Christian Gebara: Okay. The Vivo Money we are we are highlighting here know that our loan portfolio, it reached BRL183 million is like seven times higher than it was one year before, it’s almost six times higher in number of contracts. And that’s a combination of manufacturers that that we could give you more light on that. And we are very satisfied with the performance of these loans. No. So I think Vivo has been investing a lot in models and credit models not only for money, but also for our own customer base. And that’s been successful for the bad debt number that we have. And also for the for the performance of the money that is growing, we are growing that also combining more services, we have equal pay our digital wallet, we are selling more and more insurance.
We are entering — we have this co-branded plan card — sorry, with Ito that’s also been very successful, increasing sales of smartphones and other devices using this card. And we now as I said we invested in a consortium company because we are launching something here. So we see that our capability ability of selling other services combining our customer base, our low customer acquisition costs, our brands are building capability, our credit capability is giving proof that the potential that we have expanding not only in financial services, but beyond that. So that’s why we also going to do more in health, with our service more in education and other lines that we want to give more a color in the next calls as we are doing now with money. I don’t know if David, if you want to add.
David Melcon : Hey, Marcelo. Now, just to add that I mean, we are very positive and optimistic about the evolution of this of this business that’s growing very fast. So we are monitoring very carefully, always the greatest calling to make sure that I mean the bad debt is under control with very low, very low levels. So positive to keep these trends that we have seen over the last 12 months to keep like this for the future.
Christian Gebara: Anything else, Marcelo?
Marcelo Santos: Thank you very much.
Christian Gebara: Thank you.
David Melcon : Thank you.
Operator: Our next question comes from Feni Kanamori from HSBC. Please Ms. Feni. Your microphones open?
Feni Kanamori: Yes. Thank you for taking my question. My first question is regarding the dividends. So typically, you have stated before that you distribute 100% of the net income students, but the recent with the yesterday’s announcement of requesting prior consent from Anatel, do you see that you will be increasing that dividend payout ratio as your target dividend payout ratio? The second question is regarding the risk of concession. So if you cannot reach an agreement with Anatel by 2025. Do you see a scenario where you will lose the concession agreement and what could be the potential impacts on your operations because of that? Thank you
Christian Gebara: I’ll go to the second one, we are very optimistic that we’re going to find a solution for the concession. And I think it’s going to be positive for everyone. Especially, because we’re talking about the concession of more than 20 years that is related to why services and public telephony that we all agree that is a surprise that is not demanded anymore. So we work in a very optimistic scenario that it reached an agreement. And I think the other parts are very reasonable about the outcome that we are pursuing here. So at the moment is what the only thing that I can share. And it’s important also to see as we call know, the core revenues and non-core revenues, we’re talking about a service that has a very low fear in our revenue mix.
