Good afternoon, ladies and gentlemen. Welcome to Banco PAN's Conference Call to discuss results regarding the Second Quarter of 2024. The conference is being broadcast in Portuguese with simultaneous translation into English. To choose your preferred language, click on the interpretation option in the app menu. The audio and slides of this conference call is being broadcast over the internet via Zoom, which can be accessed on the company's IR website, www.bancopan.com.br/ri. The presentation will also be available for download after the call has ended. We would like to inform that the participants attending the conference will be in listen-only mode during the company's presentation. We will then open the question-and-answer session, when further instruction will be provided. We would like to inform that forward-looking statements are subject to risks and uncertainties, which may prevent such expectations from materializing various, different from what is expected. These forward-looking statements reflect opinions only as of the date they are made, and the company does not undertake to update them. Present with us are Carlos Eduardo Guimarães, President of Banco PAN, and Mr. Inácio Caminha, Head of Investor Relations and Funding. I would now like to turn the call over to Mr. Carlos Eduardo Guimarães, who will start the presentation. Cadu, you may proceed. Good morning, everyone. Welcome to another earnings conference call of Banco PAN. We're going to start on slide 2. We had a strong credit origination this quarter. We have a conservative approach of risks with collateralized products and good spreads. Indicators of delinquency ratios improved as a result of better origination products. It's important to mention that the number of credit cards that were issued had dropped in relation to the previous period, but the portfolio grew by 7%. We expect major growth in this product, and also in personal loan in this period, with a higher engagement with our clients. Now, moving on to page three. We ended the quarter with 30.1 million clients, and more than half of those clients are exposed to credit. Our credit ended at BRL 49.2 billion, 29% higher than that of the second quarter of 2023, and 7% higher than the previous quarter. We reached BRL 211 million in net income, with an ROE of 11.7% for the year. I turn the call over to Inácio, who'll provide more details about our figures. Okay, continuing on slide 5. We see again the number of 30.1 million clients, continuing the activation and cross-sell. 2.2 products per client, active clients, and we see the Pix Keys and the transaction volume that amounted to BRL 30 billion, growing 37% in 12 months. This move shows how we wanna grow in the relationship and the engagement with the clients, and gaining more primarility and growing the products and the results with profitability. On slide 6, we see the numbers, strong numbers, strong figures in different products. BRL 9.7 billion was the total we reached this quarter. In vehicles, we reached BRL 4.6 billion, and motorcycles, we increased the market share. In payroll, loans and credit, we maintained a good pace, especially because there is a stronger seasonality in the first quarter, traditionally, and we have been able to diversify with more public agreements, and then leave some of the burden of the INSS. And generally speaking, we have been able to expand the B2C origination. Portfolio acquisition is a strategy that we adopted at the bank. It was a bit lower this quarter because of the interest market dynamics. And as for personal loan, we made BRL 300 million, but we expect this to increase. Talking about the portfolio, we can see the composition on slide 7. We had a 7% growth this quarter, and this is driven by the origination that has been growing strong, but also the assignment of portfolio that has been reduced every quarter, and BRL 2.1 billion was what we reached this quarter. But when we compare the numbers with what we did in the same period of last year, we reached 40% lower. So there is a downward trend, which is quite significant. Out of the 49.2 billion vehicles, and that would account for 26.5 billion, so that is a 40% growth for the year. Payroll, when we add to FGTS, we see a 25% growth in the period of 12 months. We have the clean products, whose evolution have been stronger in the quarter, as Cadu mentioned, we expect this number to increase so that we can have more profitability and a broader margin for the bank. Now, talking about the delinquency rate, we can see that the mix of the portfolio was stable comparing the quarters, and the over 90 was also stable at 6.9. 