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    Pedro Leduc • Itau BBA

    Pedro Leduc's questions to Banco Bbva Argentina SA (BBAR) leadership

    Pedro Leduc's questions to Banco Bbva Argentina SA (BBAR) leadership • Q2 2025

    Question

    Pedro Leduc from Itaú BBA asked if the bank would shift its loan growth focus from retail to corporate given rising NPLs, and questioned the path to achieving double-digit ROE by year-end with low provision coverage.

    Answer

    CFO Carmen Arroyo stated that while consumer loan growth might slow due to system-wide NPLs, credit card, SME, and corporate loan growth will remain strong, resulting in only a slight change to the portfolio mix. She explained the path to the target ROE is supported by strong performance in fees, effective expense control, and a stable Net Interest Margin, as the bank's balance sheet is well-matched against interest rate volatility.

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    Pedro Leduc's questions to Banco Bbva Argentina SA (BBAR) leadership • Q2 2025

    Question

    Pedro Leduc of Itaú BBA inquired about a potential shift in loan growth from retail to corporate due to rising NPLs, and asked for a reconciliation of how the bank plans to achieve its double-digit ROE target by year-end given current profitability and low provision coverage.

    Answer

    CFO Carmen Arroyo acknowledged a deceleration in consumer loans but noted that credit card growth remains high, and the overall loan mix is not expected to change significantly. She explained that the path to the target ROE is supported by strong performance in fees and commissions, disciplined expense control, and a stable Net Interest Margin, which should mitigate the impact of rising NPLs.

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    Pedro Leduc's questions to XP Inc (XP) leadership

    Pedro Leduc's questions to XP Inc (XP) leadership • Q2 2025

    Question

    Pedro Leduc from Itaú BBA asked for more detail on the quarter-over-quarter gross margin expansion, seeking to understand the key drivers and how to think about the trend for the second half of the year.

    Answer

    Chief Financial Officer Victor Mansur identified the main drivers of the margin expansion as lower expected credit losses and a normalization of sales taxes, which were higher than average previously. He also mentioned that the channel mix, with a growing internal sales force, contributed to the improvement. He suggested that the last-twelve-months margin trend is a reasonable expectation for the remainder of the year.

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    Pedro Leduc's questions to XP Inc (XP) leadership • Q1 2025

    Question

    Pedro Leduc of Itau BBA asked for context on the quarterly decline in take rates, considering seasonality and the shift in remuneration models, and questioned whether the lower SG&A expenses were sustainable or a result of seasonal factors.

    Answer

    CFO Victor Mansur attributed the lower SG&A partly to seasonality in performance-based compensation but reiterated a commitment to overall efficiency. Regarding take rates, he noted Q4 was unusually high and expects a recovery from Q1 levels. CEO Thiago Maffra added that the growing fee-based model (projected to reach BRL 100 billion) lowers the take rate but increases share-of-wallet, resulting in a neutral revenue impact.

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    Pedro Leduc's questions to Nu Holdings Ltd (NU) leadership

    Pedro Leduc's questions to Nu Holdings Ltd (NU) leadership • Q2 2025

    Question

    Pedro Leduc of Itaú BBA asked for clarification on why the number of clients using PIX financing transactionally and the number of active credit cards both fell slightly, despite initiatives to increase credit limits.

    Answer

    CFO Guilherme Lago addressed both points. He stated that despite minor quarterly fluctuations, the PIX financing portfolio continues to grow and has been a remarkable success. Regarding active cards, he explained that the primary growth lever going forward will be increasing utilization and ARPAC from existing customers, rather than just adding new active cards, and recent limit increases were targeted at this existing base.

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    Pedro Leduc's questions to Nu Holdings Ltd (NU) leadership • Q1 2025

    Question

    Pedro Leduc from Itaú BBA questioned the decline in the risk-adjusted NIM over recent quarters, asking when it might stabilize. He noted surprise at the higher cost of risk in Q1, given the company's more selective underwriting in the preceding quarters, and sought to reconcile these factors.

    Answer

    CFO Guilherme Marques do Lago attributed the 130-basis-point drop in risk-adjusted NIM primarily to two factors: approximately 75% was due to typical Q1 seasonality in credit loss allowances (CLA), and the remaining 25% resulted from strategic investments in building the deposit bases in Mexico and Colombia. He emphasized that Brazil's standalone operations remain highly profitable and serve as a preview for the long-term potential of the newer markets.

