Itau Unibanco Holding S.A.

Hello, good morning everyone. I am Renato Luglia and it is a pleasure to have you joining us at another Itaú Unibanco Quarter Earnings Conference. Milton will explain our performance and earnings for the first quarter of 2025 in a new format. from Itaú BBA's auditorium at Faria Lima headquarters in São Paulo. Then, we will host a Q&A session in which analysts and investors will be able to interact directly with us from the studio, which is right next door to the auditorium. I would like to give you some instructions to make the most of today's meeting. For those of you who are accessing this via our website, There are three options for audio on the screen. The entire content in Portuguese, the entire content in English, or in the original audio, and we will have simultaneous translation in the first two alternatives. To choose your option, all you have to do is click the flag at the top left corner of your screen. Questions can also be forwarded via WhatsApp to the number appearing on your screen. Today's presentation is available for download on the hot site screen and also, as usual, on our Investor Relations website. That is it for now from me. Now I will hand over to Milton, and we will meet later next door in the studio for the Q&A session. Milton, over to you.

Good morning. Welcome to yet another earnings presentation. Let's talk about the earnings for the first quarter of 2025 with two key changes. First, we have changed the presentation format itself to make it easier for you to understand it and to deep dive. And I will also talk about some disclosure changes we have made, both in the credit portfolio chart and the service and insurance revenue breakdown. In addition, throughout the presentation, I will also highlight the impacts of implementing Resolution 4966 in the Brazilian GAAP accounting practice, and I think I will be sharing good news. Now I will get straight to the point, starting with the results highlights. This traditional chart shows the managerial recurring earnings, ROE, both in Brazil and on a consolidated basis, pre-tax earnings. NII with clients and efficiency and capital ratios. Moving forward, this quarter we delivered a recurring managerial result of R$ 11.1 billion, a very sound result with a 2.2% growth compared to the last quarter and almost 14% year-over-year. When we translate this result into profitability in the first quarter of 2025, We delivered a return on equity of 22.5% on a consolidated basis and 23.7% in the operation in Brazil. Both indicators grew on a quarterly and annual basis. By adjusting ROE by risk appetite capital, which is 11.5% for the operation in Brazil, we get a 25.9% ROE. This indicator is more comparable with our peers, given that our capital ratio is still slightly above our risk appetite. On a consolidated basis, our ROE is 24.4%, so we continue to deliver very sound profitability, very high returns, and very positive earnings for the quarter. Even more importantly, we should look at the quality of our result, its composition. I mean the results from the inside out. EBIT grew 6.5% in the quarter compared to the fourth quarter of last year, and 16% year over year, reaching 16.7 billion reais. This means that EBIT grew more than 1 billion reais quarter over quarter. Our margin with clients was 29.4 billion reais, also a very sound result. growing 3% compared to the last quarter of 2024 and almost 14% year over year. In addition, we were able to deliver the lowest efficiency ratio threshold in the bank's history at 36%. And naturally, taking into consideration first quarter seasonality, this is also the best first quarter in the bank's history in terms of efficiency ratio. We closed at 38.1% on a consolidated basis, a major improvement compared to the fourth quarter and a slight year-over-year improvement. As for the operation in Brazil, this represents a 240 basis points improvement, and we also posted an improvement of almost 100 basis points year over year, all this while maintaining a very sound capital base. We closed the quarter with a 12.6% CET1 by offsetting absorbing regulatory impacts and the payment of the additional dividends incurred in the quarter, which consumed 110 basis points of capital. Therefore, on a pro forma basis, by adjusting for the impact of the additional dividends in the fourth quarter, we posted an expansion of 30 basis points compared to December 2024. Compared to March 2024, we posted a lower CET1. I will now present to you the credit portfolio performance. As you can see, the individual's loan book grew 8.6%, the SME credit portfolio grew 17.7%, and the large corporate loan book grew 13%. I am going to make some comments to explain some of the changes we have made to the credit portfolio chart so that you can understand them better. There was no change in the individual's loan book whatsoever. This portfolio grew 8.6% driven by the growth in credit cards, personal loans, vehicles financing and mortgage, while payroll loans are still under pressure due to the interest cap for the INSS beneficiaries portfolio. The payroll loan origination for INSS beneficiaries has naturally reduced given the level of funding costs. Further, the finance credit card portfolio in the quarter grew 8%. In the last quarter, there was an increase in the volume of transactions due to end-of-year shopping. And now, at the beginning of the year, part of this portfolio begins to be financed, thus starting to yield interest. And this affects our margins significantly as well. Now, I will put a little more emphasis on some changes. The first point is that we have also adjusted past figures for