So that’s why we have a substantial growth. We’ve been operating more and more with the adequate mixes. So we’ve tried to serve our clients, but always try to grow in the more profitable mixes. And this is the evolution in this work of the network and the bank has had relevant results. It’s a product in a business that we add strength with the buyer for the distribution, to be able to grow in a very profitable segment. The year, if you look isolated, the P&L of Redecard, and this is not a great reading, but remember that our business model, every capital of the business, we isolate corporation. When we look at the results of several other companies in the market, all the working capital is benefited with an interest rate that is higher. Or the cost of funding too, given that it’s zero because it’s capital €“ to do the anticipation operations with the effective lower rate, we price at the margin.
So we look at the opportunity cost for funding to the pricing of the anticipation at the end. So this is from the managerial model. It’s cleaner from these effects and we isolate the working capital and the corporation is not located at the business per se. So I look at this way. The great business/. We’ve had a great evolution, NPS that has been advancing, all the advances in the relation with the clients and the proximity with a bank. I am very optimistic for 2023. For 2023, I think that there is a double effect, not only the performance indicators should improve, but also the isolated result of the business should be better because we’ve done to hedge of the liabilities. Many companies, they didn’t work with that €“ so they didn’t do the adequate hedge.
So we implemented a hedge policy that has worked very well. And that has brought stability for the results. So I can expect a better result for the buyer, the acquirer results for 2023. It’s not the level of results that we operated last year. Structurally, the industry has changed, the margins are thinner, but we’ve managed. And another point that I would like to state. When we look at the base of clients that are active, there is a reduction. And the reason is because there is dirt in the base. There were some segments where we didn’t €“ where we invested in the past and then we made the decision of leaving. And so, basically, credit card Bob , which was a specific individual segment that, at that moment €“ the operation wasn’t structured in a way that it should, you have a lot of bases of client in amount where you don’t have a resulting profitability.
So, VPL of those harvests are negative. So the cleanup happened at the base over the last few years. And where we are focusing, we are growing the base and where we decided to leave because they’re not profitable segments, we have more amount of clients and little profitability, maybe none. So, that’s why you see the base of clients that are reduced, but this is healthy, their direction is good. So we’re very satisfied with the evolution. And then we have a great 2023/2024 acquirer.
Renato Lulia: Now finishing the question we received, the WhatsApp questions. I know that we have a short term, but I wanted to ask you at least one, so we can finish. So the questions were from several themes. We’ve covered cost, NPL, portfolio. But there is one that I chose to finish our talk, which is about what we call beyond bank. So the question is from and he asks, we have a portfolio that has evolved in the bank with products beyond the financial market. Thinking about the increase of that portfolio, what are the other businesses that the bank foresees as potential for next years?
