Andrew Gerrity

Andrew Garrity asked for more details on the loan portfolio guidance of 8.5%-10.5%, specifically elaborating on expected growth in different segments (payroll loans, secured loans) and potential upside by segment.

Answer

EVP and CFO Cassiano Scarpelli stated that the bank starts 2026 with strong traction, expecting continuity of trends with very strong SMEs, followed by individuals, and then wholesale. CEO Marcelo de Araújo Noronha elaborated that affluent segments like Principal and Prime are supported by unique relationship products (investments, credit cards, mortgages). For companies, there's a mix of products growing in SMEs, and the wholesale bank focuses on recycling its portfolio (origination for distribution) to maintain risk-adjusted returns, complemented by important fees and a new cash management technology platform.

Andrew Garrity from Morgan Stanley requested further elaboration on the 8.5%-10.5% loan portfolio guidance, seeking segment-specific expectations for growth, identifying areas of stronger or weaker performance, and potential upside.

Answer

CFO Cassiano Scarpelli and CEO Marcelo de Araújo Noronha stated that the bank starts 2026 with strong traction, expecting continuity of trends with strong SMEs, followed by individuals, and then wholesale. They highlighted diverse product mixes for affluent segments (investments, credit cards, mortgages), and for legal entities (government lines, vehicle funding, supplier prepayments). They also mentioned recycling the wholesale portfolio (OPD book) when risk-adjusted returns are compromised, and leveraging cash management and new technology platforms for profitability.

Andrew Gerrity asked about the sustainability of the higher retail take rate, which expanded sequentially and appeared to be driven by strong performance in fixed income products.

Answer

CEO Thiago Maffra stated that the take rate is expected to be stable or slightly higher as retail revenue grows. CFO Victor Mansur added that while not factored into the 2026 guidance, a future market shift to higher ROA products could provide an upside, and a flat to slightly higher take rate is a reasonable near-term assumption.