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    Pedro Leduc's questions to Nu Holdings Ltd (NU) leadership • Q3 2024

    Question

    Pedro Leduc asked if the regulatory cap on credit cards or the renegotiated loan book impacted the NII slowdown, and questioned how the risk-adjusted NIM could recover given the sticky, compounding effect of a growing secured loan portfolio.

    Answer

    CFO Guilherme Marques do Lago did not directly address the regulatory cap but focused on other drivers. He noted that FX movements created complexity in the NIM calculation. He argued that growing the secured portfolio should lead to NIM expansion, not dilution, because it shifts funds from low-yield treasury bonds to higher-yielding credit assets, thereby increasing the overall loan-to-deposit ratio and expanding margins, all else being equal.

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    Pedro Leduc's questions to Vinci Partners Investments Ltd (VINP) leadership

    Pedro Leduc's questions to Vinci Partners Investments Ltd (VINP) leadership • Q2 2025

    Question

    Pedro Leduc of Itaú BBA requested more detail on the credit strategy's geographic and product diversification and the sustainability of its growth. He also asked about the specific opportunities Vinci Partners is pursuing in Argentina.

    Answer

    CEO Alessandro Horta described the credit business as a key growth avenue with a widespread geographic strategy across Latin America. He highlighted successful dollar-denominated regional funds and local strategies in Brazil, Colombia, and Peru, with near-term plans for Mexico. Regarding Argentina, he noted the local business is mainly credit and fixed income, and the firm is optimistic about future inflows due to improving macroeconomic sentiment.

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    Pedro Leduc's questions to Vinci Partners Investments Ltd (VINP) leadership • Q3 2024

    Question

    Pedro Leduc inquired about Vinci Partners' long-term ambitions for the newly acquired Lacan forestry vertical, specifically regarding assets under management (AUM), geographic expansion, and potential sub-products. He also asked for clarification on the recent increase in personnel and other G&A expenses.

    Answer

    CEO Alessandro Horta explained that Vinci is enthusiastic about Lacan, seeing potential to reach approximately $1 billion in AUM for the vertical, enhanced by carbon market opportunities. While the initial focus is Brazil, regional expansion is a future possibility. Private Equity Chairman and Head of IR Bruno Zaremba addressed expenses, attributing the rise primarily to the integration of the MAV acquisition and standard inflationary adjustments to salaries and health plan costs.

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    Pedro Leduc's questions to Inter & Co Inc (INTR) leadership

    Pedro Leduc's questions to Inter & Co Inc (INTR) leadership • Q2 2025

    Question

    Pedro Leduc requested more details on the PIX Finance product's adoption and its role in the portfolio, and also asked about the company's overall credit appetite given the mixed macroeconomic signals.

    Answer

    SVP Alexandre Riccio de Oliveira described PIX Finance as an add-on product with good delinquency behavior. CFO Santiago Horacio Stel stated that Inter's credit appetite is 'as high as it's ever been,' as its diversified, collateral-heavy portfolio provides resilience against macro shifts, creating an opportunity to accelerate growth and increase credit penetration.

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    Pedro Leduc's questions to Inter & Co Inc (INTR) leadership • Q4 2024

    Question

    Pedro Leduc asked why credit card interest income fell during the quarter despite a stable portfolio mix and whether this was due to a rate-lowering strategy. He also asked for clarification on a BRL 39 million line item for 'gains of capital or others'.

    Answer

    Executive Alexandre De Oliveira confirmed the drop in interest income was a deliberate, short-term effect of a new strategy to offer lower rates on installment plans, incentivizing customers to move from higher-risk revolving credit. Executive Santiago Stel clarified the BRL 39 million gain was a non-cash item resulting from the final purchase price allocation study for the Inter Pag acquisition.

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    Pedro Leduc's questions to Inter & Co Inc (INTR) leadership • Q3 2024

    Question

    Pedro Leduc asked for an update on credit card cohort performance, including delinquency and interest-bearing trends, and whether the company is comfortable accelerating growth. He also requested an update on the international operations, particularly in the U.S., regarding size, profitability, and broader ambitions.

