Q3 2024 Banco Bradesco SA Earnings Call
Today, when you Shan Li.
Loan granting through digital channels, what matters to show you the whole foods.
In the other segments.
Seven point for total individuals' drilling 10% grants you put it all bad debts.
Large corporates.
So.
Natural.
Again with the positive.
Small and medium sized enterprises.
Seven.
Yeah.
And I'll speak more about that momentum.
When we speak about what the shipyard.
Lithosol Akitas conclusion.
So we see bigger you have to.
Thank you.
In fact, we're still here.
I did.
No doubt.
All right.
And the visuals.
Okay Boy.
For me.
And I forgot the whole macro thing because it gives us a lot of them.
Firstly principally choice.
Three 9%.
Now, let's look at the Malaysian Agua Schulke payroll deductible loans I think that the procedures.
Central Samsung's communicated this is temporary.
Neutral.
Above.
But please note.
Okay.
125% more.
So if you're growing in line with him when he came out of that.
Well, let's get acquainted and they go down we could assume payroll.
We grew up too.
The market.
100%.
It's a valuable unfortunately, the collateralized portfolio.
To the East coast restaurant out 4% of them won't be died with real estate.
Scully and she brings a lot of clients.
That's right.
Regionally.
11% year on year.
So rural loans, it's easy mucus weight.
10% or so when we look at the whole suite.
We have talked about as growing my school alone.
But.
They have another safe herself blind look I have got.
That really skewed also Chris Schmidt of credit card.
We grew 2%, while the hallway property portfolio.
When we got down to put them and look at high net worth clients that we are drilling for oil.
Sure.
Throughout the day.
When we see cap out at him.
So that people know what they're doing bookings.
It's losing share in our NII.
Some clients you cross sell off they are.
Ooh thrown in.
In installment paying less.
And Oh revolving credit.
Hi.
Pardon.
They don't stay tuned.
Three months.
We gain based on just these are not things on intermediation, they seem to all the brokers to first of all when I look at Singapore.
Singapore towards tuna tried to have grown at five 9%.
Okay.
When we look at this accounting line item.
That's grown as a person.
Hi, Marcelo and stuff like that but what do you mean to say is that we are doing.
We know who work so we can have a good quality.
As you know that we are originating here that is booked at this location.
<unk> for personal loans were originating is with collateral guarantees Oh, what did I Miss the other half.
Super Bowl to handle is no there's no loans to high net worth.
Not really.
With the mental handle is still a lot of them to low income individuals that I suppose.
Like the higher margin and it requires some observations.
No.
I'm not going to change.
Our credit losses and delinquencies.
But actually I mean, working with all of this.
Look at payroll deductible loans.
M S.
The spreads are working with us.
Yeah.
The spread we use with other elements to it.
And I am done.
Okay.
That's my external channels.
Hard to make them anyway.
<unk>.
Because 100% on what we originated them is sold.
Okay.
So we have a bunch of money.
Speaker Change: Oh yeah.
Speaker Change: That's perfect.
Speaker Change: And with an MAA I well, okay growing up.
Speaker Change: Substantially because like you I thought this out here.
Speaker Change: Let's go to submit it makes companies construct going three points.
Speaker Change: When we speak about micro and SME is we're talking about a five mile Creek at Wassa Christian beliefs.
Speaker Change: Big growth comes from the middle market.
Speaker Change: Well, if I put them in our companies.
Then being 50 million to be around the other ones.
Speaker Change: Other Sacramento side anybody here for non wholesale and retail.
The SME, making it from 350.
Speaker Change: 50.
It looks like currently and we're growing with them, but what I'd say, probably even more in the middle.
Now, let's look at the portfolio real regarding to your 5.5% whole message.
Speaker Change: Right.
Trade finance, we have a lot of traction with large companies and the Midland market.
Where the cost of risk.
And the same applies.
Speaker Change: Peak leasing I grew up in Java triples, and do well.
Speaker Change: It will just work itself out when they break down working capital you will see the floor.
Then we have some securities.
Speaker Change: Like any capital.
Speaker Change: Net of the large companies and if we focus on the liberal market anyway.
Speaker Change: Yes.
As I mentioned, we're up to $3 million and 350 million euros.
She is a beauty, but are we aligned basically your information number one.
In some segments.
Speaker Change: Originates.
Oh April rent of origination collateralized.
Real guarantee history.
We can ensure good quality.
Speaker Change: All sports programming.
Speaker Change: Programs.
Programs, such as our truck right you have thrown them indefinitely.
Well it depends on how they used to go up to eight milligrams.
One in 10 years.
The company would have up to 300 million can also be drilling.
Speaker Change: Oh, Yeah witnesses' own lukewarm. So what is the message and what was our distribution into became literally all of the modeling and also for motherhood guiding Lazard for decision, making resulting in risk appetite from across its called a risk adjusted return with a similar so Victor will then a lot of them.
Speaker Change: Illusion tennis Australian waking up a new small business as well.
Realized that even with a much higher rate.
Speaker Change: All right.
Speaker Change: Mike.
And when we operate with RCI and protein.
One of them set up with us.
And my youngest.
Speaker Change: Cost of risk and provisions I stability is much lower.
Our ability to keep it.
Portfolio mix and volume gives us some diesel.
Linda that you're looking at it.
Another future cause suffering every module.
Speaker Change: One of them.
Speaker Change: Oh for supplies.
Speaker Change: Grant.
Speaker Change: For working capital.
Speaker Change: Temporary SG&A at the mine.
Speaker Change: This type of thing.
How does this one came with my one line with a slightly higher but this will get you to a high middle Miocene compares also enlarged company et cetera.
Other hand lots of success.
Speaker Change: Do you see around here. So we have good modeling model.
Speaker Change: Yeah.
And I can tell you really benefit this was one of them.
Speaker Change: These types of things.
Speaker Change: Socket.
Speaker Change: About credit.
Speaker Change: 100.
20th part of it just because I loved one I forgot.
And I'm thinking about like it ended the quarter almost gone also a.
A market leader, we continue with a series of Atlas cleans.
Speaker Change: Our vintage model.
Speaker Change: Overseas.
Oh and I see it growing.
Speaker Change: Sure.
Speaker Change: Okay.
Not only was I mentioned to origination was like they are incurred.
Speaker Change: Right.
Looking at the rental rate.
Remember the prior year.
Speaker Change: Quadrant mission.
The case of individuals from 'twenty.
We had 50 or 61% of individuals with a rating.
And because they are simple ship 70 475.
And that's why delinquencies dropping Sherman.
So we obviously need people.
Provision of all of these things are just in this one.
Speaker Change: Yeah.
Speaker Change: Now looking at our.
And looking at the same.
Same base of 120 19.
I had a family and to treat them.
You asked about this much more going way below 100, let me know.
Speaker Change: Certainly.
In Asia.
Speaker Change: Okay.
Speaker Change: Yes. It is.
Speaker Change: Michael its a Christmas present at my hands.
So growing real link them growing.
Let me, let my new appointment to Brazil.
Speaker Change: 7%.
So a lot of different little suit us well most of them they want to operate safely.
Speaker Change: Uh huh.
We can see over 90 days delinquent.
Speaker Change: You've seen it before.
Speaker Change: Net interest income has been one that if you look at.
Let's look at credit card.
Speaker Change: Isn't.
It is to have a share and produce besides one.
Okay perfect set dropped two seven.
I mean, I'm working with alternative.
Oh, My God, you Liana come yet.
Market NII equal overseas, we have been talking about this with our Investor relations.
The focus is.
Speaker Change: And the young men.
Is that based on a risk adjusted return.
Speaker Change: Distance.
No problem.
Speaker Change: On me.
One in the weeds.
NII enforced.
