Milton Maluhy Filho: Talking about the provisions, yes, to be very precise here, if we didn’t have this specific event, we could be in a position to consume part of those complementary provisions, those allowances that you just mentioned. So the answer is yes. But looking to the portfolio, looking name by name, we understood that the best thing to do was to provision 100% of the specific case the way we did at the end. So being very sharp, clear as we could. And talking about 2023, we do believe that we have to keep an eye on the cost of credit, we have to keep an eye on the guidance range that we have, understand how these allowances and complementaries will pursue and how we should approach them. And talking about investments, if I understood right your questions, you mean investments in generally speaking of the bank?
We have of course €“ we discuss investment every single day. Okay? And we decide if we should or not expand some business or some credit, some business line or new business model. So, when we look to our expenditure and the cost of the bank for 2023, what we believe is that we have room to improve our efficiency ratio. And we’re going to keep doing that. And also, on the other side, we want to keep investing for the franchise, for the future of the bank. So we don’t like at all to run the next quarter, making decisions of avoiding investing in things that we really believe, but the cost of equity is different today, the scenario is different. So we’re always more cautious when making a decision investment €“ investment decision due to the scenario, due to the cost of capital, but we take those in consideration.
But another relevant thing that I would like to highlight here in terms of costs, running the bank, we want that the core costs of the bank, and I said that before in the guidance, won’t be above 2% year-on-year. With the inflation that is not the inflation of the year, but you have, of course, the impact of the inflation of the year before and also the banking industry inflation is higher than the IPCA, so we do believe that we can keep 2% on the core side. It’s a very relevant adjustment that we do to open pace and room for more investments in the bank.
Renato Lulia: Now we’re going to the last question from our analysts. And last, but not least, obviously, the question come from Juan Recalde from Scotiabank.
Juan Recalde: My question is about the acquirings business. In 2022, the conditions in acquirers, they grew above the transactional value. So what is the expectation for 2023 for the growth of the transactional value? And can we see the revenues? Were the conditions in acquirers growing above the seasonal value for 2023?
Milton Maluhy Filho: Look, the acquirings business is more and more a product within the organization. We closed the capital of Redecard and we’ve been investing more and more to include this acquirer, buyer in the bank. And we can do it much more faster. And we need to look at this with a grain of salt. I’m going to do a few brief comments. Yes, we have been growing revenue larger than TPV for several reasons. First, the repricing capacity that we’ve had. So separating those clients that need to be repriced, those clients then have a re relationship of acquiring not just a customer, but more product. We’re seeking that penetration of the financial products has been very important. And that has brought very relevant results.
