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    Henrique Navarro • Santander

    Henrique Navarro's questions to Itau Unibanco Holding SA (ITUB) leadership

    Henrique Navarro's questions to Itau Unibanco Holding SA (ITUB) leadership • Q1 2025

    Question

    Henrique Navarro of Santander raised market concerns about a potential rise in delinquency in the second quarter due to the lagging effects of high interest rates and asked for Itaú's outlook.

    Answer

    CEO Milton Maluhy Filho acknowledged that some market indicators show stress, but he expressed confidence in Itaú's portfolio. He stated that due to significant derisking and a focus on resilient clients, the bank's portfolio has never been better prepared. He expects delinquency rates to remain stable, with the exception of a predictable normalization in the SME segment, and does not foresee major negative surprises.

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    Henrique Navarro's questions to Banco Bradesco SA (BBD) leadership

    Henrique Navarro's questions to Banco Bradesco SA (BBD) leadership • Q1 2025

    Question

    Henrique Navarro raised a question about capital adequacy, asking if Bradesco's capital structure is robust enough to support a potential acceleration in loan growth in 2026, addressing investor concerns.

    Answer

    Executives Marcelo de Noronha and Cassiano Scarpelli expressed strong confidence in their capital position, stating they are very comfortable with the current CET1 ratio of 13%. They noted that the primary source of capital generation is net income, which is improving, and that their current capital level is in line with their four-year strategic plan. They view the potential for high growth as a 'good problem to have' and do not foresee any capital constraints.

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    Henrique Navarro's questions to XP Inc (XP) leadership

    Henrique Navarro's questions to XP Inc (XP) leadership • Q3 2024

    Question

    Henrique Navarro asked about the business impact of increasing competition from large incumbent banks, which are enhancing their investment platforms and IFA networks.

    Answer

    CEO Thiago Maffra argued that the primary competitive headwind over the last two years has been the high-interest-rate environment benefiting incumbents' tax-exempt products, rather than structural improvements at those banks. He emphasized that XP's guidance is not dependent on a favorable macro shift.

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    Henrique Navarro's questions to Nu Holdings Ltd (NU) leadership

    Henrique Navarro's questions to Nu Holdings Ltd (NU) leadership • Q3 2024

    Question

    Henrique Navarro followed up on the provisioning mismatch, asking for the rationale given a deteriorating macro environment and whether there is a risk that Nu may need to reinforce provisions in the future.

    Answer

    President and COO Youssef Lahrech acknowledged that macro scenarios are factored into provisioning models but emphasized that the dominant effects are the nature, mix, and performance of the assets originated. He reiterated that the primary driver for the current provisioning level relative to loan growth is the accelerated growth of low-risk secured loans, which naturally drives down the required coverage ratio for the overall portfolio.

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