Good morning and welcome to the third quarter of 2024 results conference call of Banco BTG Pactual. With us today here we have Roberto Sallouti, Renato Cohn, and Juliana Rocha. We would like to inform you that this event is being recorded and all participants will be in a listen-only mode during the bank's presentation. After Banco BTG Pactual's remarks, there will be a question-and-answer session for investors and analysts when further instructions will be given. Today we have a simultaneous webcast that may be accessed through the website www.btgpactual.com/ir and the platform. There will be a replay facility for this call from today. Before proceeding, let me mention that this call may contain forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to the growth prospects of Banco BTG Pactual. These are merely projections and, as such, are based exclusively on the expectations of Banco BTG Pactual's management concerning the future of the business. Such forward-looking statements depend substantially on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in Banco BTG Pactual's filed disclosure documents and are, therefore, subject to change without prior notice. Now I'll turn the floor to Mr. Roberto Sallouti, who will begin the presentation. Mr. Sallouti, please go ahead. Thank you very much. Good morning to all of you and thank you for joining our quarterly earnings call. I'd like to start with the highlights of the third quarter on page three of the presentation. We had another record quarter with record revenues improving operational leverage, a 23.5% return on equity for the quarter. Our wealth management unit posted record results and record net new money. We exceeded BRL 1 billion in revenues for the first time, and we had BRL 47 billion of net new money. Important to say that this net new money was all organic. We did not have any acquisitions this quarter. Our asset management unit also posted record revenues and a very strong net new money of BRL 30.6 billion. We continue to be able to expand our return on assets in that business line as we are able to continue growing faster in the asset management business and the asset administration business. We continue to expand our portfolio, our credit portfolio, supporting it with very solid capital ratios and a strong unsecured funding base. Here, I think we're benefiting from our entry into new products and segments, our low market share in various of these product segments and geographies. So we're able to have strong growth while keeping a very good quality of the portfolio. And we're also benefiting here from our lower cost of funding. Even though we're seeing market rates, especially in the public markets, compress significantly, we've been able to more than offset with a decrease in our cost of funding. Going to the fifth point, our Sales and Trading business unit delivered very strong results, and this reflects the expansion of our client franchises and at an all-time low of RWA, so whatever RWA we allocated, it was a very efficient allocation. But I think this is most impactful because of the expansion of the client franchises. Finally, to support our growth, we had two significant issuances this quarter. We had a BRL 2 billion issuance of an AT1 perpetual at CDI plus 1.3%, which increased our Tier 1 capital by around 50 basis points. And we issued a 5-year unsecured notes of $500 million at 5.875%, at very close to the all-time lows of financial companies to sovereigns. So I think these two reflect the perception of the brand, the perception, the fiduciary perception that investors have of us. We're quite satisfied because we think this is a great something that helps us create a virtuous cycle in growing the different business units. Also important to note that together with the results, we announced the share buyback of BRL 2 billion. We expect to execute that depending on market conditions and volatility over the next few weeks and months. Turning to page four, we talk a bit about the numbers and the highlights. We had revenues of BRL 6.4 billion, 14% growth year over year, adjusted net income of BRL 3.2 billion, a 17% growth year over year, reflecting the gain in operational leverage that we spoke previously. Once again, a return on equity of 23.5%. If you go to page five, we have the net new money of BRL 78 billion in the quarter, BRL 47.3 billion in wealth management, BRL 30.6 billion in asset management. Our assets in the Wealth Management unit growing 29% year over year, reaching BRL 157 billion, and our assets in the Asset Management unit growing 20% year over year, reaching BRL 970 billion. If you turn to page six, we see the growth in the unsecured funding, 33% year over year. Renato Cohn will have more details on this. In Corporate Lending and Business Banking, it's the business unit with the highest last 12 months revenues, showing strong growth of 55%. Of course, this is impacted by the one-off we had with Americanas in the past. As of next quarter, this will cool off, and I think everybody will have a