Good morning, ladies and gentlemen, and welcome to Banco PAN's conference call to release the results for the fourth quarter of 2023. The audio and slides of this conference call are being broadcast simultaneously over the Internet on the company's IR website, www.bancopan.com.br/ri, and on the webcast platform. A presentation is also available for download. We would like to inform you that all participants will be in listen-only mode during the company presentation. Ensuing this, we will start the Q&A session, when further instructions will be provided. Please be advised that forecasts about future events are subject to risks and uncertainties that may cause such expectations not to be fulfilled or differ materially from what is expected. These forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update them. Present with us today are Mr. Carlos Eduardo Guimarães, the CEO of Banco PAN, and Mr. Inácio Caminha, Head of Investor Relations and Fundraising. I would now like to turn the floor over to Mr. Carlos Eduardo, who will begin the presentation. Cadu, you may proceed, please. Good morning, everybody, and welcome to another release presentation for Banco PAN. We begin on slide number 2. We had strong credit origination this quarter, 28% higher than in the last quarter, and we are using a conservative strategy in origination, focused on products with warranty and a good spread. Our portfolio grew 7% in the fourth quarter. There was a slight reduction in delinquency ratios, thanks to better recent origination harvest. We continued to move forward in terms of the experience and convenience of our app. Page number 3: We ended the quarter with 28 million clients. More than half also have credit with us. In this credit portfolio, we reached BRL 41.8 billion, a growth of 7% vis-a-vis the previous quarter. In terms of adjusted net income, we had BRL 195 million, a growth of 11.1% for ROE. Now, I would now like to give the floor to Inácio, who will offer you more details on our products. Good morning, everybody. We continue on in slide number 5. We see the ongoing growth of our customer base, not only in terms of brand positioning, but in terms of UX that we deliver to clients. This has contributed significantly, and our channels are ever more integrated. Doubtlessly, this will give thrust to the growth of our customer base, increasing that figure of 28 million clients. In slide number 6, some details on engagement. 65% are active clients. We have 2.2 products per active client. We also see our Pix key evolving to 2.8 million clients, and in TPV, we can see more directly the evolution of transactionality. We went from BRL 22 million per quarter in the fourth quarter 2022 to BRL 25 million, with a trend for continuous growth. Retail origination on slide seven, I think you can observe that we had strong figures, BRL 9.6 billion for the quarter, with a high in vehicles, BRL 4.2 billion in the quarter. In the month-to-month evolution, we have BRL 1.6 billion. In January, we continue on with a very strong pace. We're absolute leaders in the new, motorcycle segment, and we have 35.6% in light vehicles, and in others, we have another 11%. And of course, the trend will remain strong. In FGTS, we also are strong, and in B2C, we're working towards having ever more share. Now, since the beginning, we're running at two-thirds, coming from B2C credits and payroll coming also very strongly. We're quite confident about coming quarters. Personal loans are slower because of a more conservative stance, and this should change during 2024. Let's speak about the credit portfolio in more detail on slide 8. Throughout the year, we had been practically flat. We began with a strong dynamic growth of 7%, totaling BRL 41.8 billion, once again, driven by vehicles and payroll credit. Very strong in vehicles of 32%, leading to a portfolio of BRL 32 billion, with 7 billion for payroll and credit cards, also very strong. On slide number 9. Well, we have a very clear view of the improvement in delinquency rates. We had already mentioned this the previous quarter, and we hope that this will gradually evolve going forward. We ended with 15-90 at 9%, and the other at 7%, a more significant drop, as you can see. Now, what we like to observe in delinquency rate is the behavior of margin in terms of credit. We had a trend that was very close to 9%, and we now see an evolution towards 10%. As we have mentioned, we have a new vintage of vehicles and a very good position, and the trend towards an increase is what we expect for 2024. On slide 10, this is something we have reiterated since the beginning of our credit history. This is the main tool to monetize and engage customers or clients. We have been evolving in this metric with a growth quarter-on-quarter. Besides the growth, of course, we have a number of clients with credit. We do want to increase our share of wallet and become ever more relevant with each individual client. This is what we're seeking, this level of engagement that will complement transactionality. This is important for monetization. The revenue on slide 11, very important, and we continue to grow. The performance of this quarter, total BRL 375 million. This is very visible because of the evolution of vehicles. BRL 163 million for vehicles, BRL 51 million for insurance premiums, and in marketplace, we had a growth because of Black Friday, something that we had already expected, and this makes up that move forward in terms of our fee revenue. Let's speak a bit about cards on slide number 12. We continue to maintain a conservative stance, but we are now issuing new cards with a completely different dynamic. We're issuing lower values for clients, and as they use up their credit, we work on these clients in such a way that they can broaden their capacity for loyalty, or on our part, a reduction in risk exposure. Now, this has not happened so far, but we are enhancing the number of clients that are using the bank. And the TPV volume show you an increase of 3.4-3.7 for the quarter, and in revenue per card, we have a lag between beginning the invoicing and the interchange