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spk01: Good morning and thank you very much for waiting. Welcome to Interrevenue's teleconference on the results of the second quarter of 2022. We have our CEO, João Vitor Menin, our VP of Finance, Helena Caldeira, CFO, and Santiago, who is our Director of Relations with investors. This event is being broadcast on the internet and the replay will be available on our website. We will only be in the listening mode. Then there will be a Q&A session and, for this session, we ask you to write your questions in the Q&A icon at the bottom of the screen. You can then ask your question. At this moment, you can activate your microphone. If you don't want to open the microphone, please write any non-microphone at the end of your question. In this case, our operator will read your question aloud and it will be answered in the language we receive. Note that the translation too, the button is on the right side of the screen, you can choose the language you want. And now let's hear Mr. Victor Menin, our CEO, please. You have the floor. Thank you very much, Operator. Good morning to everyone. Thank you very much for participating in our conference. I would like to say first that this is our first call as a NASDAQ listed company. We are very proud to have achieved this achievement. It is very important to see Brazil listed in the United States. We are the first Brazilian company to carry out This transaction opens the way, we hope, for other companies. It is important to say that this achievement is the result of our effort, which took two years to be realized. As in most of our strategic decisions, the idea is to create a long-term value for our stakeholders in our mission to simplify people's lives through technology. On page 3, I would like to highlight some of the main achievements of the quarter. We passed 20 million customers with approximately R$ 1.5 billion in gross revenue. Our credit and financing reached R$ 19.5 billion and R$ 29.5 billion respectively, that is, with excellent annual growth. Regarding our economy, we managed to make an ARPAC with a liquid financing cost of R$ 32 per quarter. And as we will say later, according to the IFRS, we make the provisioning following this methodology of expected credit losses that impacts our results and, in addition, Thank you very much Santiago. E bom dia a todos. Muito bom estar com vocês nesse novo call de resultados. A frase que escolhemos para descrever o trimestre é sair da zona de conforto. Embora isso seja sempre verdade no Inter, especialmente nesse trimestre, considerando a... Quotação, now at Nasdaq, this phrase is extremely opportune, as we have already said several times. Our goal is to eliminate the friction that makes it difficult for people's lives while they make transactions, simplifying their lives. This is consistent with our history since we started as a digital bank. Some examples are, first, we are the first bank to be 100% in the cloud. and the first to launch a complete and free digital account, first in Brazil. We were also the first financial institution to launch the first complete e-commerce platform in 2019. And finally, the first Brazilian bank to migrate from B3 to the United States. We are convinced that we are still in the first days of our history and we hope to continue to deliver innovative solutions to our clients. The result of this incredible journey was that we have already attracted more than 20 million customers, we have achieved a fund base of almost R$ 26 billion and we have achieved gross revenue of almost R$ 4.7 billion in the last 12 months. The natural consequence of this disruptive growth can be seen in our market share. which is still far from our goals, we began to see the benefits of the consistency and dedication we had. As you can see on the right side of the page, our market share for all products is increasingly significant and relevant, as we will show later, it begins to translate into a positive operational leverage. On page 8, now, I'm going to comment on how I see the company's future. algumas diretrizes estratégicas que gostaria de compartilhar. Esperamos, primeiro, continuar a entregar esse crescimento disruptivo que vai traduzir-se em um aumento de participação de mercado. Em segundo lugar, o crescimento vai continuar a ser diversificado nos diversos produtos, tanto com relação a taxas e juros. Em terceiro lugar, esperamos continuar a melhorar our operational leverage as we gain scale and we gain efficiency as well. Number four, we also aspire a self-financed business plan from the point of view of capital, using our excess capital plus organic capital created with our positive profitability. And finally, from the point of view of business, we aspire to maintain our innovative and top-notch mentality, and we also seek to mature our business in the United States, a market in which we see a massive growth potential for our platform. Finally, on page 9, all this is done with the focus on compliance with ESG first-line standards, and this is not new to us at Inter, we have already achieved this This is what we have been doing since our first days. We were born ESG, as I said, and the reflection of this commitment is also in our MSCI ESG rating. We had two upgrades, from B of 2019 to now BBB. Details of our ESG initiatives can be found in our annual report. Now I will pass the word to Alexandre, who will talk about the business part. Thank you, João. Good morning everyone. I will talk about the highlights of our business verticals in the second TRI. We are proud to say that each of the verticals has evolved well and I will give details of this evolution. Regarding the banking part, we had a stellar growth in cards, the total processed