In the original audio. For those of you who join us via video, you can choose the language of your choice by clicking on the right side of your screen. Here with me today, we have our CEO, Fausto de Andrade Ribeiro, CFO José Ricardo Fagonde Forni, and Vice President of Internal Controls and Risks, and Daniel Maria, the Director of Finance and IR. We will now start the presentation of our earnings release, and after that, we will start with the Q&A session. Good morning, President Fausto. Good morning. Good morning to you all. To all of you who are joining us today from your companies or your homes. It's a great pleasure for me to be with you today to talk about our results for Q1 2020. Very strong and solid results. First of all, our first slide, I would just like to remind you that everything that we've been doing within the bank has as a backdrop or a strategy, these 10 structuring initiatives that we started off once we arrived at Banco do Brasil in April of last year. We have 10 structuring initiatives that were based on our ongoing corporate strategy. At the end, these are just initiatives that we want to anticipate delivery so that the bank can be more agile, more modern, and more balanced in terms of being closer to its clients, providing adequate services, being digital and practical, and also providing adequate results vis-à-vis, you know, performance of all the other peers. Today we are presenting to you a growing, consistent result. We just had net income of BRL 6.6 billion, growing 34.6% when compared to the first quarter of last year. This would be the equivalent to an annual return of 17.6%, which is the ROE, which indeed puts us very close to the return from our private peers. This is something that we've been reporting to the market for quite some time, and I think if I recall, since 2016 and 2017, that's when the bank started saying that we've been you know, following a trajectory that will give returns similar to our peers. Now we were able to close and reduce the gap that used to exist between the profitability of Banco do Brasil vis-à-vis its peers. Now we are very close to our peers, and now we are posting even better results. This is just the first half, and I'm sure that in the second half, theoretically and historically, as it has always been more favorable to the banking industry, financial sector in Brazil, because households are more committed with tax payments. They have to pay tuition for their kids in the beginning of the year. Usually in the second half of the year, the financial results for all financial institutions are better. We anticipate that this growing sustainable results will last for a very long time. Next slide, please. Here we show our strategy of being customer focused. We center our attentions in our customers so they can choose how, where and when they want to be served. We have here some relevant information. 24.2 million clients are already using our digital channels, and this is a 12.4% increase when compared to the first quarter of last year. Our coverage in Brazil due to our commercial partners that we are licensing was up by 1.9%. Now we are covering 96.8% of all Brazilian municipalities. This in turn gives us a great coverage and good capillarity, which is important if we want to continue to be leaders in agribusiness. In total, we have 56,700 service posts, all of our self-service terminals and terminals that we have in agreement with TecBan. This is a 13% increase in all of these service posts or stations. The customer can choose where they want to be served, be it through our physical branches, digitally through our app. Therefore, we will give them a whole menu of options that they can use. You know, they can have access to the bank. We had 8 million daily access in our app, 22.6% increase. I would also like to update the numbers. Last year we reached a peak in terms of daily access, reaching 9.7 million users. All in all, this shows that our clients are increasingly making use of all of the digital channels. This is very good for the bank because in turn, this represents a reduction in the cost to serve per client. We also had 9.7 million customers served through WhatsApp, and this is an addition of 188%. There's just a lot of quality in the services. There's just a few examples. These are ratings given by clients of Banco do Brasil when they are served. The first example is a score that goes from 1 to 5 that customers can rate it in terms of the way they were served. We got responses for 3.5 million clients in this first quarter, and 4.8 was the average. That is an example that the quality of our service is improving, and we've been very, very much focused on that. Now, this refers to our ecosystem in our digital transformation. I would like to remind you that we just created our Loja BB or our BB Store. This is our marketplace. This is the bank as a platform. Last year, we had implemented at the end of last year something with Amazon. Now we have 11 new brands that are offering their products within our app and more than 3 million customers use that option within our BB Store. More than BRL 230 million in sales of non-financial products. The main takeaway is that Banco do Brasil is coming up to speed in terms of technological advances. We are consolidating our platforms and also seeking for new revenue streams to improve our financial margins throughout 2022. What else is coming? Well, we also have a multi-service platform, a panel for corporations and banking investor portal on the app for individuals. Now to those that have all of the necessary improvements for the corporate segment, we are now delivering a multi-service platform. Through that platform, customers will be able to plug into their data through open finance from other banks, and with that, they will have an integrated platform. This platform will allow them to have an overall view of all their sales, their cash flow, and there will be a lot of other offerings that will be launched throughout the second quarter and in the second half of the year. The good news is that we are also getting prepared to serve micro, small and midsize companies with a very good service platform. Also we have Broto. Broto is. It started as an ecosystem from agribusiness, but now it is growing. We originated BRL 1.5 billion in business with more than 2,000 registered products serving the agro community. Now, speaking about digital transformation, we took advantage of a major challenge that banks were faced with, which is open finance. We turned that into an opportunity. Now we can add even more added value to our clients. We have an app that allows users to consolidate in a single platform all of their cash flow positions, you know, ins and outs of their current accounts that they hold with Banco do Brasil and also with other banks. They will have a very organized agenda with their cash flow so as to allow them to have a much better management of their balances and a single view of all of their banking operations. Banco do Brasil was a pioneer in terms of originating payments. We've been a reference according to the Central Bank of Brazil in terms of the adoption of best practices related to open banking and open finance. We were the first bank to initiate payments, so we are a payment initiator. We turn challenges into large business opportunities, and with that the bank can increase its profitability and also take advantage of all of the new streams that we see in the market to better serve our customers. Our agro identity has been enhanced. We have BRL 225 billion growing 22.8% year-over-year portfolio. 740,000 customers with personalized service. 