better view of what's happening to the business. But Investment Banking growing 25%, very strong growth in Asset and Wealth Management, 26 and 27% in revenues, and Sales and Trading more or less stable around 4%. What we always have been signaling to our investors is that we expected that over time we would have a very balanced business between investment management, corporate and investment banking, and sales and trading. This is exactly what we're showing. We think the recent trends of faster growth in investment management and in corporate and investment banking will probably continue in the near future. With that, I'll pass to Renato Cohn. We'll talk about the details of the different business units. Thank you, Roberto, and good morning to everyone. So going now to our specific business lines, we start with our investment bank on page 11, where we had solid revenue generation coming mostly from DCM and M&A activities. Revenues came at BRL 380 million, which is a 32% decrease when we compare to the previous quarter, bearing in mind that last quarter was our second best quarter in DCM. As credit spreads continue to tighten, we saw a reduction in the number of transactions, although during the fourth quarter, we are seeing some improvements in DCM activity. We also had solid contribution from M&A activities, and we remain optimistic that M&A transactions will continue to contribute to overall investment banking revenues as we continue to execute and develop our pipeline of transactions. During the nine months of 2024, our investment banking revenues increased 38% when we compare to the same period of last year, backed mostly by strong DCM and M&A activities. Looking now to our corporate lending and business banking on page 12, we had another quarter of market share gains and record results. Revenues reached BRL 1.712 billion, which is a 12% increase during the quarter and a 30% increase when we compare to the third quarter of 2023. Total credit portfolio grew 8% during the quarter and 31% when we compare to the third quarter of 2023, reaching a total amount of BRL 210 billion, while our SME portfolios grew at a faster pace, increasing 9.5% during the quarter and 45% when we compare to the third quarter of 2023, and reaching a total amount of BRL 25.6 billion. Our growth comes from a combination of market share gains in all segments and the expansion into different geographies and different sectors, while we maintain the same stable credit spreads and same quality in the portfolio. Moving now to our sales and trading business on page 13, we can see that we had a strong performance driven mostly by client activity, as Roberto mentioned, and we also see that our VaR reached its lowest historical level. Revenues came at BRL 1.672 billion. That's a 20% increase when we compare to the previous quarter as we continue to expand our client franchises, and as I said, the VaR reaching its all-time low, marking 16 basis points as we remain cautious in face of the challenging macroeconomic scenario and many uncertainties in both the domestic and international markets. And the market risk component of our risk-weighted assets remained stable at 23% of the total risk-weighted assets during the quarter. Looking now at our asset management on page 14, we see that we had a strong growth of AUM and of assets under management and administration and record revenue generation. Revenues came at BRL 606 million, which is an 11% increase when we compare to the previous quarter and a 30% increase when we compare to the third quarter of 2023. Revenues continued to grow in line with AUM and AUA expansion, which reached BRL 970 billion. That's a BRL 50 billion increase when we compare to the previous quarter, or a 5.4% increase. And it also, when we look at, when we compare to the third quarter of 2023, we see that AUM and AUA grew by BRL 162 billion, which is a 20% increase during the year. Net new money came at BRL 30.6 billion, with most of the flows going to fixed income strategies and also to our fund services business. And during the last 12 months, we managed to bring BRL 93 billion of net new money. Going now to our Wealth Management on page 15, we see that we had outstanding results with record revenues and also record organic net new money. Revenues increased 8.5% during the quarter and reached BRL 1 billion and BRL 7 million. So for the first time, we passed the mark of BRL 1 billion per quarter. And when we compare to the third quarter of 2023, we see that revenues increased by 27%. We also, as I mentioned, had record organic inflows. Without any acquisition, we managed to bring BRL 47.3 billion of net new money, with our private bank printing its best quarterly contribution, while the high-income retail segment continued to bring strong inflows as we continue to gain market share in both segments. In the last 12 months, we added BRL 145 billion of net new money, with wealth under management reaching BRL 857 billion. That's a 7% increase when we compare to the previous quarter and a 29% increase when