comparable reasons. Let me now comment on the most relevant changes. We had an important agribusiness portfolio which we had always classified as large corporates because this was the segment where this business was managed. However, over time this portfolio has been segmented into different companies. We reclassified these companies to the SMEs portfolio based on their annual revenue. We have disclosed all the details in the footnote to the credit portfolio chart. We have also included in the chart the receivables investment funds, which at the end of the day are securities established for credit purposes. We have also included the exposures to financial institutions when we have these banks as clients. This does not consider the certificates of interbank deposits or CDIs to manage liquidity in the system. Here we consider credit-like instruments with these banks. We have also included in this chart the credit-like transactions operated by our trading. Again, you have all the details disclosed in the footnote to the credit portfolio chart. So, if you analyze the portfolio, you will see that the SME's loan book posted a drop of 2% in the quarter, the portfolio of large corporates drops 1.8%, and the total of Brazil drops 0.8%. However, it's important to exclude the FX effects on the portfolio as a whole. Instead of falling 1.7%, the total portfolio would have fallen 0.2%, excluding FX impacts. This shows the portfolio's sensitivity to foreign exchange fluctuations. Instead of falling 2%, the SME's portfolio would have fallen 0.6%, excluding FX impacts. and the large corporates portfolio would have dropped 0.5% and not 1.8%. Instead of falling 5.5%, the Latin America portfolio would have fallen 1.3%, excluding FX impacts. The average balance of the credit portfolio is what impacts NII for the period. The chart that I will show you next highlights this message. So, when we look at the average balance of the credit portfolio, individuals posted growth of 2.1%, SMEs grew 5.5%, and large corporates was up 2.1%. So the average balance for the period grew 2.3%, and this is what generates revenue and consequently net interest margin. This takes away a little of the seasonality and the FX rate effects that I explained in the previous chart. The average balance, therefore, is the best information available to analyze the NII. Next, we present the traditional margin chart, where we show the NII figures in billions of RIAIs at the top, and below, the NIM, which is the annualized average margins. I will start by focusing on the NII with clients, in which we have two major effects. The first one is the working capital, which posted results of 3.2 billion reais in the previous quarter. And now for the first quarter of 2025, it has generated results of 4.0 billion reais. When we look at the spread-sensitive margin related to the loan portfolio, that is the core margin, we have a few effects. The higher volume had a positive impact of 300 million reais. Out of 900 million reais in total growth, as shown here on this slide, as regards the product mix, for example, the increase in financed credit card portfolio, which I showed earlier, affects the mix because this is a portfolio with a higher spread. The segment's mix between large corporates, SMEs, and individuals also impacts this line along with the product mix within these segments. All of these affect this line and resulted in a positive result being posted for the quarter. We have consolidated the spreads and the liability margin impacts. By spread here, we considered both credit portfolio spreads and also the liability margin spread, from which we have also obtained a positive effect. A key issue to be considered in the NII is the calendar effect. This quarter, we had fewer working days and fewer calendar days. This has affected both the asset side or the credit side and the liability side of the business, depending on the metric used and how we manage and monitor them. The calendar effect shows that this seasonality removes 500 million reais from our earnings. We would have posted very strong growth if not for this seasonality due to the calendar effect. Analyzing the impact shown in the bar, Latin America and others, we have had both positive and negative effects. This line also recorded the positive effect of about 100 million reais due to the stop accrual change with the implementation of Resolution 4966. This effect is included in this line named Others, and I will detail it soon when we talk about the margin. We have always been very disciplined in managing the stop accrual, therefore the effect of the change in stop accrual from 60 to 90 days was positive for our margin, not negative. This is a key point to be taken into consideration. Moving on to the annualized average margin, here are some highlights. First, there was a significant increase in the consolidated NIM that reached 9%, and a significant increase in the risk-adjusted NIM that reached 6.1%. This dotted line in the 5.8% is just to remind you that in the third quarter of last year, there was a credit provision reversal amounting to 500 million reais before tax related to the case of that retailer currently under Chapter 11. This layout helps you analyze the trend over time. This is the best risk-adjusted margin we have ever posted since the fourth quarter of 2019, which is the quarter immediately preceding the first quarter of the pandemic. The story is no different for the operation in Brazil. We have reached NIM of 9.8% and risk-adjusted NIM of 6.6%. The one-off effect from the retailer we just talked about stands out more because the transaction is booked in Brazil, which again shows