4,120 agents, banking agents solely working with the agro channel, allowing us to grow our coverage going beyond the locations where we already have a banking branch. Out of our 5,000 units, 3,956 conducted agro transactions. The main takeaway is that all branches of Banco do Brasil are eligible to operate a credit line considering all the complexities of agribusiness. It's coverage that utilizes our branches and our banking agents to conduct agribusiness in 5,351 municipalities. This is the entire coverage of Banco do Brasil, and this is our very good popularity that allows us to conduct businesses in every corner of the country and to serve from small to large growers all over the country using our products and helping them to also generate jobs and income locally. We also have platforms in private banking to support large growers. We have 56 platforms. All in all of that gives support to our growth, and that makes us very proud because we are the major partner of the Brazilian agribusiness sector. Finally, in order to increase flexibility and give more flexibility to our growers, in our app we have a dashboard with options that allows them to operate in the futures market for soybeans, corn, cotton. All of the commodities that are traded in the futures market are available to our growers, so farmers can just lock the price of their production instead of being at the mercy of market fluctuation. This is, you know, the result of a conversation that I personally had with a lot of these growers. We are giving them this very good option so that they can have their production in the futures market and be more comfortable to trade in futures. In addition, we have a partnership with several universities, and with this partnership we've developed some laboratories so that we can take to the agribusiness some of the most disruptive opportunities that are coming along with all of the new startups. That means that the bank is very much aligned to all of the digital transformation moves that are taking place at the same time. These labs have that in mind. Our agro truck that in addition to taking credit or, you know, providing loans to small growers all over the country, especially in the small municipalities around the country, because they probably have no means of putting together an exhibit because they are all small. We are moving around with our agro truck that no longer provide services and loans, but we are also providing technical training with our own agronomists that, you know, educate these farmers and also tell them a little bit about all of the technicalities of the crops, when to plant, how to be more mechanized, etc. All of the things that are currently used in the agricultural industry because they are responsible for feeding the planet. The truck will go around more than 200 municipalities. 60 municipalities have already been visited by our trucks. 200 trucks will generate BRL 1.5 billion in business, and we already surpassed that with BRL 1.8 billion in businesses prospective so far. In terms of individuals, we are present providing loans and solutions. We have payroll loans reaching BRL 108 billion, growing 12%, and this payroll loan portfolio is the safest in the market. We do the deduction in the payroll. On the other hand, we intend to grow with better profitability in lines like non-payroll loans. We reach a portfolio of BRL 89.2 billion, growing 35.4%. In terms of non-payroll loans, we are talking about, you know, our bank customers, account holding customers that we already know their history, we already know their consumption habits. These clients, we already have information about frequency, fees, etc. Therefore, this is a more solid portfolio, and we are constantly seeking for a better mix of this portfolio to improve our financial margin. Also, in terms of market trends, we are creating special structures in businesses, and we were able to reach 7 million account holding clients. In terms of corporations, this is also a way for us to be present amongst companies. We want to be not only a bank for individuals, but a bank for corporations. We reached a total loan portfolio of BRL 92.4 billion, while 54% of formal jobs in Brazil are generated by micro and small size companies. This is a market segment that really needs our support, and we are providing this support in a very robust way, taking advantages of the best opportunities in the market. Likewise, for large corporations, our portfolio was BRL 175 billion, growing 18.6% year-on-year. Our portfolio is growing consistently and at the same time very much aligned to the best opportunities in the market. Just as we render specialized services to individuals, we are also providing specialized service to micro and mid-size companies in our platform. Finally, I would like to say that this partnership with UBS, so the company UBS BB, continues to deliver very positive results. I decided to bring information on the partnership as a whole. We totaled 258 deals throughout this partnership. 41 were equity transactions and 26 were international debt and the rest, you know, debt transactions in the domestic market. This partnership is very successful and it's also very important because it gives, you know, more traction to the bank's business. I'm sure we will be able to leverage greater business volumes serving our clients and the bank as a whole. On the other hand, as I expressed before, we wanted to be more into the foreign exchange market in Brazil, especially ACC and ACE. The figures of foreign exchange contracts, and as we mentioned last April, our relative position was between seventh and tenth place. We worked very hard to understand the reasons behind that ranking, and we made all the necessary movement in terms of tax, of fees and financial conditions. Today we find ourselves among the three in class and we are providing quality to our clients. The main takeaway is to look at our foreign trade operation. On the side, we were losing some businesses because of some tariffs and fees. Once we started looking at the client as a whole and the relationship they had with the bank, be it, you know, a rural client or a commercial client, looking at the entire relationship, we decided to make the necessary adjustments. Now we are just focusing on other operations that we were not present in before. We are also taking this opportunity to be closer to these companies, and this is also a very dear topic for us as a bank. We are putting together workshops with special advisory segment. We are working in different industry sectors, and we are providing advisory services to help companies to go abroad and start selling their products abroad. We already conducted several events in this first quarter, and there is more to come throughout the year. This really stresses the importance of foreign trade for Brazil and Banco do Brasil. We had BRL 3.7 billion in business with a growth of 40.8% in terms of of foreign exchange. We still have the cultural transformation within the company, several hours of training, new ways of working. We just introduced hybrid remote work. This is an ongoing transformation where we try to, you know, operate in a more intelligent and more efficient way, seeking for further efficiencies and savings. We are training people to help them move on with this important transformation. Our role as a bank that is concerned with the environment, which is concerned with sustainable business, and we hope to produce some positive results. We have our portfolio of sustainable business, which is certified by an independent company. It grew 10.8%, reaching BRL 289.4 billion. Our investment funds that have assets, and these assets come from companies that also adopt sustainable practices, also reached BRL 9.2 billion. We had the first issue, issuance of the social bonus, and this is already awarded by The Banker as the Bond of the Year. The issue was $200 million. We are also the first bank to offer services in sign language, both in Brazil and remotely. We train our employees locally, and they can also interact via video with our clients because we want every single account holder to be represented. In April, we launched CPR Preservação. This is a major advance in terms of, you know, farmers that occupy 33% of our territory and 66% of the territory is already preserved in Brazil. 33% comes from legal reserves and areas of permanent preservation, and they are part of our Reforestation Code. This is a very important code, a forestry code, because it forces growers to keep part of their property protected. They have to protect the natural environment. Of course, there is a cost to preserve these areas because you cannot, you know, extract timber, you have to protect it from fires, you know, you have to protect the wildlife. This incurs costs. Until then, you know, farmers could not monetize over these areas because they were not generating any wealth. Therefore, we launched CPR Preservação. The farmers are committed to keep the forest intact. This is a financial transaction which is based on Banco do Brasil's commitment and guarantees that the forest is still standing during that CPR Preservação for a period of one year. They're now able to monetize that area. This is just one step out of many that can still be deployed in the market. We still have to find a green bonus. We have to find investors that indeed are willing to act instead of just talk. They have to be willing to accept maybe, you know, a lower financial compensation. They have to be signatories to a commitment that our growers are indeed adopting the best preservation practices to preserve our planet. Maybe this will be our next step, looking for a green bonus. A contribution from society so that they can be a protagonist in this entire preservation process. Next slide. Now Tânia will give you more details about our results and will be available to take your questions. Good day, everyone. Thank you, CEO Fausto, for this presentation talking about the strategy and the highlights of our first quarter 2022 performance. Let's get into the numbers. We start on slide 15 with the highlights. Adjusted net income posted an