we compare to the third quarter of 2023. We were voted best private bank in LATAM and best private bank for succession planning also in LATAM by The Banker. Looking now at our participations business line, we had the contribution of BRL 68 million in profits from Too Seguros. We also recorded BRL 13 million contributions from EFG as their results became more consistent. Then we had the usual three components of Bancopa contribution with BRL 161 million of equity pickup from our participation in Bancopa. Then we had an additional BRL 85 million contribution of accruals from the portfolios we acquired in previous quarters. And we had the BRL 109 million elimination from the portfolios that we acquired during the third quarter of 2024. So overall, we had total contributions of BRL 217 million in profits from our participations business lines. Moving now to page 18, we see our expenses and main ratios. And there you can see that we continue to improve our efficiency metrics as our revenue growth continues to outpace our costs. Total operating expenses increased by 5.5% during the quarter. Most of the growth came as a consequence of higher bonus provision, as obviously the higher revenues result, while salaries and benefits and administrative costs grew by 2% and 5% respectively. Cost-to-income ratios, Roberto mentioned, decreased to 36.4% as we continue to benefit from operational leverage. Our effective tax rate was 20.2% during this quarter. Moving to page 20, we see that our total assets reached BRL 611 billion. That's 9.4 times our equity. Our cash and cash equivalents increased by 17% during this quarter, reaching BRL 88 billion. Our LCR increased to 197%. Our coverage ratio remains at a comfortable level, 163%, as our unsecured funding continues to grow more than our on-balance credit portfolio. Our corporate lending business portfolio represents 3.7 times our equity, which is a similar metric from when we compare to the previous quarter. Going to page 21, we see that our unsecured funding base continues to grow. It grew more than BRL 20 billion in the last quarter, reaching BRL 256 billion. That's an 8% increase when we compare to the previous quarter and 33% when we compare to last year. The share component of our retail funding slightly increased to 29%, and Roberto mentioned also we managed to conclude three important transactions at very favorable terms, so the issuance of BRL 8.5 billion in CDCAs with terms of up to 10 years and a credit spread of approximately 60 basis points. We also issued BRL 2 billion in AT1 perpetual notes at approximately 130 basis points. The third one was concluded on October 22nd, so we'll impact numbers on the fourth quarter of 2024. It was the issuance of $500 million of five-year senior unsecured notes at less than 40 basis points spreads over the Brazilian sovereign equivalent. So we continue to significantly improve our unsecured funding base, reducing our cost of funding. And at the same time, we are extending the average duration of our unsecured funding. Finally, moving to page 22, we look at our Basel ratios. So we see that our Basel ratio increased to 16.4%, mainly impacted by the issuance of the $2 billion AT1 notes, which contributed with approximately 50 basis points. Here we see that our tier one capital reached 12.9%. And as I mentioned, our VaR reached historical low level in line with our dynamic risk approach and obviously the uncertainty in this challenging macroeconomic scenario. So with that, I think we conclude with this very strong result, with record results in wealth management, in asset management, and in corporate lending, both in terms of revenues and in terms of growth. I think we can open up for Q&A. Yep. Thank you. The floor is now open for questions from investors and analysts. If you have a question, click raise hand at this time. If at any point your question is answered, you can remove yourself from the queue by clicking lower hand. Questions will be taken in the order that they are received. Please hold while we pull for questions. The first question comes from Thiago Batista from UBS BB. Please go ahead. Hi guys. Thanks for the opportunity. Congrats for the results. I have two questions. The first one, only to double-check and confirm with you guys about the impact of Americanas. I think the Americanas had no impact in the bottom line, but only to double-check. And the second one, if you have any initial thoughts on the potential impact of the implementation of the Resolution 4966, especially regarding the impact of PAN on the capital of BTG. So how much and if the implementation of the 4966 will really impact the capital of BTG Pactual? Hi, Thiago. Thank you for the question. So first one related to the Americanas event, there was no impact or no significant impact related to that transaction we had provided for, as we mentioned, along all the time that we had adequate provisions for the effect. The plan was executed by the creditor, so the transaction was settled and there's no significant impact in terms of