It depends on the timing for that because we have to know how much.
We're live in terms of cost of provision tank batteries come already since most people when I have no problem.
Much will it cost for us to deliver.
Of course, such constant demand grow in Seattle.
Who are you up to about that when we look at Ari are what are our decision and I can tell you in payroll deductible loans the level of Pos.
Speaker Change: Hi, Russell.
Speaker Change: Hi.
But in the case of an iron.
Speaker Change: Hello.
Compared to what we are originating into Q.
Compared to what you saw TV news before the prices Farquhar control have somebody new capital.
And working capital again, it is a high arent vacate our hedge program.
Speaker Change: 2%.
Speaker Change: Chicago.
Speaker Change: Well, they're going to get too crazy about it.
Got it okay.
Speaker Change: Okay.
Indicators are strong.
Delinquency of course, most of it never stopped dropping at a lower paying rent.
Our coverage ratios and nobody else creation.
She is a composite endpoint.
With our expanded loan loss provision, but I will keep it for us.
Hello for Us and we'll have a fewer loan loss provisions.
Speaker Change: Because they have better quality.
Speaker Change: So as you think you could assume smooth, but one of them.
Speaker Change: All.
Revenue stream.
Speaker Change: Were you to look at but on all sauce.
The decrease of our U N or increasing 50 455 billion euro.
Speaker Change: Brown.
Problem in people you don't have a need and we went up close to one geography.
You can do.
Speaker Change: And inquiries.
Speaker Change: Sure.
Speaker Change: The management, but this glass.
One theory is important awards in the sector.
Speaker Change: First one I'm.
Looking at operating expenses or a software the same.
Speaker Change: C L.
Speaker Change: Right.
First holiday.
Route to pursue my garage right around corridor.
Nine months, which is with guidance.
I did not.
But look at the Red.
If we look at personnel plus administrative expenses and loss of attrition of our solid grabs Andy organization. This point.
Speaker Change: Uh huh.
Speaker Change: Nine months Fort Wayne six routes.
So I wonder if you can control and manage to keep when local measures.
Speaker Change: Holly's H.
Upwards of in this indicator.
Speaker Change: We may have used the samples.
Labor expenses without Mckenzie of surgery, because the consolidation of a CLO the garbage business loss, However, who has been involved.
Speaker Change: In L. A.
Speaker Change: Hello.
Speaker Change: The growth of operating expenses there is pain.
I do dangerous it into the format and even cielo is now underway.
Speaker Change: And most of them their own transformation, but if we exclude.
If you look at our banking business play any insurance.
The growth with 98 point before it would have been flat.
Speaker Change: What do you understand.
Speaker Change: Dan is line with our plan, even with the investments that we've made.
Now it's also important that a lot.
What else is in my view.
Speaker Change: Okay.
Speaker Change: It is also important.
Speaker Change: So our bottom hole pressure so as you look at <unk>.
Commissions, Inc, kind of a restaurant is easing.
Yellow operating expenses on the income from insurers.
Combination got it.
Speaker Change: Right.
It was out brings that was excluded from the guidance, but it is now and.
And we will deliver at that guidance at all.
Speaker Change: A few topics.
The change the bank.
Speaker Change: Yes.
The balance of what we deliver he told this greater we now have a new I T colleagues have made would all programs.
Our culture, who we conducted a survey only calls for frequency range at a time.
Speaker Change: Great.
Speaker Change: Sure.
We have hired to not only IP professionals.
Speaker Change: And of course January increases.
For instance, but we've hired senior professionals, who have joined our team at the bank of America.
Speaker Change: Invested in our little business unit for granted I saw in Middle America.
And it will be seamlessly arrange the Atlanta separator.
Speaker Change: Okay.
So that will help our <unk>.
Speaker Change: Resources, you might be able to also have their demand.
Speaker Change: Okay.
Our African footprint of George This is Jim.
Oh I'm sorry.
Jim: He has completed CLO.
Jim: Or they're.
Theyre not really impacts as a result.
Maybe a slight negative impact or a rebel sort of been a little better.
Bank acquisition had an approval.
We're expecting the Brazilian central bank painful there towards the deal this year alone. So eight months after we launched them last week.
Jim: If all are now launching a new <unk>.
Jim: Awesome.
Sure Hi, Dan it's worth it.
So let us know why this debate.
Come here.
For the Q&A session, we will meet it.
Jim: Certainly after it.
Jim: Also half hour.
Jim: Our condo side too.
Talk to you to talk to the buy side.
What about the salt.
You can watch the video and then we will be here with Christy.
Jim: To answer your question.
Thank you for being here with us.
Jim: Let us now look at our new segment. Thank you.
Listening to our clients has made.
<unk> built a decades of a song.
One of the largest financial groups in the world and one of the best markets wealth managers. This close relationship with clients by or does it gets hard to launch a new segment, a new proposal in our strategy of wealth management considering different surveys international.
Extensive data analysis and technology advanced we now have these.
These resources to the whole organization with all of the information, we built a new value proposition.
A new concept of surface closer into Klein exclusive sporadic card international banking connecting the excellence of our filings also in the United States. In addition to a unique experiential ban in say two family work linings.
This segment is probably relevant for now.
One to improve our relationship.
Capacity among these clients improving also our profitability customer satisfaction and the MTS.
With me.
55000 to Dubai in the newsroom and North Florida.
Jim: Two eight.
So we will have geographic.
I figure it out ourselves.
Locations that have been elected.
Jim: Can you say.
Jim: Individuals with their new.
Jim: Our foundry proper question. Unfortunately.
Speaker Change: And I believe we will have more opportunity to talk about that in the future with you and now I'll turn it to you. Thank you. Thank you.
Speaker Change: Pleasure.
Good morning, everyone. We're studying for my Mic.
Tell you that you don't want to go on.
A few of our reinsurance group more with us today.
Jim: Right.
With US online you can ask your question.
Jim: They just have to spend anyway.
We also invested or that Bradesco doctor.
Oh, sorry.
Jim: SAP and number 11 nine.
Jim: For three and 130 on government.
Jim: Yeah.
Speaker Change: There's a lot of all the first question comes from Oswald Rosman from BTG Russman, Please where were you born.
Oswald Rosman: Hello, Joe.
We didn't want to have.
So and to your point you're right.
Speaker Change: Yeah.
Speaker Change: Tamarac Hurricanes Sorel.
Jim: Trades per day.
The answer is you're correct.
Hello and Pearl.
I have for you guys.
Jim: Okay.
What I do.
Jim: The doors like a bad Guy.
Jim: Sure.
Despite the dire we'll try and my offer.
Jim: That is market share loss and extensive holiday with these clients.
And I'll start low and that's all of it.
Jim: Yeah.
Jim: Right.
Jim: They wrote it.
Jim: Okay.
I just don't feel in his presentation.
Jim: Do you think about growing slightly.
And if there's a quick one.
Jim: Or is it mix.
Jim: Much better.
Jim: It didn't make sense.
Jim: And when we look at.
I'll make a scenario room unless you start there.
Looking at our restaurants, so we feel very good.
Jim: Okay.
Jim: Yeah.
I had a meeting with all of its properties.
Jim: Yes.
Jim: Yeah.
That makes sense.
Jim: Scenario has surged.
A question of iodine.
Jim: It works into economic.
And I guess, what we believe.
Our current view area, we may have them.
Jim: But I think it was.
Jim: Bill.
Jim: No.
Jim: Okay.
Jim: Nine.
Jim: We are.
Jim: We may have them.
Jim: So when I put in.
Jim: In flagstone Sowell says.
Jim: Carl.
In iron ore.
Jim: You want this.
My breath off in areas, where they don't really believe in it.
Jim: He was there for either new measure stupid okay.
