Good day ladies and gentlemen and welcome to Banco Pan's conference call to discuss the second quarter of 2022 results. This event is being rebroadcast simultaneously on the Internet, both audio and slideshow, which can be accessed through the company's IR website, www.bancopan.com.br/ri, and webcast platform with the respective presentation. We would like to inform you that all participants will be in a listen-only mode during the company's presentation. After the company's remarks are completed, there will be a question and answer session. At this time, further instruction will be given. Should any participant need assistance during this call, please press star zero to reach the operator. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause the company's actual results to differ from those in the forward-looking statements. Such statements speak only as of the date they are made, and the company is under no obligation to update them in light of future developments. With us here today, we have Mr. Carlos Eduardo Guimarães, Banco Pan's CEO, and Mr. Inácio Caminha, Head of Investor Relations and Funding. Now, I will turn the conference over to Mr. Carlos Eduardo, who will begin the presentation. Cadu, you may begin your conference. Good morning everyone. Welcome to our earnings release call. This quarter, I will make a brief introduction with our key messages and strategic vision. After that, I will hand over to Inácio to give you more color on this quarter's figures. We are very pleased with the evolution that we have been posting every quarter since 2020, when we launched our digital account. We are constantly seeking to build a bank with diversification of products and channels, addressing the needs of our customers and thus increasing engagement. The value of diversification is more evident now as we are experiencing high interest rates and inflation. Now, let's go to slide two. Our origination capacity and net interest margin remain robust due to this diversification strategy. Since September 2021 we have been more conservative in the origination of products with credit risk, such as credit cards, personal loans, and vehicle financing, thus allowing a slight reduction in our delinquency indicators when compared to the first quarter numbers. In addition, we have 88% of collateralized portfolio, which cushions the effects of a more volatile scenario, such as the one we are experiencing now. Finally, this quarter, we made all the products available in our app, which will allow a better experience for our customers and improvement in cross-sell. Recently, we acquired Mosaico and Mobiauto, are both channels and products that reinforce our strategy in addition to bring new customers and information for a more assertive origination. We remain conservative in terms of credit, and we expect delinquency to remain at the same levels throughout the second half of the year with better results for the next year. In addition, we will continue to significantly evolve our platform with new products and a better UX. Now I will hand over to Inácio, who will give into detail about the quarter. Thank you. Good morning to everyone. Moving on to slide three, we see that we have achieved some important advances in this quarter consistently with our strategy. Total clients, we reached 20.9 million in this quarter, growing 70% in twelve months. Our overall credit portfolio stood at BRL 36 billion, increasing 11% also in twelve months. When you look at transaction volumes, we see BRL 21.5 billion, increasing almost 200% compared to the second Q of 2021. We have the adjusted net income and ROE. Adjusted net income stable at BRL 194 million, and ROE at 11.9%, both considering or disregarding the amortization of goodwill that we have over the acquired companies and also the goodwill inside our equity. Moving on to slide four, we see that we have been keeping the client base growth, generating more scale to our business in line with our strategy. Totaling 21 million clients, 70% more in 12 months. Moving on to a quick update on the banking unit. We see on slide five, or six, sorry, that Keep engaging more of our clients, and having every time more a stronger presence of our digital channels is key to our success. To help that, we have been delivering several improvements in our app focused on credit products with ongoing credit penetration through our app, especially in the existing products, but also coming with new ones shortly. Our app, we have a better view of the statements and the new menu already implemented. We also have Pix installments, which is a new thing coming out next month. We also delivered the Autopan, which is our car equity product in the app, and we will launch a new feature to make the process even more agile, where we can consult the car's plate to have a better assessment of the property's value to lend the clients with a lien on that. As for Mosaico, we have increased the client flow, and we have been observing a client with a higher income, and also we have been increasing the take rate on the