results. And to the second one, the Resolution 4966, as mentioned in Bancopa results, I think I do mention that we're still finalizing all the evaluations, but we expect that Bancopa will have an impact of around approximately BRL 1 billion there. And that's obviously will impact BTG as well. And also important to mention that at BTG, there will be no impact. The impact of implementation of Resolution 4966 at BTG standalone is zero. No, but clear. Thanks. The next question comes from Eric Ito with Bradesco BBI. Please go ahead. Hi, good morning. Sallouti, Renato, Juliana, thanks for taking my question and congrats on the results. I have two questions here as well. The first one is regarding your sales and trading performance. Very strong if you look at the historical low VaR at 0.16%. So I just want to understand if there's any non-recurring impact here in the quarter. I don't know, maybe impact from the share trading. And I want to understand as well how much the power plants sold to Eneva contributed to the results. We want to estimate how could be the impact for 2025 as the plants were sold to Eneva. And my second question is a follow-up on maybe on Americanas here. If we look at the balance sheet for provision expenses, there was a reversion in the quarter apparently. You guys used to run at around BRL 800 million-BRL 1 billion provisions per quarter in the first half. And in the third quarter now, I think it was around BRL 50 million provisions in the quarter. So I just want to get a bit of color on what were the main trends here. And as you mentioned, there were no impact in the P&L, but just confirming. Thank you. Thank you, Eric. Related to the sales and trading question, there's no one-offs there. All the results are recurring results, and related to the second part of this same question, you ask about the Eneva transaction. The Eneva transaction was settled in October. The impacts of this specific transaction will be recorded during the fourth quarter. Obviously, there is the normal impact of the thermal power plants that we, but it's the same that we have been or similar of what we have been recording in the previous quarter. Related to the second question, I'm not sure I followed regarding the reversion of provisions. Yes. If you look at the balance sheet, sorry. Want to go ahead, Sallouti? No, go ahead. Okay. Yeah. So my question is, if we look at the balance sheet for provisions, I think in the note 10C, we look at apparently there was a lower provisions booked in the quarter. I think the first half, it was around BRL 800 to BRL 1 billion provisions per quarter in the first half, so first quarter and second quarter. And then this quarter, I think you guys provisioned around BRL 50 million. I just want to understand if there apparently was a reversion of provisions. I want you to confirm if it is related to Americanas. I think that the main impact here is the reversion of the provisions related to Americanas. That's the main difference why we will continue to provide during the first quarter. Now during the third quarter, we reversed that. Sorry, during the third quarter, we reversed that provision. Okay. Thank you. That's the main difference. Yeah, very clear. Thank you. The next question comes from Tito Labarta with Goldman Sachs. Please go ahead. Hi, good morning. Thank you for the call. I'm taking my questions. A couple of questions, if I can. I guess first, following up on the sales and trading, I mean, the strong results there. I know first half was a bit weaker, but how do you think about the sustainability of the sales and trading results going forward? Do you think that this is maybe a new level to consider? And I know it's volatile from one quarter to the next, but just to think about that can evolve going forward. And then second question on the investment banking, conversely, they're weaker results. I know it's coming off, but tough comp. But how do you think about investment banking results going forward? Will DCM sort of continue to drive that? Any color on M&A and maybe ECM kicks in some point next year? But how do you think about investment banking going forward? Thank you. Thank you, Tito. So in Sales and Trading, once again, even though it has become a much more stable line given the growth of the client franchises, it is also a line that still has some market risk. And once again, you can have low VaR or higher VaR, but it's important if the positions that you express in the VaR are profitable or not profitable. So there is always a correlation in the VaR, but there's also a correlation if you have the right market view to some extent. So I still think that the best way to see the Sales and Trading is probably in a, let's say, a moving average of probably the last four quarters and continue to see. But we're quite comfortable that every quarter we grow the size of our client franchise business and what is predictable and recurrent. But having said that, we continue to expect it to grow, but of course, we depend on market activity. And as you know, especially