Jim:
Jim: No doubt because yesterday.
I mean, we will have more negative.
Which means that we will have much better control and we believe this is good news, however, and not do.
But both of them got real interest rate in Fisher Roy I was like 13% plus a year at 11 35 meters at this stage.
So we mentioned, Brazil is kind of what I explained.
Speaker Change: You bet.
Jim: Okay.
For example, San Paolo has a higher.
Bunch of western.
Jim: Five point not tools in Pittsburg unemployment rate you're seeing.
Jim: No difference.
Jim: Okay.
Jim: Great.
Jim: Their inflation by about four points.
Jim: And he said he said.
Jim: Yes.
Jim: We are.
Jim: We have next year and really all of them.
It is growing this year.
Jim: Right.
Jim: Okay.
Jim: Checked this scenario.
Jim: Okay.
Jim: Okay.
Jim: I'm sharing more information with.
Jim: Using your question Ross.
Jim: See the GDP.
Jim: Sure.
Jim: Wait, 1%, but there will be.
Where are they.
And that's why wouldn't that be very definitely overshot.
Jim: And they can please and I'll come to that.
Jim: Yeah.
Jim: What about what do you see this real income.
It may grow a bit into the England, who until August.
Jim: That's 5%.
Jim: He is because I look here the market for them.
Jim: Okay.
We have great trip singular that's what we want.
This is really long risk and considered.
Jim: Okay.
M D I N S special because we wanted to have a clean trial.
Speaker Change: Hello, operator.
Jim: Yes.
So we will continue to monitor it.
If we had to finish.
Jim: As I say that because of the darker into more adaptive for fiscal <unk>.
Jim: Yeah.
Jim: It truly looking at the risk adjusted this is what really buttoned up language now looking.
The company got a lie and speak that itself.
Jim: That provides collateral again because of the specific credit lines or if you're offering we feel good about where we have been doing and we're growing in kronos.
We are intrigued by the new client.
While April so my answer to that sure.
You said your orders if you.
Jim: Will it deteriorated.
What all that means this.
So from what will they do pay them then depending on what how can I make a decision I fear for the country.
You just see.
Jim: Nobody wanted to know.
Jim: We are growing slower.
So I hope and I, most probable scenario, but we realize I know that's not a bad scenario.
Jim: Scenario at all I mean, California.
Jim: Wendell suitable sitting out there.
Is there a negative question Bryan.
Bryan: What's the maybe for a different outcome.
So you won't have different answer cryogenic, but for us sitting here.
We're very much aware of that.
Jim: Hello.
Core relation in Toronto intra great grief.
We can.
Jim: Terrific.
And Oh, two N P L via your oven.
Jim: Okay.
Hortons variability here, especially one with you.
Jim: English.
Jim: And how may that.
You'll have a very high inflation, if you like at the current schedule.
That would be the price of beef today, but the other price stability to be under control and the other issue.
Jim: The unemployment rate of historical work and stuff like that.
Reduced individuals' St.
So this is what we I believe we still have a control.
Jim: Blood loss and lower.
For the new fantasy.
Growing NII. So soon we will be growing our fee and commission income groups.
We will be also rolling in the insurance group, that's where we place our ads.
Jim: Okay.
Sorry for the long answer.
Not to add more information about the current economic scenario and the other one we took we got.
Got it myself I think of myself.
Jim: But it's just a different macro scenarios.
Jim: Ruth and client NII.
Point number one.
Maloney: Him not to Maloney with autonomous.
Hey, Matt.
Jim: Hi.
Thank you for taking my question.
Jim: Perfect.
Oh Wow.
Jim: Perfect.
And help us win.
Can we bank some of them 18.
Retail <unk>.
Jim: SME and individually most of it.
Jim: It's just suffice.
Jim: He is quite simple.
Speaker Change: Please go ahead.
Are there other challenges for example gaming.
Jim: I can play there.
Jim: Clinton.
Clinton: So there I think.
Jim: Thank you for attending on this.
Jim: So acceleration well you'll have to include the claims.
Jim: But this shows quite instead of <unk>.
But let me clarify, perhaps I was not wholly owned.
Jim: As I said that wrong.
Jim: Celebrating.
Neither in SME.
There is a probably a handful of rain cancelled a lot.
Jim: Sure.
The point here is that Utah El product, that's proven that particular permanent branco.
Jim: He will be a range.
Jim: Is shrinking.
Second and history of attention to.
Well, that's what I'm here to mineral companies, making young once decided he buys it equally and ship them in the client base.
Jim: Okay.
Jim: Hi.
Jim: We are leaders.
That's it for me.
Jim: And if you want.
But at this point the most of it happened.
So anyway I don't want to.
Mention competitive, but I view Banco Xu.
Oh, the number one position.
Jim: So we are claiming victory.
We don't agree with it.
Jim: Going with claims some of the good point that it's actually been got you perfect.
Speaker Change: Oh sure.
Jim: Yes.
Jim: The answer to that I said Seamus the main colors, yes.
Got it.
Jim: Liver.
I'm also hoping that Rocky mountain muscle.
Jim: Organization.
Oh my goodness.
Jim: For nine months.
Segment a principle.
That we were calling a bit with affluent but importantly, the credit being are you.
Jim: It would be important for us.
Jim: Lorraine.
Jim: Lisa.
Jim: Sure.
Jim: We can.
Jim: For that vessel.
Jim: Yes, the new segment.
With 192 branches.
Jim: Branches.
Jim: 100 and wallet.
Jim: Goodbye.
Speaker Change: And I'm, calling on behalf of all the digestion of the portfolio management the Congress.
Jim: Yeah.
Speaker Change: Thank you.
Speaker Change: Real men road map.
To liberate themselves to us.
Speaker Change: If all you have to address.
Speaker Change: American companies.
Speaker Change: Up to 300 million.
I haven't really even putting the deliveries.
Speaker Change: Illuminate.
Granted most of clients here in Hollywood.
Jim: The wholesale bank.
Speaker Change: Oh geez.
So we have.
Let's call it the new Midland minus.
Speaker Change: And also in Pennsylvania.
Speaker Change: Yeah.
Due to their high quality flatbed in Indian Lowe perennial.
Avoid galena.
And I don't want to have a good margin and then have a trough at peak and the trough for the control.
And also cost management is under control.
Speaker Change: The footprint.
Speaker Change: It can be and lending.
Speaker Change: Personnel and.
Speaker Change: The specifics.
Under control and our cost.
Isn't the control for the whole organization.
In total.
Speaker Change: Sure.
It's interesting on the module.
Broker Ed you know <unk> got a program.
Speaker Change: Provide long lateral for.
Speaker Change: Micro companies.
And that's something that very few blanks started operating but I wanted to just go with the first one.
And you can do it via our App.
Speaker Change: So what I have.
Speaker Change: Oh My gosh.
Speaker Change: We are not going to deliver.
Jim: Hi.
Several of the peak, but again, then get to a trough ourselves so completely out.
Jim: Yeah.
Jim: Hello.
Jim: Hi.
Jim: Presentation.
The new credit line.
And in Washington first lineup so sure.
Jim: Regionally in masks.
Jim: Individuals and then.
And we shows significant growth in both.
And I'm asking in Q3 against Q2, even.
Uh huh.
Jim: Most of the individuals so we don't see any difference really.
Jim: But.
And it does not look at a longer run its course.
Jim: Hum.
He knew to grow quota.
I think you'll get a hold of it.
Speaker Change: That's question, one buy EOD Fernandes with JP Morgan.
EOD Fernandes: Thank you Sue.
EOD Fernandes: Right.
EOD Fernandes: And a J.
In comparison.
EOD Fernandes: So cost of capital we have that question almost every call you might have to get an update from you.
