100% captured in the fourth quarter. And looking up ahead, we are going to do movements as we receive more information. Now your second point, which is the guidance. Here, there are two important elements that I would like to address. First, we look at the retail on the individuals portfolio. We see a stabilization of the delays. And this is the best expectation so far. We are growing 0.2 over 90 over the last quarter, so it’s stable for the first quarter. The portfolio is growing. It’s about a growth of 9%, close to 10%. And the individuals, we didn’t subdivide it by segment, but our expectation is that the individuals and companies, they’re moving along in the same speed. If we extrapolate the fourth quarter of the year, in retail, for next year, given that we work with the expected losses, so we’re always anticipating the new cycle production.
This provision naturally will grow 13%, 14% with a portfolio that can grow close to 9% to 10%. So this is not relevant when we look at these numbers. So it’s important that we look at a number. That is very important. When we normalize, specifically the retail portfolio for two years, so this is the term that I’ve been using, we realize that there is a normalization, gradual normalization in this retail, and more challenges given the level of interest rates that we see and economy that we have, more €“ the leverage of the companies has to be lower since we have a fixed interest rate. And that made us be very careful in estimating the cost of credit that is much higher for 2023. Specifically, in the wholesale that works with a lower €“ well, the delay is not €“ I don’t like to follow the NPL 90 for the medium and large sized companies, but there you can see that the delay is insignificant, irrelevant, whether there is more relation with the cost of credit capture that we can observe all throughout 2023, given the scenario and also given the perspective, given the size of the portfolio to actually do more provision €“ an expectation of doing more provisions for 2023.
Renato Lulia: Now we have another person, Thiago Batista from UBS.
Thiago Batista: Congratulations on the results. I think that it was very good. Now, I have a question. I have a question, Tier 1 question. The bank went back to 13.5. So there is an ROI of 20%. And then you’re working with the numbers aligned with growth of the portfolio. The bank can pay clearly more dividend payout, in my math 60 and still keep the Tier 1 stable at 13.5. So, that’s my question. Are we going back to that scenario that the bank is going to pay all the capital above 13.5? And a quick follow-up on Domingos’ question. What changed in the bank in regards to the specific case of Americanas in the legal proceedings? How has the bank evolved with this case of Americanas?
Milton Maluhy Filho: Well, let me talk about the capital here. We are going to systematically and consistently grow the level of capital. If you remember that, we started in 2020, with the provisions for COVID and then we start to recover. We implemented the hedge of the capital index policy and the bank is consistently generating value and financing its activities and having an increase of the capitalization of the bank measured by CET1. Now, my expectation, looking up ahead, there was no scenario of the increase of percentage payment. We have 27%. We maximize the JCB, that’s why the payout is above the minimum. We still provision looking up ahead for the level of the payout that is much similar. Yes, we’re growing the results of the bank and then we’re increasing the dividends, the JCB per share.