volume increased by 70% year-on-year, and credit cards now have a stronger growth than those in debt. Regarding the number of cards used, we reached 6.4 million in the TRI, representing an increase of 56% year-on-year. Regarding credit, our gross credit portfolio increased by 55%, reaching R$ 19.5 billion. And our originations in the second TRI were almost in a straight line a year ago, now reaching R$ 4.7 billion. We decided to strategically slow down the credit subscription, monitoring the portfolio performance and the macro environment. We also hope to speed up once we see the right conditions happening, leveraging our experience and also our excess capital. On page 12, I will now talk about insurance and investments. Regarding insurance, we obtained a revenue of R$ 35 million in the TRI, a growth of 64% year-on-year. Another record. Our insurance assets exceeded the mark of R$ 1 million, almost twice as much as a year ago. From the point of view of innovation, this quarter we launched a product called Dr. Inter, Dr. Inter, in English, is a product that allows our clients to perform quick and easy medical consultations through our app. Regarding investments, We obtained R$ 36 million in revenue in the quarter, representing a 116% increase year-on-year. And we finished the quarter with R$ 53.4 billion in AOC, under custody. Another excellent number from a product point of view. This quarter, we launched the Interinvest Portal, offering financial education and investment for our customers once again. Moving on to page 13. I will now talk about Intershop, which is our e-commerce vertical and also our cross-border services. In relation to Intershop, our gross revenue more than doubled compared to a year, reaching R$ 113 million in the TRI. And this with an increase in GMV of 56% year to year, which is also the result of a significant expansion of our stake rates. In gross terms, the stake rates expanded 11.4%, that is, an expansion of 4.2 percentage points. From the point of view of liquid cashback, they expanded 3.6 percentage points. We continue to expand our retail network, which sells on our platform, ending the quarter with more than 900 active sellers With regard to cross-border services, We ended the quarter with more than 141 global accounts active, with 383 million dollars in volume, in transactional volume. And we are super excited about this vertical because it has the potential to become very special and quite distinct. We see that immigrants in the United States are very poorly served with excess charges, very similar to our customers in Brazil when we started our digital service. So we see our super app as a very strong product that will simplify the needs of these clients' banking transactions, simplifying their lives. In addition, it was also encouraging to see the initial success of our global account, used by our Brazilian clients, who use this account to travel and also invest abroad. With that, I will pass the word to Helena, our CFO, who will now talk about the financial part. Thank you, Alexandre. Moving now to page 16. Here we see that our gross credit, the portfolio, reached R$ 19.5 billion. This represents an expansion of 56% year-on-year. On the quarterly basis, there was also deliberately less growth because we reduced our subscription model. As Alexandre said, we hope that this deceleration is temporary and we will accelerate until the beginning of next year. It is also worth noting that over time, consistently, our credit mix continues to diversify in various products, reducing the risk of concentration. Moving on to page 17, the quality of our assets remains strong. Starting on the left, we see that, in relation to the total credit portfolio, 73% of it remains collateralized by real assets, invoices or payment sheets. In the central part of the page, our coverage index also shows a healthy trend of 129%. When we see NPLs on the right side, our total NPL index is 3.9% of the total portfolio, a slight increase explained especially by the increase in NPL cards, which reached 7.9%. On page 18, the financing reached R$ 25.9 billion, an increase of 47% year-on-year. On the quarterly basis, it grew 12%, which is practically twice of the growth of the credit portfolio. It is also worth noting that, more than we have doubled the distribution of third parties in the last 12 months, the balance now is approximately R$ 4.4 billion. also considering the rate environment that we have seen customers now increasingly focused on assets with more profitability, such as CBD, LCIs and also CDBs. And we see this advantage especially when we consider the Brazilian rates, if this is possible due to a bank with total licenses that allows us to really carry out CDBs. On the right side, we see that the financing cost, with the percentage of SELIC, reached 61%, which is still one of the lowest in the sector. On page 19, regarding revenue, I would like to show the following highlights. Year by year, our growth was close to 130% and R$ 6 billion per year. And year-on-year, the gross growth grew 130%, and in liquid terms, 88%. The growth of taxes continues to exceed the growth in NII, growing 91% and 73%, respectively, also year-on-year, and 9% and 6%, respectively, in quarterly terms. On the right side, in the charts, you can see how our recitation stream continues to be highly diversified. We consider this to be another competitive advantage of having so much diversification and not just mono or duo. And this also gives us resilience in relation to our products. On the next page, page 20, we show the economic analysis of the units from the point of view of the revenue. On the left, the longevity of our customers shows how our base of customers is still quite young at Inter. the orange