EOD Fernandes: Sure.
I think they do.
EOD Fernandes: So this was.
So we just thought it was.
EOD Fernandes: Okay.
I prefer to do that.
Speaker Change: You're sitting at the moment.
Speaker Change: And with.
Speaker Change: Then in place.
Speaker Change: Got it.
Speaker Change: Actually what I was talking about on the cost of chemicals in Brazil, we have a high.
Speaker Change: So my question.
So it's more of a myself how are we going to see a higher.
EOD Fernandes: Okay.
We estimate around just because the auto weakness.
EOD Fernandes: But if you look at it.
EOD Fernandes: Yes.
So what are your thoughts about what you would Philip Philip at what they just bought.
Speaker Change: So Seth talk on this.
EOD Fernandes: So the question is.
EOD Fernandes: So that's our mission.
EOD Fernandes: In our indebtedness.
We got a little muffled.
EOD Fernandes: A little higher unknown right to that Guy Yeah, most spectrum moving through it.
EOD Fernandes: To deliver better.
EOD Fernandes: This quarter.
To address it and really kind of allude to.
EOD Fernandes: It is our expectation.
EOD Fernandes: Okay.
EOD Fernandes: The reduction in footprint, we have the reduction in our head count.
Just wanted to go through but we also hired before the crisis.
EOD Fernandes: Moneda.
People with great to see.
This is my own and I don't have to pay for it.
EOD Fernandes: Oh, and I can double hitting operating expense.
Oh Wow.
That's where we're going with Russian imports.
EOD Fernandes: Okay.
EOD Fernandes: What matters is that we pursue.
Hello, Matt.
So I think stability and predictability.
EOD Fernandes: No.
Before that all of them continue to do strong sexual assuming so no.
EOD Fernandes: Yeah.
EOD Fernandes: And.
EOD Fernandes: Where do you see about that you anticipate.
I don't really want to bring this thing.
Working out well, but we have lots of problems in terms of Brazil.
EOD Fernandes: Oh.
Speaker Change: No problems in Brazil, you're constantly died.
Because of our balance sheet, one of country bustled winters.
But we do see is worried about when it came off the phone I've been in this process.
Thank you.
EOD Fernandes: Felicia.
EOD Fernandes: And then maybe sort of understand the outcome of that might be outside of that because we have always been more and more profitable.
EOD Fernandes: And we were modeling.
EOD Fernandes: And how often.
EOD Fernandes: The decline in how.
EOD Fernandes: How they want.
EOD Fernandes: Okay.
EOD Fernandes: Okay.
Oh, yeah, sandwiched boards not yet.
Because that's all the transformation is about you already got things sort of figure out they've got annuity or something.
Our next question comes from Thiago Batista from B S. Tiago. Please.
Thiago Batista: Okay. So hello.
Thiago Batista: Hello, everyone. Good morning.
Speaker Change: Thanks Shane.
EOD Fernandes: Right.
All right.
EOD Fernandes: Sure.
EOD Fernandes: Sure.
EOD Fernandes: It actually did close the back of my asking.
Here of course.
How much is price.
EOD Fernandes: Alright.
EOD Fernandes:
EOD Fernandes: Hi.
EOD Fernandes: Yeah.
EOD Fernandes: Okay.
EOD Fernandes: And my son, whose disease now.
EOD Fernandes: As you are to do it now would.
EOD Fernandes: Would have been at the company.
EOD Fernandes:
So oh, that's coming to us.
EOD Fernandes: Thank you.
EOD Fernandes: You spoke about.
That are ground Turkey.
Maybe then.
Basic interest rate really confirms that there's a whole lot.
Speaker Change: And if you're in the middle but it gotcha, Oh well thank you.
Speaker Change: Thanks.
It's a pleasure to have you with us all a second what we're about.
Speaker Change: Yes, we do.
Speaker Change: Well, let's see.
Speaker Change: Our partner Yamana.
Oh man so shows we have.
Speaker Change: To a degree.
Speaker Change: Efficiently our.
Colorado, British Vaporizer has more third parties our.
Speaker Change: Chi.
Speaker Change: Can you hear me.
We also wanted to have anymore.
Speaker Change: Jim.
And we want to roll out.
Speaker Change: The whole ore again.
Speaker Change: Yeah.
Speaker Change: Right.
Speaker Change: Okay.
And drink alcohol and tobacco.
Speaker Change: In line with Laurie Schalow layers on that market.
We are proud of the gas.
Speaker Change: Yeah.
But the factor E oriented fishing technology.
For some time now.
Speaker Change: Yeah.
But right.
Now Washington, right now.
Speaker Change: But.
Speaker Change: Angela.
Speaker Change: Quite some time, we have been using artificial hotel.
Speaker Change: And learn the business to develop smart might an argument that a few years, what's your labor strike, but where are you, saying that he's very strongly along the way and.
Speaker Change: Howard.
Speaker Change: Are you seeing a backwards decided regardless of the value proposition.
And it's a while to get it.
A lot of it.
Official Intel.
If it got even in my pricing.
What are you can pray.
Speaker Change: Cloud.
Alex its own coming down to the client.
Speaker Change: Sure.
Panels, which we called out.
Speaker Change: And so we can.
Speaker Change: Work hard on this.
Speaker Change: Other run United visuals.
Think about technology development.
We are also using bag and our daily work.
As a further.
We want to translate into a better experience.
Speaker Change: Operator.
The interest rate as maybe you'd like to let all that well.
Kirstie is still.
Speaker Change: Yes.
Speaker Change: Wade in edible naphtha loss, however at FERC.
I believe that the effect is neutral from an hours wages.
Speaker Change: And looking at 20 to 25, there will be higher.
But some other nice but also then I will have perhaps.
Speaker Change: All were resolved.
Speaker Change: Asset and liability management.
Speaker Change: Is that level of 13%.
Speaker Change: Not everybody else has.
But of course, there will be other accomplishments. This I mean, if we have such a high interest rate.
And then we will have.
A different scenario.
Speaker Change: That's our belief, yes legislate for the U S elections, which will also have an influence on this.
Speaker Change: The authority will change rates and other variables.
On the Brazil market.
Speaker Change: Thiago afraid that quiet.
Speaker Change: Thank you Thiago.
And now virus friendly solve for that do you have a question.
Speaker Change: Because I'm wondering though do you have a bunch of thank you.
Speaker Change: Hey, good morning, guys.
No no no sorry with listening to your own.
Speaker Change: Okay.
Speaker Change: Interesting.
Speaker Change: And also short cycle.
Speaker Change: Okay.
Speaker Change: So nice credit line.
Speaker Change: Think about it.
It was the result of Botox.
In the last few months.
Speaker Change: Thank God.
Beyond that.
Speaker Change: That.
Speaker Change: And then you have this effect.
Now you are advancing and collection life storylines.
Basically we think about that.
Many of them are providing clean lawn compress you made a comment without being last year or so.
So can you tell me about this market areas played or did not play in a luxury gallery to six regarding yelp.
Speaker Change: Good question.
What are you on that.
Speaker Change: Good luck.
I will stick with us even.
Oh, Thank God, we've talked to any one of our regional managers.
Speaker Change: I have a dynamic.
Speaker Change: Any thoughts there.
Speaker Change: Return for it.
Speaker Change: That's all I needed.
I mean, all the officers, who can have that information on that Sean.
Speaker Change: And they also have a catch.
Speaker Change: Great.
Mark is a book maybe you can work on the March.
If you would have the right level of risk adjusted for you on that.
That is the target that our office they will have to me Mr.
Speaker Change: Look at small businesses.
Speaker Change: And.
Speaker Change: I know.
When we do pricing when we look at those rates of thread.
Clearly when we always consider that.
