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    Neha Agarwala • HSBC

    Neha Agarwala's questions to XP Inc (XP) leadership

    Neha Agarwala's questions to XP Inc (XP) leadership • Q2 2025

    Question

    Neha Agarwala of HSBC asked for the specific reason behind the significant weakness in corporate net new money and inquired about the potential impact on take rates from the growing adoption of the fee-based model.

    Answer

    CFO Victor Mansur attributed the corporate net new money weakness to competitors demanding investment reciprocity for credit, a trend that could persist. CEO Thiago Maffra addressed the fee-based model, stating that while it may slightly lower the take rate, it typically leads to a higher share of wallet from clients. He expects the net effect on revenue per client to be neutral or positive as clients consolidate more assets with XP under this model.

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    Neha Agarwala's questions to XP Inc (XP) leadership • Q3 2024

    Question

    Neha Agarwala inquired about the future outlook for credit growth, noting that the company's credit book had been flat year-over-year.

    Answer

    CFO Victor Mansur clarified that XP's strategy is not to accumulate a large credit portfolio but to recycle capital quickly, primarily through collateralized lending. He stated that while the nominal credit book will grow with the wholesale business, it is not expected to grow at the same rate as the overall company.

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    Neha Agarwala's questions to Nu Holdings Ltd (NU) leadership

    Neha Agarwala's questions to Nu Holdings Ltd (NU) leadership • Q2 2025

    Question

    Neha Agarwala from HSBC asked about two deposit trends: the driver for the sequential deposit pickup in Brazil and the early customer reaction to significant rate cuts in Mexico. She also followed up on which customer segments the Hyperplane credit limit expansion targets.

    Answer

    CFO Guilherme Lago explained Brazil's deposit growth was driven by increased customer engagement and share-of-wallet, not higher rates. For Mexico, he noted that deposit outflows after the rate cuts have not been material. CEO David Vélez added that as the Mexico product becomes more robust with new features, its value proposition is less reliant on high yields. On the follow-up, Vélez stated the Hyperplane expansion has so far focused on the mass market but will be applied to other segments.

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    Neha Agarwala's questions to Nu Holdings Ltd (NU) leadership • Q3 2024

    Question

    Neha Agarwala pointed out the strong 20% quarterly growth in personal loans versus only 6% growth in provisions, questioning why provisions didn't increase more in line with originations and if the cost of risk should have been higher.

    Answer

    President and COO Youssef Lahrech attributed the dynamic to offsetting forces within the loan book. He highlighted that the fastest-growing component of lending is secured lending, which carries very low risk and requires lower coverage ratios. He also noted that even within unsecured lending, asset quality has been slightly better than expected, contributing to the moderated growth in provisions.

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    Neha Agarwala's questions to Dlocal Ltd (DLO) leadership

    Neha Agarwala's questions to Dlocal Ltd (DLO) leadership • Q2 2025

    Question

    Neha Agarwala of HSBC asked for elaboration on the risks posed by cross-border tariffs, the strategic shift towards serving offline merchants, and whether the strong cost control in the quarter signals a new trend for the second half of the year.

    Answer

    CEO Pedro Arnt clarified that tariff risk is a potential macroeconomic headwind to monitor, particularly in markets like Mexico, but has not yet impacted business. He explained the move into offline payments is a tactical response to demand from existing digital clients expanding into physical commerce. Interim CFO Jeffrey Brown added that operating expenses are expected to continue increasing in H2 to support hiring and expansion, as reflected in the guidance.

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    Neha Agarwala's questions to Dlocal Ltd (DLO) leadership • Q1 2025

    Question

    Neha Agarwala asked about the competitive dynamics behind volume softness in Brazil and Mexico and sought an explanation for the increased processing costs in South Africa and Nigeria.

    Answer

    CEO Pedro Arnt stated that share of wallet shifts are normal in a competitive market and are often offset by gains elsewhere. He explained that higher processing costs in Africa were a deliberate choice to prioritize performance and conversion rates by using more expensive processors, and were also influenced by shifts in the payment method mix.

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    Neha Agarwala's questions to Dlocal Ltd (DLO) leadership • Q4 2024

    Question

    Neha Agarwala asked for elaboration on the strategy of prioritizing market share over price, the expansion plans for the payment orchestration model, whether pricing discussions have become more prominent, and the competitive advantage gained from the growing license portfolio.

