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    Eric Ito • Bradesco BBI

    Eric Ito's questions to PagSeguro Digital Ltd (PAGS) leadership

    Eric Ito's questions to PagSeguro Digital Ltd (PAGS) leadership • Q1 2025

    Question

    Eric Ito asked if management has a target for the banking business's contribution to total gross profit, given its growth to 22%. He also requested more specific growth expectations for the unsecured credit lines, such as working capital loans.

    Answer

    Executive Ricardo da Silva stated that the company is not providing a specific target for the banking segment's gross profit contribution but expects to gain significant operational leverage as the credit portfolio scales. He confirmed they are actively working to scale the recently resumed overdraft and working capital products. Executive Alexandre Magnani added that the company is just 'scratching the surface' of its potential in banking, indicating a strong focus on future growth in this area.

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    Eric Ito's questions to PagSeguro Digital Ltd (PAGS) leadership • Q1 2025

    Question

    Eric Ito of Bradesco BBI asked if there is a target for the banking business's contribution to total gross profit, which reached 22%, and requested more specific details on growth expectations for unsecured credit lines like working capital.

    Answer

    Executive Ricardo da Silva declined to provide a specific gross profit target for the banking segment but emphasized its significant operational leverage and growth potential. He noted that after heavy investment in risk models and processes, the company is now focused on scaling its unsecured products. Executive Alexandre Magnani reinforced this by pointing out the company's very low market share in banking, which signifies substantial room for future growth.

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    Eric Ito's questions to Inter & Co Inc (INTR) leadership

    Eric Ito's questions to Inter & Co Inc (INTR) leadership • Q4 2024

    Question

    Eric Ito requested a breakdown of the drivers for the expected 20 bps quarterly NIM expansion in 2025, specifically the impact of funding costs and treasury results. He also asked about the credit card portfolio's mix between transactors and interest-earning balances.

    Answer

    Executive Santiago Stel detailed that NIM expansion is driven by a richer loan mix, scaling of high-rate consumer finance products, and stable funding costs, supplemented by a growing portfolio of tax-exempt structured notes. Executive Alexandre De Oliveira explained the credit card portfolio is 80% transactors, but the strategy is to shift customers from revolving to installment products. This may cause a short-term revenue dip but improves long-term portfolio health, with a goal of increasing the interest-earning portion.

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    Eric Ito's questions to Banco Santander-Chile (BSAC) leadership

    Eric Ito's questions to Banco Santander-Chile (BSAC) leadership • Q2 2024

    Question

    Eric Ito asked for the Net Interest Margin (NIM) outlook for 2025, considering factors like lower inflation and interest rates. He also inquired about fee growth expectations for 2025, given the full impact of the interchange rate cap.

    Answer

    CFO Emiliano Muratore projected the 2025 NIM to be around 3.5% to 3.7%, similar to the second half of 2024, with lower inflation acting as a headwind but a recovering yield curve providing a positive offset. Cristian Vicuna, Chief of Strategic Planning and Investor Relations, forecasted mid-to-high-single-digit fee growth for 2025, driven by customer base expansion, card transaction volume, Getnet, and asset management, which should more than compensate for the interchange fee cap impact.

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