sales that we promote through those channels. Moving to slide seven, we see that the banking clients increased to 16.1 million customers. Our focus continues to be on efficiency, so we achieve those levels, but also having a very low levels of CAC, so reaching BRL 35 in this quarter per new client. Looking at slide eight, we have more engagement metrics, and we see a lot of different figures here. For active clients, we have seen a slight reduction, and this is mostly related to being more strict on credit cards. We are confident that with diversification of products and also with the improving macro scenario looking forward, we'll have to bring this figure upward. Even so, when we look at cross-sell index, we stood at 2.6 products per active client. Talking about Pix and transaction volumes, we see interesting evolutions. We reached 6.6 million Pix keys already being used by our clients with BRL 21.5 billion transacted in our app, in checking accounts, and credit and debit card. Insurance, as we see on slide nine, is another very interesting tool to leverage engagement and results. We have been expanding the product offer to our clients. We already have 1.6 million clients with outstanding insurance policies. Out of those 624,000 clients are within the banking unit, so having a checking account or having a credit card, and this figure has increased by 90% over the last 12 months. In this quarter, we launched two new insurance types, one life insurance and another insurance connected to the FGTS loans. This is a very interesting way for us to keep adding more service fees to the bank as we deliver and deploy our full strategy. When you look at credit on slide 10, first of all, we have 6.2 million clients with active loans on our client base. We do believe that credit is the most efficient tool to monetization for monetization. We always are pursuing to have a complete offer, and we already have this available in our app so the clients can access and request different types of products. As you can see on the samples here, the client may choose, for instance, between several products, just add the amount of the loan that he wants. We run the credit modeling on the analysis with a very simple experience to grant the loan in the end, if that's the case. Also, the credit penetration is still very solid in 40% of the total portfolio already being represented by clients with a checking account or a credit card. When we look at the BRL 14 billion that these clients have, the diversification is also very interesting because we see that we have like a balanced flow between payroll loans and FGTS, also with vehicle financing and also with credit cards. This shows how our platform is complete and how the clients may benefit from different products. With Mosaico on slide 12, we made a relevant move in terms of increasing relationship and in client engagement in our base, unleveraging, unlocking actually very interesting tools for adding value to our business. We see that all these tools have been already delivering interesting features. The funnel, the acquisition funnel is very powerful. We saw 2.4 million co-branded credit cards application since its launch. We also have been observing a higher income in the clients' flow, a more differentiated client. Another interesting aspect when we look at the combination of these two businesses is how we can improve the use of information. Not only the flow, but also the use. Adding more opportunities and bringing more products for us to offer to our clients in a more contextualized way. All that because we may know better the clients with additional information. Still talking about Mosaico, our aim here is to have more efficiency, so we have been experiencing a higher take rate in the GMV that we observe in the platform. This is the key to address monetization. We have been prioritizing better take rates, leading to BRL 55 million in fees in this quarter. Moving on to margins and credits. On slide 15, we see that all the credit metrics are stable. We have been more assertive in the not only in the origination, but also in collection. We are always aware to act very fast and in a preventive manner whenever we see a more challenging scenario building up forward. We have two key messages here. One is that our net interest margin already after credit costs is very strong in solid levels. Delinquency, when we talk about over 90 days NPL, we have a stable outlook ahead. On slide 16, we see the evolution of the net interest margin after credit costs. We ended the quarter at 12.3%. A slight increase on a quarter basis, but still leveling with the three quarters that we observe in the chart with a BRL 36 billion portfolio. Delinquency and credit quality we see on slide 17. The mix of the portfolio hasn't changed since the end of last year. We currently land at 12% of unsecured loans in our portfolio. This stabilization reflects all the measures that we started back then in September 2021, when we added more conservatism, especially in the credits or in the loans that are more