Gustavo Schroden: Congratulations on the results, specifically given the whole scenario. I wanted to change the subject. I want to talk about the guidance, the fee. Well, at least our understanding is that if we understand the run rating at the end of the year, there is maybe a little bit lower than the bank was presenting throughout the year and that there is a guidance of 7% to 9%. Specifically, if we look at €“ what do we expect for the mix for 2023? Well, an acceleration of TPV. Maybe there is going to be an impact in the credit card €“ well, there is an asset management pressure, given the challenges in investment banking. So, I wanted to understand. How do we see this end of the year that is more challenging in this line, the growth is weaker, and you are bringing an expectation much higher than the run rate at the end of the year?
So, it would be the insurance compensating for all that. If you can go over the composure, how that guidance is built? Well, in my opinion, it’s aggressive given the end of the year.
Milton Maluhy Filho: Okay, let’s take a look. And we always challenge ourselves. Whenever we get into a new year, and I’d like to say that we got into 2023 better than we finished 2022 and better than what we started in 2022. Having said that, looking up ahead, there is always a degree of challenge. And any guidance, many times, you have an objective, you have the best estimation. Not everything has an absolute, well designed and defined action plan. And this is part of our dynamic. We need challenges. This is how we like to deal with performance. This is how we like to deal with the indicators looking up ahead in the future. Now, along those lines, it’s no different. We have a challenge. That’s it. Now, having said that, we believe that, with the information that we have, nowadays, it is possible to capture that growth all throughout 2023, if nothing else is altered.
We can see that in different ways. Not only B2B credit cards, there is also the inter exchange. And when we talk about the credit card, we have to look at the fees, which is very important for the reduction, annual fees. Also, the programs for generating loyalty with our clients under the inter-exchange rate. So these effects are contained here. The acquirings, as you’ve seen, if you look at the end of the year, when you’ll have the buyers, typically, there’s a growth. Here it’s a better mix €“ we’re searching for a focus in the repricing because of the penetration of financial products, interest rates, a management that is much closer to the bank, that integration has worked much more. And the buyer, acquirer, we don’t like to look at them as a P&L of a business, but we like to look at them in a global context for the relation of the bank and the client.
That’s it. Every year, we have the challenge because regardless of where the market goes, an important part of the result is coming from performance fees. And we have to be capable, we have a very competent team. We have to be capable €“ we have the multi tables besides the traditional tables of assets for exchange and we have the performance fee challenge and we’ve managed to deliver this all throughout the year. So we have a challenge for 2023. Obviously, with a risk of the market €“ with the treasury €“ it depends on the positions. How do we manage the assets and the risks all throughout the year, but there’s always an expectation for the generation of alpha. Now, whether it’s a challenge, more uncertainty €“ well, the performance fee will always bring volatility.