annual growth of 34.6% in Q1 2022, ending the period at BRL 66 billion. This result was supported by the strong growth of the loan portfolio, which totaled BRL 883 billion, with good performance in all segments and non-performing loans totally under control. The NPL over 90 at 1.89%, below the average of the Brazilian financial system, reflecting the quality of our loan portfolio. Net interest income and fee income recorded annual growth of 5.6% and 9.4% respectively. Administrative expenses remain under strict control, with annual growth of 6% below inflation rate for the period. This led to a cost-to-income ratio of 34.7%, the lowest in our historical series. In this quarter, our core capital index for our common equity Tier 1 grew 12.7%. Moving on to the next slide, please. Here we show our quarterly adjusted net income that totaled BRL 66 billion in 2022, reaching to an ROE of 17.6%. Next. We are consistently closing even further the profitability gap when comparing to our peers. In the profitability gap, this trend is 17 years old, but as you have been saying that we want to close the gap that we have with our private peers, and we have the ambition of doing even better than them. This is how motivated the bank's team is to get even higher returns compared to our shareholders' equity. On the following slide, we see our loan portfolio. The expanded loan portfolio reached BRL 883 billion at the end of 2022, up 16.4% compared to March last year and 1% quarter-on-quarter. The individuals' portfolio grew 14.9% compared to March 2021 and it grew 1.2% quarter-on-quarter, driven by the positive performance in payroll loans, salary consumer finance and consumer finance, in line with our strategy of origination in lines with better risk-adjusted return. In SMEs, we observed a quarterly growth of 1% in loans for micro, small, and medium-sized companies, while the loan portfolio for large corporates grew 4.5%, with a highlight going to operations with private securities and guarantees. The balance of agribusiness portfolio was BRL 254.6 billion, growing 2.6% over the previous quarter. On slide 17, we present our credit quality. NPL over 90 days reached 1.89%, up 14 basis points in relation to December 2021, remaining below the Brazilian financial system, the number we present here on the slide. Compared to the Brazilian financial system because the March number has not been disclosed by the Brazilian Central Bank yet. As we can see on the slide, the increase in defaults is concentrated in the segment of individuals, as expected and in line with the origination mix. The coverage ratio ended the quarter at 297%. The slight consumption of our coverage index presented before New NPL was 0.76, and the coverage of New NPL reached 75%. On the next slide, we present the evolution of ALL in the expanded concept, which ended the quarter at BRL 2.8 billion, down 27% over Q4 2021. Here I highlight that ALL evolved when we compare Q1 2022 over Q1 2021. The highlight was the strong results of recovery of write-offs. It evolved from 20.8%, reaching BRL 2 billion. The cost of credit ended the first quarter of 2022 at 2.6%. Delivering stability. Net interest income, NII, on the next slide, posted an annual growth of 5.6%, totaling BRL 16.3 billion, given the impact of the rise in the Selic interest rate on funding expenses in this quarter. The expectation is that this margin will accelerate and converge to the guidance along the year. Quarter-on-quarter, the highlight was the rise of almost 9% in revenues from loans and 29% in the treasury results benefited by higher revenues from interest on securities, which more than offset the 30.5% growth in commercial funding expenses. Net interest margin, NIM, remained stable and ended the period at 3.5%. Fee income totaled BRL 7.5 billion in the quarter, up 9.4% year-on-year, mainly influenced by the commercial performance of asset management, pension funds, consortia, and loans. Administrative expenses increased 6% in the year below inflation rate for the period and within the range of the corporate projections for 2022, reflecting our strong discipline in cost control. Our cost-to-income ratio in the last 12 months ended the period at 34.7%, our best in our historical series. On slide 21, we bring our capital indicators with a common equity Tier 1 of 12.7%, as mentioned. There was a contribution of net income, the mark-to-market, potential adjustments, and also RWA adjustments. On slide 22, we present our corporate projections and guidance for 2022. The indicators that presented deviation for the year were net interest income, NII, which was still impacted by the increase in cost of funding due to the rise in Selic rate in the first quarter. However, we believe it should converge to the guidance range over the course of the year. The loan portfolio has been posting a strong performance in the yearly comparison, with 96% growth of the portfolio as a whole. With a strong growth in all segments in the second half of 2023, which affected comparability of the first quarter 2021 over 2022. Fee income, which fit the range in the period, had a performance largely justified by the performance of consortia, asset management and insurance lines, in addition to a lower comparison base in Q1 2021. Corporate projections are maintained. There was no change in any of the guidance variables. I thank you all for your participation. We can now start the Q&A session. Thank you. We will now begin the Q&A session. If you want to ask a question, if you're using your computer, use the participant reactions in the bottom menu and select the Raise Hand feature. If you're accessing using a mobile phone, touch the three dots in the lower right-hand corner and click on Raise Hand. This is a bilingual session. You can ask questions in Portuguese or English. The answers will be in the language chosen presented by the analyst. For this to be a dynamic experience for all of you to have opportunities to ask questions, I ask that you ask only one question per analyst. First question by Gustavo Schroden, Bradesco. Can you hear us? I can hear you well. Can you hear me? Yes, we can hear you. Well. Okay. Can you speak a little louder, please? Can you hear me now? Yes, it's a little better now. Again, good day everyone, and thank you for the opportunity. Congrats on the results. My question is specifically regarding NII and provisions. We understand the dynamic. There's a mismatch between funding costs and the assets, and there is a fast rise in the interest rates. We've been monitoring that for a long time. We understand that dynamic. There was an expectation of improvement along Q4 and particularly in Q1 of this year. Although we understand that the result was very strong, perhaps a question mark here would be related to client NII. What should we expect from now on? An improvement? And what will be the trigger for NII to increase its margin in the future? Thank you. Thank you for the question, Gustavo. As regards to margin, we don't break it down by clients and customers. When we talk about spread, we look specifically at the margin in loan operations. It is a little bit of what our peers present in terms of client NII. They involve the treasury results. It's contributed significantly for us. We are suffering all of these effects. The comparison with Q1 2021. Q1 2021 was a quarter that in terms of NII, it was one of the strongest last year because we had a very low funding cost because the interest rates rise hadn't begun yet. If we remember the year of 2021, Q2 and Q3 were quarters where the margins for the NII was more pressured because the funding costs had an initial impact and there was no repricing or greater repricing for the assets piece of the equation. Now the repricing work is being done by Banco do Brasil. It started in Q3 and Q4. It accelerated in Q1 as well. The first quarter of 2022 still sees part of that cycle of interest rate rise. We are still in the process of following this interest rate increase and of course the repricing of the assets is faster. It's actually slower. Since we're getting to the end of the cycle, we understand that in Q2 2022 this effect is going to be a lot reduced and the effect of the repricing of assets will be clearer. We expect MFB evolution to increase above what it has increased in the yearly comparison. We are also working to change the funding mix. That is going to contribute to increase NII. Along the period, we'll see that convergence, and we believe that that range of 11-15 will be attained. Again, to forward, but along the quarters we will get closer and closer to that range. I'd like to remind that the base for the second quarter and third quarter when we advance in this comparison, that will be a comparison base that was impacted by an increase in funding expenses last year. What I would like to add to what Ricardo Forni mentioned regarding the responsible