Sign in

    Thiago Batista

    Research Analyst at UBS

    Thiago Batista is an Executive Director and Senior Equity Analyst at UBS, specializing in Latin American financials with direct coverage of major companies such as Inter&Co and Nubank. Recognized for his data-driven research, Batista provides in-depth stock ratings and sector analysis, contributing valuable industry insights for institutional investors. He began his career with prior roles at firms including Itau BBA—where he served as Vice President, Equity Research—and Schroders, before joining UBS in 2024. Batista’s professional credentials and securities licenses are consistent with senior analyst roles at global investment banks, reflecting his expertise and credibility in financial sector research.

    Thiago Batista's questions to XP (XP) leadership

    Thiago Batista's questions to XP (XP) leadership • Q2 2025

    Question

    Thiago Batista from UBS Group AG posed two questions: first, about the specific initiatives intended to accelerate net new money in the second half of the year, and second, whether management remains comfortable with the revenue guidance provided for 2026.

    Answer

    Chief Executive Officer Thiago Maffra expressed confidence in achieving BRL 20 billion in quarterly retail net new money. He outlined key drivers including channel diversification, development of new competitive products, enhancing IFA productivity through technology, and improving client service models. Regarding guidance, Maffra stated they are still pursuing the target for next year, albeit likely at the lower end of the range, and are aiming for around 10% revenue growth for the current year with an expected acceleration in the second half.

    Ask Fintool Equity Research AI

    Thiago Batista's questions to Itau Unibanco Holding (ITUB) leadership

    Thiago Batista's questions to Itau Unibanco Holding (ITUB) leadership • Q2 2025

    Question

    Thiago Batista from UBS asked if management feels its retail app is now 'state of the art,' making branches secondary, and whether the bank's strong asset quality performance is due to its specific strategy or reflects a broader market trend.

    Answer

    President & CEO Milton Maluhy Filho stated that Itaú's superior credit performance, particularly in credit cards and auto loans, is a direct result of its long-term portfolio management strategy, not a market trend. Regarding the app, he expressed satisfaction with its evolution and NPS scores, clarifying the goal is to offer clients a choice of channels (digital or physical) without forcing them into one due to a lack of offerings in another.

    Ask Fintool Equity Research AI

    Thiago Batista's questions to Itau Unibanco Holding (ITUB) leadership • Q2 2024

    Question

    Thiago Batista questioned the sustainability of the bank's high adjusted ROE of 24-25% and asked if there were plans to increase the frequency of capital distribution from its current annual cycle.

    Answer

    CEO Milton Maluhy Filho attributed the high ROE to a benign credit cycle and, notably, a structural improvement in wholesale banking profitability. Regarding capital, he stated that an annual distribution cadence remains prudent due to various regulatory uncertainties (IFRS 9, Basel III). While an extraordinary dividend is expected at year-end, more frequent payouts are not planned for 2024.

    Ask Fintool Equity Research AI

    Thiago Batista's questions to BANK BRADESCO (BBD) leadership

    Thiago Batista's questions to BANK BRADESCO (BBD) leadership • Q2 2025

    Question

    Thiago Batista asked about Bradesco's strategic positioning in the low-income mass market segment and the future role of its digital bank, Next.

    Answer

    CEO Marcelo Morojin affirmed the bank's commitment to the mass market, emphasizing a digital transformation with high personalization for remote clients. He highlighted the strategic importance of the Bradesco Expresso banking correspondent channel, which is being upgraded to a B2C platform with enhanced CRM intelligence. The specific strategy for Next will be detailed at a later date.

    Ask Fintool Equity Research AI

    Thiago Batista's questions to Banco Santander (Brasil) (BSBR) leadership

    Thiago Batista's questions to Banco Santander (Brasil) (BSBR) leadership • Q2 2025

    Question

    Thiago Batista from UBS inquired about the feasibility of reaching the 20% ROE target, asking about the key drivers and whether a decline in Brazil's Selic interest rate is essential for achieving this goal.

    Answer

    CEO Mario Roberto Opice Leão acknowledged the 20% ROE target is a key ambition. He stated that while a high Selic rate presents a challenge, the bank will not rely solely on its decline. He outlined other significant levers, including a robust efficiency agenda, disciplined NII growth from both credit and liability spreads, and expanding high-growth fee-based businesses like cards, consortiums, and insurance.

    Ask Fintool Equity Research AI

    Thiago Batista's questions to Nu Holdings (NU) leadership

    Thiago Batista's questions to Nu Holdings (NU) leadership • Q4 2024

    Question

    Thiago Batista asked if Nu's credit card business in Brazil is approaching maturation and questioned the cause of the recent contraction in the credit card division's net interest income (NII).

    Answer

    CFO Guilherme Marques do Lago attributed the NII contraction to a mix shift towards more affluent 'Ultravioleta' customers, who command lower interest rates, and the deliberate slowdown in the expansion of high-yield Pix financing. Chief Product Officer Jagpreet Duggal asserted that the credit card business is far from mature, citing significant growth opportunities in re-engaging inactive users, expanding in the high-income segment, and penetrating the small business market. He noted Nu's market share by purchase volume is still only 14%.

    Ask Fintool Equity Research AI