credit-related risk, and also increasing the collection force that we have been implementing with our clients. With that we already saw a reduction in the 15-90 days NPL to 8.4 and also a slight reduction to 6.7% in the over 90 days NPL. Looking forward, we still have a stable outlook, as we have mentioned last quarter. This is how I expect it to keep going. Moving on to financial highlights on slide 19. Our net interest margin stood at a very strong level, 17.8%. Even if we look at the net interest margin excluding the credit assignments, we have 14.1%. The decline that we see in the chart is basically because of the interest rate increase, which affects new loans origination. We don't have any exposure or any effect in the existing portfolio as it is fully hedged whenever we originate it. Looking at provisions expenses, we run at 5.2% in this quarter as a consequence of all the adopted measures that I mentioned. Overall expenses total BRL 1.1 billion, mainly pushed by payroll loans origination, as we saw an increase in volumes in this quarter because of the increase in the deductible margin. We'll comment on that in a bit. Also, when you look at administrative expenses, we increased because not only we intensified vehicle foreclosure, for instance, in our collection strategy, but also because of the full consolidation of Mosaico's structure. All that led us to our net income of BRL 194 million in the quarter in the adjusted metrics with the 11.9% ROE. Looking at origination on slide 20. We again state how important diversification is, not only through channels, but also products. This is fundamental in our strategy. We brought here a longer period just to exemplify how the change of adding the checking accounts started to change the way that we or the levels of origination that we have been delivering over the quarter since the beginning of 2020. Before that we used to originate BRL 4.2 billion on average on each each quarter. We increased the 4.2 to 6.4 billion as we added more products and as we added more channels. This is very interesting and key on our strategy. On slide 21, we have the overall portfolio. We stood at BRL 36 billion, flat, on a quarterly base, but growing 11% compared to last year, June 2021. Payroll loan plus FGTS totaled almost BRL 16 billion. Vehicles BRL 15.4 billion. Credit card flattish in BRL 4 billion. And personal loans with 500 million BRL. It's very interesting to highlight that 88% of the portfolio has collateral, as Cadu mentioned in the beginning. Renegotiated loans are very very small in our books, representing only 0.6% of the overall credit portfolio. Moving on to the products highlights. We start with payroll loans and FGTS. In this quarter, we had the increase in the payroll loan margin that happened back there in March 30th. Second Q was already fully impacted by that movement. We originated BRL 1.1 billion on a monthly basis. On the other hand, FGTS loans suffered some operational constraints that affected all the banks operating these markets. We originated an average of a little bit more than BRL 200 million per month, but we expect this to increase over the course of the third Q. The portfolio stood at flattish at around BRL 16 billion with different movements associated with origination and credit assignments. When we look at the origination breakdown, we still see a very solid 96% of federal codes, giving more robustness to our portfolio. Vehicle loans on slide 23. We keep a conservative approach, and we have been launching some very interesting and innovative tools to help not only our clients, but also the dealerships to work with us. Now the client can quote a loan with only three pieces of information: the tax number, the ID number, the mobile number, and also the monthly income. This gives us a lot of agility with assertiveness. We also added a significant amount of cars in Mobiauto's platform. We currently have 210,000 cars in the platform, 72% more than the existing figure in September 2021 when we acquired the company. This is very important for not only engaging the dealerships, but also the clients. In credit cards, we keep our conservative approach, not only in new credit card issuances, but also managing the credit card limits for our clients. We issued 224,000 new cards in this quarter, below what we have seen in fourth Q 2021 and first Q 2022. Nonetheless, we still see an increase in transaction volumes and also consequently in the interchange revenues that we have totaling BRL 80 million. As a consequence of this conservative approach, the portfolio stood flattish at BRL 3.9 billion in this quarter. Insurance on slide 25 posted some improvements. We totaled BRL 143 million in new premiums in this quarter, reaching 1.6 million clients with outstanding insurance policy. We already have a broad portfolio of products, and we launched two more, as I mentioned in the beginning. We still have a pipeline to keep expanding this product offer, and this will help us to improve cross-sell within our clients. As for funding on slide 26, we reached