part of each column, we see that a year ago, only 49% of our customers had been in Inter for more than a year, and now this index has increased to 58%. In the center of the page we have our ARPAC analysis by cohort. We should note that the cost of liquid ARPAC financing, considering that this reflects the capacity of production of receipts from our customers. And from the first quarter to the second, from 2018 to 2022, customers start producing liquid receipts, monthly, from R$ 10 to R$ 15 in the first quarter to about R$ 50 in the last quarters. This is seen in a court-to-court analysis, and we then see this level of revenue, which is also a reflection of the fact that our customers adopt our products at a more accelerated pace. On the right side, we see our ARPEC, now not in courses, but now in a quarterly way. ARPEC grew in relation to the same quarter of the year, the growth was 16% and we see that this compression of the last two quarters has a lot to do with the increase in the financing cost. On page 21, we see now that our customer service cost is R$ 13 per month. On the right side, you can see that our revenue cost index is improving in the last quarter, from 93% to... Approximately 72% and, as already said, we have a great focus on improving operational leverage as we gain scale and by the investment made in our platforms and teams. On page 22, in this quarter, we now see the result of the re-pricing of our credit portfolio. Despite the increase in reference rates, we have also managed to increase our liquid interest margin of 20 BPS compared to the first quarter of the year. We want to continue to increase the NINs with the re-pricing of these portfolios of longer duration. And finally, on page 23, regarding Interco's liquid revenue, we had a positive result of R$ 16 million in earnings this quarter. And also, in this slide, we have as a reference the Inter Bank's liquid revenue according to BASEN. It is no longer a listed entity, now it is Interinco. And we also have in our results disclosure a detailed table showing how to make the conversion and reconciliation of the financial data of Inter S.A. Bank to Interenco. Now I pass the word to João for his final comments. Very well, Helena. And to everyone, thank you very much. I am very excited to see what we can achieve. I would like to talk about three main aspects of our company before moving on to the Q&A session. First, operational leverage is a fundamental priority for me. We have the scale, we have the technology and we also have the team that can absorb a much larger volume of business. Secondly, despite the macro environment, I am extremely convinced and happy with credit cards, that is, we can really dominate these cards by improving three fundamental factors. First, subscription and price. Second, A good user experience, UX, and UI interference. And finally, the charge. We have also improved our charge a lot in this last quarter. I spent a lot of time studying this product and I can say that I am confident that we will really have an excellent business for our company. with this potential to add value to our ecosystem. And finally, the global account. We have the best product for Brazilians who live or travel to the United States. And this was one of our innovations, once again being the first bank to launch a product like this. And now let's open our Q&A session. Thank you very much everyone. Let's now start our Q&A session. Once again, for this session, we ask you to write your questions in the icon at the bottom of the screen, your name, and then you can ask your question if you want to open the microphone and do it live. At this point, your request to activate the microphone will appear on your screen. If you prefer not to open it, please write não quero microfone, não microfone, e a operadora, nesse caso, vai ler a sua pergunta ao vivo. A primeira pergunta vem de Yuri Fernandes, que é analista sell-side da JP Morgan. Vamos abrir a pergunta para que o senhor possa fazer a sua pergunta. Yuri, por favor. Hello, João, Helena, Santiago and everyone. Thank you very much and congratulations. with these results better than expected, excellent rates. Regarding NPL, the question is, has the worst already passed? Will NPLs reach 20 or 40 according to IFRS or 20 according to GAP? better or worse than credit cards. When we think about the level of expectation, that was good. And when we look at negotiated loans, portfolio sales, all the rates seem quite low this quarter. What is your view regarding NPLs and the risk cost that we can expect in the next quarters? That's my first question. And, if I may, a second one regarding margins. We've heard a lot of talk about the repayment of loans and we've also seen the repayment of your credit cards, personal loans. The question is, what can we expect in relation to NIMS from now on in the second half, in the second semester and for 2023 as well? And once again, congratulations. Yuri, this is João Vitor. Thank you very much for the question. I will cover the first one and Helena will cover the second one. You said... I really believe that the worst is already behind, as you said, in relation to NPLs. It is important to say that, as we have a very collateralized portfolio, this is very good, but in relation to the security issue and the credit card part, we don't have personal loans, I would say that You talked about 20 bps of increase in NPL, but in terms of adjusted growth, we have 6.5% of NPL. In other words, we stopped growing at the same rate, so we will really have an excellent quarter in that sense. Another point, NPL has to do with its training process, that is, the NPL comes from other cuts and more subscription, but more importantly, we would also like to track real-time