And also, we are — we’re pretty close to the movements of interest rate in the country, because it was the biggest expense or costs that we have in our P&L.
Domingos Falavina: Very clear.
Ricardo Dutra: And pretty quick here that you mentioned about 1 of the other companies that increased the financial income. If I got it right, your question, if you make this math between financial income minus financial expenses, you’re going to see that year-over-year, they grew BRL34 million, and we grew almost BRL50 million. So maybe we didn’t grow at the same pace that they had. But if you look at these net financial expenses, minus financial income, we had an increase as well. So in
Domingos Falavina: Certainly. But I think like the delta last Q-on-Q is especially important given SELIC moving up, right? We went from a scenario of SELIC expected decreasing around 150 basis points to 250 basis points. Certain days a couple of weeks back to SLEIC increasing. So I think it’s important to understand what management had is as far as doing more price increases. If we don’t have those rate cuts, especially if we have rate increases, right, I think it’s something that should be vocal about.
Ricardo Dutra: Okay. So going back to your question, we are able to reprice if necessary.
Domingos Falavina: Alright. Thank you guys.
Ricardo Dutra: Okay, thank you.
Operator: Next question comes from Neha Agarwala with HSBC. Please go ahead.
Neha Agarwala: Hi, congratulations on the results. And thank you for taking my question. On the funding cost, how much are you paying on average for the customer deposits that you’re gathering? And should we expect a similar increase in customer deposits next quarter strong increase, which should lead to higher financial expenses? My second question is on your funding structure. Could you please elaborate how are you funding the prepayment business? What percentage is coming from factoring of receivables with the large banks, how much is coming from your deposit base o on and so forth? And my last question is on taxes. The tax rate was quite low this quarter. And you mentioned the two specific benefits, which led to a lower tax rate. What should we expect going forward in the coming quarters? Thank you so much.
Artur Schunck: Yes. It’s Arthur speaking. Thank you for your three questions. So I think regarding funding costs, to be very straight to the point. The cost that we have related to deposits is a few basis points lower than CDI, okay? The second point related to the funding that we have. First of all, we use the equity position that we have, it’s like BRL10 billion. The second point is factoring — or sorry, the second point that we use is deposits, the balance accounts from the clients. The third point is factoring into the bank issuers. And the third one is issuing CDs in the market in retail investors or also institutional companies. And the third point related to tax income. We have 11% of effective tax rate this quarter, compared to 17% last quarter, and it’s related to incentives to R&D investments that we do.
Since the beginning of the company, we have this incentive from the government. And the second point is related to revenue that we have abroad. And so those two benefits helped us in this effective tax rate. Going forward, you can expect something from 10% to 15% for Q4 and something below 20% in the coming years.
