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    Jorge Kuri • Morgan Stanley

    Jorge Kuri's questions to Nu Holdings Ltd (NU) leadership

    Jorge Kuri's questions to Nu Holdings Ltd (NU) leadership • Q2 2025

    Question

    Jorge Kuri of Morgan Stanley questioned the flat quarter-over-quarter loan origination growth, contrasting it with strong year-over-year figures and recent initiatives like record credit line increases and PIX financing.

    Answer

    Guilherme Lago, CFO, broke down the performance by asset class. He noted that unsecured lending had an exceptionally strong Q1, while secured lending was impacted by a temporary industry-wide disruption in the INSS payroll system. He clarified that credit card receivables market share grew significantly due to improved underwriting models, and the overall portfolio still grew 8% quarter-over-quarter.

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    Jorge Kuri's questions to Nu Holdings Ltd (NU) leadership • Q1 2025

    Question

    Jorge Kuri from Morgan Stanley inquired about the resilience of Nu's Net Interest Margin (NIM) in Brazil, which remained stable despite higher SELIC rates and a pullback from high-yield Pix financing, and asked if the NIM has bottomed. He also requested clarification on the impact of a 10-day pause in FGTS loan originations.

    Answer

    Chief Financial Officer Guilherme Marques do Lago explained that the headwinds from higher interest rates and portfolio mix shifts were offset by an increasing loan-to-deposit ratio (LDR). He anticipates that continued balance sheet re-leveraging will be the primary driver for NIM expansion in the medium term. Regarding the FGTS pause, Lago estimated it caused a roughly 10% impact on FGTS originations for the quarter.

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    Jorge Kuri's questions to Nu Holdings Ltd (NU) leadership • Q4 2024

    Question

    Jorge Kuri asked for clarification on the short-term growth strategy for Pix financing and requested a detailed breakdown of the factors driving the recent compression in Nu's risk-adjusted net interest margin (NIM).

    Answer

    CFO Guilherme Marques do Lago clarified that Pix financing growth will align with the overall credit card portfolio's expansion in the short term, rather than growing as a percentage of the portfolio. This pause is to refine the user experience and address secondary impacts on NPS and churn, despite the product's strong profitability. CEO David Velez-Osomo added this reflects a cultural choice to prioritize long-term customer satisfaction over short-term earnings. Regarding the NIM, Lago attributed the 70bps contraction to FX translation effects (~45%), a mix shift towards lower-yield secured lending, and higher funding costs in Mexico and Colombia.

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    Jorge Kuri's questions to Nu Holdings Ltd (NU) leadership • Q3 2024

    Question

    Jorge Kuri inquired about the business and revenue model for Nu's new telecom service, NuCel, asking about its unit economics, potential profitability, and its expected long-term impact on the company's financials.

    Answer

    CEO David Velez-Osomo explained that NuCel operates on a revenue-share model with partner Claro, designed to leverage Nu's large customer base and low acquisition costs. He positioned it as a strategic entry into a new vertical with significant synergies, aiming to build a digital ecosystem beyond financial services. Velez noted it's early to detail financial impact but highlighted the potential for substantial, diversified revenue streams that are less cyclical than credit.

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    Jorge Kuri's questions to Banco Bradesco SA (BBD) leadership

    Jorge Kuri's questions to Banco Bradesco SA (BBD) leadership • Q2 2025

    Question

    Jorge Kuri of Morgan Stanley inquired about the path to normalizing net interest margins (NIM) to the 5% level to boost ROE, and the impact of interest rate sensitivity on this outlook.

    Answer

    IRO Andre Garvalho stated that the focus is on growing risk-adjusted returns, not just NIM. However, he noted the client NIM is trending up towards 9% due to better pricing and a favorable macro environment. He also mentioned that a decline in interest rates next year would positively impact the ALM and market NII. CEO Marcelo Morojin added that NII growth will come from better liability management and stacking portfolios with higher risk-adjusted returns.

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    Jorge Kuri's questions to Banco Bradesco SA (BBD) leadership • Q1 2025

    Question

    Jorge Kuri questioned why management wasn't more optimistic about reaching the top end of its net income guidance, asking for more detail on the commentary that market NII would be more 'challenging' in coming quarters.

    Answer

    An executive confirmed the full-year market NII guidance of BRL 0 to BRL 1 billion remains feasible despite potential volatility. Executive Cassiano Scarpelli added a positive note, stating that the effective income tax rate for the year is now expected to be lower (18-21% vs. a prior 19-23%), which provides an implicit boost to the net income potential within the guidance. They are optimistic about trending towards the upper range.

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    Jorge Kuri's questions to Banco Santander Brasil SA (BSBR) leadership

    Jorge Kuri's questions to Banco Santander Brasil SA (BSBR) leadership • Q2 2025

    Question

    Jorge Kuri from Morgan Stanley asked about the larger-than-expected negative Markets NII. He sought clarity on the outlook for this line item for the rest of the year with the Selic rate at 15% and its potential performance in 2026 if an easing cycle begins.

    Answer

    VP & IR Officer Gustavo Alejo Viviani noted the full-year plan for Markets NII remains unchanged. CEO Mario Roberto Opice Leão added that with the Selic rate consolidating at a high level, the negative impact from the ALM portfolio's funding cost is unlikely to improve materially in the coming quarters. However, for 2026, they expect a lower average Selic rate to create a positive delta and provide an earnings tailwind for this line.

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    Jorge Kuri's questions to Dlocal Ltd (DLO) leadership

    Jorge Kuri's questions to Dlocal Ltd (DLO) leadership • Q1 2025

    Question

    Jorge Kuri requested a deeper analysis of Brazil's revenue and gross profit decline and questioned the rationale for initiating a dividend policy given the vast growth opportunities in emerging markets.

    Answer

    CEO Pedro Arnt explained Brazil's decline was due to tough year-over-year comps from a merchant repricing, a shift to a lower-take-rate gateway product, and $2.5 million in one-off costs. Regarding capital allocation, he defended the dividend, stating the asset-light model generates excess cash beyond investment needs and that a dividend is preferable to a buyback due to the stock's low float.

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    Jorge Kuri's questions to Itau Unibanco Holding SA (ITUB) leadership

    Jorge Kuri's questions to Itau Unibanco Holding SA (ITUB) leadership • Q1 2025

    Question

    Jorge Kuri of Morgan Stanley asked for a long-term view on profitability, seeking to quantify how much of the current record ROE is due to high interest rates and how ROE might behave as rates normalize lower.

    Answer

    CEO Milton Maluhy Filho and CFO Gabriel de Moura explained that the bank is less sensitive to interest rates than it appears due to hedging strategies and a diversified portfolio. They argued that lower rates are preferable for the long term, as they stimulate credit demand, fee-generating activities, and overall economic growth, creating a positive portfolio effect that compensates for lower returns on capital and deposits.

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