growth of our portfolio. First, we are growing a lot with non-payroll loans in that base that we call checking account holders and not card holders. These clients don't have a history with us. We know about their habits, their consumption. We have information about their income. We have all kinds of information to grow that portfolio consistently and selectively. That brings us more confidence in our models. In fact, I always hear Banco do Brasil has the most robust models for credit management because of the technical training and investments that we had over the years to manage risks. In addition, we have a coverage ratio, which is higher than private banks. That allows us to have kind of a buffer so that we can take on higher profitability businesses. There's always a risk-return evaluation. We will only grow in business with a higher level of risk if there is an adequate return. Okay. I would like to add a number that might help you model this and understand the dynamic when we look at NII. We have a balance sheet position that we built that drives the growth of NII. To give you an idea, we have about BRL 400 billion of our liabilities pegged to the remuneration of the savings. That accounts for about 50% of our funding. In this environment that we currently have, the macroeconomic environment, knowing that remuneration is limited, it has a cap. Once the Selic rate reaches 8.5%, the growth of cost of our liabilities tends to be slower compared to the assets. On the asset side, in addition to repricing of assets, as Forni mentioned, for the new operations, we have about BRL 300 million in our portfolio of private securities or government bonds and even CDBs pegged to the Selic interest rate. With that, we have an assets dynamic which is different from the liabilities and repricing of faster. These components do help us have a more dynamic NII. So much so that our NII grew 3 x the size of the portfolio this quarter. That's a different trend than what we saw in prior quarters. What we will see is the velocity of growth, which will increase. That converges the NII to our guidance. We're very confident. Okay. Thank you so very much. I know you should answer just one question, but if I can have a follow-up question. This BRL 300 billion that you said in securities, I just want to confirm. This is remunerated based on CDI or Selic. I just want to understand. It is in treasury, right? The way in which we allocate these things. That's why it's always better to compare NII as a whole, because we have credit revenues that is increasing. We have funding expenses as an institutional in retail, and this all lies in treasury. In treasury we have hedging, we have the assessment of liquidity, we have the portfolio of private securities, which is in treasury as well. That's why you observe that amount in treasury. Perfect. Very clear. Thank you very much. Again, congratulations. Here's Schroder. Now we move to our next question. I would like to call Jörg Friedemann from Citi. Thank you. Thank you, Janaína. Good morning, everyone. It's been a pleasure and also a privilege to monitor the bank's results as an analyst and also witness throughout the past years the recovery of the bank's profitability, and particularly in the past few months and quarters. Congratulations to all members of the management team. My question is related to the competitive environment. We are looking at all of the information of your annual loan portfolio and the cohorts of 2021 seems that it behaved in a worse fashion when compared to the 2016 period in the midst of the crisis. I would like you to please elaborate a bit more in terms of how comfortable you are in terms of continue to grow amongst the individual's portfolio. How do you see this competitive environment? Or whether you see some other players that are giving you more room to grow with more competitive margins that can offset all of the risks. Thank you. I will start, and then Paula is also here, and I'm sure she can help us in terms of these cohorts. The competitive environment, I think in general, the market as a whole. I mean, we have the acquisition of clients in Banco do Brasil with special efforts to operate in this open banking. This is how we call it. Attracting clients and the gateway to attract clients who traditionally came just as an account holder. Today, maybe we can attract clients that just wants a credit card rather than an account. We are already operating in this market. This is a market that we are very much aware that it entails more risks. We are doing that in a very responsible way. Therefore, in terms of the competitive environment, we are attracting clients, and by the same token, we are growing our relationship model. We are also, you know, exploiting clients that are already account holders at Banco do Brasil, but now are going into other areas like credit cards. We already have something very focused. The growth of this account-holding client. These clients are more predictable. It's easier to relate to them because they already know all of our models. Now we are opening new avenues. We are fine-tuning our models in terms of these new fronts. In terms of competition, we just reinstate our appetite and our commercial willingness and our risk appetite in terms of growing our portfolios into these new lines with better risk and returns. We are looking for more attractive returns and in search for more risk. The performance of the portfolio. I mean, if you look at the portfolio as a whole, our NPL is very comfortable. I think we have the best quality of the system. This profile refers to a portfolio that has been together throughout many years, and it is being transformed as we add additional risk. We are closely monitoring all of the different cohorts and watching something that may evolve in an unpredictable way or that is being expedited in terms of what we expected. We are doing a very active credit management, trying to put ourselves at adequate levels. As President Ana Paula Teixeira de Sousa, in line with the risk and return that we are pursuing. In terms of the portfolio, there is nothing that could give us reason for concern, especially when you said that you compare to cohorts from 2016. The situation was totally different. What we have now is a different origination in some segments that have more risk, but we are managing that very firmly. Now I would like to give the floor to Paula because I think she will be able to give you more details about that. Before her comment, I just have a brief remark. I was saying that we are known for having a very resilient loan portfolio in the market. Our NPL is much lower when compared to our peers in almost one percentage point or even more than that. This speaks about the quality of the portfolio and the origination process. This really proves the quality of our credit models. Certainly, whenever you get into a new business model to non-account holders, this requires focus, a lot of care, responsibility, and this is what we've been doing. The models are constantly reviewed in order to be more selective, to seek for more consistency, and also be more adequate to the risk profile that we have in mind. It is important to know that our provision levels at the bank are extremely adequate and our coverage ratio almost close to 300%. This is that additional cushion that made our provisions in the last quarters even higher than our peers. Today we have that big cushion that allows us to grow consistently and in a responsible way. Now, if you look back, beginning with that strategy, our NPL ratio was 1.75% and now it's 1.89%. I mean, the effect was very mild vis-à-vis what has been announced by our peers in the past few weeks. This is in a very comfortable position, and we can certainly say that the models and our strategy is very much in line and with what we expect. We will continue to be careful so that we will keep on growing with a positive margin vis-à-vis the policy. I would just like to add that our portfolio continues to consist mainly of account holders and pension fund holders, and this really helps us in this entire scheme of things when you look at all of the cohorts in this period. What have we been doing? I mean, we've been constantly talking about changes in our mix. Because of these changes, we were able to post consistent results in this last cohort. This is a reflection of changes in the mix. Our portfolio is still very defensive, and this level is consistent with what we expect because it gives us expected results and returns. That's why we are constantly monitoring this new cohort, as you said, because it's unlike the others. This one is already a reflection of that change in the mix within this context, where we are very careful because we wanted to keep growing amongst our current account holders and non-account holders. With that, we feel comfortable enough to move forward working within