But wherever I think that there is a challenge is in the economic €“ the investment bank. There is a two sides of the same coin. Here, the broker, we can invest more in the individual portfolio, and then we can take products and solutions for our clients that had generated a lot of value. So we had a gap in the portfolio and we’re bridging that gap monthly, consistently, and we see a growth. So, part of the result comes from the individuals when we have a portfolio that is much more robust, to service our clients better. On the other hand, the investment bank, traditional, the activities of M&A have to continue. Equity capital markets, it will depend on the window of the market, how the global and local uncertainty scenario, interest rates, so there might be a good opportunity.
And we imagine that even though we had important challenges, we will have an activity that will continue with a lot of dynamics all throughout the year. And insurance, I always say €“ we see an evolution of the operation. This is a retail insurance, and we pile them up. So as we penetrate more, we grow, your pile the seasons for the subsequent years, and we expect an evolution at the bottom line 2023. So, insurance should bring good contributions in 2023. So we expect that this is €“ we have the execution risk, of course. Whenever we have investment bank, I always see more risk. But we’re going to work hard, so we can follow up on the guidance that was placed. If there’s any change all throughout the quarters, any change in the scenario, or if there is any difficulty, then we’re going to update the guidance if it’s necessary.
But once again, we believe that it’s factual and we’re going to continue running after the numbers.
Renato Lulia: We have Daniel Vaz, Credit Suisse.
Daniel Vaz: I wanted to talk about how the guidance of the growth of the portfolio, how it’s made, do we have retail growing more? Well, wholesale growing below. If you are comfortable with individuals mix that is 48 and then a group with a collateralized credit. So if you can tell us more about the growth of portfolio and the breakdown. The second question that is quicker, is there any changes in the spread that your practice in the wholesale, given the subsequent? Do you think that you’re going to do anything for the supply chains involved? That would be my question.
Milton Maluhy Filho: About the growth of the portfolio, Daniel, we open up in the consolidated, the information, for you, but it’s important to separate three main messages. Well, the portfolio is going to grow less than the 21, 22 . So there is a deacceleration of the growth., even though I think that that balance between insured and non-insured might be €“ there might be a growth in not-insured more than 23 than what we observed in vehicles and real estate, which has a great growth. So we’re going to continue with a level of insured above 50, but there might be an adjustment in the mix, which is a positive factor for the financial margins as well. So, possibly portfolios with more risk. In the adequate populations with the adequate risk profile, we have a portfolio that is very affluent, and we’ve managed to gain share in the best risks, which is a good sign, but with a mix that is more favorable for more.