    Answer

    Executive Pedro Arnt clarified that gaining scale is a top priority as it drives long-term processing cost advantages, making TPV growth a more critical metric than short-term take rate. He noted the orchestration product is for a small subset of merchants in large markets. While acknowledging increased competition, he asserted that performance and technology remain key differentiators. Finally, he confirmed the expanding license portfolio is a significant competitive advantage, offering regulatory security and trust to global merchants.

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    Neha Agarwala's questions to Dlocal Ltd (DLO) leadership • Q3 2024

    Question

    Neha Agarwala questioned the disparity in gross profit margins between Latin America (38%) and other regions (56%), asking where they might normalize. She also asked about the future of OpEx, wondering if major investments would conclude in 2024 or continue into 2025.

    Answer

    Executive Pedro Arnt explained that margins are a function of scale-driven cost negotiations, a higher mix of cross-border business in newer markets, and unpredictable country/payment mixes. On OpEx, he stated that while the company is showing sequential leverage, a few more quarters of disciplined investment are needed before the full operational leverage of the model is realized, though the mid-term targets remain.

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    Neha Agarwala's questions to StoneCo Ltd (STNE) leadership

    Neha Agarwala's questions to StoneCo Ltd (STNE) leadership • Q2 2025

    Question

    Neha Agarwala asked for the outlook on the credit business, whether the 20% cost of risk is a new run-rate, and for color on the performance and features of the loan portfolio.

    Answer

    CFO & IRO Mateus Scherer Schwening clarified that the 20% cost of risk was a one-off due to a conservative macro provision and that a mid-teens level is more sustainable. Strategy & Marketing Officer Lia Machado de Matos added that the strategy focuses on scaling working capital solutions and developing a 'credit building' process to expand offerings across the client base.

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    Neha Agarwala's questions to StoneCo Ltd (STNE) leadership • Q1 2025

    Question

    Neha Agarwala questioned the reasoning behind the expected further deceleration in TPV growth, given that repricing was largely completed. She also asked about the competitive impact of players like MercadoPago and the potential threat from Fiserv's entry into Brazil with its Clover offering, and followed up on the role of credit in the competitive landscape.

    Answer

    VP of Finance Mateus Schwening attributed the TPV deceleration outlook to the lagged full-quarter impact of churn from repricing and the natural growth moderation due to the company's increased scale. Executive Lia de Matos noted that while local competitors are monitored, their impact is not significant, as Stone is moving upmarket. She emphasized that Stone is evolving its own offerings to be more of a software and management solution for its clients.

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    Neha Agarwala's questions to StoneCo Ltd (STNE) leadership • Q3 2024

    Question

    Neha Agarwala asked about the sustainability of PIX take rates amid potential competition and whether new PIX features could cannibalize credit cards. She also inquired about the reason for the sharp quarter-over-quarter jump in the key account take rate and questioned why the company's expected credit loss target of 10% is significantly lower than peers.

    Answer

    Executive Lia de Matos stated they see PIX as a value-add service with stable monetization and no signs of it cannibalizing credit. The key account take rate jump was a mix effect from losing a large, low-rate sub-acquirer. Executive Mateus Schwening explained the lower credit loss target is due to a different client mix; Stone targets larger SMBs with an average loan size of BRL 30,000, unlike peers who focus on smaller micro-merchants.

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    Neha Agarwala's questions to Banco de Chile (BCH) leadership

    Neha Agarwala's questions to Banco de Chile (BCH) leadership • Q2 2025

    Question

    Neha Agarwala asked about the expected cadence for the remaining two quarters of the year, specifically any factors that could create volatility. She also inquired about potential risks associated with the upcoming presidential election and different candidate outcomes.

    Answer

    Head of IR Pablo Mejia identified inflation trends as the primary source of potential volatility for Q3 results, particularly after a recent negative print. He reiterated the full-year guidance, including a 21% ROE. Chief Economist Rodrigo Aravena addressed election risk by highlighting the checks and balances in Chile's political system and a broad consensus on fostering economic growth.

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    Neha Agarwala's questions to Banco de Chile (BCH) leadership • Q1 2025

    Question

    Neha Agarwala of HSBC asked about the primary macroeconomic concerns for the year, including any risk of tax hikes. She also inquired about the inflation outlook for 2026 and how the bank is managing its UF-denominated asset gap to protect margins.

    Answer

    Executive Rodrigo Aravena identified the global economy, particularly trade policy and its impact on China, and the upcoming Chilean presidential elections as the main concerns. He stated that tax hike proposals are currently off the table. He projected inflation to fall to around 3% in 2026, contingent on a stable exchange rate. Executive Pablo Ricci explained that the bank's CLP 9.7 trillion UF gap consists of a structural portion (~CLP 5-6 trillion) and a temporary treasury position, which is actively managed based on inflation expectations to generate returns.