15 to 90 index had a reduction, which was quite significant, which is expected for this period. We see the products individually, we can see that they are performing well, and this also helps the result that we have been presenting at the bank. Now, talking about credit, clients with credit on slide 9. This is a very important topic, and it's related, very aligned with engagement, and the cards are very relevant for that. So we have clients which have the exposure, and we maintain this percentage as we grow. And in addition to increasing the number of clients with credit, we have also been able to work the share of wallet and focusing on the clients with whom we already have relationship. So we have this being monitored at the bank, and this is how we have been getting closer to the clients. Talking about fee revenue on slide 10, they maintained stability, amounting to nearly BRL 400 million in this period, at this quarter, with focus on cards. As we can see on slide 11, we see that the number of cards issued was a bit lower in comparison to the previous period, but there is expectation of growth in order to broaden this base, and this is very aligned with the build, build your credit strategy. We monitor, and we follow the lives and the use of the credit of the clients and provide more limits. We have been working on fees with more interchange and also with annual fees, that we have been offering more benefits and charging fees for the use of those cards. As for insurance, the premiums amounted to BRL 254 million, and we have the total number of clients with agreement. This is very important in order to have a cross-sell, especially when we talk about vehicles, but we also expand to the use of cards and also the insurance with Pix. For sure, this is going to complement our sources of income. Now, talking about our financial highlights, financial results. On Slide 14, we can see the evolution of the financial margin amounting to 18.4%. NIM, if we exclude the results with the assignments, we also can see an evolution reaching 16.4%. If we also include the credit cost, we continue seeing a growth of 9.6%, which is very consistent with the evolution that we have been seeing at the bank. Important evolutions that we have seen along the time, building ever more profitable portfolio. And we'd like to highlight some compositions of our results. We see the breakdowns of the margin, and it amounted to BRL 0.3 billion of this quarter, and only with excluding the results that we got from the assignment. So we can see a very important growth, and it's a growth that was more accelerated than the credit portfolio. When we saw the net provision expenses, they were marginally higher, practically stable, if we consider quarter-over-quarter. We consider this cost of credit, which is flat from one quarter to the other, and the nominal growth follows the growth of the portfolio. Expenses, as a whole, are very well controlled, amounting to BRL 1.1 billion for this quarter. When we look at profitability, we reached the result of BRL 211 million in net income. The layer was better for this period, and the net result dropped a little in this quarter, but the ROI of 11.7%. It's in line with the updated governance and also with improvement of our processes. We refined our model of provisions for lawsuits, and that resulted in additional expense of about BRL 210 million, if we can see that net of chargeback. For the future, we expect to have recurring expenses of, with lawsuits higher than the previous quarters. However, for sure, much lower than what we posted the second quarter of 2024. And lastly, on slide 16, we have the reference of capital, pro forma capital. Considering that we are part of the BTG conglomerate, our individual closed at 14.4%, BRL 8.2 billion of net equity. And with enough resources to continue our growth strategy, which is very relevant. And we end the presentation here, and we would like to open the Q&A session. We will now begin the Q&A session for investors and analysts. If you wish to ask a question, please raise your hand on the Zoom platform by clicking on the Raise Hand platform. Our first question comes from Pedro Leduc. You may proceed, sir. Thank you, Cadu. Thank you, Inácio. I just heard that I could speak. First, what led to the increase of the provision in the quarter, and what would we can expect for the quarters ahead? Was there a product which was originated? Any information is welcome. And in relation to provision expense, I understand there has been a progress, but how do you expect this to perform in the next quarters? How do you see the quality of quarter of credit, especially for vehicles, which is the item that has been growing stronger? Thank you, Leduc. In relation to the provision expense and its magnitude, we update our models from time to time, and we include the contingency model. So this quarter, we had basically three major pillars. First, we divide the actions or as strategic and mass action. For strategic actions, which are the ones that have higher average ticket, we updated the legal analysis on those actions, and we reinforced this provision of those strategic actions, okay? So this was the first point. The second point was the following: the number of lawsuits, civil lawsuits that we receive per month, and now I'm talking about in mass terms, has been increasing. There's also the percentage of success that has been reduced a bit. So if we add those two moves to the update of the strategic actions, we adjusted our provisions in the balance for this quarter at BRL 210 million, net of chargeback, and that what we expect down the road, as Inácio mentioned. We have a much lower level than what we had in this quarter, however, higher, a bit higher than what we posted in the previous quarters. And another important point for us to mention, and this would account for 80% of the civil lawsuits that comes from the loans, from the payroll loans and the cards. So we