this mix with very specific audiences and very selective audiences. Great. If everything you're saying continues to give you that. You know, to put you in that comfort zone, all of the other lines are also very comfortable. Now, this quarter's net income, if you annualize it's already indicating to something, you know, at the top of the guidance. Would that be because you were being extra conservative? Well, I think I just answered your question a moment ago during our press conference. I think traditionally, if you look at other banks, the review of the guidance in the first quarter of the year is not the most adequate period of the year for that review, because we still have to look at some economic and financial variables to be consolidated throughout the coming quarters so that we will indeed be able to to review the guidance. The guidance review is something that we do on a frequent basis. We are very much, you know, alert about that. As I was saying before, traditionally in the Brazilian banking industry, the second half is often better than the first half, given, you know, households in indebtedness with all the federal and municipal taxes, tuition of the children. Household income is more committed in the first half of the year when compared to the second half. The second half is often better. If you look at the results of all banks, this is true. Therefore, once all of the figures are further consolidated and projections are more in place, we will certainly review our guidance so as to have a more adequate performance. I would just like to add one more thing, Jorge. Our assessment right now is that we expect to reach the high end of the guidance, the top of the guidance. We also have, you know, issues related to the economic environment, you know, increase in delinquency figures, which has been expected by the market in general. This process is currently happening. We look at the end of the first quarter with a certain degree of prudence. Going forward, we are optimistic. Certainly in the second quarter we will reassess that with probably more convictions and if you look at further results, if need be, we will make the necessary adjustments going forward. Thank you, both of you. I will now move to the next, Morgan Stanley. Hi. Thanks. Morgan Stanley. Opportunity to ask questions and, congrats on the great numbers. I just, my question was gonna be along the lines of the previous questions on the results so far with the guidance. I want to move the guidance early on in the year, and there's still a lot of uncertainty globally and politically. But it does seem at least that some of the lines, particularly loan provisions. I just simply kind of, it's very difficult to see them within the guidance. It just seems that it's Can we just give you. Lower, especially given your 300% coverage ratio. I just wanted to see what is it that we're missing? You know, what are you seeing maybe on the mix shift, maybe on the growth on credit cards, that you don't feel confident at this point in pointing towards much lower provisions versus even your low end of the guidance. Thanks. Sorry. The audio is tricky for us here, but I got that the question was about the guidance and the performance and what we are seeing ahead in terms of provisions, in terms of looking forward and the effect on the expected increase in the NPLs, for example, credit cards, et cetera. Right? I mean. Well, sorry. Let me, if you don't mind. I get it that it's maybe early to change your guidance, given it's the first quarter, we still have a lot of global volatility, elections are coming. The level of provisioning that you had in the first quarter versus these items is very low. The coverage ratio that you mentioned at 300% gives you so much room, and it's just difficult to understand why would you even be close to the low end of the guidance on the provisioning side. The question is, what is it that you're seeing in terms of maybe you're gonna push more on risk products, maybe you are seeing a deterioration that, you know, gives you pause not to be a bit more aggressive on the guidance on provisioning for the year. Okay. I believe that one thing is to look at the provisions, the net provisions for credit risk required. We believe that we have a growth in terms of provision of 34% compared to the first quarter 2021. This reflects our portfolio. It was a bit lower from our peers, but it was approximately consistent. What was the main reason for this lower net credit risk in this quarter is we have a very good performance on recovery. Also the discounts applied to recovery was they were lower. This performance in quarter is quite a bit of a consequence of this. We still have some of the ending effects of the provisioning that we had in the pandemic. What we are looking forward is that in terms of the level of provision, the next quarters, it will grow because the portfolio is growing, because we are adding risk to portfolio and the whole dynamic of the liquidity in portfolios are, let's say, moving forward as well. That's why, although we are very positive on the net reserves moving forward, we believe that the provisions will come up more likely what we had, let's say, before the pandemic. We are normalizing moving forward this provisions. Right now, at least we have a good guidance for provision. We are anticipating that we are most likely to be in the middle of this range moving forward until the end of the year. Again, we are looking at credit risk with a very close look in terms of the modeling, monitoring the liquidity of the portfolios. This, let's say, next quarter we will have more information, more say, and we analyze performance and revise it if necessary. In this case, I believe that the guidance is quite carefully set, and we are anticipating at this moment with the information we have now, that we will be most likely in the middle of the range. If I may add just one observation. We have higher coverage comparing to the system. Actually, we're consuming parts of this coverage. Certainly, this reduces a little bit provisions that we made in this process. This is completely consistent on what we said in the past. `Provisions, they tend to grow gradually the same way as NPLs. You see, we do not foresee NPLs reaching the levels previously to the pandemic this year. We do not foresee the cost of risk being at the levels that we had previous to the pandemic. Gradually, as I said, this will be discussed if necessary. Did you hear? Yes. Another point, Jorge. Sorry, go ahead. Jorge, another point that I want to add on this is that we are very confident that we have the level of provision necessary to cover our portfolio. We are very confident on this. Of course, if you compare the growth of provision of the other banks, you have to assume that they have more exposure than us in some line of credits. They are working very hard for so many years with people without current accounts, that they don't have historical credit. Maybe this is the reason that they are provision a little bit more than us. Of course that we did more than 30% of growth in terms of provision credit. We are absolutely confident that we have enough provision for the level of risk that we have in our portfolio. Thank you. That was very clear. Much appreciated. Thank you, Jorge. Our next question comes from Marcelo Telles from Credit Suisse. Your mission was very limited in the SMEs portfolio. I'd like to know if you have any room to accelerate growth during the year. Congratulations on the results. Thank you very much. Thank you. In this context, when we did the work to broaden our action with small and medium-sized companies, one of the main points in our mind, and our CEO, Fausto, has mentioned this over- and- over, is that we have a specific and very robust model to look at this portfolio, the origination of this portfolio with care based on these models. Model that is knowledgeable about our clients with their history so that we can have the best levels of risk for this target audience. That leads to a very qualified origination. We have a number of instruments to follow, monitor, and take the pulse of these several sectors where we have origination of loans. In a proactive way, we can monitor performance of these several segments. If necessary, we can act more in an active way with our clients. It has given some peace of mind for us because we're close to them. We are monitoring. We're taking their pulse and taking the pulse of each one of the different industries and sectors. We can anticipate situations that will be not to be expected in our collection so that we can maintain quality. If necessary, we can offer them a different credit facility. This has been an important point, particularly when we had disbursements, so that we can select our clients responsibly, and we can follow them up close. Please go ahead, and then I can ask a follow-up question. Telles, to