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    Neha Agarwala's questions to Banco de Chile (BCH) leadership • Q4 2024

    Question

    Neha Agarwala asked about the outlook for operating expenses in 2025 following strong cost control in 2024, inquiring about expected growth and key drivers. She also revisited the capital topic, asking why the bank doesn't commit to a consistently higher dividend payout given its capital levels remain well above peers.

    Answer

    Executive Pablo Ricci stated the bank is targeting a relatively flat cost base for 2025 and a long-term efficiency ratio below 42%, driven by ongoing digitalization and operational improvements. Executive Daniel Ignacio Galarce Toro reiterated the capital strategy, emphasizing the need for buffers to fund future loan growth and to address potential regulatory changes from the final Basel III implementation, such as Pillar 2 charges.

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    Neha Agarwala's questions to Inter & Co Inc (INTR) leadership

    Neha Agarwala's questions to Inter & Co Inc (INTR) leadership • Q2 2025

    Question

    Neha Agarwala asked for more details on the effectiveness of the collateral for the private payroll product and inquired about the company's expected loan growth for the full year.

    Answer

    SVP Alexandre Riccio de Oliveira expressed high confidence in the collateral's effectiveness, citing improving payment processes, FGTS balances, and the portability of the collateral between jobs. He projected that full-year loan portfolio growth would be at the high end of the previously guided 25% to 30% range, driven by strong performance in private payroll, mortgages, and other key products.

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    Neha Agarwala's questions to Inter & Co Inc (INTR) leadership • Q4 2024

    Question

    Neha Agarwala inquired about the asset quality and 2025 growth expectations for the Consumer Finance 2.0 portfolio and asked about Inter's interest in the emerging private payroll loan market. She also questioned the lack of sequential GMV growth in the marketplace for Q4.

    Answer

    Executive João Vitor Nazareth Teixeira de Souza expressed optimism for Consumer Finance 2.0, noting its delinquency is currently lower than credit cards, though he did not provide a specific growth target. Executive Santiago Stel confirmed Inter sees private payroll loans as a promising market and will be ready to compete on day one. Regarding GMV, João Vitor clarified that there was a significant spike, with nearly 40% year-over-year growth, and that the company is expanding into services to sustain this momentum.

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    Neha Agarwala's questions to Inter & Co Inc (INTR) leadership • Q3 2024

    Question

    Neha Agarwala asked for the rationale behind the cautious growth in Pix financing, given the company's large market share in Pix. She also inquired about potential countries for the Global Account rollout and the investment required for such an expansion.

    Answer

    Executive João Vitor Nazareth Teixeira de Souza explained that the caution with Pix financing stems from the product's newness; the company is still gathering data and maturing cohorts to validate its risk models before accelerating growth. For the Global Account, he stated that while no specific market has been chosen, the strategy is to pursue an asset-light expansion by partnering with a bank-as-a-service provider, avoiding the need to deploy significant capital or acquire a new license.

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    Neha Agarwala's questions to Inter & Co Inc (INTR) leadership • Q1 2024

    Question

    Neha Agarwala asked for details on the new 'InterCard' product and the rationale for launching a separate card. She also requested more information on the Buy Now, Pay Later (BNPL) offering, including customer selection, rates, and performance.

    Answer

    Executive João Vitor Nazareth Teixeira de Souza explained that 'InterCard' is a 100% digital, preapproved credit line designed to foster engagement within Inter's ecosystem and disintermediate interchange fees. Regarding BNPL, he noted that the platform allows for real-time, data-driven underwriting, offering credit to clients based on their behavior and the specific item being purchased, creating a 'win-win' situation as part of their 'Consumer Finance 2.0' strategy.

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    Neha Agarwala's questions to Banco Santander-Chile (BSAC) leadership

    Neha Agarwala's questions to Banco Santander-Chile (BSAC) leadership • Q2 2025

    Question

    Neha Agarwala of HSBC asked about the primary business risks Santander Chile faces from the upcoming elections, beyond muted loan growth, particularly concerning macroeconomic factors and asset quality.

    Answer

    Andrés Sansone, Chief Economist, identified the main risks as external, stemming from US-China trade dynamics and a potential sharper-than-expected global slowdown. He noted that while current polls suggest a market-friendly election outcome, the primary results have increased the probability of tail-risk scenarios, which the bank continues to monitor closely.

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    Neha Agarwala's questions to Banco Santander-Chile (BSAC) leadership • Q2 2025

    Question

    Neha Agarwala from HSBC asked about the primary risks to the business associated with the upcoming elections, beyond the expected impact on loan growth, such as macro or asset quality risks.

