So, we have a deacceleration in the vehicles, we see deacceleration because of everything that we’ve seen in the credit card portfolio. We are possibly going to grow in the core. And those segments that we’ve had a lot of safety, specifically in new clients with the close relationship with the banks where we have more growth. And real estate, the increase because of the interest rate, our expectation that there is a going to be a deacceleration €“ deceleration all throughout the year. So this is the €“ how we see the retail. Well, small and medium companies, SMEs are growing, but two digits low. This is something that we can foresee. And big companies. We also expect a growth that is low two digits, double digits, single digit high maybe, this is how we’re going to see the portfolio of the companies that depends on the market dynamics.
So, if you look at our numbers for 2022, you’re going to see that our capacity to recycle the portfolio is very relevant. And we are the leaders of the capital markets where the market share €“ we are the leaders with 30%. So we’re going to continue to recycle the portfolio, opening the space, and we’re going to continue to operate and generating €“ cross selling our clients. And the portfolio that will impact for negatively in 2023 not because it doesn’t grow, but because the €“ we have the Latin America portfolio that we see flat all throughout the years, adjusted for real because of the exchange rate. So it’s because of the currency. This is an overview of the credit portfolio, and this is how we are observing in 2023. In this specific case, the review of the spread, very important.
Reviewing the spread, it will always happen whenever we understand the scenario or the perspective, change the risk scenario, change the implicit risk of the company is worsened. So the pricing is something dynamic that we do every single day. There was no repricing because of the specific case in the media. I say, once again, this is a specific fraud case, something that we do not see every so often. It’s maybe the biggest fraud of all times. So this is an isolated case of everything that we observed. We don’t see any contagion in our portfolio. We looked at all the chain, we always have to be careful. No materiality. This is a company that continues to work. They have challenges. We hope that the company will leave this process in the best way possible.
There’s people dedicated to that, but there is no repricing of the portfolio due to this event. We continue to price in the same way. We’re always taking care of the scenario, but nothing that comes from the specific case. This is very important that we frame this.
Renato Lulia: comes from Mario Pierry from Bank of America.
Mario Pierry: Congratulations on the result. Milton, I wanted to focus more in the retail. So, the weight of Americana with wholesale. And we have the companies that are subcontracting the financial advisors to restructure their debt. So, clearly, there is a worsening of the scenario in general. So, we need to understand from you if there is any specific thing that will worry you the most. Also, I wanted to understand when we see the guidance for provisions, how much is from wholesales, how much is from retail. So looking at the previous year, we had a high profitability in the wholesale. So, I think that your ROE is close to 30%. So I wanted to understand what is the capacity of the bank and profitability having a high profitability in the sector? Looking at the records, the profitability might be lower. So, wanted to understand better how are the dynamics and how you see specifically case by case?