BRL 37.5 billion, increasing diversification among our funding sources, increasing 24% in 12 months. We concluded in the second Q, in April, to be more precise, our third public banknote offer, when we raised BRL 861 million for 2- and 3-year tenor. We will expand the offer of investment products in our app, improving the experience for our clients. As for capital, on the last slide, 27, we see a very sound 17% full CET1 level, with a very strong internal capital generation based on our results. With that, we conclude the presentation and open the line for questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. If you would like to ask a question, please dial star one. If at any point your question has been answered, you may remove your question from the queue by pressing star two. We will pause momentarily to assemble our roster. The first question comes from Pedro Leduc with Itaú BBA. Please go ahead. Thank you guys so much for the call and the question. I would like to dig in a little bit deeper onto the 6.8% flattish NPL figure that you reported. Of course, that's a picture at the end of the quarter. It's a lot of different pieces. If you can then break it down a little bit, at least, directionally wise, between the credit lines that you have, vehicles, payrolls, and then the clean credit products. Then as a follow-up or second piece to the question, we did note a much higher run rate of write-offs from in the quarter, about almost twice as much as in the last. That's also part of the reason I would say that helps NPL stay a little more around flattish. We see NPL formation still going up a little bit. Your slides there for us to see, I mean, the 6.8% between each credit products, and then how you're seeing that translate into NPL formation going through the write-offs. Thank you. Thank you for your question, Leduc. First of all, the NPL figure stays stable based basically on three different things. First of all, we've been, as Inácio said, more conservative in terms of origination, mainly in the credit card and vehicle loans. The second point is we've been more conservative as well in terms of our portfolio. So in the credit card portfolio, we can reduce the limit of the clients, even for those clients who have been paying well, based on some information that we have from the market. So we've been doing this very actively. The third part is collection. We've been more intense in terms of our collection policy. When we add these three parts, it helps. It have been helping a lot, these NPLs being stable. The second point is write-off is a function of the last quarter's NPL. Our write-off presented a higher volumes due to the greater amount of NPL portfolio. As you can see, basically comparing the last year numbers of delinquency, numbers of provisions, you can see that it has been increasing. It has been increased. Consequently, our write-off increases as well. Thank you guys. If you can you tell us just at least in terms of direction, each of the credit products, the NPLs within them? Thank you. Yeah. Looking forward we believe that for the second semester, the NPL numbers will keep at the same level, improving for the next year. This is NPL. In terms of coverage ratio, we've been at between 80% and 90%. It is very important to highlight that the credit renegotiated in our portfolio is very low. On top of that, 88% of our portfolio is collateralized. Another point, we have 17% of the ratio of that Core Equity Tier 1. We've been keeping these figures at the same level since, I would say, 2015, 2016. Very comfortable to address this more volatile scenario and for the growth that we believe that we will deliver next year. Thank you very much. Thank you. Again, if you have a question, please dial star one. Our next question comes from Gustavo Schroden, Bradesco BBI. Please go ahead. Hi. Hi guys. Thanks again for the call and for the opportunity. My question is regarding the credit assignments that you did. We saw a relevant increase in the quarter. My question is, can you tell us what was the rating, of course on average, but what was the rating of these credits sold? My question is related to if they are rated at D to H or A or B or C in terms of rating. If you can tell us on average the rating of the credits sold, would be great. Thank you. Thank you for your question, Gustavo. Basically, we sell credits with A and double A ratings coming from payroll loans and FGTS loans. Okay great. Great. Thank you. As we have been saying since the beginning, it is part of our business. We do good transactions in terms of price, selling these portfolios, and it helps us to manage funding and capital. Great Cadu. Thank you. Thank you very much. Again, if you have a question, please press star one. Since there seems to be no further questions, I would like to turn the floor over to Mr. Carlos Eduardo for his final remarks. Thank you very much for the participation, and see you next quarter. Okay? Thank you very much. This concludes the Banco Pan conference call. You may now disconnect and have a good day.