consider, as we do the pricing, we consider this in this business, in the business, and we understand that the margin is very interesting for the products. Less than what we had last year, but better than what we see in vehicles, but still a very interesting margin for us to continue working with this product. So our appetite for growth or vision of business and expectation of results, not only considering the payroll loan product, but for the bank as a whole, will not be changed. So it was a one-off movement, in a way. When we updated our model, we updated the, how we see the strategic lawsuits, and for the future, we are going to have a much lower number than what we saw this quarter. In relation to your second question, when you talk about provision expense and the future, we believe that there will be a reduction. When we look down the road, there will be a slight reduction of the indicators of delinquency rates and provision expenses in the future. Of course, we also have to consider a larger portfolio, so we have to consider the size of the portfolio, but our vision for the future is that we are going to have a reduction in those items. But there's something to mention. Card and personal loan is related to a very small portfolio. We are far from the optimum level, both for engagement and also activation. So we see a scenario that we are going to have the levels maintained or reduced. But we want to increase our card portfolio and also for personal loan, whose delinquency rate and also provision expense is higher, but margin is also higher. So this is how we see those items for the future. And, I would like to remind you that card is a very strong source of engagement and also for personal credit. And after long studies, we feel very comfortable to accelerate, especially our credit models, and also considering our monetization model for those two products. That's very clear, very detailed. Congratulations, as always. Thank you, Cadu. Our next question comes from Gustavo Schroden. Good morning, everyone. Can you hear me? Yes, we can. Good morning, Inácio, Cadu. Thank you very much for the call. I'm going to ask you the question. First, I would like to have a follow-up on those provision expenses and also the civil lawsuits that you mentioned. Cadu said part of it is related to the payroll loan, and I don't know if I understood well, but you said that this has been priced. But I understand that if it's priced already, I mean, if we didn't have an increase in those provisions, we would consider in a different way, considering that everything's under control, like the OpEx and the NIM and everything else. So we would expect those to have increased, considering the history results. When you say it's already priced, especially when we are talking about payroll, payroll loans, what shouldn't this increase be mitigated? I would like to understand this relationship when you say that it has been priced, but there has been an increase. So why wouldn't have this effect this quarter? My second question is related to the mix. We saw the numbers, we saw the figures. It seems that you had a re-acceleration in credit cards. Could you tell us about the rationale behind it? I heard that you said that you would like to have a more conservative portfolio, and we saw an acceleration in credit card. So can you explain the strategy? And then you have Pix now and pay later. Could you also talk about this dynamics? Thank you for the questions, Gustavo. First, in relation to the provisions. When I say that provisions have been priced, I mean what we have been originating as of now. So considering the expected profitability, we consider the number of products that we are producing now, and considering also the lawsuits. Considering the higher level of what's been coming in and the successful, we have already been priced in our payroll loan and the cards. Even with the new pricing, considering what we are producing today, we still have a profitable product, less than the past, but still our product is very profitable. In relation to the mix, we have about 5% in credit card and personal loan, and we believe that the ideal level is something around 10% or 15% for the future. This is what we are going to be working on. When I say that we want to grow in cards and also in personal loan, there is a mix of profitability when the portfolio with interest is something very important. So we are going to grow those two portfolios in parallel, and we are going to see the number of interest rates that we are going to have inside those two products. So it's based on this that we feel comfortable, in addition to the new credit models that we are having, and this is how we intend to grow our clean product. Even with this product, we are going to have 90% of our portfolio collateralized, especially with vehicles. We are going to continue growing much more than we are today. It's a very nice product, profitable product, and we have been working on this product. We have already had this product for different cycles, and we want to continue growing. The payroll loan has a margin which is more tighter, and we have the strategy with the card and the personal loan that we are going to implement as of September. When I say card and personal loan, I mean this and the derivatives, the