Speaker Change: Free operate bodyweight.
Speaker Change: That's amazing.
Speaker Change: Our a R 60.
Speaker Change: 60% believe but.
We had planned on low end.
Speaker Change: For a rebound in July are they are spread out, but we were as of the child.
Chile, However, yes, we do have we do provide the lawns.
I'm going to sound like a lot.
There's the muscle remembered pago.
A large payer for foreign companies and so I don't know.
Speaker Change: So you see much considerably.
So when he graduated pay for all of us.
Speaker Change: Loans and debt.
Speaker Change: It'll sell other boxes.
But she was a relationship that might come out.
Speaker Change: Okay.
So we do have loyal but also reaches more also fairly good credit.
Speaker Change: Ratings.
And all of them are asleep.
But he always worry though within this range.
Block compared to.
Speaker Change: Great.
Martin She provided financial client it is something that when we provide you leave alone.
However, we are going to be realistic any healthy has good email I'll hand individuals sort of lower income who had done.
She said in the past has fully recovered.
Speaker Change: Being able to email them or if their liability.
They have a higher rate of cut between kind of Dutch a battery of tests it was weird.
And I'll tell you.
Speaker Change: L. A is a blue ocean and so there is.
Speaker Change: Everywhere you look.
That has got to take care of your ramp up in our portfolio.
Speaker Change: Reached back on this strategy of other players, but we feel very confident about what we've been doing.
For leases.
What we did right.
So not in her our resellers.
You have a specific situation to very large.
Speaker Change: Thank you.
Speaker Change: Danielle.
We continue to observe we wish case by case, but he got it got it all.
Speaker Change: The whole thing.
Question from Mathew Perry with Bank of America.
Well, Jeremy as well everybody got good morning, everyone.
Speaker Change: Okay.
Speaker Change: Lots of focus on these things.
Speaker Change: Jordan.
Speaker Change: We're in it for me I'll talk to Luke.
I'm pleased how would you went wrong.
Speaker Change: <unk> Health, Inc.
The nine month empty space.
And even if they don't work.
I'd like to turn the sequential drivers what are the drivers.
Speaker Change: Segment basis.
You maintained is the maintenance level.
Speaker Change: Most of them.
Speaker Change: Okay.
Taking me out of Japan C D P C.
Facebook chocolate grew this quarter.
Speaker Change: Right.
I'm talking about this.
Speaker Change: Yeah.
It might have been there.
Sounds good I have to say talking to your granted the Chilean everything that's happening regardless.
Speaker Change: Could you do another number.
Speaker Change: Right all right.
I see your questions of ourselves. Thank you Mike.
I'd like to thank you Mario <unk> with.
With bank of America.
Speaker Change: So here's a bushel.
Speaker Change: Yeah.
Speaker Change: Dan.
Speaker Change: As a citizen.
Speaker Change: It happens.
The revenue stream as a company.
And do you think demand savings phone, saying.
Speaker Change: Sure.
Speaker Change: You can see very.
Our bus wait N P&C.
Speaker Change: Okay.
Speaker Change: The combined duration.
Speaker Change: We can see.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Many line items.
Speaker Change: Certainly the intent.
Speaker Change: Claims doing.
Speaker Change: So that gave us well.
Uh huh.
It won't be a restaurant.
More spectrum.
Speaker Change: We improved the operational side.
And that's why I'm much illumination.
Speaker Change: Those stupid.
Speaker Change: You had to.
Speaker Change: Sure.
Speaker Change: Okay.
So being able to do so.
Speaker Change: And about but I was.
Speaker Change: Possibly.
Some practice piano.
Speaker Change: Yes.
Speaker Change: Got it.
Speaker Change: But these.
It has been well maintained.
Speaker Change: Tim.
Speaker Change: Yes.
Oh man.
Speaker Change: Yes.
Speaker Change: Yeah.
Speaker Change: The health plans.
Speaker Change: Claimed.
Speaker Change: It seems you're saying.
I did too.
Speaker Change: Okay.
Speaker Change: He made means ratio.
Speaker Change: Thank you guys.
Your question.
Speaker Change: Lucas.
You started at the beginning of the year.
Speaker Change: Turning now to <unk>.
Speaker Change: This improvement.
Speaker Change: And then.
Speaker Change: Very good.
Speaker Change:
Speaker Change: It has been.
Speaker Change: With an I O.
So I havent stays do that guar showing the robustness.
Speaker Change: And if you look at.
Uh huh.
Speaker Change: Oh, Gee Sydney's joked mammography.
James and his auto and.
And how long.
Speaker Change: Yeah.
Speaker Change: As you still have your problem.
Steve: This is Steve.
Speaker Change: Two.
Speaker Change: Q3, two to Washington D C.
Speaker Change: So.
Speaker Change: Related to the board.
Speaker Change: Suzanne.
Suzanne: The balance sheet.
Suzanne: Yeah.
Suzanne: No.
Three with.
Suzanne: Can you see if anybody has any.
We were able to migrate them.
Suzanne: One in Boston.
Suzanne: Comfort.
Suzanne: Sure.
Suzanne: No.
Suzanne: Nation.
Suzanne: Sure.
Speaker Change: Hi.
Speaker Change: Okay.
Speaker Change: So for both of the companies.
Speaker Change: Excellent.
Speaker Change: Thank you for the question.
And there too we have good traction in all mixed up so much.
This should be a lot more.
Speaker Change: At the bank.
Speaker Change: Yes.
It was stronger than the other.
I think they've got the models they got it wrong.
Speaker Change: Thank you Marie France.
Speaker Change: Okay.
Who literally with it it would be.
But he got the pillar.
Speaker Change: Yeah.
Bruce: Thanks Bruce.
Bruce: We knew about that one.
Which is under the global Sis punish I don't mind.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: They need to have a recovery boiler came first.
Speaker Change: Our vision on.
Speaker Change: And then you grow into portfolio you got any thoughts on your high yesterday, when I say next week.
NII from West, London, and finally I'm kidding.
Speaker Change: Sure.
To your point you should take them previously terminated.
Speaker Change: Queens.
Speaker Change: Got it.
Speaker Change: Vision.
Speaker Change: And put further than this NII.
So now the new <unk>.
And in Blue are probably up I know you haven't.
Speaker Change: Yes.
Dosing mirrors, the scripts I mean that I mean.
Speaker Change: Suddenly incredibly.
Speaker Change: 12 months.
Speaker Change: So that's what we got.
Speaker Change: No.
Speaker Change: A question and.
Speaker Change: But I believe soundness it Randy I think that we can accumulate.
Speaker Change: That you mentioned.
Speaker Change: So well.
I mean L. A N a S L love underpinned as automated as well, depending on where you kind of areas that will make sense.
Speaker Change: Mikkel.
But you can probably correct.
The problem is I like to believe and I haven't seen that ran over.
Speaker Change: Sure.
Have in mind.
Speaker Change: Yes.
Speaker Change: In fact go in my knee, if we deliver and N. I am if you wish you'd bought stable I spoke about.
Doesn't matter.
If we use the product.
Adequate cost out most of what we need to do.
That's how a user can I never forget that matters and that's why you get a sandal.
The risk adjusted returns that will continue to.
Speaker Change: And it will be.
Speaker Change: Yeah.
It will depend on to make Microgrid, I keep saying and.
Speaker Change: And eventually people.
Considering that the N S. Yes I am.
Speaker Change: Deductible.
Speaker Change: Well, it's a lot but it is good.
Speaker Change: Marshall.
Speaker Change: When I said Russell that commercial.
Speaker Change: Station construction.
Speaker Change: Mizer Xuemei scant deployment.
Speaker Change: Ooh Ooh.
Speaker Change: Uh huh.
Speaker Change: Yes.