value, then we do expect a growth in the coming quarter. When it comes to insurance on slide number 13, we see the evolution of premiums accompanying the evolution of vehicles, totaling BRL 229 million of premiums issued, with 3.4 billion clients with active insurance. This is a highly interesting business that will complement the client's experience. We'll speak about the marketplace on slide number 14. Of course, we were expecting an increase because of Black Friday, although the country as a whole observed a drop vis-à-vis 2022. There was BRL 950 million of GMV, with 6.3% of take rate. We had already spoken about this new take rate dynamic, changing the competitive scenario among retailers. There was a drop in the quarter, and what we have here as part of this strategy with Mosaico and all of that environment, what we are truly seeking is to make the most of the top of the funnel. We have 2 million users navigating, which represents an enormous opportunity to bring that client into our environment, offer new products, and this has had a good evolution in our app. We have a very pleasant experience within our app, which is another tool that will help us in expanding engagement or transactionality during the year. We ended up with BRL 60 million in revenues. Mobiauto, which is our other marketplace, has contributed to the experience of our clients. We have 9,000 stores working with this platform of Mobiauto and with constant growth, which is always very positive. When we look at the share of clients that are funding their cards, and they have been through Mobiauto, we have reached practically 8%. It was 5% at the end of 2022. This has grown, as well as the volume of new funding and the region representativeness of Mobiauto have been very positive. We have 12 million visits per month. We observed this at the end of the year. We had a lower base during 2023, so there is a significant growth dynamic here. We ended the year with 291 announced vehicles and BRL 25.7 million revenues for the quarter. Let's speak a bit about financial highlights on slide 17. We have net interest margin on a sound basis, pointing towards a growth in this margin. The NIM after, it's grown from 3 to 3.8, and we exclude the assignment from other areas. So this dynamic is very important for our result. Now, if we look at the results on slide 18, the total margin reached 19.1%, BRL 2.017 billion for the quarter. Net provision expenses, extremely well controlled. This is what we expect, representing 4.7% of our portfolio. Expenses as a whole, an increase during the quarter. This, of course, driven by a stronger origination, practically BRL 600 million in expenses with origination and BRL 160 million with administrative expenses and personnel. We ended up in profitability with BRL 195 million and an ROE of 11% due to the acquisition of Mosaico. If we look at these same indicators from a yearly viewpoint, we continue with very good margins. With an outlook for improvement, we totaled BRL 7.7 million in revenues in 2023. Expenses with net provision of 5.6% compared to a portfolio of 4.7 because of the control of the card portfolio. In expenses, a growth of 2% as a whole. Now, all, of course, associated to origination. Now, administrative and personnel expenses growing 5%, and in 2024, we already observe a deficiency that is significant, and we will see a considerable enhancement during 2024 in these other expenses. And the result for the year, BRL 777 million, adjusted ROI of 11.3%. Now, in 2024, we have that legacy deposit that will consume part of our results with maturity. At the end of 2025, we're very close to the maturity date, and this will contribute upon maturity with an additional 2 points of return on equity, an important dynamic going forward that we will follow up on. To conclude, with equity and capital, we ended the quarter with 15.8 of Basel ratio, quite compatible with our growth strategy, along with our funding base, that offers us significant comfort to continue on advancing in our assets. I would like to return the floor to Cadu to speak about the outlook for the year. Now, to conclude the presentation on slide 21, these are our outlooks for 2024. We expect a relevant growth in our credit portfolio and a significant drop in the amount of credit assigned compared to the values of 2023. The NIM will remain similar. We will continue to grow our origination with an increase in the B2C channels. Now, the NIM, after credit costs, will grow due to the greater margins of the recent vehicle vintages. We will continue to focus on engagement levels and transactionality driven by new channels, products, and the repositioning of our brand, which will end up being more aspirational. With this, we would like to conclude the presentation and open the floor for questions and answers. Well, thank you. We will now go on to the question and answer session for investors and analysts. Should you wish to pose a question, please press star one, or send your question through the chat at the bottom right of the webcast platform. Our first question comes from the phone from Olavo from UBS. You may proceed, sir. Good morning, Cadu, Inácio. Thank you for the presentation. I have two questions. The first, you have shown us the figures of your portfolio and the CDI operation. I would like to have an overview of the purchase of products and how we should look upon this, for the rest of the semester. My second question refers to the legal framework for guarantees. Now, there has been a recovery in terms of vehicles. And after the legislation that has been suggested, what is going to happen with the pricing of vehicles? And how you are going to collect for this going forward? Thank you very much for taking my questions. Well, thank you for the questions, Olavo. Let's begin with the purchase of the portfolio. It was a payroll portfolio, something we were able to do in December, a very good operation and of course, connected to our bank strategy. New acquisitions may take place. We have actively sought out the acquisition of new portfolios, and we believe that they will appear throughout