    Answer

    Executive Alexandre De Oliveira stated that new credit card cohorts are performing well with low delinquency, and the company is still targeting about 30% of its portfolio in credit cards by 2027. Executive João Vitor Nazareth Teixeira de Souza added that the global expansion is going 'really, really well,' with 10% of clients using the Global Account. He mentioned plans for a U.S. credit card in early 2025 and exploring other geographies via an asset-light, bank-as-a-service model.

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    Pedro Leduc's questions to Inter & Co Inc (INTR) leadership • Q1 2024

    Question

    Pedro Leduc inquired about the initial performance and learnings from the new private payroll product and the key drivers behind the net interest margin (NIM) trajectory, seeking to understand the potential for continued expansion.

    Answer

    Executive João Vitor Nazareth Teixeira de Souza expressed strong optimism for the private payroll product, describing it as a perfect fit for the 'Inter by Design' model with significant pent-up demand, though he noted there was no material impact in Q1. Executive Santiago Stel detailed that NIM expansion is a result of a multi-year capital allocation strategy, driven by an improving credit mix towards higher-yield secured products, repricing of legacy loan portfolios, and better yields on the investment portfolio.

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    Pedro Leduc's questions to Banco Bradesco SA (BBD) leadership

    Pedro Leduc's questions to Banco Bradesco SA (BBD) leadership • Q2 2025

    Question

    Pedro LeDuc from Itau BBA asked for clarification on the significant increase in the 'other' operating expenses line and questioned why the guidance for NII net of provisions was not raised despite strong performance.

    Answer

    Executive Cassiano explained that the 'other' expenses line is accommodating costs related to the 'Change the Bank' transformation initiatives. IRO Andre Garvalho added that overall operating expenses grew in line with inflation, demonstrating cost control despite heavy investment. Regarding guidance, management stated that while performance is at the top of the range, they remain cautious for the second half of the year, prioritizing risk-adjusted returns over pure NII growth.

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    Pedro Leduc's questions to Banco Bradesco SA (BBD) leadership • Q1 2025

    Question

    Pedro Leduc sought clarification on loan loss provisions (LLP) and asset quality metrics, noting changes in reporting and asking what indicators analysts should now focus on following the implementation of Resolution 4966.

    Answer

    Executives Marcelo de Noronha and Cassiano Scarpelli explained that with Resolution 4966, the key metric to monitor is now 'Stage 3' assets, which is a broader concept than the previous over-90-day NPL. They advised focusing on the coverage ratio of expected LLP to Stage 3 assets, which stood at a healthy 109% in the quarter. They assured that their write-off policies remained consistent for comparability.

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    Pedro Leduc's questions to Banco Bradesco SA (BBD) leadership • Q2 2024

    Question

    Pedro Leduc of Itau BBA requested a more detailed breakdown of the drivers behind the strong client NII growth, particularly the contribution from funding mix versus asset spread. He also asked if the increase in health insurance technical provisions could signal a 'pent-up profit' for the second half of the year.

    Answer

    IRO Andre Carvalho explained that the client NII recovery was driven by three factors: portfolio volume growth, a moderate inflection in spreads, and more efficient liability management that lowered funding costs. Regarding insurance, Executive Ivan Gontijo attributed the provision growth to portfolio expansion and operational efficiency, stating it provides a comfortable position but did not confirm it as 'pent-up profit'.

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    Pedro Leduc's questions to Banco Santander Brasil SA (BSBR) leadership

    Pedro Leduc's questions to Banco Santander Brasil SA (BSBR) leadership • Q2 2025

    Question

    Pedro Leduc from Itau BBA asked for details on the 15-90 day NPL increase, specifically the impact from government-guaranteed loans. He also inquired about the sustainability of the strong expense control performance.

    Answer

    VP & IR Gustavo Alejo Viviani confirmed that government-guaranteed loans, which have longer recognition periods, contributed to the 15-90 day NPL increase but are not a concern due to the underlying collateral. CEO Mario Roberto Opice Leão added that the strong expense performance is part of a multi-year efficiency and transformation agenda that will continue through 2026-2027, suggesting the gains are sustainable.

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