Pix that is paid using the card. You know, when you pay the card installments, the personal loan, it's all part of the personal loan family. And this family, together with the transactional card, will allow us to grow as of September. Cadu, that's very clear. Thank you. In relation to credit, I understand the assignment or the result of the assignment had been decreasing. Could you say something about it? Nothing different has happened. As we have been mentioning for a while, we expect an important reduction in assignment when we compare to the results of last year. And this is how we have, how we see everything. There is nothing to comment about the number of assignments in the second quarter. Okay, thank you. Our next question comes from Olavo Artuso. Good morning, Cadu. Good morning, Inácio. Thank you very much for taking my questions. I would like to approach OpEx. We noticed that we had a growth in this quarter, a strong growth, I would say, in the comparison, in the annual comparison for personnel in the bank. And you also mentioned important fact about the headcount, which is important for the quarter. I would like to understand two things: If the increase in headcount driver was to reinforce the sales area, or was it allocated to the IT area? My second question is that in the previous earnings conference call, Cadu, I think you mentioned a flat OpEx expectation for this year. I would like to confirm that. Would you reiterate this expectation, and if so, would we see a reduction in the personnel line, or would the effort be more concentrated in expenses? Thank you. Thank you for the question, Olavo. First, in relation to the headcount, when we compare it to the first quarter, I can see there was an increase of 50 headcount, a very small growth. And there was a decrease when compared to the second quarter of last year. So in macro terms, it continues the same. We are going to remain flat in terms of personnel expenses when we compare it to the same period of last year, and we do not have major expenses related to investments for this year. Of course, opportunities may come up, but the way we see it at the moment is that expenses are under control and the bank is gaining in efficiency because the size of our portfolio is increasing quite a lot. As Inácio said, 30% when compared to last year and 7% compared to last quarter. So we expected that we are going to grow in large strides with the credit card and with flat expenses. Okay. Would you allow me to ask a second question? On page 14 of your release, when we talk about credit origination, we saw that there was a retraction in vehicles for the quarter and also in motorcycles. Do you think that this dynamics is a normalization in association with vehicles? Would you consider this to be a normalization, or do you think there's a player increasing the competition in the market and that would impact this decrease in the origination when compared with the previous quarter? Thank you. In relation to vehicles market, it's a very competitive market, and it has been like this for a while. So obviously, we have credit cycles and some cycles considering different players. Sometimes there is more or less acceleration, but we are very well positioned in this segment. As for motorcycle use and new motorcycles, we hold more than 30% of the market share. We are the largest players, way ahead of the second place, and we know how to work with motorcycles, and we intend to grow with this market. Of course, after reaching 30% of market share, it becomes more difficult to grow. We have 9% of market share for vehicles, and we intend to increase in the next months. We may even contract a commercial part, or we can also develop new models, and this is what we have been studying at the bank. When we look ahead, we see the potential of growth in light vehicles and also growth in motorcycles. We don't see different competitors in the segment, and they also have their movements for accelerating and deaccelerating their processes. And this is something that happens along the time, but we are very enthusiastic about this business. Okay, thank you. Our next question comes from Brian Flores. Can you hear me? Yes, we can hear you, Brian. Go ahead. Okay, perfect. Thank you, Inácio, Cadu, for the opportunity. I would like to ask a question, maybe a follow-up on the growth, if I may. We have seen a very favorable growth, as you mentioned, but the Basel ratio is dropping a little. It's already at 14, I understand, because you're building capital to growth. When are you going to strike a balance between capital and growth? And Cadu, if you have an update on the size of the portfolio that you consider to be optimum for this year, and maybe for next year? And then I'll ask a second question. Thank you. Okay, thank you for the question, Brian. What we have shown in terms of Basel Ratio in Inácio's presentation is a Pro Forma Basel Ratio. So the regulatory one is that of BTG, that was at 16.5%. The group BTG has a lot of capital to continue growing, and even more, PAN is integrated to BTG. So this Pro Forma Basel Ratio of 14%-14.5% is not a concern to us. What is valid is to look at the Basel Ratio of the group, and we are concerned of delivering a very important growth for the company in the next quarters, and this wouldn't be a restriction for us. Okay, perfect. In relation to the size of the portfolio, do you believe that it's going to remain at 55 or a bit higher? Since we are a bank that do not provide guidance, I would say that we are going to continue growing, but I'd rather not to estimate numbers, otherwise my.