in Brazil, we're facing very challenging markets. And even though we've been able to gain market share, when you have a market that's not growing, it's also quite challenging. But we're still comfortable that we will continue to see growth, as I showed in the first part of the presentation, relatively stable the last 12 months compared to the previous 12 months. But we expect that as we continue to grow the franchise business, that at some point we will take the necessary macro measures, which hopefully will improve markets a bit. And as we express market positions with effective VaR allocation, we can see this back to growth. On investment banking, you are right. What we are seeing drive that line of business recently is DCM and M&A. And we're very confident with the pipeline we see both for the fourth quarter and for 2025. Okay. And thanks, Sallouti. Maybe just two quick follow-ups. On the sales and trading, is it right to think as that's in a wealth management business continuing to grow, very strong performance there that helps support the sales and trading business as well, right? So there's some positive benefits from that, and that's driving sort of the continued growth over time. And just follow up just a little bit on the investment banking, because it seemed this quarter was a bit weaker than we were expecting. I mean, do you think the trends, is this a new level to think about or anything specific this quarter that maybe can reverse next quarter to get back to sort of the levels we have been seeing earlier in the year? Thank you. It's just the regular seasonality of deals. So yes, it was a bit weaker, but we don't think this is the new level. Once again, we think using probably an average of the last four quarters is probably a good metric, and hopefully market improves a bit. On Sales and Trading, it's important to mention that it's not only the growth of the Asset and Wealth Management business. It is also the growth of the product offering. And I'm going to give an example of the Sertrading acquisitions. With the Sertrading acquisitions, we are now tailoring to a new set of corporates that were not important clients of ours. We're doing more FX transactions. We're doing more hedging transactions. So actually, Sales and Trading, it's not only important our growth, but probably the market growth of Asset Management is very relevant for that. So it's a combination, for example, and you're right, when we grow wealth management and we have more, let's say, market making of private bonds, it also affects. So it's a combination of everything, but not only asset and wealth management. Okay. That's clear. Thanks a lot, Sallouti. Thank you. The next question comes from Daniel Vaz with Safra. Please go ahead. Hi, Roberto, Renato, and Juliana. Congrats on the results. Two questions on my side. The first is regarding your strong new money in the wealth management business, right? So you had the CDCA issues and distribution clients maybe had better help from that. But could you comment beyond that on whether the 20 billion BRL in derivatives that we see in your wealth under management was this a primary driver of this net money increase? This is the first one, and beyond Banco PAN, you said that the 4966 resolution, there's no impact to BTG. But can you comment a bit further on that? Is it because you had already been using a similar provisional method, or is it because you do not expect new regulation to impact corporate loans or credit letters and securities? Thank you. Regarding the net new money, I think you mentioned CDCA, but it's a small part, right? We brought BRL 47 billion of net new money. And if you look at what we've been doing in the last, I think it's now 11 quarters that we bring around BRL 30 billion of net new money, consistently bring around BRL 30 billion net new money, quarter over quarter. Sometimes it's a little bit higher than that, 32, 34, sometimes a little bit lower than that. So around BRL 30 billion, I think we've been very, very consistent. And the first quarter this year, there was a bigger number, around BRL 43 billion, but that was with the acquisition of Órama. So I don't think we can relate that specifically to one or another. I think we've been quite consistent in bringing net new money for a long period of time. And that's the effort of our two or our main segments and our team working on obviously bringing net new money on a daily basis, on every day, right? Related to Resolution 4966, we already use the type of methodology, right, that IFRS and Resolution 4966 establishes in terms of providing for the transactions with the expectations of what we need to provide during the term of that. And obviously, as our book, it's mostly focused on large corporates. When we use this, there won't be any impact. The major impacts are related to the loans, more related to consumer, right, mostly to the unsecured consumer loans, right? So that's the main reason of no impact on the implementation of Resolution 4966. Thank you, and if I may follow up on