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    Gustavo Schroden • Citigroup

    Gustavo Schroden's questions to StoneCo Ltd (STNE) leadership

    Gustavo Schroden's questions to StoneCo Ltd (STNE) leadership • Q2 2025

    Question

    Gustavo Schroden questioned the sustainability of financial income growth in offsetting weaker transaction volumes and asked if the 30% ROE for continuing operations is a new sustainable level.

    Answer

    CFO & IRO Mateus Scherer Schwening advised focusing on overall gross profit growth, which is outpacing TPV growth due to pricing and engagement. He indicated that the 30% ROE for the financial services segment is likely on the 'lower bound' of its potential, as it is currently being dragged down by the company's excess capital position.

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    Gustavo Schroden's questions to Inter & Co Inc (INTR) leadership

    Gustavo Schroden's questions to Inter & Co Inc (INTR) leadership • Q2 2025

    Question

    Gustavo Schroden asked for commentary on the company's '60/30/30' plan (60M clients, 30% efficiency, 30% ROE by 2027), presenting his own projections based on the current run-rate and asking if they were reasonable.

    Answer

    Global CEO João Vitor Nazareth Teixeira de Souza affirmed the company's commitment to the plan, stating that while there are macro uncertainties, the platform's network effect is accelerating progress. He expressed confidence in achieving the goals and confirmed that Mr. Schroden's projections were 'pretty much in line' with the company's internal expectations.

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    Gustavo Schroden's questions to Inter & Co Inc (INTR) leadership • Q4 2024

    Question

    Gustavo Schroden asked about the potential to increase the loan-to-deposit ratio from its current 75% level toward that of incumbent banks. He also requested an outlook for the cost of risk in 2025, which stood around 5% in 2024.

    Answer

    Executive Santiago Stel responded that while the loan-to-deposit ratio could rise toward 80%, strong deposit growth continues, driven by the app's transactional nature. He expects the cost of risk to remain stable in the 5.0% to 5.2% range for 2025, as the benefit from growth in secured lending is balanced by marginal risk-taking in new, higher-margin unsecured products.

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    Gustavo Schroden's questions to Inter & Co Inc (INTR) leadership • Q3 2024

    Question

    Gustavo Schroden asked if Inter plans to be a counter-cyclical player regarding risk appetite, given other banks' conservative views on consumer finance. He also inquired about the expected impact of Central Bank Resolution 4966 on capital and provision expenses.

    Answer

    Executive João Vitor Nazareth Teixeira de Souza reiterated Inter's historically conservative stance but stated that its small market share and strong funding position allow it to maintain its ~30% growth target for 2025 without changing its risk appetite. Executive Santiago Stel explained that Resolution 4966 will primarily affect reporting metrics like NPL formation due to longer 'healing periods' but will not impact cost of risk, provisions, or Tier 1 capital, as the company already reports under IFRS. He emphasized that the risk-adjusted NIM is the key metric and is expected to continue improving.

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    Gustavo Schroden's questions to Inter & Co Inc (INTR) leadership • Q1 2024

    Question

    Gustavo Schroden asked about the outlook for loan growth acceleration amid the current macro environment and sought clarification on the factors causing a decrease in net ARPAC (Average Revenue Per Active Client) despite a rise in gross ARPAC.

    Answer

    Executive Alexandre De Oliveira projected 25-30% loan growth for the year, boosted by the new private payroll product, and noted the Consumer Finance 2.0 portfolio could reach BRL 1.5 billion. Executive Santiago Stel explained the net ARPAC decrease was primarily due to a BRL 100 million sequential drop in fee revenue, caused by seasonality (BRL 40M), one-off factors (BRL 40M), and the deferral impact of the 4966 accounting rule (BRL 20M).

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    Gustavo Schroden's questions to XP Inc (XP) leadership

    Gustavo Schroden's questions to XP Inc (XP) leadership • Q1 2025

    Question

    Gustavo Schroden of Citigroup Inc. asked for clarity on XP's revenue guidance, noting that Q1 growth of 7% was below the full-year target of at least 10%, and inquired about the drivers for the lower consolidated tax rate observed in the quarter.

    Answer

    CEO Thiago Maffra reaffirmed the 10%+ annual revenue guidance, stating that H1 was expected to be slower and that growth will accelerate in H2, driven by retail fixed income and new verticals like credit cards and insurance. CFO Victor Mansur explained the lower tax rate resulted from a favorable business mix, with less revenue from higher-taxed Issuer Services and more from lower-taxed secondary market activities.

