers do already have a banking relationship with another bank, but that we have groomed and upgraded that graduate to a healthier and higher credit life with us.

因此，考慮到每個國家的滲透率，我們在巴西獲得的客戶歷史上一直是我們的客戶，他們已經與另一家銀行建立了銀行業務關係，但我們已經培養和升級了他們，使他們能夠與我們一起過著更健康、更高的信用生活。

Whereas in Mexico, the main opportunity that we have there is more related to financial inclusion is really to offer a banking product and credit cards for the 85%-plus of the Mexican population who are currently unbanked or underbanked.

而在墨西哥，我們擁有的主要機會與金融包容性更多相關，實際上是為目前沒有銀行帳戶或銀行服務不足的 85% 以上的墨西哥人口提供銀行產品和信用卡。

Okay. So we are now concluding today's call. On behalf of Nu Holdings and of our Investor Relations team, I want to thank you very much for your time and participation in our earnings call today. We are very excited with our development as we continue strengthening our position in the markets we operate.

好的。我們現在結束今天的電話會議。我謹代表 Nu Holdings 和我們的投資者關係團隊，非常感謝您抽出時間參加我們今天的財報電話會議。隨著我們不斷加強我們在所經營市場的地位，我們對我們的發展感到非常興奮。

Over the coming days, we will be following up with the questions received by our platform. And with those that were not able to ask questions tonight. So please do not hesitate to reach out to our team if you have any further questions. Thank you and have a good night.

在接下來的幾天裡，我們將跟進我們平台收到的問題。還有今晚無法提問的人。因此，如果您有任何其他問題，請隨時聯繫我們的團隊。謝謝您，祝您有個美好的夜晚。

The Nu Holdings' conference call has now concluded. Thank you for attending today's presentation. You may now disconnect.

Nu Holdings 的電話會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。