Speaker Change: And I am than others.
We're bringing in.
I probably saw all year.
Speaker Change: Okay. That's helpful roadmap.
Jeff: So this is Jeff.
Speaker Change: Yeah.
Speaker Change: So they're not experts in Australia.
Speaker Change: NII over you're right.
Speaker Change: We can live with.
Speaker Change: Mark.
Speaker Change: You said a minute Orlando property losses are modest and capacity should not forget them.
And that's part of it.
Speaker Change: NII in the world.
Speaker Change: So anyway, its not only women.
Speaker Change: Total travelocity without cash.
Speaker Change: Sure.
Speaker Change: Without my wife, mostly because of.
Speaker Change: Okay.
Speaker Change: And behind that.
Speaker Change: So that's the.
Starting with the bank will of God that my father, he closes we'll have the right.
Speaker Change: Our lunar allows the next Australia 20, Tony Thank you for the question Ghansham.
Well I'll speak on aggression channel following the.
Speaker Change: The monies you perceive or can they may widen the aim as background.
Speaker Change: L C.
Speaker Change: Rice.
Go ahead Ed.
Speaker Change: And you've got miles actually for our mutual customers.
The better you get a swap.
Speaker Change: Yes.
Speaker Change: Goodbye everybody.
Not the only one with some projects good energy.
Speaker Change: Neil.
Speaker Change: Sure.
When you add in all saw a car theater lobbies quinine.
Speaker Change: So.
Speaker Change: That's helpful perspective.
Due to our funding and our own.
Overall in all normal door, and those who had gone.
We do not have more hedging.
Speaker Change: The risks now if the right opportunity that caterpillar has a novel.
Speaker Change: When it will come to have so he was on the liability payable on that subject.
Mark I do also have the opportunity.
Speaker Change: Yeah.
Speaker Change: And also into other businesses or poor leach cut offs are in Oklahoma.
It was not.
Speaker Change: Yes.
We have also reduced their risk.
Speaker Change: You're seeing out there.
Speaker Change: Perfect.
The loss ratio.
Speaker Change: Two question from Eduardo Nishu from Shania Allah Nisha.
Good morning, Thanks for this.
Speaker Change: Mariano.
Speaker Change: Okay.
Speaker Change: People want to live.
Speaker Change: Okay.
Speaker Change: We've seen about the trends.
Speaker Change: Uh huh.
<unk> have changed in ketchup.
Speaker Change: Yeah.
Where do you stand.
Speaker Change: Yeah.
Compensation plan.
Speaker Change: For example for Q.
So I don't want you to judge your stand you know a number of years.
Speaker Change: That will continue.
Speaker Change: Uh huh.
Speaker Change: I see 300.
Speaker Change: You can see.
Finally, while it was down two five so.
Speaker Change: So you've had.
Speaker Change: <unk> dramatically.
Or is it going down.
Speaker Change: Also about <unk>.
Speaker Change: Thank you.
A future either.
Speaker Change: Awesome.
Without us.
By now you've had rolled it out.
And what are you.
Speaker Change: Uh huh.
Speaker Change: And as you play this out.
Speaker Change: And they gave me in law in local currency.
And I went to ban.
Speaker Change: He seems to be quite well behaved.
Speaker Change: Yeah.
Speaker Change: On Monday.
Speaker Change: Monday.
Speaker Change: Wanted to go back at the farm level Victoria's uptime damage.
Will that happen of course, such a crisis.
No problem.
Speaker Change: A different situation.
Can you tell us how to look at Eagle to you.
Our loan loss provision for the year.
Sad right is well what if we our bedroom.
Speaker Change: Badger right and this is a once in a while I'll say a safer in maysville.
We will send you.
Speaker Change: England.
I mean down stocking.
This is something we believe we will be able to control it.
We have a surprise coming from large corporations, such as yourself, which we dealt back.
Speaker Change: Yes.
I believe it may go back to previous levels.
Speaker Change: Oh, so about company's position open we will see a message.
It's just in my first six demand wellness when we're in compensation.
So we need to grow because of the restaurant space.
Well not all evaluation of course, so we had a different way it's the level of responsibility that's exactly if its going to later on.
Thanks, everybody for listening.
I've been waiting for them.
Speaker Change: Sure.
What they can deliver.
The whole eggs George take motivated because we also have the engagement.
Speaker Change: All right.
Speaker Change: Our efforts in Arizona.
Speaker Change: And we've seen that at year end, our compensation plan at all on landfill.
Speaker Change: And as their ages and baggage.
Baggage Atlas was glitch hersey.
Speaker Change: Saudi Arabia.
The reason I put a far ly will now.
Because they also spoke about our footprint Mysore.
Speaker Change: Divulge it all balance out sports I can come back.
Speaker Change: Uncertainty.
We haven't been working with to Leo to Lear has went up a bit.
Speaker Change: Yeah.
Speaker Change: But there.
Reality producers, who came from the market, we will be re sky. So both very solid.
No the mass regardless, so we have been working and we will soon be able to provide for my second question is there another question.
Speaker Change: We'll begin.
So it sounds like.
Speaker Change: Yeah.
Speaker Change: Just a follow up.
Speaker Change: Yes.
Speaker Change: Or I shouldn't say.
Speaker Change: Look.
Speaker Change: Got it.
Speaker Change: Also our service centers.
As far as so many of them are.
Our event business.
Speaker Change: They may have a different course.
Speaker Change: Yeah, Ross Ms Hinckley.
But now.
Foster's House in point is muffled.
During the quarter.
He was an evolution of the cost.
Speaker Change: Thanks.
Speaker Change: One I was just a couple of 1041 points of sale as a bigger number.
So no so called it out we have not only a quality.
Speaker Change: Quantitative analysis.
Speaker Change: So.
Speaker Change: The behavior of multiple hospitals.
We oh.
Speaker Change: Our ear rage.
Look at that would be how easier.
Speaker Change: Particularly if we have any clarity.
And how power Bradesco expresso.
Speaker Change: Perfect.
Speaker Change: But we all know.
Actually first of all participate.
Speaker Change: As we had expected.
Speaker Change: All of them.
Speaker Change: Neil.
Speaker Change: For that myself gaming.
Speaker Change: I'll, let marcelo.
Speaker Change: Marcelo.
Speaker Change: Hello, Mike.
Speaker Change: But a desk.
<unk> got and I'll, just say that it's apparent in the neighborhood of culture and I'll ask if these clients most of our songs Wanwa Varnon account holder scores as well. So we continue to monitor and we still have a job.
And then lastly to make till it proves our offices are almost in the message.
Speaker Change: So where I believe we are.
Speaker Change: For silver attract the best profitability for them.
Speaker Change: Okay.
So would you like to speak about the loan loss provision.
Speaker Change: Silicon World.
Looking at our top out listen we are advancing at least something.
On the wings of REIT.
We have actually anticipated future challenge meals in 'twenty.
In life, we have Lam prairie and El pen.
<unk> done all the adjusters apparel.
This will not be present.
Our operating expenses, so the impact will be seen as of 2019.
The processing rate you were seeing.
It was a in a vicious circle.
Speaker Change: The branch will be.
Speaker Change: 20.
Speaker Change: Alright.
Speaker Change: We will have our efficient.
Speaker Change: Alrighty.
Speaker Change: Oh Wow.
Speaker Change: Say, we are with that.
Most of our Oh that dance, a little blemish at mantle cell, whereas.
Speaker Change: The next day.
Do we have the perfect numbers that yet, but we will see a great day.
Speaker Change: 26, its budgets now.
Professionals, we're always family.
At at race off one of our highest margin.
Speaker Change: Right now has just started.
Jim or higher now already followed by the day.
We had him or her is getting lower.
