Yes, we’re facing a more challenging moment. But we have a number of other businesses that are maximizing their revenue pools. And their leadership is unquestioned. So, this healthy portfolio has helped us in terms of yield and revenue across the board. Challenges are going to €“ are always going to €“ we’re always going to face them, we have difficulty with retail, obviously. There may be decreases in terms of yield, in terms of earnings, because of the cost of credit. But because we can manage a number of different businesses, and that’s implicit in our guidance, we’re able to confront the challenges and deliver excellent numbers. Yes, we’ve got competition across the board. We’ve got transformations, changes happening, and we continue understanding that, pursuing it.
So I don’t see anything today that will make me change my outlook in terms of yield. Obviously, things may change over time. Obviously, the macro is important, zip codes are important, is important in our results. And this obviously affects us directly. So, again, it’s going to depend on general macro outlook, so that we can continue to deliver on these numbers. And when we look at global market, and this is also quite important, not just customer wise, but generally, we look at the market risks to serve our customers. We don’t look at as simple returns on associated risks. And separately, we’ve been able to manage risk excellent €“ they’ve done an excellent job managing risk in a very challenging situation. And you can see that the results to returns are excellent.
Hedging costs are great. BRL 2 million in margin just last year. If it weren’t for that policy, we’d even have higher returns on the top line.
Renato Lulia: We have with us Tito Labarta from Goldman Sachs.
Tito Labarta: My question, a little bit more macro, but also kind of how it will impact the bank, right? The rhetoric we’re hearing from the government seems to be increasingly negative, questioning central bank independence, high interest rates, renegotiation programs using public sector banks to support growth? I don’t know if you’ve had any conversations with them at all. Just how do you think this environment could potentially impact the bank and the way you run the bank, particularly if some of the public sector banks start to lend below market rates? Just any color, your thoughts on the current macro and political environment and how that could impact the bank?
Milton Maluhy Filho: Let me first of all say that, yes, we’ve been having conversations with the government, with Fernando Haddad and his team. Not only with him. Last week , we had four ministers, they’re telling us a little bit more about their plans. Simoni, Esther, , Fernando Haddad, and also of BNDES. So, our view is that all the discussions we had so far are very positive. Okay? So I think the direction and the concepts are very clear. They’ve been very open to listen to us and understand our views on this scenario. The noises that we’ve been hearing recently €“ in our democracy, the way we’ve been very polarized, I would say, for the past year or so, it’s natural to have some noise as we are seeing right now. The thing is that we have to wait.
