Pedro Leduc: Thank you, Firetti. Good morning, everyone. A quick question regarding the guidance review for NII. 7 to 11, now 6 to 10. And since this guidance was disclosed, the CDI curve moved in a favorable position regarding market NII. And still, this total line was reviewed down. I think it has to do with the portfolio. So, what do you expect regarding client NII? Because it seems that considering a drop in CDI, still, you revised this down. It seems that there was a deterioration in client NIMS for the coming quarters. Is this a fair statement? And how will this evolve for 2024?
Octavio de Lazari: Okay, Pedro, thank you for the question. As we have been saying, the market NII, yes, it has that constant gradual growth towards the second half. And the main offender for a change in the guidance continues to be the loan book. We were stumbling. To hold back loans in the first half. We reviewed all of our policies. And now, in June, July, and August, this is changing. We understand that we can accelerate, but not as it was before. It would now be feasible. We recognize that the loan book was lost in the previous guidance. The market portfolio is recovering. The market NII is helping us in this indicator. But it is not enough for us to reach the total of that first guidance. So, credit is still at an important level.
We are now opening short-term portfolios, loans for individuals. We have a higher spread. And we can hold a lower credit provision. So, this is what we are doing. We are doing it, but cautiously and gradually. But this mixed market improvement, and when we entered the balance sheet, that interest rate reduction was not guaranteed. But this is coming. And an interesting prospective cycle is coming up, particularly for 2024. But undoubtedly, credit and credit granting will guide us in the NII guidance. The market NII, as Cassiano mentioned, tends to recover. I think this is a given improvement in the second half of the year. And hopefully, we will enter the positive level in the second half, slightly positive, perhaps even in the next quarter.
And it will continue to gradually improve along 2024. And I think that the resumption of the loan book, as Cassiano mentioned, will be the biggest driver looking forward.
Pedro Leduc: Excellent, thank you.
Operator: So now, we will go back to Arnon Shirazi from Santander. Arnon, can you hear me? So, Arnon, still not connected. We will turn to Renato Meloni from Autonomous. Renato, can you hear us?
Renato Meloni: Good morning. Is it better now?
Octavio de Lazari: Yes, much better.
Renato Meloni: Excellent, I apologize. I’d like to talk about your view. When you talk about the recovery for the coming quarters. If you look at Selic rate for next year with the offer of 9%, can we talk at a level of 18%? Especially the competitive view that’s very different from the past?
Renato Meloni: Thank you for your question, Renato. So, Renato, we understand at this moment of the reduction of ROE that occurred is a situational aspect, not structural. So, of course, that the change in the market and changing people’s consumption habits has a structural aspect that the bank needs to adapt to. And that’s what we’ve been doing since the pandemic. And I remembered in the last meeting that we had in the last meeting, that before the pandemic, every day the bank would make 1 million authentications at the teller. And now it’s 90,000. So, we went from 1 million every day to 100,000, to 90,000 authentications at the teller. So, there’s a change in the market in terms of relationship with the customers, and people’s consuming habits that influence how they consume products and services that requires you to make structural changes that are essential, as I said.