KPIs. like 60 days, which I believe is a good, a better measure for us to be able to make the payment of credit cards. And the good news is that this base of 40, we see an improvement of these metrics, which gives us confidence. As you said, the worst is behind. But of course, We don't have an alpha here with the margin. If everything gets worse, which I don't believe will happen, we'll see even better operations. If things get better, we'll be faster and we'll have an even better improvement than expected. We're very excited about what we expect in terms of NPL and NIMS for our credit portfolio. Helena will now talk about NIMS, João, just one more thing. Before talking about NIMS, the message is that the formation of the new NPL should be more stable in this quarter, at least in the short term, improving, of course, potentially in the future, because 200 million... Yes, yes. The good news is that... First, it starts with default and then 30 to 60 days, which measures the capacity of current customers to pay our credit cards, their balance sheets. This in relation to what was seen in July and August, right? Yes, yes. Yes, for the last few months, yes. Helena, sorry. No problem. Thank you, Yuri. Yuri. With regard to margins, as you said, we are repricing our long book and also credit cards, as mentioned. We increased the rate, the rotating rate, for example, in the first quarter to 14.7% in July. And we will only see the effect of this increase of this last increase in the revolving credit, only in the third quarter. In other words, we hope that we will continue to have growth as we re-pricify our long book and the duration of short-term loans and we also hope that the real estate credit and the payment sheet, perhaps, will take a little longer, but it will happen as we also increase their respective rates. Regarding next year, we still understand that an improvement in the macro scenario, the decrease in inflation in the second quarter, then the market will be ready for the increase in interest rates from next year and this will be quite positive also for 2023, of course. And these are our perspectives, that is, a general improvement from now on. Thank you very much, Helena and João. Thank you for your question. The next one is from Pedro Leduc, CELSAD analyst from Itaú BBA. Let's now open the microphone so that he can ask his question. Thank you very much once again for accepting my question. First of all, following up on the credit card issue, you said that the worst is behind, but what were the lessons learned? And once they are more comfortable at the end of this process, maybe in 2023, how are you going to deal with this situation, new models, segmentation, the approach of customers with a more restricted target. What were the lessons learned with this credit process and how will you work with the expansion next year? Well, Leduc, thank you very much for your question, first of all. We really like our credit card business, it's important to emphasize that, it's an important portfolio for us, to increase the engagement of our clients, it's important for our businesses. And when we have this wind, this difficulty that we live in the market, we need, of course, to be more cautious, when it comes to working with our businesses. We are a disruptive bank, we have gained our market share, and now it's time to slow down a little. The good news is that, despite this macro environment, we have learned a lot in recent years, and as I said during the presentation, we see three very important factors. that should be dominated in relation to our credit portfolio. Of course, the subscription, the models, all this is very important, but... This is also something we have done for some time and with the right team. I believe that we will also be able, on our platform, to make a very good subscription of this product. Secondly, it is very important the UX and UI, user experience and interface. We need the correct churn, we have to have a good way for customers to be able to pay and renegotiate the account of your credit cards. It is important that this works well. And regarding the charge, we also learned a lot. In 2022, we set up a special committee to make the charge. Making the right charge makes a lot of difference in the NPL, that is, I think it was the company that had the best results in 2022. We are very confident with our credit card business, we realize that the market is doing well. we can continue to grow faster than in the last six months. This is my feeling about this specific product from now on. Thank you very much, João Victor. Another strategic follow-up question. You have a lot of capital, you have self-financed growth, but this doesn't always happen with other fintechs. Do you work a lot with cross-selling? Would it be the time to consolidate your capabilities even more? Or would you be open to other players who could also add value, who you could acquire? How is this situation? Well, Leduc, I would say that our focus is on improving and growing. We are the only digital player in the market that has this service or products so complete in our app. I don't see in our strategy any M&A and put something like that on the market to gain momentum or accelerate us. I think we can grow a lot with our client base. We have the products and the clients. It's a matter of time before we can accelerate and gain momentum. But I think this will not bring us so much competitive advantage, despite having a good base of capital. Our focus will be on improving our company and also on increasing our market participation. And we have presence in the verticals, investment, purchase, credit. This is our vision for the future. We don't see M&A, acquisitions and mergers, as a good strategy at this moment.
