Geoffrey Elliott: Okay. Thank you. And then just a quick clarification. The capital adequacy ratio at XP Inc. You’ve been discussing of 22%, just over 22%, do you disclose the numerator and denominator on that anywhere?
Bruno Santos: Yes. Basically, our total RWA as we calculated, it would be around BRL78 billion. So basically, we have a balance sheet north of BRL230 billion. So 1/3 of our balance sheet is assets with risk. The other parts, basically, no risk assets.
Geoffrey Elliott: Great. Thanks very much and apologize again for the background noise.
Antonio Guimaraes: No worry, Geoff. And now the last question from Yuri Fernandes from JPMorgan.
Yuri Fernandes: Thank you, Bruno, Maffra. I will limit myself to one question just on expenses here. This quarter was a little bit confusing, right? You had Modal, revenues were super strong. And I think this also usually trigger higher expenses. But you are within your guidance, right? Even if we assume another profit similar to the third quarter, you still will be able to deliver your SG&A guidance even with Modal. So just some qualitative tips from you guys. How do you see expenses? Do you believe expenses should, I don’t know, accelerate because for some reason, it invest more or to normalize, I don’t know, compensation for XP? Or no? Or do you see more room for operating leverage and having expenses growing below revenues for 2024.
Anything you can share on expenses, I think, will help us to understand a little bit the outlook because you already made it clear during the call that revenues are not totally there yet on retail, like there are some improvements here, some improvements there, but revenues are still from my take here a little bit challenging. But on expenses, you are doing a good job. So I would like to hear from you your take on expenses. Thank you.
Thiago Maffra: Thank you, Yuri. Going to your question, as Bruno already mentioned, this quarter, we have some impacts, okay? The first one is export. We have the revenue and we have the expense. We have the pack that Bruno mentioned. And of course, we have a Modal that we consolidated number that we opened at it was BRL111 million, okay? So if we sum up as FX, it’s above BRL200 million, okay? So when we look the year, the projection for the year, we will be delivering the target that we mentioned, the guidance that we gave. We will be there. Remember that the guidance we gave was excluding Modal, and now we are including Modal in the number. And for next year, we don’t need to do any big investment, okay, to grow. That’s why we have been saying about the operational leverage that we have.
We don’t need more investments to do more revenues on the core business investments. Of course, for all the reasons we mentioned here about the market, the riskier assets performed and so on. We don’t know when we will see this recovery on the retail revenues. But once it happened, we expect to have gains of margin here. And what I can tell you is for next year, we will continue to pursue better efficiency ratios. Of course, we cannot guarantee and we will not give any guidance for that for next year, as we already mentioned. But you guys have our commitment that we are going to pursue even better efficiency ratios in 2024.
Yuri Fernandes: Super clear, Maffra, and congrats on the quarter.
Antonio Guimaraes: Thanks, Yuri. Thank you for your question. It was the last one. So we would like to thank you all for participating in the call. We’ll be available with the IR team to discuss the results with you later, and have a good night, everyone.