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    Gustavo Schroden's questions to XP Inc (XP) leadership • Q4 2024

    Question

    Gustavo Schroden sought clarification on the strategy to enhance IFA productivity by replicating internal adviser tools. He also asked about the outlook for the take rate in 2025, questioning if it would face pressure from the increasing share of fixed income products.

    Answer

    CEO Thiago Maffra confirmed his 2025 focus is on deploying the successful sales management technology and techniques from the B2C channel to the B2B (IFA) channel to boost productivity. Regarding the take rate, he stated it has been stable for three years and the company's 2025 growth forecast assumes a flat take rate. While the mix shift to fixed income has been a headwind, he believes that cycle is nearing its end but is not yet projecting a recovery in the take rate.

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    Gustavo Schroden's questions to Nu Holdings Ltd (NU) leadership

    Gustavo Schroden's questions to Nu Holdings Ltd (NU) leadership • Q1 2025

    Question

    Gustavo Schroden of Citigroup asked about the 'Recomeço' debt renegotiation plan, questioning if it was related to the Pix financing product and whether it could create a moral hazard. He also inquired about the program's evolution and its expected impact on the P&L, balance sheet, and asset quality.

    Answer

    CEO David Velez-Osomo clarified that the program is new, had no impact on Q1 results, and is not related to Pix financing. He emphasized that it is carefully designed to avoid moral hazard by selectively offering a fresh start to customers, often with small, secured credit lines, and excluding those with a history of recidivism. The goal is to incentivize healthy credit behavior and is expected to have a small but positive impact in Q2.

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    Gustavo Schroden's questions to Nu Holdings Ltd (NU) leadership • Q4 2024

    Question

    Gustavo Schroden expressed concern about the deteriorating macroeconomic environment in Brazil and asked why Nu appears to maintain a positive outlook on credit growth when other banks are becoming more conservative, questioning the risk of adverse selection.

    Answer

    President and COO Youssef Lahrech responded that Nu's underwriting model is inherently conservative and designed to withstand economic cycles. He emphasized that they always underwrite with the assumption that the future will be significantly worse than the past and that their portfolio is 'battle-tested' from previous recessions. Lahrech stated they do not try to time the market but instead rely on a resilient, through-the-cycle underwriting framework, while also reflecting worsened economic forecasts in their loan loss provisions.

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    Gustavo Schroden's questions to Itau Unibanco Holding SA (ITUB) leadership

    Gustavo Schroden's questions to Itau Unibanco Holding SA (ITUB) leadership • Q1 2025

    Question

    Gustavo Schroden from Citibank inquired about the profitability of the mass-market segment, asking if it has improved to a level that would justify a more aggressive growth strategy.

    Answer

    CEO Milton Maluhy Filho confirmed a significant improvement in retail profitability, which rose from 16.4% in Q3 2022 to 25% currently, with both individual and corporate segments running above the cost of capital. However, he acknowledged a large opportunity remains in the low-income segment, which will be unlocked by optimizing the service model through the bank's ongoing digital transformation.

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    Gustavo Schroden's questions to Itau Unibanco Holding SA (ITUB) leadership • Q2 2024

    Question

    Gustavo Schroden asked for details on the composition of the strong treasury results (Market NII), questioning if there were any non-recurring items and whether the BRL 1.4 billion level is sustainable.

    Answer

    CEO Milton Maluhy Filho clarified that the quarter's result was an atypical outlier, driven by strong trading and banking book performance within existing risk limits, with no non-recurring artifacts. He stated that the expectation is for this line to normalize towards a more reasonable BRL 1.1 billion threshold in future quarters, rather than sustaining the current high level.

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    Gustavo Schroden's questions to Banco Bradesco SA (BBD) leadership

    Gustavo Schroden's questions to Banco Bradesco SA (BBD) leadership • Q1 2025

    Question

    Gustavo Schroden asked about management's comfort level with growing the loan portfolio amidst macroeconomic challenges like high inflation and interest rates, and how they view external risks.

    Answer

    Executive Marcelo de Noronha expressed confidence, stating that while the overall risk appetite remains moderate, Bradesco sees significant opportunities in secured loans. He highlighted growth areas such as payroll deductible loans, rural loans, and government-guaranteed loans for SMEs (FGO and FGI), where the bank has strong traction and a large customer base to penetrate, mitigating broader economic risks.

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