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    Thiago Bovolenta Batista • UBS

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

    Thiago Bovolenta Batista's questions to Nu Holdings Ltd (NU) leadership • Q1 2025

    Question

    Thiago Bovolenta Batista from UBS inquired about the approximately 9 million active cardholders who are not currently transacting, asking if this is a concern and what strategies are in place to reactivate them. He also asked if the recently announced refinancing program could help improve the number of active transacting users.

    Answer

    President and COO Youssef Lahrech explained that this is a common occurrence driven by Nu's conservative initial credit limit assignments. As customers demonstrate good risk behavior, their limits are expanded, which in turn drives transaction activity. CFO Guilherme Marques do Lago added that the new renegotiation program, announced in Q2, is expected to have a mild positive impact and could help foster more card activity.

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

    Thiago Bovolenta Batista's questions to Itau Unibanco Holding SA (ITUB) leadership • Q1 2025

    Question

    Thiago Bovolenta Batista from UBS asked for Itaú's positioning in the private payroll loan market, why incumbent banks seem less active, and the potential for cannibalization of more expensive credit lines.

    Answer

    CEO Milton Maluhy Filho provided a detailed overview, noting Itaú already holds about 30% of the existing BRL 40 billion private payroll market. He explained that Itaú's competitive advantage lies in its deep understanding of corporate risk, which is crucial for this product. He stated the bank is being disciplined, declining to underwrite credits that don't meet its risk-return criteria, and sees the product as a healthier financing alternative to credit cards.

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    Thiago Bovolenta Batista's questions to Itau Unibanco Holding SA (ITUB) leadership • Q4 2024

    Question

    Thiago Bovolenta Batista from UBS asked why the financial margin with clients guidance is significantly higher than portfolio growth guidance, and why the market margin guidance is below the 2024 run-rate.

    Answer

    CEO Milton Maluhy Filho explained that client margin growth is boosted by mix effects, liability management, and working capital. The more cautious market margin guidance reflects the difficulty in projecting trading results, higher hedging costs due to interest rate differentials, and overall market uncertainty. He declined to provide a specific payout ratio target.

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

    Thiago Bovolenta Batista's questions to Banco Bradesco SA (BBD) leadership • Q1 2025

    Question

    Thiago Bovolenta Batista asked about the bank's Return on Average Equity (ROAE), questioning why the banking operation's return is significantly lower than the insurance group's and which segments need to improve to lift the overall ROAE.

    Answer

    Executive Marcelo de Noronha explained that the primary drag on profitability is the 'mass retail' segment due to its high 'cost to serve.' He noted that other areas like the wholesale bank, high-income, and SME segments are performing well. Executive Cassiano Scarpelli added that improving productivity and addressing the cost structure in mass retail are the key levers for boosting the bank's overall ROE.

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    Thiago Bovolenta Batista's questions to Banco Bradesco SA (BBD) leadership • Q2 2024

    Question

    Thiago Bovolenta Batista from UBS inquired if the bank's profitability rebound is occurring faster than initially anticipated, referencing the 2025/2026 target for ROE to approach the cost of capital. He also asked for the specific financial impact on the insurance business from the flooding events in Rio Grande do Sul.

    Answer

    Executive Marcelo de Noronha confirmed that the bank is 'moving faster than what we previously anticipated,' with results tracking above the implicit guidance. He clarified the ROE target timeline is closer to 2026. Regarding the floods, he stated all impacts were fully absorbed in the current half. Executive Ivan Gontijo quantified the net impact at BRL 100 million, confirming no further effects are expected in future P&L statements.

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

    Thiago Bovolenta Batista's questions to XP Inc (XP) leadership • Q4 2024

    Question

    Thiago Bovolenta Batista inquired about the significant quarterly increase in risk-weighted assets (RWA), particularly in market risk, and questioned the high productivity of internal advisers, who constitute a small part of the sales force but contribute disproportionately to net new money.

    Answer

    CEO Thiago Maffra clarified that the 60% net new money figure includes all B2C channels, not just internal advisers. He attributed the advisers' high productivity to superior data-driven sales management tools, which he plans to scale across the IFA network in 2025. An executive also explained that the RWA increase stemmed from a regulatory change allocating credit spread risk to market risk, coinciding with an expansion of the corporate securities book.

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    Thiago Bovolenta Batista's questions to XP Inc (XP) leadership • Q3 2024

    Question

    Thiago Bovolenta Batista inquired about the recent increase in XP's headcount, specifically the number of new B2C advisers, and asked for guidance on the company's long-term profitability target, such as Return on Tangible Equity (ROTE).

    Answer

    CEO Thiago Maffra clarified that 300 of the 400 new employees were B2C advisers and explained that a regulatory change affected the total adviser count. CFO Victor Mansur projected that XP's ROTE could reach the mid-to-high 20s after the current guidance period is complete.

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    Thiago Bovolenta Batista's questions to Credicorp Ltd (BAP) leadership

    Thiago Bovolenta Batista's questions to Credicorp Ltd (BAP) leadership • Q3 2024

    Question

    Thiago Bovolenta Batista asked about the potential for further user expansion for Yape, given its high penetration in Peru, and whether the 2026 user target includes international operations.

    Answer

    Chief Executive Officer Gianfranco Piero Ferrari de Las Casas clarified that the 16.5 million active user target for 2026 is for Peru only. He acknowledged that user growth will eventually slow, but emphasized that the strategy has evolved from acquisition to deepening usage and, most importantly, generating income, which is now the primary focus.

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    Thiago Bovolenta Batista's questions to Inter & Co Inc (INTR) leadership

    Thiago Bovolenta Batista's questions to Inter & Co Inc (INTR) leadership • Q1 2024

    Question

    Thiago Bovolenta Batista requested details on the client profile and strategic evolution of the Global Account, and asked whether the current levels of NPL and cost of risk are normalized or if further improvements are possible.

    Answer

    Executive João Vitor Nazareth Teixeira de Souza described the Global Account strategy as an 'arbitrage' to attract premium clients from Latin America and offer them USD-based products, noting these are Inter's best clients with high ARPAC. Executive Santiago Stel explained that future asset quality levels will depend on the portfolio mix, as new products like private payroll scale. He emphasized the primary goal is to maximize the risk-adjusted NIM, not just minimize NPLs.

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