an important margin recovery trend. I always tell you that the way the bank is managed is reflected in the risk-adjusted margin. Growing revenue-generating margin is challenging with a certain degree of difficulty. Our focus is on making the risk-adjusted NIM grow because that is what remains at the end of the day net of the cost of credit. Moving on to the NII with the market, we can see a steep increase for the first quarter to 900 million reais in total, broken down into 1.2 billion reais in Brazil, 200 million reais in Latin America, and a capital ratio hedge cost with a negative impact of 500 million reais. The next question would be, come on, Milton, the midpoint of the guidance released for the 2025 earnings is 2 billion reais. In the first quarter, you made practically half of this total. Were you conservative in your guidance for 2025 results on NII with the market? What is your view on it? Well, we reiterate the 2025 guidance. We had an exceptional trading result in the first quarter, which may not be repeated going forward. We monitor our ability to create value and generate alpha in trading, and this quarter was above average. So, obviously, we are working hard to deliver better results. In addition to that, the capital ratio hedge cost is expected to rise a lot over the next few quarters. Therefore, we will still see these effects on the NII with the market, which leads us to expect that we should end the year a little above the midpoint of the guidance. which is 2 billion reais based on our best current projection. This is still our best expectation. We continue to work on it. Projecting the margin with the market is hard. Despite our track record, we anticipate that some effects, especially the capital ratio hedge cost, will widen given the interest rate spread. But we reiterate our guidance. I know this question will come up, but I wanted to anticipate this issue while presenting the NII with the market. next we present the commission's fees and results from insurance chart where we have made some changes I have been telling you for several quarters now that we have been reconsidering the way we disclose the acquiring business results, since it makes no sense to disclose them separately from payments results. Let's not forget that part of the acquiring business revenue is recorded in this chart, and the other portion is recorded as NII with clients. The portion of acquiring results recorded as NII has not changed, but we have consolidated the acquiring results recorded in the commissions and fees chart under payments and collections. As of now, the credit and debit cards results consider only the issuance operation. In addition to the acquiring business, we also consolidated under payments and collections the revenue from tariffs collected from corporate clients as packages. Before, it was consolidated in the current account services line. This change was made to better reflect the way we manage the bank. All in all, we brought to the payments and collections line the acquiring business results that were considered in the credit and debit cards line and also the tariffs collected from corporate clients' packages, which were in the current account services line before. Therefore, card issuance business results were isolated and the same to current account results for individuals. These are the main disclosure changes. We have also a second order effect, which I'd already anticipated when we disclosed the 2025 guidance at the beginning of the year regarding some deferrals that would be made in some of 2025 these lines when applying Resolution 4966. If we excluded this effect from Resolution 4966, we would have grown 6.5% year over year instead of growing 5.6% as presented in the chart. Revenue growth depends a lot on the economic activity. We posted a weaker DCM since it was record high last year. We have been able to deliver earnings from asset management, but the performance fee is only recorded in the second and fourth quarters. So there is a seasonal effect in the first quarter when we compare it with the fourth quarter. Our growth in commissions, fees and insurance is well within expectations and very sound, in line with what we have been seeing in terms of activity momentum. Better momentum in the capital market and even in the asset management business itself will certainly create more opportunities. The insurance operation has been at a very sound growth level and after several years of expansion we continue to find opportunities to improve our results and the insurance business. Next, I am going to talk about the cost of credit and the delinquency rates. I will first address the short-term NPLs, both on a consolidated basis and in Brazil, and then we will talk about the long-term NPLs. And here we already have some adaptations emerging from Resolution 4966. Starting with the short-term NPLs, when we look at the consolidated figure, we see that it is very well behaved. Let's not forget that usually this quarter shows greater pressure on short-term NPLs, especially because this is a period when households have more taxes to pay, school tuition, and some end-of-year shopping payments are pushed forward to the first quarter. As a result, seasonally this quarter puts a little more pressure on short-term NPLs. I am going to show you the breakdown of the figures for the operation in Brazil, and you will see that our short-term NPLs are very well behaved when compared to previous quarters. Here we introduce the short-term NPL ratio by also including securities in the denominator. This is the new methodology introduced by Resolution 4966 and shows that the ratios also