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    Pedro Lezuki

    Stock Analyst at Itau BBA

    Pedro Leduc is a Stock Analyst at Itau BBA specializing in the banking and financial services sector, with a focus on major Latin American institutions such as Nu Holdings (Nubank), Banco Bradesco, BRF S.A., Fomento Económico Mexicano, Compania Cervecerias Unidas, and Embotelladora Andina. Over his coverage career, Leduc has issued ratings for several leading companies, with a public track record including a 33-40% success rate and average returns ranging from -10.59% to -12.17% across seven published calls, based on performance metrics from analyst ranking platforms. He has been at Itau BBA since at least 2017 and has played a key role in equity research focused on the performance of digital banks and their efficiency strategies. Specific information on his professional licenses or registration with regulatory authorities is not published in available online records.

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

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

    Question

    Pedro Lezuki of Itau BBA asked about the impact of government-guaranteed loans on the 15-90 day NPL ratio and questioned the sustainability of the strong expense control performance seen in the quarter.

    Answer

    An executive confirmed that government-guaranteed lines contribute to the 15-90 day NPL figure due to their specific rollover mechanics 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 transformation agenda focused on automation and reducing system redundancies, which he expects to provide a sustainable tailwind for the coming years and is key to reaching their 20%+ ROE target.

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