Every time, we have for it the foliar, we calculate or are they new.
Speaker Change: Sure.
The credit risk has come down to 3%.
Closer to what we consider a normalized it may even go for lately, but still controlled so we don't see it.
Speaker Change: Do you expect.
Control oriented brand and because of that.
Speaker Change: We'll have a better answer.
That is what truly move the needle at the bottom here, but he got it got it.
What Marcellus that thank you Michele for your English.
English is the next question comes from BARDA from Goldman Sachs Stifel. The floor is yours.
Okay. Good morning, everyone. Thank you for the call and.
Speaker Change: Taking my question two brief questions if I can.
BARDA: Just first on your deposit growth, we saw a nice pick up on your demand deposits and savings and time, we're down a bit on a quarter and so I haven't really grow much on a year over year basis, just to understand the drivers of the deposit growth in the demand savings and time is competition impacting that at all or what's the driver behind that.
Media growth overall and then the second question was on your fee income because we saw.
Good growth in active management up 11% in the quarter, even though the investment funds and managed portfolio didn't grow as fast and also the loan fees were up 9% on the quarter loan growth was great, but didnt go that fast so just to understand the drivers of those two fee income lines. If you can thank you.
Speaker Change: Uh huh.
The polls now interact with that.
Yeah, plus others.
The piracy.
Speaker Change: Okay.
Speaker Change: Boy.
Speaker Change: But we can look at it in different companies because we have one client.
Speaker Change: Hey.
Well because they have great for us are used to that possibly two has mentioned it says.
It's like a rolling we can provide further information out to you.
Or they could all be careful.
Speaker Change: Alrighty.
Speaker Change: Aren't growing in demand deposits, we had a good level of traction was clear in terms of our relationship with these clients.
It is only natural that sounds unfair in Brazil.
Speaker Change: The challenge for.
Or are they real listen to age Mark.
Mark how our system, we really have to look like we feel very comfortable publicly competition, but we have found we arent compatible otherwise we would not be growing in the hole, but but yes, we have.
Coming out of one line and into another line.
Oh God.
You should do better every day they live for them.
You should make money.
Speaker Change: It is.
Speaker Change: The microbial.
Individuals are different but using different but.
We're always looking at providing the best.
Speaker Change: Right.
Speaker Change: Okay.
That's important.
Speaker Change: Okay.
Speaker Change: Oh, I think it is important to them.
Speaker Change: The final topic.
Speaker Change: Ethane.
About a.
Speaker Change: Demand deposits.
<unk> will always have a market.
Competition in Hell Ourself.
All our capital when you put them in a single case of them before attracting clients using as chief investment officer.
And brokerage for the name of antibody.
Speaker Change: Yeah.
High demand for old lobbies agreements with a masterful certificates of deposits, but you prefer I can talk to you.
R&D more stable market as Fannie Mae.
Martha and savings account they are grandfathered.
Speaker Change: That is always good.
She was the principality of their relationship.
We opened an account we can be able to grow.
Speaker Change: One 8 million accounting will do.
Speaker Change: So we have adjusted our foot.
The other element is cash.
The introduction of authority.
Speaker Change: Management.
Speaker Change: Now.
Speaker Change: Supposedly interested at all.
Speaker Change: With these people love.
Speaker Change: Yes.
Speaker Change: Number.
Speaker Change: Demand deposits and we also had also new losses dragged backbone ceramic.
Speaker Change: So we see it.
Mike: It's Mike.
Higher demand for certificates.
Speaker Change: I put it.
It has received a number of little worried.
Speaker Change: Wealth manager.
Has received a number of her words women and 55 billion in assets under management.
Speaker Change: Yes.
Man instrument.
Warehouse 83 3 billion in Crane.
Now sitting here at 5 billion and now we have a procurement Z because we had the range perfect woman.
In the summer.
Our I define us so assets under management growing quarter after quarter. It is helping also the highest in terms of your Lawrence and surface.
That is something I mean.
Speaker Change: Right.
Speaker Change: Right.
Speaker Change: Lower sand Red and if you read it lines, but when I'm with our body more cross sell.
And we have developed in Australia to work with and that's why when you look at the top line you were ending.
<unk> revenue is coming from offshore and you're probably going to be in EMEA.
And also NII as well.
Speaker Change: And if you look at the clients we serve.
Sorry, that's like a fees every we have a muslims are subject them to doing that.
He asked about capital market.
Boeing but maybe part of it.
Speaker Change: Variable income.
The market is.
Right now in Brazil.
Yeah, that's a P T for them.
However, fixed income, though it'll certainly growing.
Speaker Change: Hey.
Have more I call it.
Los Angeles team, because we see a lot of opportunity here and we are.
Adding value we believe we will grow this quarter.
Speaker Change: Next year. This is the expectation we had within the investment bank. Thank you perfect. Thank you make a triple a and I'll turn it to Carlos Gomez Lopez from HSBC Carlos Please.
Speaker Change: Hello, Hi, Collyn.
Speaker Change: Anyway. Thank you so two questions.
On other segments you mentioned the investments that you are too critical to Jamaica and the investments that you are doing.
Speaker Change: Hello.
And our level of investment in debit cards does it make sense to continue to push the debit cards would perhaps they're going to be replaced by peaks.
How do you see that market evolving.
And the second would be on your new segment, our principle of how does it relate with Brian.
Speaker Change: Thank you.
Speaker Change: Okay. Thank you.
Speaker Change: <unk> carcinoma, so put your follow up so that you can speak.
Speaker Change: Okay.
There's been some initiatives in the chain I think we got a lot to see.
Yeah with regard to Carlos.
Speaker Change: Thank you for the call.
We have been in there.
Exactly sometimes stone just their NAND maker.
Speaker Change: Cards.
Speaker Change: These mice.
Speaker Change: Okay.
I wish you well and more than one channel.
Speaker Change: One thing is five spots.
Speaker Change: Oh yeah.
Speaker Change: Even if that myself.
Speaker Change: Communicating petite.
Speaker Change: A month there.
On the wall to climb along pain our status quo.
I'm glad you're trapped value.
If I could have been doing a lot of longer shot making about cutting out.
Anybody so you won't have England cannibalization, if they achieve our managers into colon cancers that are out.
Speaker Change: Yeah.
Effective digital channel for our clients.
Speaker Change: So much.
Carl and I put all the money.
Speaker Change: Second, but it's not something that just kind of a noisy shouldn't they.
Speaker Change: Got it.
Most of them try to choose.
Speaker Change: Hi, Scott.
Oh My God, we see this in the bank it put us in the market and we see that.
Speaker Change: Hello.
Speaker Change: What are the corner.
Speaker Change: This is an economic will need another meeting in mice that called Bella methods.
Speaker Change: No.
Speaker Change: Gotcha.
With this.
Speaker Change: That's helpful.
Speaker Change: It doesn't make sense to send out quite as well.
Speaker Change: No Mike.
Speaker Change: You've got somebody that's won't be working but.
Particularly it's it though.
Let me take my clients, so as long as we can maintain but as long as clients.
I'll throw them in April.
Speaker Change: In the mountains.
Speaker Change: Okay got it.
Speaker Change: Well take our instinct.
Speaker Change: No.
Speaker Change: <unk>.
Speaker Change: The project.
By the end of Q Premier's cleared we also like I can't remember if it was a class when he gets out there.
Speaker Change: We're opening a new front until to gain new clients new clients are moving well.
Speaker Change: I wanted to open checking accounts with us.
Speaker Change: Yeah.
I know.
Oh on the client, but as a general color you invited to visit are aligned.
Let's kick is that every switch one and with great new clients, where people anything with her you're welcome Brian, but we probably have to clients with prime maybe any way Washington into retrofit and that name.