the year 2024. All of this has to do with our strategy. Now, for those who understand risk, know of the price of purchase and sale. This was a very good opportunity with the right price, so we made the investment of BRL 1.3 billion. We do expect to carry out new operations throughout the year. Of course, if the profitability is good, now, the legal framework of guarantees that will impact us in the vehicle business. Well, this law is now in effect, but there are still uncertainties riddling this. We don't know how it will work. The great bet is that there will be less friction when we seek out and apprehend a vehicle. An officer of justice would do this previously. You can now do this through notaries or through the Department of Motor Vehicles. We still don't know how this will operate. Presently, we haven't changed the pricing of the vehicles based on our expectations of how this will operate. It's not very clear to us how all of this will roll out in practice. Thank you. Thank you very much, Cadu, for the answer. Your next question comes from Flavio, from Bank of America. You may proceed, sir. Good morning, Cadu. Good morning, Inácio. Thank you for taking the question. I have two questions. The first question referring to the credit portfolio. What we have observed when we speak with other banks is that they will also have an increase throughout the year. I would like to know how you're getting prepared for this new competitive scenario that will be somewhat more fierce, not only how you're getting prepared in the auto business, but also in the area of payroll, which is one of your focuses. Another point that I would like to explore more, you were speaking about your credit portfolio for 2024 and your new credit assignment strategy. Thank you for the questions, Flavio. First of all, in fact, well, we have always worked in highly competitive markets, vehicle, payroll, the Workers' Severance Fund, or credit cards. These are very competitive markets, and we believe that 2024 will continue on with the competition. What we have been preparing our differential, something that will set us aside so that we can compete in a more relevant way in these segments. As Inácio mentioned previously, the funding of motorcycles, we have more than 30% of this market. We are by far leaders in this, the funding of vehicles, of used autos. We are in the third and fourth place, we're the largest funders in Brazil. And this market, well, they have been very competitive for some time. We could have new entrants, which would make competition ever more fierce, but we believe that we are ready to continue to be relevant players in the segments in which we are present in vehicles, in payroll, in FGTS, or the Workers' Compensation Fund. Well, this is our background during the last few years. Regarding your second question, the growth of the portfolio. In 2023, we held an assignment of almost BRL 13 billion for the portfolio. In 2024, we're expecting a relevant decrease in this assignment. This is a tool to enhance the portfolio, and you will see this in our balance.... secondly, we're more optimistic with the increase in origination, an increase that began in the fourth quarter. When you put together the increase in origination that began in the third quarter, and we're going to continue like this in 2024, and the lower volume of assignments in 2024 compared to 2023, this leads us to expect a significant growth in our credit portfolio. Now, Now, this change in your assignment strategy, which is the underlying reason you have-- you had done this during the second half of the year? Well, the rationale, we always considered credit assignment as an important part of our business, an important tool to be able to generate capital, funding, manage risk. It has always been and will continue to be important for us, beginning in 2024. In 2023, 2024, not only Banco PAN, but the group as a whole, feels more comfortable with an increase in holding back this portfolio because of the amount, because of the capital that we have, that the group has, or to have the amount of funding and the price of access to funding. When we look at it through this broader outlook of funding and capital, not only for PAN, for, but for the group as a whole, this gives us the comfort of reducing the amount of assignment expected for the year 2024. I see. Thank you very much. Thank you for the answers. Our next question comes from Mateus Raffaelli from Itaú BBA. You may proceed, sir. Good morning, everybody. Thank you for taking my question. We're going to speak about credit again. When we began speaking about credit cards, we saw a significant increase in the number of issuance. Now, you were speaking about your approach, your approach with clients. If you could give us more color to understand once, based on your approach, what we can expect throughout 2024. So that we can work with this during the year, and what it is that we can expect through this change. Well, thank you for the question, Mateus. In the fourth quarter, we truly did increase the number of credit cards issued. But if we translate this into expected risks, what is it that we do? We base ourselves on the number of cards issued, multiply this by the average limit, origination, and the updating index. When working with this, the credit card in the fourth quarter has a production representativeness in the bank that is truly very small. There was an increase, but a minor increase when you work with these multiplications that I have just mentioned, quantity, ticket, usage, and activation. This gives us BRL 35 million of origination in December, when we were aiming towards BRL 3 billion. This is still a minor business that we're working very cautiously with. The credit card on its own is a product with a very tight margin, but something that brings about important engagement, which is what we are seeking. Now, having said all of this, we do want to continue to grow in the number of cards during 2024, but we don't expect a growth in the share of the credit card portfolio as part of the bank portfolio throughout 2024. We hope that it will