We don’t want to retain the capital more than necessary. This is what we want to do from November onwards. And our expectation is that there is an increase of the payout and the repurchasing of sales, something will be done. And we’re going to go beyond what was done, which is the optimization of KCP, which has brought our payout to closer to 30. So we should improve that payout plus the payout, again via repurchasing our dividends, recommendation of both, we’re going to give you more disclosure in the next call. Not a next call, the next month, possibly after the discussion that we’re going to have the board — at the board of directors, this is the first point. The second point on the renegotiation of the portfolio, the impact of — there is a rollout is very small.
We are very engaged, the market was mobilized very good program. But the impact on the second stage very small. There is still work to be done the experience of the client and eligible clients how the bits are going to work. For the impacts, they do not really move our numbers. This is a very strong work we have renegotiated what is necessary. If you look at the records of renegotiations with the bank, you’re not going to see ups and downs. We never used a renegotiation to administer delinquency, we renegotiate with an economic vision, when it makes sense to renegotiate at a great price for the client needs. And for the client that does not have the conditions to renegotiate, we rather continue with the process of charging if the renegotiation doesn’t make sense for the bank or the client at several points.
So we’ve been very disciplined in the management of renegotiation. This is our agenda. And well, Charles — and we, as we can recover cash from operations, this is important. So we continue with the collection billing. And while this is a question that we should explore, is understanding that the renegotiated, so it would be provision well. We do the stress test in the renegotiation. They are — on the deadline there are renegotiations that are being done, they’re paid. Of course, there is some long and short delays, we always look at it in a portfolio. We do the threshold of stress, always looking at the worse rollout, if it was the full portfolio, what is the rhythm, how that portfolio is going to work? Is there individual at their companies, we always run this test stress test.
So I can go into your data, generic and specific provisions that are enough to deal with the portfolio in the cycle of what we expect even in the cycle of stress looking up ahead. So very well protected. Portfolio has been very well provisioned once. Our access of provision today, when you look at the generic, a great deal of that or a great deal of that access is allocated to those portfolios. So the bank is really well positioned, provisioned, and we don’t see relevant effects looking up ahead in the P&L in the sense of deterioration of the portfolio, the balance sheets very well protect protected. So we can go through that cycle. This is not the base case. But we have a great provision but of course with a deadline that is longer than what we expected with our portfolios.
Daniel Vaz : Thank you.
Renato Lulia : Next question. We have Gustavo Schroden from BDI.
Gustavo Schroden: Good morning, everyone. I wanted to ask two questions. I wanted to be more specific on the payroll loan. I know that you talked about the retail but this is a very important product. And while you have that reduction in the INSS portfolio. Looking at your material, you have — you said that it was intentional the reduction because of profitability that was lower. I wanted to understand from you, I mentioned that this experience lead a [indiscernible] to happen. And if we look at the recent records, as this liquid is dropping, and while there will be another drop in the cap of the INSS. So if you can tell us what is the strategy, because this is a product that when we see that derisking happening across the board, all the banks are going through the rhythm, they decrease the appetite in more risky lines and credit card?
So, the payrolls are a product that the banks use as a counterpart against the reductions on the retail. So can you explain what is the strategy on the payroll loan? I think it would be very interesting. And the second question would be on the ROE. You mentioned twice that if we had had adjusted as an equity one to 11.5, we will be talking about 24% of our ROE in Brazil. If your [indiscernible] is a perspective for profit, dividend sharing, dividend distribution, sorry, of course, according to the decision of the regulator, there is a possibility I mentioned that the bank has maybe a gain in efficiency, the PDD is dropping next year. So can we look at 2024 and it may be dreaming of an ROE 24%-25% next year? Thanks.
