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    Thiago Batista • Unknown

    Thiago Batista's questions to XP Inc (XP) leadership

    Thiago Batista's questions to XP Inc (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.

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

    Thiago Batista's questions to Itau Unibanco Holding SA (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.

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    Thiago Batista's questions to Itau Unibanco Holding SA (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.

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    Thiago Batista's questions to Banco Bradesco SA (BBD) leadership

    Thiago Batista's questions to Banco Bradesco SA (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.

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

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

    Question

    Thiago Batista from UBS Group AG questioned the feasibility of reaching a 20% ROE target, referencing the parent company's goals and asking if a decline in Brazil's high Selic interest rate is a prerequisite for achieving this level of profitability.

    Answer

    CEO Mario Roberto Opice Leão acknowledged the high Selic rate is a challenge but affirmed the bank's commitment to the 20% ROE target. He stated they will not rely solely on a lower Selic rate, highlighting other key levers such as a robust efficiency agenda, disciplined NII growth from both assets and liabilities, and expanding fee-based businesses like cards and insurance. While a lower rate would accelerate progress, the bank is focused on executing across these multiple fronts to improve profitability.

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

    Thiago Batista's questions to Nu Holdings Ltd (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%.

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