spk00: Thank you very much. Thank you very much, Leduc.
spk01: The next question comes from Jeffrey Elias, SiteSell Analyst. Let's open your audio so you can ask your question live.
spk00: Thank you very much.
spk01: Thank you very much for accepting my question. Regarding the question, we have seen so many improvements in relation to growth and also liquid stake rates in the last few quarters. But what's behind that? What happened to this competitive environment? Did it soften? Did the time come to get a better take rate? And how much more will this improvement continue? What do you think this growth is? And can the take rate change even more in the next quarter? Jeffrey, this is João Vitor. I love Intershop, it was created a very short time ago, it's almost a baby, we are super excited about its performance. We learned a lot, we learned to negotiate with the establishments, we also diversified the commercial establishments with 900 different establishments and, in addition, when we started, we had only the affiliate programs in our Intershop. And now, that is, they only went to the checkouts on the website. And the take rate was much lower. Now, in six months, nine months, we managed to increase the volume of our platform when the check-out is done inside our app, our super app, and we also improved the Interfood, which is a signature, a signature program for a food platform that is doing very well, and we launched InterTravel, also our capacity for trips and similar. And so, with this combination, we were able to improve our take rate, gross, and also, of course, the liquid. I would say that We would grow more than maybe in the last 12 months. Of course, there are issues like inflation that hit consumers and also consumers now have consumed more services than products. But the trend is quite good, with this growth of about 50% year-on-year, as in the first two years of the business, that is, of the company, that is, we have a great value for this platform. From today, I am very excited about what will happen, we still have a lot of levels to improve, the leverage to improve the volume and the raw and liquid take rate. And to finish, I would like to say that Intershop is a consumer and financial platform that is getting better and better, and that's what we're going to deliver year by year. Thank you very much. And regarding the take rate, will it normalize in the long term? How will that be? Yes, I believe that with the same mix, food, travel, everything, everyone will be more or less at the same level, with the same numbers more or less, we can improve from now on and therefore we also need to think about all this. 100% of sales will be end-to-end, or end-to-end, and we can then improve our take rate even more. Eu não acho que é algo que veremos aumentar tanto assim nos próximos dois trimestres. É mais uma questão de médio prazo, mas 100% das vendas estão dentro do app e a gente pode ter um pouco mais de take rate dos estabelecimentos.
spk00: Muito obrigado. Próxima pergunta de...
spk01: Tito Labarte, also an analyst at CELSAI from Goldman Sachs. I'll open the microphone so you can ask your question. Hello, good morning, thank you very much for accepting my question. You showed in the presentation that in the last two quarters there were higher interest rates, more expenses. Could you help us think about the evolution of this when it will start to increase again? And when we see some more mature cuts, level of R$ 50, this is... Is it something that we should consider as a target, as a goal, over time?
spk00: Thank you very much, Tito Santiago. I will answer the question.