the reversion of provision related to Americanas, can you explain how did it flow through your managerial P&L? I'm asking because we would expect the corporate lending to have an extraordinary revenue, but it actually did not, so you had the effect neutral on your P&L, but where did it flow? It was like on corporate lending, you had another negative result to compensate that, or is it another revenue segmentation? Thank you. Yeah. There's no impact in the P&L, right? We did the reversal for the provisions that we had, considering that we had the provisions of an amount similar to what we received net. So zero impact on P&L. Okay. Thank you. Congrats again on the results. The next question comes from Gustavo Schroden with Citi. Please go ahead. Hi, good morning, everybody. Thanks for taking my question. I have only one. As the energy business has gained more relevance for the bank, I'd like to discuss with you how this business impacts the bank's capital allocation, Basel ratio, minority interests, and if the bank's management is considering moving the energy business to the holding or partnership level and maintaining the Banco BTG Pactual is still focusing on its core business, which is IB, asset wealth management, corporate lending. Look, I'm not saying that the energy business is not good. I'm just trying to understand if it makes sense to maintain this at the bank level instead of at the holding or partnership level, considering the size and nature of the energy business. Thank you. Thank you, Gustavo. So first of all, you have the Sales and Trading part of the energy business, which we think is very linked to the bank and very important. And even after we started the business, we saw that many of our competitors also started their sales and trading energy units. So we're very satisfied there, and we think we will continue to grow. The market will continue to develop. You now have the growth of the Mercado Livre. So we're very happy with that business. I think your question refers more on the Eneva legacy position and a similar thesis, which were the thermal power plants. So what we did in this transaction is that we had a capital increase at Eneva that was not followed by the bank. You had the thermal plants, which were, let's say, illiquid assets, which now have gained liquidity because they're a liquid stock. And with that, as we always said, we have a very clear asset from the time that we had the principal investments line in Eneva. What we always tell investors is that it makes no sense for us to be buying Eneva at the holding company and selling it at the bank. It would be a very tough situation to explain, and there could be understood as a conflict of interest. So we think it's a good asset. It's a, let's say, liquid asset, a listed company. And over time, we expect the bank to slowly diminish that position. It is not increasing the position. So we had the legacy Eneva asset. We had the thermal power plants, which now have gained liquidity because they're a liquid stock. Over time, we expect to execute that in the market. We think we have to be very careful to do any transactions between the holding and the bank because that could always generate questions that we want to make sure that we don't lead to, let's say, anything that could make our investors uncomfortable. Okay. Thank you, Sallouti. Very clear. Thank you. The next question comes from Renato Meloni of Autonomous Research. Please go ahead. Hi, everyone. Congrats on the results, and thanks here for taking the question. So I wanted to go back to the corporate lending side. So your net yields actually increased during the quarter, right? So I'm trying to understand if this is a sustainable level and what we are seeing, what your expectation here in the future, especially considering the rate cycle in Brazil. So potentially some compression there in spreads. And then I have a second question just on the wealth management business. ROA is there expanded for the first time after a few quarters at the same time that you're adding a lot of new assets. So if you could offer some clarity there, if this is a trend, maybe there was a product mix and also some expectations here going forward. Thank you. Thank you, Renato. So on credit, yes, we think that around this level spread is sustainable in the foreseeable future, and this is a consequence of the strong reduction we had in our cost of funding and our penetration into new segments and products which have higher spreads, so traditionally, let's say five, six, seven years ago, we were only in the high-grade, large corporate. Now we have high-grade, large corporate. We have corporate. We have middle. We have SME. We're buying consumer credit portfolios, so the combination of all this together with the reduction in funding cost allows us to have these credit spreads, which we believe are sustainable. On the asset management return on assets, it's exactly what you said. It is product mix. This year, we're seeing stronger growth in the asset management business, fixed income