remain very close to those 5% that we have. Of course. Thank you very much. Thank you. Our next question comes from Arnon Shirazi, from Santander, Brazil. You may proceed, sir. Good morning, and thank you for taking my question. My question refers to the default dynamic. It has been relatively stable vis-a-vis previous quarters, but in it has had a significant drop in terms of the 15-90 days, something that is very positive. Which is your expectation for 2024? And I have another question for 2024. Which are your greatest revenues? Do they come from credit? Will the default levels pose a difficulty in this? Thank you, Arnon. Not only in the recent past, the third quarter and the fourth quarter, but also for 2024, w hat we have said is that the default levels will have a slight improvement. Our expectation for improvement in the results for 2024 comes mainly from better pricing and a better margin before the cost of credit, and not due to a significant evolution in the cost of credit in our more recent vintages, and I'm referring to the end of 2022 and 2023. The price of loss that we expected is more aligned with the price that we had set forth, vis-à-vis what is about to come. At the beginning of 2022, we expected a loss of ex-ante pricing. We thought that the loss was greater, and of course, this pressured the net cost of margins at the end of 2022, and mainly in 2023, the expected loss that we put in the pricing of products became more aligned. As we tend to say at the bank, the problem is not to have a high loss or minor losses. The problem is that if you have a significant discrepancy between the loss that you thought you would have before the ex-ante pricing, will complicate things. So we see a slight reduction in the default indicators, but an increase in the net margin of the cost of credit, explained by what I have just said, due to the better prices that we have attached to origination. Oh, that's very good. Thank you very much. Thank you. Our next question comes from Brian Flores, from Citibank. You may proceed. Well, good morning. Thank you for taking my question. I would like to understand the dynamic of this new direction. You're working with the FGTS, Pac Twelve, but I think this dynamic will become ever more difficult, if you could refer to this somewhat. Well, thank you for the question, Brian. Now, the sound was not very good. I believe you were referring to the FGTS? Yes, that was precisely it. Origination of the Workers' Compensation Fund, the FGTS, in around BRL 350 million-BRL 400 million per month, and this is what we expect for the year of 2024. It's a highly competitive market where we have a significant position. We have become leaders with a significant market share of origination, but also with a completely digital experience with self-contracting, and the FGTS product continues to be very important for the Banco PAN. The origination of FGTS will continue in that range, BRL 350 million-BRL 400 million. Of that amount, 65% is B2C. The difference is for the bank correspondent. This is a business that we like. It's important for the client. It has a competitive rate, and this is a product that had come to a standstill. It is important for the client, it is important for the bank, and we will continue to be flat in origination throughout 2024. Origination, when I said that the portfolios that we're going to grant in 2024, they were payroll and FGTS. When we assign loans in 2024, the portfolio as a whole, it means that the FGTS portfolio will also have to grow during 2024. Very good. Thank you very much for the answer. Thank you. Our next question comes from Eric Ito, from Bradesco BBI. You may proceed. Good morning, Cadu, Inácio. Thank you for taking my question. I have two questions. First of all, I would like to better understand the growth of your credit portfolio that was significant this year. What do you expect in terms of portfolio growth this year? And if you will have an increase in profit in the coming quarters, but because you're working with more profitable vintages, or if the growth is lower, if this will wipe away the growth. And as Inácio mentioned, this new acquisition will bring about two more points in ROE. What will happen once this is more normalized, going forward to 2025? Well, thank you for the questions, Eric. First of all, we don't offer guidance from the bank. What I can say is that profit for 2024, we expect a slight increase. When you grant less, and we're going to assign much less throughout 2024, this impacts the short-term result and enhances the medium-term result. When we have less assignments, this will impact the short-term result. As we have better vintages, better indicators, more efficiency and costs, despite a significant reduction in the amount of assignments, we hope to have greater profit in 2024, vis-à-vis 2023. For 2025, the expectation is to have a significant increase. A larger part of our portfolio will have been held back until the end of 2024. When you speak about sustainable ROE in 2025 and 2026, a sustainable return on equity should be 21%-22% for the bank, but this is for 2026. This is what we're seeking here. Of course, there's a certain path that we have to tread, and this path is the integration of everything that we are building, integration of different channels with different products, and of course, bring in transactionality where we have had an evolution. Well, thank you very much, Cadu. Thank you. We would like to remind you that should you wish to pose the question, please press star one or send your question through the chat at the lower right of our webcast platform. As we have no further questions, I would like to return the floor to Carlos Eduardo for his closing remarks. Thank you very much to all of you for your attendance at one more conference call, and as we mentioned during the presentation, we hope to have a 2024 better than 2023. We hope to see you again at our next earnings result conference. Thank you. the Banco PAN conference call ends here. We would like to thank all of you for your presentation, your attendance, I'm sorry. Have a good day.