spk01: Well, what do we have to use? What we have seen historically in the market and the courts, all in relation to financing costs, is liquid, in fact. thinks about this analysis and collects data from the field. We have a better metric to analyze the capacity for our clients, the capacity of the network. And the main reason has to do with the cost of liquid financing. And in two quarters, we saw, at the gross base, we saw an expansion of R$ 45 per quarter. And from the point of view of cohort, which is the last data we bring to this conference, we also see growth and the impact of the financing cost We believe that the R$ 50 that we see in this cut analysis is the minimum we expect and there are a number of products that we recently launched that are in the process of maturing. And when we think about what there is room for significant growth. the aspiration of 50 per month, which is the cost of financing. Thank you very much, Santiago, very clear. One more quick follow-up, when we think about the environment. When are we going to get to a point of inflection, when will it start to grow again? Next year, in the next two trimesters? I would say that It will take a few semesters. The most recent ones started with a higher rate in relation to the receipt rate. And these younger, newer cuts, Let's make an improvement and next year I think this improvement will be even more intense when we analyze the entire portfolio. Thank you very much, of course. Thank you again. Perfect. Next question. Good morning everyone and congratulations once again on the results of the quarter. There are two questions. Con relação ao engajamento de clientes, vejo que vocês têm novos clientes, mas quando analisamos a porcentagem dos clientes, há uma diminuição, que era 52% no trimestre, comparado a 58% há um ano. I understand a part of this explained because you are more cautious when it comes to credit, but is there anything else we should worry about? Especially when we add new products to your base, that is, I was surprised that there was a decline in engagement, but also in relation to the acquisition cost, you increased this quarter once again. You talked a little about offer changes. Could you explain a little more in detail why this happened? Thank you. Mario, thank you very much. First, here is João Vitor, thank you very much. Regarding engagement, we are not so concerned with these numbers of engagement, we do not think that it is a trend that will decrease. It is important to understand that 50% of customers entered 12 months, that is, the growth base that we lived in the last 12 months was really big. Therefore, engagement has really changed, and it takes a while for us to engage new customers. They need to receive their own cards, receive credit limits, as you said. So, whenever we start, we start with a little more conservatism, this engagement decreases a little. And then, when we accelerate the new adoption, it will also change the numbers. When we think about a less accelerated pace, we grew a lot in 2020 and 2021, and now we have 60% to 65% rate of activation. Our growth now has become a little more decelerated, so to speak, but we are talking about 6% We want to reach 64% of activation, that is, giving more credit limits, as I said, this helps in activation and retention, and we can also have a tailwind in this sense, and we have new products. With the new platform, we will be able to reach 60% or 64% of the rate of activation. We are looking for an improvement, but it is not a concern that the numbers are as they are. Regarding the CAC, we had an increase in operational costs to send the cards, to buy the cards themselves, but there was also no increase in market expenses. and I would even say that in the last month we started to reduce our acquisition costs we reduced it by approximately 25% and printed the same number of customers that we had in the last six months, that is, in the first semester. Thus, we are very confident that our market acquisition cost will decrease from now on, and we believe that when we normalize this cost of cards and shipping too, we will have a CAC to decrease, we will have a more positive result and we will have good news in that sense too. Thank you very much João, very clear, basically the CAC and the temporary increase, it should decrease and the acquisition rate should also increase. Between 50% or 60%, what would be your normal level? I think the normal level it will go back first 56%, 60% later, and we have the ability to increase even more, above 60%. That's the potential. Maybe in the short to medium term. Thank you very much. Thank you, Mário. The next question, Thiago Batista, Celside analyst at UBS. Please open your microphone and ask your question live. Mr. Thiago, please. Hello everyone, thank you for the opportunity. I have a question about interest rates. You talked about the increase in interest rates, in loans, and Inter expects to increase the other lines as well. I know there are limits to... consigned credit, but you get a lower price than the average. Do you see a possibility of an increase in these rates in other lending lines as well?
spk00: Or credit? Hello, Thiago.
spk01: Well, as you said, we've already worked with credit cards and The Central Bank data shows that the increase in taxes and the impact on the results of this quarter, in the next one, we will see a quarter with full results in this sense and We are, of course, keeping an eye on this and it will be something important for our results, profits and losses. This is also important, we have a great focus on optimizing the use of capital in the different lines and also in consigned credit, and the mortgage will take a little longer to make all the repricing, but this is one of our focuses and also the MSI issue. In other words, in the next months and quarters we will continue to improve our spread and consequently our NIMS as well. Thank you, Alexandre. Do you see any complaints from customers with an increase in these interest rates or are they accepting this increase? In the credit card, it may be a little different, but did this increase work a little or not, this increase in interest rates? Well, now it's João Vitor, as you may have noticed, we always focus on the customer. We don't want to keep increasing the interest rates, simply start charging, for example, interest rates, etc. Regarding credit cards specifically, we had a big increase, but this is also aligned with the risk of this business. We realize that we need to increase, but in the end, we are at the same level as the sector. That is, there has been no complaint so far. Since then, we have not had complaints. We are proud of that. People using our credit card, it is convenient, easy, good. So, we managed to do the repricing, yes, and It was a smart decision and we made this big and important assessment. This was done mainly with the rotating credit and we did not increase the amount in the plots so much. Not so much because we believe that it would not be possible to have this 13% in 12 months. So that's why we worked with credit cards. Thank you very much, João. Perfect. Next question comes now. Let's open the microphone to ask your question, Mrs. Niha Agarwala. Hello, thank you very much for accepting my question about your results. And in relation to the originations that come in the next few months, will they be more stable and also
spk00: Será que veremos diminuição das taxas?