add to what Paula mentioned, and she spoke very well about credit management of that segment. When we're looking at this link, the origination Q1, Q2 this year compared to last year, we have to remember that last year there was a huge demand because of all those programs, and we did not have those in Q2 2022. That distorts origination a little bit, but in terms of origination, I think we are normal. Yes. Yes, it's following our flow and our ambition in this portfolio. Well, thank you for the detailed explanation. I would like to have a follow-up question. We know that for Pronampe, loans are linked to the Selic interest rate. I would like to understand if you have any concern about the rise in the Selic rate. Could this impact in any way the quality of the portfolio? Let me try to explain this and speak a little about it. We have two sets of loans in for Pronampe portfolio. One, it has an extensive coverage of 80%. That is the first cohort. The second with 20% of first loss. Those protections given to the portfolios, in our perception, are more than enough to cover a possible risk of delinquency. Risks always arise from it. Good news is that customers are paying. They are paying for their credit, their NPL levels compared to these two cohorts of funding that were granted. Well, the delinquency rate and the NPL rate is very low, which leads us to believe that they are interested in having their loans paid on time so that they can enjoy possible future loans. That gives us a little extra comfort that by maintaining the situation, keep the delinquency level low. The two types of guarantees in these programs, in our perception, are more than enough. They are far from being reached at this point. We have a lot of peace of mind. Back to your question about the Selic interest rate. This audience then was getting loans with pre-fixed interest rate. I believe this is your concern when we are talking about the Selic rate. Looking at the credit facilities that we had available with pre-fixed interest rates and now with a post-fixed Selic rate, it's even more attractive compared to those credit facilities that they were used to having. The rates of the programs, although indexed to the Selic rate, are more attractive. We are confident in the origination, which was very qualified as the starting point when we dispersed funds for these credit facilities. We did a lot of origination work. Origination was just assertive and qualified. You know, that reflects in a number. This is a public number compared to other agents. I think that we have a good performance. We have the lowest NPL in the market. The lowest NPL in the market is Banco PAN does this. Okay, very clear, thank you. Thank you, guys. I'll move to the next question. I would like to invite Henrique Navarro with Santander. Thank you. Congrats on the results. My question has to do with NPL. I'd like you to elaborate on three aspects. First, the behavior of short-term NPL over 15 days and the results of other banks. That was kind of scary for the market, so I'd like to know the performance of short-term delinquencies. It could be an indicator of what to expect looking forward. Also delinquency, NPL in credit cards, it increased a lot, like 2,000%. I don't understand what is seasonality and what is a concern. Delinquency of CDC salary or salary consumer finance. Just 3 points. Thank you very much. Before I turn the floor to Paula Teixeira, our risk and controls Vice President, she definitely has a lot more in-depth information for you. Let me just remember something that I think I said a minute ago. Most of our portfolio is composed of account holders. These account holders have a history of their credit. They have a history of their behavior over a long period of time. We have analytics, we have intelligence, and we strongly invest in that to identify preferences, habits. In other words, we are aligning a credit strategy to understand clients' behavior. Perhaps unlike the private institutions, I don't want to mention any names of banks, where they perhaps prepared earlier than Banco PAN, so act in open finance, which is a more risky market. Perhaps the impact you're observing now in the delinquency rates of some private peers, perhaps it is the result of a more aggressive strategy that they adopted in the past of operating with these clients without having a long credit history. We are getting to this now, and we already have the lesson learned from them. We expect to be more successful because our models are being calibrated online, and we are doing some learning because mostly our portfolio, unlike private bank peers, consists of our own account holders and for whom we have history. She can mention the NPL of 15 days. I want to be very direct and look at short-term delinquency or NPL and understand that it is very volatile. It has a correlation with NPL over 200 days. When we're discussing credit risk, because before I mentioned this, but it's an important element in this management, is recovery of write-offs, which is very high. We are very successful in that regard. By following and monitoring our short term NPL, we can take action. We can take a number of measures for this NPL not to stretch over 90 days. That's where we are being very successful. We are having recovery of write-off rates that are very robust quarter after quarter. What I can tell you is that short-term NPL does not have a very direct correlation or has a low correlation with NPL over 90 days. We have acted on it, like I said, by monitoring, following up, and that's when we start working on the recovery of write-off. We're collecting them, our federal collection work. Oh, there was a question about the credit card. Oh, okay. Looking at that, we mentioned that we are working to the more profitable mix. That's right. It's all as expected. We have been looking at this. We've been monitoring and like we said, before credit cards, we are talking about a much higher volume of account holders. Our card only card holders, they come to the minority. They are not representative. As we identify some kind of change in the expected profile, considering how prudent we are in our credit granting, and again, always seeking to maintain our profitability vis-à-vis the risk, we make adjustments. We fine-tune the portfolio of the portfolio as a whole and its origination. I understand that what we are doing is in keeping with what we expected in terms of having a higher profitability for the portfolio. The credit card portfolio is one we are following up close, and we are already taking actions that do not limit our appetite or our commercial ambition. They qualify the selectivity of credit granting. Yes. Like I said, if there's an outlier considering what we expected, we start acting. I would like to mention that we have our Vice President of Wholesale here after us, Mr. Pecego, who will also be available to answer questions relating to corporates, SMEs, and anything you he might apply. Also regarding salary consumer finance. I thought that the NPL was a little higher than expected, considering that it is a conservative loan. Again, considering the composition of loans. We follow by cohort. We're talking about a moment where we expect a gradual increase of delinquency in some lines. Like you said, salary consumer finance, as you said it yourself, is low risk for us. Just like we are taking actions for credit cards, if there is an outlier, something out of the ordinary, also for consumer finance, we have some actions to take. We believe that process of this portfolio will continue to be in keeping with what we expect because of these additional measures and actions that we are taking. Thank you, Navarro. I would like to ask analysts to please just ask one question so that we can also allow others to ask their questions. Next question from Tiago Binsfeld from Goldman Sachs. You may proceed, Tiago. Good morning, Fausto, Forni, and the entire team. My question is about profitability and 80% ROE, and you said during the presentation that you want to continue to increase profitability. What kind of maturity level you're pursuing looking forward, and how do you intend to reach this higher profitability? Whether it is through higher leverage, increased revenues, et cetera. If you can please help me understand what are the major opportunities that you see along the road, I would appreciate it. Thank you. Well, thank you, Tiago, for your question. The results came mostly driven by some of the factors that Tiago mentioned during his presentation. Well, the increase of the portfolio, better mix, better product mix as all the products grow, NPL under control, and also at a much lower level, as I said before, the difference between our NPL vis-à-vis the market is, you know, in more than in basis points. Also due to the control of admin expenses, which still remain well balanced. Well, certainly we want to