Given the growth — now you have to deposit product in Mexico and given future growth in Mexico, do you expect to accelerate investments in Mexico, or are you at a level where you have all the fixed costs required to operate in Mexico?
Guilherme Lago: A lot of questions in this one, so let me try to slice them a little bit. In terms of our repricing our personal loans and credit card business, the answer is no. We have basically operated with similar pricing levels over the past few quarters. You may have seen a change in the mix of the products within each of them. And that may have been what actually has driven a little bit more of yield in each of those products. In credit cards, what you will see in the effective yield of the total portfolio, is the greater relevance of the interest-bearing balance, as you may see on here, on slide 14 of our earnings presentation. But in short, no, there has not been any material repricing in our credit cards or personal loan business in Brazil over the past few quarters.
I think your second question is on whether we expect to translate the pricing effectiveness that we believe we will be able to implement in consignado or payroll loans into credit cards and personal loans. And I think that the general answer is, yes, we do expect to translate additional cost advantages that we acquire into progressively better terms and conditions for our customers throughout all of our products. So whenever we see compelling opportunities, we will flex the pricing muscle accordingly in a very analytical manner. I think the third question is on — sorry, I’ll pause here, Neha, on pricing to see if I address your question before I go into the efficiency ratio.
Neha Agarwala: So just to clarify, on the personal loans and credit cards. So, you would be probably competing on pricing or reducing prices for these two products in the coming quarters?
Guilherme Lago: Well, I don’t foresee any material changes to our current pricing policies for the short — in the short term, in the next 1 or 2 quarters. Conceptually and in the medium and long term, we do expect to actually use our better cost advantages to leverage pricing muscles and be even more competitive in those markets.
David Vélez: Although, as I said — Neha, although as I said earlier, we do our pricing below in the new secured lending type of products that we’re launching. So ultimately, if secure lending, what we call consignado, does end up growing and being meaningful, that will decrease the average rate that we’re charging across the entire portfolio that would also dilute some of the losses and delinquency numbers that we also show for unsecured lending.
Guilherme Lago: And then, Neha, trying to address your — the second part of your question, which is on efficiency ratio. So, as you note on page 20 of the earnings presentation, we have reached about 35% cost to income. We do not believe that we are anywhere near our efficiency frontier. We think we can actually continue to improve the efficiency ratio going forward, nor do we expect that the additional investments that we’re going to make in Mexico and Colombia, will preclude us from continuing to make advancements on those fronts, right? So, we have already front-loaded quite a lot of the investments that we have made in Mexico and Colombia, especially in terms of headcount and the velocity through which we’re going to grow headcount over the next, let’s say, 12 to 24 months. It’s probably going to be lower than the velocity through which we grew Headcount over the prior 24 months.
Neha Agarwala: Great. If I can squeeze in just one last thing. The asset quality seems to have turned around and stabilized, early delinquency is stabilizing for Brazil. You seem to be having good momentum in Mexico. What are some of the key challenges or concerns that you’re mindful of in the coming quarters?