--o ur lawyer will not be happy. She will reprimand us. And I would like to have a follow-up on the credit card. Could you provide some information of how much of this portfolio would generate interest to you? Yeah, sure. At present, approximately 15%. However, we have some strategies in order to increase the portfolio with interest rates with the card. So one of the strategies is to have more penetration of interests, considering this combo. They are a very important product in order to increase the engagement with our clients. Okay, perfect. Our next question comes from Antonio Ruette. Good morning, everyone. Congratulations on the results. I have two questions on my side. The first one, you have already mentioned about competition. Could you also talk about competition in the payroll loan? And, the second question is in relation to the capital. I would like to understand the synergy with BTG. What do you see as opportunity in terms of costs, regulatory related costs or operational costs when you look at the relationship you have with BTG? Okay, thank you. First, in relation to competition of payroll loans. Just like what we mentioned about vehicles, competition, it's a very fierce competition. We've known the product for a while, and we can have a good performance even within this competitive environment. I believe that recently, as we have been discussing with, different banks, including the central bank, there are some non-ideal practices that are being implemented by some of the institutions, especially the new institutions, and we have been trying to combat those actions. So it's a very competitive product. It's very important for us, and we have some practices out of the regulatory levels, and we are trying to fight against. In relation to BTG synergy, there are many opportunities. There is opportunities of integrating teams, there is the opportunities of exchanging ideas, knowledge, sharing knowledge, and this is something that we've been doing a lot. And there is also an opportunity of, funding, and BTG has been providing ever more growing volumes of funding, more than PAN would be able to get from the market. So we see very important opportunities and also the opportunity to use the capital in the bank, and the capital offered can be used by our bank. BTG provides us with the strength to continue growing in terms of funding. We are also allowed to grow in terms of capital and also providing the knowledge so that we can be ever better. Very clear. Just to follow up, if you may, as for OpEx, I understand what you said about the capital ideas and funding, but when we look at operating costs, is there anything else, or do you think that everything that is important has already been mentioned? Yes, we have already discussed many issues, but we still believe there are items that can also be developed. So it's a discussion that we have nearly on every week in order to capture synergies, quality synergies, and we have been discussing this quite a lot. Part of the synergy has already been acquired, but we still believe there is some room to improve in the future. Okay, thank you. If you wish to ask a question, raise your hand on Zoom platform. Use the Raise Hand platform option. Our next question comes from Pedro Leduc. Thank you for the follow-up. It's more related to a discussion that we have been talking about, the payroll loan that has the fund in FGTS, and we understand that PAN operates using those products. So could you tell us how you're getting prepared to see this product in the future in terms of timing, funding, et cetera? Thank you, Leduc. I believe that we cannot control the timing, of course, but I would say that in the beginning of the fourth quarter is something that can happen. We think there is a great potential, so these are areas that can grow a lot, you know, the private payroll loan. And in the past, it used to be a tailor-made product, which was not very scalable. But when we standardize the system, as we did with the public payroll loans. So this is a product that is good for everyone, for the client, for the economy that is going to have positive aspects in terms of credit. It's good for everyone. So we are very enthusiastic. We are knowledgeable about the systems that are going to be used in the product, and the product is a combination of what is already used in INSS, FGTS, and that was also used in the Auxílio Brasil. These are products that we know a lot about, so we say that we are very knowledgeable of all those fields, and we are helping develop this product, and we have a lot of expectations about this product. Thank you. If there are no further questions, I would like to turn the floor over to Mr. Guimarães for his final remarks. Thank you very much for attending our call. A nd the discussion of another results of our Banco PAN, and I hope to see you next quarter. Have a good afternoon. Banco PAN's conference call is now closed. We would like to thank you for your participation, and have a nice day.