go further. Banco do Brasil up until 2009 and 2010 posted stronger results vis-à-vis the rest of the Brazilian financial industry. After some of the measures that were taken throughout that period, like the sale of part of our social security assets and other divestments or fee payment of credit card revenues. One way or another, we were no longer accounting for all of these recurring revenues, and because of that, we were, you know, below our peers. What we want now is to lead the market in terms of profitability due to our technical expertise, the significant engagement that we have in the digital business today. I mean, it's amazing. If you walk into any of the bank's branches and you talk to the employees, they will tell you there is a very strong engagement. This allow us to say that we can count on them to increase performance further. We will also look at the frequency indexes, and maybe we will use a little bit more of our coverage ratio, but in a very balanced way and also maximizing our results. I'm not gonna tell you that I want to reach 20 or 30. What I'm saying is that we want to make better use of our mixed strategy and also be very diligent and responsible, operating in more selective profiles and all of that to help us resume our outstanding position, the one we had for many years. I would just like to add one more thing. The fact that we got very close to the profitability of our private peers did not stem from any changes in strategy, but we just, you know, pursued a very constant strategy that we started years ago with those 10 major strategic points. This is, you know, some context. Guidance is there. We are pursuing our guidance. We are looking at the top end of the guidance, and with more information, we will probably say that we can go further than that. I mean, this realization in terms of profitability doesn't mean that we are going to change our strategy. That is probably reinstates the fact that we are very consistent in terms of our strategy. Certainly looking towards 2023, we carry that ambition along with us. Now, once we get close to the top, we want to go beyond that. We will still continue to be number one in agro. There is nothing new in terms of leverage that will allow us to increase profitability. We will just pursue our strategy, you know, with a firm focus on its execution. This is what we are delivering. It is with this kind of optimism that we look forward. Thank you. Congrats. Thank you. Our next question comes from Ricardo Buchpiguel from BTG. Ricardo, can you hear us? Yes. Good morning, everyone, and congratulations on your results. I just have a follow-up question in terms of NII. I would like to understand what level, you know, makes sense to you. You said that this is a line that follows, you know, Selic indexed deposits should probably follow along the lines of the first quarter. There is also the issue of the cap in the escrow deposits, savings deposits. Now in the second quarter, maybe all of these funding lines wouldn't have that same increment despite the increase in the Selic rate. Would it make sense for funding yields for both escrow deposits and savings deposits to remain stable in the second quarter and going forward despite the Selic increase? Well, I'll start, and maybe Daniel can add to my comment. The effect that we see in terms of funding, I think since the end of last year, when Selic went beyond 8.5%, it's been already contributing in a net way. With this latest increase, this will also play an additional contribution. After all, this is just an important piece in that whole scheme of margin improvement. If we change or we enhance the funding mix, this will also lead to NII improvements. Well, I have another comment. During our administration, we started to renegotiate with the main courts in terms of the prices in the escrow deposits. We already had several meetings. The idea is that we want to keep it at a level that allows us to generate good businesses with adequate financial margins. I don't know exactly what courts that we talked to, but we made several rearrangements. The price that was used in the past was adjusted to this new reality, especially to this specific audience, which are the courts. This is lowering our funding costs because of this process, and we will continue to do that in the future. Tonight and tomorrow, there will be a meeting of the Association of Magistrates, and Banco do Brasil is sponsoring that gathering. Then tomorrow, I'll have lunch with the heads of courts. The conversation will be about having adequate pricing to generate profitability for all parties involved. We want to emphasize the credibility that we give to that process. We are very fit to work with us for deposits and to render information to the courts, unlike other organizations that are new to this segment. I mean, this here is a very specific example of what I say if I was diligent in terms of funding costs. In general, we are evaluating cost of funding, et cetera. This is an example of our confidence in this work because we are being very diligent in all markets and all customer segments. In terms of treasury, does it make sense to have a positive effect coming from Selic after the next quarter? Yes. In fact, the treasury result to continue to increase due to this Selic effect. You know, given everything we talked about. Again, this comes combined with our funding mix. Our expectation for the coming quarters is that it will grow. Maybe by year-end, we will reach the 11% guidance. Well, certainly the treasurer result, I mean, it's very difficult to give you a number, but it tends to be around that range or maybe slightly above. This is pretty much in line with the scenario that we just, you know, mentioned to you. I have to just say goodbye to you because I have another commitment, but I would just start with some final remarks, but my other colleagues will remain here with you. My final remark is that our best virtue is the engagement of our team, of our technical team. I often say that we have the best employees in the market. I mean, the last time we opened up a public contest for new employees, we had a lot of applicants, and 2,240 people were selected to work for the bank. Our selection process to select candidates is very robust, so applicants will still have to train with the bank for 90 days. This is an additional filter so that at the end we will have the best in class. In addition, the bank invests BRL millions in training, MBAs, and it provides technical information and technical training because what we want is to have very well-prepared hedgehogs. Our staff is currently very much engaged. I don't know whether it's a result of the management that comes from somebody from within, from the bank, so we know exactly where adjustments have to be made, but also due to all of these strategic pillars that we selected. That I'm referring back to that initial plan that we initiated when we came on board. The results are clear. Things are working out. We have good expectations for solid and consistent results. If you look at Banco do Brasil's history in terms of results, we've been posting sustainable results. The quality of our portfolio, unlike other private banks, our portfolio is more expensive, and that's why NPL ratios are below those of the market, even though our coverage ratio is still higher. We are very conservative in terms of provisions. We were able to reduce the gap vis-à-vis our peers. It's important that we say that. We recovered the lost profitability in view of what we said before, and now we have further ambitions. The results as a whole show that we are on the right track. All of the structuring activities gave us a very strong focus. That's it. I hope that you continue to believe in the bank. Our technical team is very strong. Our governance structure is very tough. Even though we are not linked to Sarbanes-Oxley, we operate similarly to those companies that are under SOX. That's why our governance process is very rigorous. The company Is a role model to other organizations, especially in regards to open finance. We take leadership. The bank is a leader in many other lines, and this is not taken for granted. This is the result of all of the investments that we made in perfecting the quality of our staff. Please, you know, believe in our company and rest assured that our provision level is very much in line with the level of risk we have in the portfolio. We will continue to grow in a very mature and responsible way. Thank you all very much. Thank you, Fausto. I will continue with the questions now. The next question by Carlos Gomez-Lopez with HSBC. Carlos. I would like to ask about the legal risk. If you could comment on what you expect for this year and the next. The legal risk. Expectation for legal risk. I can start answering. I think that the legal risk this quarter was within our expectations. Perhaps a