    Answer

    Andrés Sansone, Chief Economist, identified the main risks as external, particularly US-China trade tensions and a potential sharp global slowdown. He noted that while the base case for the election is market-friendly, recent primary results have increased the probability of more extreme 'tail scenarios' that require monitoring.

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    Neha Agarwala's questions to Banco Santander-Chile (BSAC) leadership • Q1 2025

    Question

    Neha Agarwala questioned the main risks for the year, the expected evolution of the Net Interest Margin (NIM) for the remainder of 2025 and into 2026, and the bank's view on a normalized Return on Equity (ROE) level.

    Answer

    Patricia Pallacan, CFO, stated that the bank is confident in its NIM guidance of around 4% for 2025, with expected inflation already factored in. Cristian Vicuna, Head of Strategy and IR, added that the main risks are external, stemming from international trade volatility. Regarding ROE, he reiterated the bank's updated guidance of sustaining levels above 20%, a step up from the pre-pandemic range of 17-19%.

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    Neha Agarwala's questions to Banco Santander-Chile (BSAC) leadership • Q1 2024

    Question

    Neha Agarwala from HSBC asked about the financial impact of the standardization of provisioning models for the consumer portfolio and requested a breakdown of loan growth expectations across different segments.

    Answer

    CFO Emiliano Muratore clarified that the provisioning model change will have an impact of around CLP 100 billion, which will be fully covered by existing voluntary provisions, resulting in no effect on the cost of risk. Regarding loan growth, he expects consumer loans to grow above average, mortgages to grow in line with inflation, and corporate lending to be slightly below average until investment rebounds.

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    Neha Agarwala's questions to MercadoLibre Inc (MELI) leadership

    Neha Agarwala's questions to MercadoLibre Inc (MELI) leadership • Q2 2025

    Question

    Neha Agarwala from HSBC asked how much of the lower seller pricing was passed on to consumers and questioned why the over-90-day NPL ratio increased sequentially while shorter-term NPLs improved.

    Answer

    Commerce President Ariel Szarfsztejn stated that most of the fee reductions were passed through to consumer prices. On credit, Fintech President Osvaldo Giménez explained the slight rise in >90 day NPLs is not a concern and is in line with the prior year. CFO Martín de los Santos added that the overall profitability of the credit portfolio has improved, justifying the accelerated growth in originations.

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    Neha Agarwala's questions to MercadoLibre Inc (MELI) leadership • Q1 2025

    Question

    Neha Agarwala inquired about asset quality trends in the credit portfolio, the dilutive effect of the growing credit card business, and the specific contribution of the Argentina credit business to the overall asset quality metrics.

    Answer

    Osvaldo Giménez, EVP of Fintech, noted that while the mix is shifting towards credit cards, which have a lower NIM, the asset quality of the credit card portfolio itself is improving, with recent cohorts showing record-low defaults. He also mentioned a strategic shift upmarket to lower-risk customers. He highlighted that Argentina has the lowest delinquency rates, partly due to low private sector debt and high user engagement with the Mercado Pago account.

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    Neha Agarwala's questions to MercadoLibre Inc (MELI) leadership • Q4 2024

    Question

    Neha Agarwala asked about the progress of warehouse expansion and the company's initiatives for low-average selling price (ASP) items, particularly in the context of competition.

    Answer

    Ariel Szarfsztejn (Executive) reported that two new warehouses were opened in Q4 and that building capacity remains crucial for long-term growth. Regarding low-ASP items, he noted that this segment is growing at or even faster than the marketplace average, driven by a combination of UI improvements, the Meli Mas subscription program, and cross-border trade supply, rather than a single initiative.

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    Neha Agarwala's questions to MercadoLibre Inc (MELI) leadership • Q3 2024

    Question

    Neha Agarwala asked for a breakdown of credit card usage between on-platform and off-platform transactions in Brazil and Mexico. She also inquired about the strategy for the software business in the acquiring space, asking if it's being built in-house or through partnerships, and what the long-term ambition is.

    Answer

    Executive Osvaldo Giménez stated that over 60% of credit card volume in both Brazil and Mexico is off-platform, which he sees as a positive sign of gaining 'top of wallet' status. Regarding the software business, Martin de Los Santos and Osvaldo Giménez confirmed the strategy is primarily in-house development. They aim to build a 'neural system' for small and medium businesses with features like cataloging, invoicing, and stock management to drive engagement and higher usage of Mercado Pago's acquiring services.

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