continue to be well behaved. When we look at the short-term NPLs of individuals, we see they increased by 26 basis points. Last year, this increase was lower, and we have still observed some effects of the portfolio de-risking. However, when we compare this ratio to the historical average, this increase is at a level below this average, which is very sound and consistent. It was no different for SMEs. The NPL was very well-behaved, and I will show you details of it in a moment. and the ratio adjusted by securities also shows a very low short-term NPL ratio. Naturally, the figures for large corporates are lower. I always tell you that it is much better to analyze the credit portfolio considering loan by stage instead of the NPLs, especially for large corporates. Probably you would ask me about the long-term NPLs, so I am going to answer it right away. We continue to have very well-behaved NPL ratios, the best in the bank history in all segments, and here we also show the ratios adjusted by securities. When we zoom in the operation in Brazil, you will see that there was a drop in the 90-day NPL ratio for individuals. This is the best ratio ever. In the SMEs business, we also see a major improvement in this ratio adjusted by securities. And you see that there was a discontinuity since we had been operating between 2.3% and 2.5% levels, and here we have two relevant pieces of information. this ratio at these low levels between 1.6 percent and 1.8 percent is not sustainable for two reasons first because of the production volume both in the fourth quarter of 2024 and the first quarter of 2025 boosted the denominator and also because of the portfolio mix which was built up mainly with government programs with grace period therefore the denominator is affected by a higher credit portfolio while the numerator overdue loans is not this effect will normalize throughout the year And our best expectation is that it will return to the levels of the third quarter of 2024 and back, absolutely well-behaved and within our appetite, without any kind of specific concerns, naturally considering today's data and market inputs. But just to make it clear to you, over the next few quarters, we will see a normalization of this ratio, which in fact, due to this effect, is much lower than our actual expectation. In terms of cost of credit, it reached R9 billion in nominal terms. The cost of credit over the total loan book reached 2.6% considering the new credit portfolio, which is flat when compared to the previous quarter. For comparison purposes, it is best to consider 2.7% in the first quarter of 2025, which considers the same criteria for the loan book as the historic series. When we go to the write-offs, we can also see a relevant effect, resulting in a drop. We have done the de-risking process over the years, so first you go through the short-term NPLs, then the long-term NPLs, and then you get to the write-offs. Therefore, we have not changed any criteria, and this is very important to keep in mind. Resolution 4966, currently effective, allows some additional degree of freedom, especially to address the write-offs and to recognize a provision of 100%. Our vision remains exactly the same. Despite the degree of freedom, we have kept our logic unchanged since this is our best expectation of recoverability or actual loss on a given loan. Therefore, as a general rule, we continue to use 360-day terms. resolution four nine six six breaks down by product clusters but the main message for you is that there has not been any change in criteria had we change the criteria the write-off would have been longer it would take more time and the NPL ratios would have gone up but we would have had a momentary benefit from better credit costs. So, by doing a backtest, if we had applied the degree of freedom of Resolution 4966 to our 2024 credit cost, we would have had a cost of credit 10% lower than last year's, which is not small. Therefore, we didn't change the criteria. We continue to be very disciplined and to manage the bank based on expected losses and not on incurred losses. We continue to take into consideration our best expectation of loss materialization, and therefore 360 days is the statistically best input we have to support the write-off criterion that we have been using. And it is much more consistent with our management. At this point, I'd like to take a break since this is a new chart, and I have some messages to pass on to you. From now on, we will start tracking credit quality for stages two and three. So I'm going to zoom in on each of these stages, not only to show how our portfolio is distributed, but also to show the coverage by stage. Let's start with stage two. We see that 8% of the individual's portfolio in Brazil is classified in stage two, as well as 1.8% of corporate portfolio. 