funds, credit funds, semi-liquid funds, and lower growth in the asset administration business, which has lower ROAs, so it's exactly the difference in the product mix, which explains this increase in the return on assets. That's perfect. Thank you. Thank you. The next question comes from Antonio Ruette with Bank of America. Please go ahead. Hello, Sallouti and Cohn. Thank you for the questions. Two questions on my side. So first, on net new money, if you could provide a little bit of color on net new money during this quarter. So what you perceived in terms of gross inflows and also outflows would be great. And also, my second question is related to PAN. How do you see the perspectives for the acquisitions of portfolio going forward? If you should acquire more or less portfolio over the next quarters. That's pretty much it. Thank you. Thank you, Antonio. So on the net new money, I think the most relevant gross outflows would be in asset management. I would say here, especially in the asset administration business, we see a lot of outflows from some managers and inflows from others as we gain new mandates. So there, it is very significant, and this is much less significant in the wealth management business. I would say there's nothing there that's worth commenting. On your question about the PAN portfolio acquisitions, we expect probably that in 2025, they should diminish. They have been diminishing. 2024 was lower than 2023, and we expect 2025 to be lower than 2024. Okay. If I may follow up on this one, thank you. How would you see the strategy of closing the capital of Banco PAN, how would PAN as a closed company here add to your franchise, and how do you see the possibility at the current level of prices? Thank you. There's nothing going on. There's nothing happening in that case right now. Of course, it's always an option. We see that there would probably be some operational leverage gains in doing that, but it's something that has to happen at the right time and at the right prices. We would have gains. We would probably have some gains in costs, especially the ones related to keeping two listed companies, and you would probably have some simplification. But again, this is something that's not being considered right now. It can happen, but I think it depends on the market prices and the desire, especially of the minority shareholders, of changing their interests in Banco PAN to BTG. Very clear. Thank you. The next question comes from Jorge Kuri with Morgan Stanley. Please go ahead. Hi, everyone. Thanks for the presentation and congrats on the numbers. I wanted to ask you about your preliminary view for 2025. Last time we heard from you was a second-quarter conference call. I think the rate scenario was very different back then versus what the consensus expects for next year. And maybe you can share what you expect for next year in terms of the main macro variables. And then que-on-que, if you could help us understand a little bit the components behind this delta, how much was credit card, how much was the payroll. But that's a second question. Thank you. Thank you, Kuri. So on corporate lending, I agree with your comment that especially the high-grade market, which competes with the public markets, is very tight. So the growth that we've been seeing in high-grade corporate has been quite timid. But as I mentioned previously, we're benefiting from our penetration into new segments: corporate, middle, SME, acquisition, benefiting from our presence in other Latin American countries, and benefiting from the lower cost of funding that we've been able to achieve. So I completely agree with your view of the market. Given what's happening in the credit funds, we think that public markets and high-grade credit is quite tight, and we're not seeing any strong growth there for us, but we're benefiting from the different geographies, segments, and products that we entered over the last few years. And the RWA, I'll leave to Cohn to answer. Hi, Pedro. So the RWA is a change in the regulation where this part of RWA used to be embedded in the credit RWA, and now it passed to the market risk RWA. So that's just the change. It already existed, but it was in the credit RWA, and now it's in the market risk RWA. Thanks, guys. Very clear. Amazing quarter. Congrats again. Just to clarify, because you mentioned Sertrading, the settlement of the transaction was on October 1st, so there's no impact on Sertrading during the third quarter. Thank you. That brings us to the end of the question and answer session. I will now return the floor to Mr. Roberto Sallouti for his closing remarks. Please go ahead, sir. Once again, thank you very much for participating in our quarterly call. We look forward to being with you again at the beginning of next year as we talk about the full-year results. Hoping all of you have a great week, and thank you once again for your partnership and trust. Thank you. Thank you. This does conclude today's presentation. You may now disconnect your line at this time and have a nice day.