Jorg Friedemann: And our next question comes from the line of Yuri Fernandes, JP Morgan.
Yuri Fernandes: Congrats on other very good quarter. I have one question regarding Brazil on the profitability. I understood that the focus would be the holding. But when we look to the earnings from Brazil, Brazil was maybe $190 million. It’s a good increase from previous quarter, $20 million. But now we see increase in maybe other markets or maybe the whole number. I just want to check this, what is the difference between the $225 million [ph] you printed in the holding in Brazil that in the previous quarters was over [Technical Difficulty] of the profitability of the Company. Just checking if it’s the cash at the holding at a higher rate, something like that. Thank you.
Guilherme Lago: Yuri, thanks for the question. I think two comments here. One, I would be very cautious of drawing conclusions on the profitability of our Brazilian operations by looking only at the figures that we provide to the Brazilian Central Bank because these figures, they account only for our legal entities that are fully regulated in Brazil. They do not account for 100% of our operations in the country. So, I wouldn’t necessarily draw much from what is reported in the Brazilian Central Bank. Your second question, though, it’s intuitively, yes. I think the way that we operate, we have profitable operations in Brazil. We have profitable operations at the holding company, largely as a result of the investment of the $2.4 billion of cash that we have there. And we have operations in Mexico and Colombia. They are still posting losses as they are in high-growth investment situations.
Yuri Fernandes: Thank you, Lago. I was using your presentation. I guess, you still have Brazil out there, and I was using — I know it’s very similar to the report by Central Bank, but I guess is to have the Brazilian consolidated earnings there. And if I may, Lago, just a second follow-up here. Higher income clients, how relevant is this for your strategy here for Nubank? Because you kind of have a very good share on lower income and middle income. And this is a common topic we discuss with investors. So we would love to hear your thoughts about higher income clients. Thank you.
Guilherme Lago: No, absolutely. So look, the high-income — venture into the high income sector is one of the Company’s priorities for the 2023-2024 period. And we have invested a good amount of time and resources trying to understand globally how companies have succeeded breaking into the high-income segments in many parts of the globe. And we have basically crafted a strategy that is composed by two steps. One step is customer acquisition. The second step is customer monetization. I think in the first step, which is customer acquisition, when we look to the past 18 months, we are fairly well pleased with how many high-income customers we have acquired in the country, if you define a high income customer as a customer who earns more than BRL 12,000.
We already have over 60% of the high income customers of Brazil being customers of new banks. So I think the first step of this two-step strategy has been very successful so far. We are now entering into the second step, which is to deepen the relationship of those customers and to be able to increase our share of wallet of them. So if you compare the demographics of the customer base of Nubank with the customer base of incumbent banks, you see that in terms of number of customers, we have a relatively similar breakdown between low income, middle income and high income. However, our share of wallet in the low income and middle income is still much higher than our share of wallet in the high income and there lies the huge opportunity that we have to grow customer monetization in Brazil over the coming one or two years.
