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    Henrique Navarro

    Research Analyst at Banco Santander, S.A.

    Henrique Navarro is an Analyst at Banco Santander, S.A., specializing in general sector equity research with active coverage of several publicly traded companies, including ITUB. He has issued ratings on at least seven companies and achieved a top individual rating return of +47% with an overall 50% success rate, according to recent data from TipRanks. With a record tracked since at least 2022, Navarro provides a blend of buy, hold, and downgrade recommendations, though further details on previous roles or professional certifications are not publicly available. His latest analyses contribute disciplined sector insights for Santander's institutional clients, with ongoing tracking of returns and recommendation accuracy.

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

    Henrique Navarro's questions to Itau Unibanco Holding (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 BANK BRADESCO (BBD) leadership

    Henrique Navarro's questions to BANK BRADESCO (BBD) leadership • Q1 2025

    Question

    Henrique Navarro raised investor concerns about Bradesco's capital adequacy, asking if the current capital structure is sufficient to support a potential new growth cycle in 2026 and beyond, especially compared to competitors.

    Answer

    Executive Cassiano Scarpelli expressed confidence in their capital position, stating it is aligned with their four-year strategic plan and historical levels. He emphasized that the primary source of capital generation is net income, and as profitability improves, the capital base strengthens organically. This growth also enhances their ability to utilize tax credits. An executive added that the bank successfully grew its capital base in Q1, driven by net income, and they are not concerned about its adequacy for future growth.

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    Henrique Navarro's questions to XP (XP) leadership

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

    Henrique Navarro's questions to Nu Holdings (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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