little under what we saw in previous quarters. We are at 1.6%-1.7% every quarter, so our expectation is maintained. Well, it is natural to have some kind of oscillation from one quarter to the next. Normally, Q1 is a quarter with a more differentiated dynamic, particularly in reference to the legal environment. What we see in terms of results, the results that we're starting to reap now is a change from this standpoint of the management of the legal risk as a whole and confirm situations. We want to reduce the expenses that we have in that regard. Looking at everything that we defined in our guidance, we understand that our guidance is very well set. Thank you. Thank you, Carlos. Our next question comes from you, Yuri Fernandes with JP Morgan. Thank you, Janaína. Good day or good morning, good afternoon to all. Congratulations on the results. I have a follow-up question for credit card. Navarro, who asked and it's clear to me that the bank has made profits just very high measured risk. I think it has to do with the strategy to improve spread and to retain clients. It's all understood. I'd like to learn more about the delinquency in NPL. You mentioned that 94% of your clients have a relationship with the bank for more than five years, and the NPL for credit card is a bit high. Could you offer an explanation for that? Again, I'm not worried about the change in your vault position. The product is small compared to the whole portfolio. Do you see any specific segment? Did you perhaps grow outside that account holder client base? Do you think that this NPL will increase or has it achieved its cap for credit cards specifically? I just want to understand how you see the worsening in NPL because the bank is growing a lot, growing 50% in the product. In the end, the NPL balance is probably growing 150% year-over-year. I'd like to understand the dynamic behind the delinquency. Thank you in advance. Congratulations. I'll start, then Pablo can. I believe that credit card growth is robust. It's mostly coming from our account holders, like I mentioned. We are offering more cards to our clients. They are stimulating spending and that increases the loan portfolio linked to that. As CEO Fausto mentioned, we started later to play this game and have a strategy to operate in the open finance. We already have origination in that way. Non-account holders as clients, and we also have some partnerships with retailers. These partnerships are also attracting clients. It is this new flow that has a different profile. We knew about that beforehand and we are acting on it. The explanation for that rise or this more marked rise in NPL comes from this group of people who have a different profile who posted much higher NPL compared to our traditional account holders. Like I said before, we are monitoring those portfolios up close so that we can start making changes, not just from the credit side and not in terms of commercial ambition. It's so that we can make changes in terms of selectivity of the portfolio and approval of clients, and to fine-tune limits to clients' ability to pay. Our expectation is that we will be able to continue to expand the portfolio, adding risk, but with greater control over NPL of this new profile of clients which were recently added to the portfolio. We are adding measures to our model to make it more iterative and more aligned with the profile of the portfolio. If I may make a comment. We've got even more NPL in this portfolio. It came a little faster, and it is what Forni mentioned to make adjustments. Because the delinquency came faster. We have to divide the portfolio into some sub-segments. With the traditional account holder portfolio, we didn't see great variations there. We have other entry doors for non-account holders. It's what we call the open finance. For some, we are promoting the necessary adjustment and making studies of dynamics of credit cards. We know what it is in the quarter. Normally Q2, Q1 tends to be a little weaker, but we see slightly different growth in terms of that. We're making adjustments to compensate us for inflation. Nothing changes our risk appetite. I turn the floor to Paula. Okay. Just to build on what you said, if this is a change? No, it is not a trend. It's not a trend expected by us. What we expected was to have a higher NPL level in new lines of loans in our origination. It came a little faster than expected, and that's why we started acting and adopting measures that include looking at the targeted audience, select it, qualify it, and include it for account opening entry to most of our nations. Now with that, the measures adopted based on the monitoring we have. That context, the trend changes, and this is the expectation we have. In this new segment, which would be, a non-account holders with a credit card. We want to have an NPL which is more compatible with what was expected to be expected return for these credit card lines. Perfect. That's all I wanted to understand, the dynamic of account holders. Non-account holders. The product is so complex, and there are so many variables, and I needed more than. Thank you very much. I just wanted to understand the open seat strategy, and that's very clear. Thank you very much. Thank you. Our next question comes from Natalia Corfield of JP Morgan. Natalia, we cannot hear you. Your volume is really, really soft. Better now? Yes. Great. So changes a little bit to fixed income and premium bonds. One topic that is a hot topic now is AT1s. There's been a lot of debates in terms of where the bonds are trading now and resets. Of course, we expect call of 2025 regarding 6.25. I would like to know, how do you see that? I know the call is not now. It is in 2024. It's just to have an idea of what you're thinking. Okay. I think that this is an interesting topic. I've been following this discussion and the development of this market dynamic and how other players are reacting to that. In our assessment, we believe that in the issuance, there was an expectation of the issuer and of the investors that we would exercise the call in that period. We continue to work with this assumption, reassessing the market and suggest that whatever is done should not be a surprise to anyone. It is investors that we are evaluating and monitoring this discussion. Like I said, we still have some time. We are following the whole situation up close and keeping ready, and we are working on this portfolio of issuances that we have, adapting it to our needs for possible issuer. We do have some maturities in 2023, 2024 which are representative. We are monitoring that up close. I think the key word here is predictability. We will be monitoring this, we will be communicating this, and our expectation is the same that the market of investors had. We maintain our expectation and let's monitor the situation. If I may add something, Natalia. It is 40 years of BB debentures maturing 2023, 2024. Perhaps the best way of showing you how the bank thinks is looking to the past. In all issuances, we always had a tradition of being innovative and come forward before and always respecting our investors. In this scenario, don't expect anything different from us. This is what is in our agenda and in our daily discussions when we will add the funding structure of the bank. Okay. Thank you. Very clear. Thank you, Natalia. We are ending our Q&A session at this point. I would like to thank all of you for attending and participating. To end, I'd like to turn the floor to Ricardo Forni for final comments. Thank you very much to all of you who accepted our invitation to participate in this call. I think our CEO, Fausto, gave you a good summary of what we delivered and of our expectations. If I were to summarize, I believe that we delivered an absolutely consistent result reflecting the quality of our assets. I think it is a little different than our competitors, and the difference is the quality of our assets. This is a very important value for our delivery. This management is committed to the strategy that we have been communicating and reinforcing. This is what brought us this far, and this is what is going to help deliver the results that we aim to deliver for 2022. We have this ambition of continuing to improve our profitability, but we look to the future. It is the pleasant realization that we were able to get where the bank has been trying to get since 2017. In other words, closing the gap of profitability compared to our peers. We are getting here, and now we feel capable of having an even greater ambition. It is with this purpose that the whole team is working. I would like to thank all of you. I'd like to underscore that the fact that this, these clear consistent results will reflect a more appetite by our investors for an asset that is probably going to deliver the very best compared to our peers. This is my take home message for you. Thank you very much for attending.