4.6% of Latin America, and 4.3% of the total portfolio. And the additional data introduced is what we call coverage by stage, which is a very important indicator. It's the balance of allowances for expected loss for the portfolio classified at that specific stage. In this case, we have an allowance balance for the individual's portfolio of 26% classified in stage 2, which was 24.5% last quarter. The first message to get across is that this is a major change in the way we handle the stages and we have some degree of freedom or discretion in how to carry out this rating. Since the bank has always worked with expected losses and this is why at the end of the year there was no impact on the cost of credit and on stockholders' equity. Because of the change in methodology, we just maintained the expected loss and not the incurred loss approach. This difference is very important. And how do you observe this? If we add up the Stage 2 portfolio and the Stage 3 portfolio, which I will show in a moment, and compare the outcome with our NPL ratios, which apply either to short-term or long-term, regardless of the analysis you want to make, you will see that both in Stage 2 and 3 are virtually double our actual NPL. This shows how rigorously we measure these stages. If it was only by NPL, and therefore the figures observed here were identical to the NPL figures, it wouldn't make much sense to have the stages. In much simpler terms, we have the short-term NPLs in Stage 2 and the long-term NPLs in Stage 3. In addition, we also include in Stage 3 any credit deterioration, renegotiations, problematic assets, and restructured assets, which are those renegotiated after becoming 30 days overdue or those renegotiated twice, even if not overdue. When we acknowledge a change in a client's credit risk, even if it refers to performing loans and there are no overdue payments, which is particularly the case for companies, we classify it in Stage 2, and depending on how steep the movement is, it goes to Stage 3. Stage indicators are very important, and I think it is going to greatly improve comparability to see that we have provisioned for expected loss, which is why our stages are higher than our current NPL ratios. Another key issue is what we are calling coverages, which ends up depending a lot on the mix. I will give you an example. If we have a mortgage loan payment overdue by more than 90 days, it goes automatically to Stage 3. But because the loan is guaranteed by the property, we do not need a 100% allowance balance just because it's in Stage 3. This is why it's very important to understand the underlying mix. A company whose rating is downgraded is automatically classified in stage 2 before going to stage 3 because it did not become a problem asset. I may have collaterals, so my allowance may be lower than the balance classified in this stage. In individuals, we have 26.1% coverage in Stage 2, while for companies, the coverage is 22.9%, and in Latin America, it's 16.6%. In Stage 3, we have 5.8% of the portfolio of individuals, 3.5% of the portfolio of companies, and 4.3% of the portfolio of Latin America. That is, 4.4% of the total portfolio is classified in stage 3, and when we look at the coverages, we see that they are already higher coverages because they refer to problematic assets, which underwent more renegotiations or restructured assets that automatically end up in this stage. And bear in mind the comments I have made about coverage, mix, and type of product. Another important point is that despite the change in the standard, we have not changed the way we manage the bank using the expected loss model. So deep down, this is a consequence of everything we have already been doing over the years. In other words, if we had to reprocess that traditional coverage ratio, which took into account the allowance balance for payments past due more than 90 days, you would see stability because nothing has changed. This is a consequence of the changes and not because we had to change the way we managed the bank's allowances and loan portfolio. This strengthens our suitable risk management criteria, rigor, and discipline, in particular when compared to the rest of the market. You can see this in our figures, whether in the change of the stop accrual approach with a 100 million reais positive impact on our margin, or in the reclassification of portfolios as I have commented previously. In the end, all this is a reflection of better risk management. As regards the non-interest expenses, We have also changed the disclosure to be more in line with the way we manage the bank. This is an interesting chart, and I would like to give you some insights from it. First, we classify in the personnel expenses line all expenses in the commercial and administrative areas. Next, we have the transactional expenses related to the entire bank infrastructure and operation, that is, the entire portion of expenses on fixed assets, branches, and infrastructure to run the bank. In the technology expenses line, we are including all expenses on IT personnel and infrastructure. In other words, this line includes all those technology employees allocated to the community. Finally, we have the other expenses line. Year over year, non-interest expenses grew 8.2% in Brazil and 9.8%, considering also the Latin American operations. In other words, everything is absolutely within what we had already expected, and this line will converge within the guidance range throughout the year. But the most interesting thing is to observe the time series that we have included in this presentation, despite the baseline comparison effect. When we look at personnel expenses from the commercial and administrative areas, we see that the actual growth of these expenses has been only 0.6% per year over the last 10 years. In a deflated series, that is very much in line with what we have been doing with regard to the management of the bank's teams. As for transactional expenses, we also have an interesting fact. We have posted a drop of 12% per year over the last 10 years. This translates into a deflated development equivalent to a 68.5% decrease in the period with the exponential effect of a negative change over time. This shows that we are managing to obtain an important reduction in transactional and infrastructure expenses while we have invested in technology and good team management, therefore increasing the bank's operating leverage. And this is reflected in that efficiency ratio of 36% in