Henrique Navarro

Henrique Navarro inquired about the bank's appetite and expectations for payroll loans, particularly focusing on private payroll loans, and the market share gains on the public side.

Answer

CEO Marcelo de Araújo Noronha stated that the bank is very well-positioned to grow and gain market share in payroll loans. He confirmed market share gains on the public side and expressed optimism about increasing share on the private side, leveraging highly competitive 24/7 models. He noted observed growth in Q4 2025 and expected continuity throughout 2026.

Henrique Navarro from Banco Santander asked for further details on the bank's appetite and expectations for payroll loans, particularly focusing on the private payroll loan segment, given recent market share gains on the public side.

Answer

CEO Marcelo de Araújo Noronha stated strong positioning to gain market share in payroll loans, especially on the private side where the bank has the lowest market share, indicating significant opportunity. He highlighted competitive 24/7 models and observed growth in Q4 2025, expressing optimism for continued growth.

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.

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.

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.

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.