spk01: E o que a gente pode ver como razoável de agora em diante? Muito obrigada. Thank you very much. Niha, this is Alexandre. Regarding credit cards, we are very comfortable, as João said, as he said in the first part of the conference. We work with the products and we observe a deterioration, and we were able to put our capacity to work with the NPL and all the indicators, like the first payment that João mentioned, and we were able to see the results. of what we did internally, also translating into result changes, financial demonstrations, etc. In other words, we managed to reduce the percentage of approval of the credit card limits that we do, and we also obtained good results in the NPLs as a result of this work with onboarding, that is, we have our hands on the wheel we are comfortable to continue growing and executing this product. Our goal also in relation to credit cards is to improve our models and get an even better selection of customers so that we can improve and increase the approval rate without increasing the NPLs. is something we are working on and we hope to deliver by the end of the year. Just to remind everyone, we are at 15% to 20% approval rate, onboarding rate, we are close to 10% and we hope to return to 15% or more without increasing the risk profile of the clients we approve. And in the long term, we have levels similar to what we talked about in the first quarter, in the total level of the 50% portfolio.
spk00: Thank you, Nia. Another question.
spk01: What have you done to improve your ability to subscribe to credit cards? What changes have you made to your models with people in the market? What changes can lead to this improvement? Niha, many different things, actually. First, we have the credit models that Felipe takes care of. He already works a lot, he has improved the models a lot. They are working with new variables and also new people now working on the teams. And by combining all these elements, the model improves and also, as we have more data, with the passage of time, we also get richer models. That's what we've been doing. And another important point is o foco nos clientes que já estão engajados no Inter. Temos muito sucesso com o aumento dos limites baseado em modelos de comportamento, algo que a gente tem enfocado para manter e expandir também esse portfólio, aumentá-lo constantemente.
spk00: Muito obrigado.
spk01: And the last question, Rafael Frade, let's open the microphone now so that you can ask your question, Rafael, please.
spk00: Hello, good morning everyone. My question...
spk01: You can give a little of what they obtained in the quarter, the covers that were above the last quarters. Could you give more details about it? João Vitor, Rafael, you may remember that we talked about interest rates, credit cards, subscription, etc., all prices. Second point, collection and also user experience, UX, UI, user interface. And when we think about the portfolio that we have in Brazil, in the last 26 months, we have worked a lot to improve our collection process, not only in relation to people, new initiatives, more data, more aggressiveness, also improve UX, our app. For us it is very important to continue working like this. That is, with all the improvements in the market. This is the main reason why we achieved this improvement, this recovery. We expect, of course, better trends in the market so that there is more liquidity in the market soon. that comes from the government. And we did our homework. We improved the charge a lot. And on these three factors that I already mentioned, the subscription part, user experience, interface, and also the charge part. With all of this, we achieved these results, this recovery. This is the main reason. Thank you very much.
spk00: We have a question here. A question that was not asked about
spk01: The microphone, regarding the return on investment. What do we see in 2023? We see improvements. This translates, of course, in our bottom line and in relation to performance. We are still far from what we wanted, but we are also improving the return on capital.
spk00: and from the point of view of capital as well. This increase of 33% and we believe that we can work with this in the next five years. E agora encerramos a sessão de perguntas e respostas.
spk01: Todas as outras perguntas enviadas serão respondidas pela equipe de Relações com os Investidores. Gostaria agora de passar a palavra ao senhor Menin para fazer os seus comentários finais. Muito bem, muito obrigado a todos mais uma vez pela presença. Gostaria de agradecer a minha equipe também, que trabalhou bastante para fazer tudo isso acontecer. Como estamos aqui para o médio e o longo prazo, não apenas para o curto prazo, estou bastante animado. Agradeço a todos. and to the shareholders who supported us from the beginning, and that's it. I'll see you again soon, and we work really hard to get the best results. Have a great day. Now, the Interbank Conference has been concluded. The area of relations with investors is available to answer your questions. Thank you very much, and have a great day.
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