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    Eduardo Nishio • Genial Investimentos

    Eduardo Nishio's questions to Itau Unibanco Holding SA (ITUB) leadership

    Eduardo Nishio's questions to Itau Unibanco Holding SA (ITUB) leadership • Q1 2025

    Question

    Eduardo Nishio from Genial asked about the competitive advantage of Itaú's strategy to hedge its capital in foreign operations and the associated trade-off with the cost impacting NII with the market.

    Answer

    CEO Milton Maluhy Filho explained that the hedge is critical given the significant size of Itaú's operations outside Brazil. The strategy provides stability to the capital ratio, which is essential for predictable growth and dividend payouts in a volatile environment. While this carries a cost that affects NII with the market, it is a deliberate trade-off to reduce volatility and operate with a more efficient capital buffer.

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    Eduardo Nishio's questions to Banco Bradesco SA (BBD) leadership

    Eduardo Nishio's questions to Banco Bradesco SA (BBD) leadership • Q2 2024

    Question

    Eduardo Nishio from Genial Investimentos asked for more details on the new client platform, specifically how it will reduce the cost-to-serve beyond physical branch reductions. He also asked management to share their internal calculation for the 'implicit profit' derived from the annual guidance.

    Answer

    Executive Marcelo de Noronha highlighted the Bradesco Expresso platform as a key initiative to lower the cost-to-serve via a variable cost model, noting other initiatives are also underway. On the implicit profit, CFO/CTO Cassiano Scarpelli stated that while the bank doesn't provide a specific number, the market consensus range of BRL 17.5 billion to BRL 18.5 billion is 'quite adequate' and close to their internal figures.

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