Brazil, which you have seen just now. And when we look at technology expenses, it is very clear that we have been posting growth of 5.3% per year, in expenses over the last 10 years. This considers all the systems modernization, all the investments in our platform, and all the investment in product and digital actions, among others. In other words, we are perfectly consistent with our strategy of having a completely modernized and much more agile bank with incredible experience and with a much better operating scale and leverage. This is why I think this chart perfectly summarizes our strategy. Let's move on to the efficiency ratio that I was commenting on. We have reached a consolidated efficiency ratio of 38.1% and an efficiency ratio of 36% in Brazil, which is the best ratio in the time series. And in a series not as long, from the first quarter of 2019 to today, we can see exactly how we have been able to make progress in terms of efficiency ratio, whether through a more efficient operating leverage management with more investments in technology or through our ability to generate revenues. Our figures are very good and we are very pleased, but we still have a lot of work to do. The good news is that we still have a lot of opportunities to chase and we will continue to be very disciplined in the bank's cost management. In closing, let's talk about capital. Here we show that we came out of a CET1 of 13.7%. In the fourth quarter of 2024, we had the payment of additional dividends with an impact of 110 basis points, and as a result, we reached a CET1 of 12.6%. We had a contribution of 60 basis points to net income for the quarter, showing that our ability to generate capital with profitability remains very strong. And this made it possible to neutralize the impact of risk-weighted assets, such as market, operational, and credit risk, and to absorb all regulatory impacts with this increased capital generation capacity. We have dedicated teams in-house that are always looking for opportunities to increase capital efficiency. Therefore, all the operational risk capital and all the credit risk capital and structured operations that increased in this quarter were absorbed with the capital generation for the quarter itself. Thus, we reached a CET one of 12.6%, which is a very sound threshold. With everything remaining constant, we will work hard to be able to pay more additional dividends. As we always say, our goal is to pay recurring additional dividends, and that is what we have been working on. All the planning we do is carried out with a lot of discipline while monitoring the existing scenario, our growth capacity, regulatory impacts, etc. All these factors are taken into consideration while the bank continues to have a very sound capacity for generating capital. With that said, I end my presentation here. I'd like to end with two takeaways for you. First, as you have seen, this quarter we posted very sound results of a high-quality, I think it is important to look not only at our bottom line, but also to understand the entire mix and the effects that have led to it. We have posted significantly higher revenue, a major growth in EBIT, an efficiency ratio at its best levels, and a reduction in the cost of credit. In short, a quarter with very well-behaved indicators. As I have always said, we have never been so well prepared to face whatever challenges lie ahead. whether for the quality of our portfolio, the level of provisions in our balance sheet, and a huge level of compliance with the new standards, which shows that, at the end of the day, managing lending using the expected loss approach, as we have been doing for many years, has generated consistent results. There were no transfers among line items, there was no discontinuity in the financial margin, and all the other effects I have already mentioned were taken into consideration, which is very positive. As you can see, I am in the auditorium, and I am going to need a minute to join Renato, who is waiting for me in our studio for our Q&A session. In the meantime, we will show you our new campaign that we are launching, which basically reflects everything you have seen in this presentation, especially regarding the investments we have made so far. Over the years, we have invested a lot in the bank. We always talk about institutional marketing and large institutional campaigns, but we have made an important change. We are increasingly talking more about our products and our business lines, while naturally being very careful in what we say and backing all the investments made by our brand, which is the most valuable brand in Latin America. This new campaign has some very important attributes. The first is to communicate to the public what our activity and our daily life is that is working to simplify people's lives provide good product experience and good business experience and solve client problems this new campaign shows this and you will be able to see the number of products that we have been launching as a result of our capacity for innovation and modernization achieved over the years also we reclaim a word that has been very important to us for many years which is done we used to talk about made for you then we evolved to Made With You, and then we launched Made A Future. And now we think that to make it simpler and make this delivery tangible, the time has come to use It's Done. And this is what you will see in this campaign. I hope you like it, because here at Itaú, when we deliver a product, we deliver a solution. It is done. Thank you, everyone. Now I'm going to join Renato and we will talk in a little while.

See you later.