Neha Agarwala: Okay. Okay. I was — I just wanted to confirm about the 220 basis points difference. That’s perfectly okay. And regarding asset quality, if you could just elaborate at this point like it seems like things are getting better, early increases are coming down. What worries you regarding asset quality? Is there any particular exposure that varies you? Or are you just cautious about the macro and trying to take it slow, keeping an eye on asset quality.
Youssef Lahrech: Yes. So on that, I mean, I think it’s helpful to kind of take a step back and and rewind the clock a little bit to where we’ve come from through the pandemic period. So what we saw is starting in the second half of 2020, very low levels of delinquency abnormally low because consumers were saving money, there were government interventions and so forth. And for a bunch of reasons, we were an abnormally little delinquency territory. And it was very clear that the trend was going to be normalization and move upwards of delinquencies. I personally think that cycles largely played out, and we’re now in a new part of the cycle. And so it’s a little bit more of a higher uncertainty part of the cycle. And for us, the stance is to be cautious.
We’re not worried about particular pockets, but we’re always prepared to adjust our underwriting based on anything we see in our monitoring, we’ve actually built our underwriting system to be able to iterate very dynamically, very quickly adjust if we see things play out different from our expectations in either direction. But I would say in the last two quarters and particularly in Q4, we’ve seen relative signs of stability, and we’ve seen NPLs come in fairly close to our expectations.
Jorg Friedemann: And our next question comes from the line of Jamie Friedman at SIG.
Jamie Friedman: Let me echo the congratulations. I just wanted to follow up on some of the previous questions, including those from Neha. So Lago, when you were walking through Slides 18 to 20, I thought that the suggestion, I don’t want to exaggerate was that there could be an acceleration in originations. I realize you don’t give guidance, but if we could — everybody seems to be asking about the same thing. So I guess, what is it maybe, Lago or Youssef, that would make you more confident in opening the credit box? Because it seemed like in ’22, just to kind of revisit what happened, the box was opened, then it was closed and it was reopened then it was closed. So anyway, is this — where are we in the is it — and what would make you more confident lending again?
Guilherme Lago: Jamie, thank you so much for the question. Let me try to address and then I’ll also invite Youssef to complement. I think there are a few aspects that he addressed in his response to Neha that would help us here as well. But I think if you take a look at our presentation Slide 18, you’re going to see that the growth that we have had is of no basically two as I mentioned in my opening remarks. Number one is credit card. Credit card has grown over the past year at a clip of about almost 70% year-on-year. And we continue to see very strong support in its growth throughout the first quarter of 2023. We believe that we’re going to have another strong year at 2023 as a whole. In personal loans, as you can go to Slide 20 and now referring to some of the comments that Youssef have made earlier in the call, we were, in fact, a little bit cautious throughout 2022.