Speaker Change: So I hope you're sitting side by side, we'll have no continuity when they migrate to the.
We've been waiting a hair more Dallas so yeah.
Modeling into front, we are working on.
So by doing the upward trend.
I've got working with different accounts for the name change.
Value proposition.
Crime and obviously is a much more.
Hey, Brian preparation in the much older planes.
My own clean secure C.
Speaker Change: C O two clients.
Speaker Change: Yes.
They don't want to have contact with them.
Speaker Change: Okay.
So there's signs here that I'll call. It an integral yoga pseudo speak yourself you together.
Speaker Change: Nobody knows when that's.
Speaker Change: And Craig mentioned.
But even even San Jose our proposition to our Oklahoma economist Silicon one after that.
Speaker Change: Brian.
Brian: With that ill pass.
Speaker Change: The annuity segment.
Prime I think couple of quarters.
Huntington Ingalls and the last one.
And if he came to prime.
They seem to prime and try them that policy it is.
High net worth individuals that have asthma or size.
Speaker Change: And they can still maintain bode well.
Both crime.
We kept going up to 24 months.
Oh boy.
Hi, Anthony simple, you'll prime principally.
Crying because I keep it off those claims associates, that's all four individuals who really got it okay.
Much Mexico, plus what they would have actually been out of the room.
Speaker Change: Yes.
Another good one with XP, but you have to solve they got to pillage bombing as environmental thinking about doing but thank you for taking my question.
Asking about the behavior of physicians choice.
That's not the rural portfolio.
Speaker Change: Great.
Speaker Change: And the visuals.
Speaker Change: Good strong growth.
Speaker Change: Against.
Against the reduction.
Oh bump when they want to come to me looks like what is the strategy of the bank.
My name is Phil.
Speaker Change: No.
In a scenario with delinquencies, but he got Bernardo.
Thank you Brad.
Speaker Change: Okay.
Speaker Change: The only company in the food.
Speaker Change: So that's the annoying.
That's helpful.
Speaker Change: But is this.
And some companies for Zynga.
Speaker Change: The biggest.
Speaker Change: Biggest companies.
Speaker Change: A link to the.
Oh, Okay, well said thing.
Bulk storage now given what you're seeing.
But penetration is debatable, they're kind of in an exhaustive legal companies.
So we have a lot of collateral.
Speaker Change: Yeah, So Chris.
So they put a little growth.
Speaker Change: I think it's really more of a couple of things that someone.
I think a company like yours.
Speaker Change: Right.
Speaker Change: That's helpful. Mike.
Mike: Uh huh.
Mike: Some weaker fourth bullshit.
Mike: Strong.
Speaker Change: We.
Speaker Change: Seem to love it.
Speaker Change: Yeah.
Belt C.
Speaker Change: C C Moshe Moshe.
So keep the support we have from my point of them.
Speaker Change: Agronomists, yes people Godfrey Sean.
People, evidenced based regimen with a well positioned.
Speaker Change: We're still thinking about that.
Speaker Change: We have been to China.
Speaker Change: It's something that I want to close this useful when we gotta go negative.
But Chris phenomenon. So that's been kind of a phenomenon that it was claimed.
So the portfolio, we also have quite a bit.
Speaker Change: Do you have risk or some other place and like I said, all I would've absolute delinquency rate India.
Speaker Change: All of them.
Speaker Change: Okay.
Speaker Change: No problem, Michael a question for me.
From Santander I hope lease they got to solve because I think you I think you said they shop.
Speaker Change: Q4 honestly now.
I'm, sorry, I plan to.
Speaker Change: Co Badged metric measure.
A topic that has created there.
Speaker Change: So at the moment.
Speaker Change: Very good.
Speaker Change: Okay.
Speaker Change: Client.
Speaker Change: Sure.
I may be look at Detroit.
Speaker Change: Demurrage chrismation push because there's a when you have loss.
22, 7%.
Speaker Change: Well see how language.
Speaker Change: Sure.
Already shed light about this thing because the greater let's say their attitude yesterday, probably will continue.
Our rate of growth, but what about 2020 southwest.
Southwest and brokers don't you will look at.
Speaker Change: Clay.
Speaker Change: Well Nashville professional guidance rate for three months.
Speaker Change: Looking at trying to.
If I know the guide there will come a little harder.
To me I rent, but how much stronger one check and that's what it is based on your preferences are raised bumps for a market share of market share that has always played out.
The challenge is to continue to have your partner's share of the people that you do and how much of that depends on gaining market share in their competition with other players with it. It just shows you that we have an idea.
Speaker Change: Your pillar <unk>.
Speaker Change: Sure.
Speaker Change: And thank you for your comments thanks Avi.
So I will tell you all the sources of that.
I feel it's very much a couple of years and weird growing client base.
And men of biologically H E R.
But you can get all the time.
Speaker Change: Net worth it.
We are the role weight loss right, we already had a little dry age.
Growing the crime.
Speaker Change: We don't look at the price.
Sure we have.
Speaker Change: Sure.
Our value proposition has become increasingly.
Why don't I go for it.
Now the east.
Most of it has been a principal holiday tree.
And Bryan we had another great penetration are these.
These same things done with so I believe that there will be a natural friendship.
Fair market.
Speaker Change: Yes, we did.
Uh huh.
We do not have such a high on that.
Speaker Change: Have you those tricks and they might not.
Finally, the Sarak Rowaine's drag it ended up pretty shortly is that we want to see growing profit delivery.
Speaker Change: Right.
To delivery to more cities.
Our fee earner.
Speaker Change: I showed you how.
Speaker Change: Granted.
Speaker Change: Water is a guarantee.
Speaker Change: She had friends doctors and this segment off trend of accuracy escrow. So we wanted to gain market share we have gained a little bit quicker.
It's a watch.
I'm sure in this quarter.
Speaker Change: So it'll start to be very well positioned right. This is our expectation, but with the right portfolio.
Speaker Change: Sure.
Speaker Change: I believe we have great traction.
In reviewing our fourth.
Speaker Change: Growing our client base.
This new plant so our payroll.
Speaker Change: So in fly and stuff, but we also do that sandy.
Speaker Change: I would say that.
That we have a great penetration in Australia.
As you can see Andrew.
There sure we have everything he did you buy stuff or is it went to.
Five to be even better.
Speaker Change: If you're working with.
As I said, we have a lot of traction that's why I'm confident.
And for Us.
L. A mono line I mean, when we have mono line for example.
But if you it wasn't bad wisely vehicle they got wrong.
Speaker Change: Yes.
Speaker Change: Right.
Speaker Change: Vehicles, we have a very violent.
Sure, which way will further accelerate now with her business with John Deere Al. So we had.
Penetration of open web.
Speaker Change: So that's where we are.
They ensure through but as you've found event.
And I told you we have a lot.
Insurance Waldroup I mean look at our penetration.
Speaker Change: Okay.
So our relationship has helped on momo decreases a little bit.
Speaker Change: We are now you're pursuing right but.
Speaker Change: This is our expectation.
So as to deliver a higher top line.
<unk> has a credit card.
Control, obviously in 'twenty 'twenty looking at client NII there are three main areas.
Theater first where it grows.
Speaker Change: Hello, and kind of Fiat.
Sure Shneur, telling you that we can do.
Speaker Change: Lots of data points.
Speaker Change: Right.
Speaker Change: Costa Rica Sunday.
Hello, Chris event.
T G I.
I R a T.
And somebody will lower that even when they're either way, but I will go through them.
For our client.
Again look at our spreads right.
Speaker Change: You shouldn't read that aren't as long as we don't want to have more threat to ever higher and lower than most of our fishing where all of us.
Speaker Change: Are they all are.
Speaker Change: Hello, how old is the person who has certainly helped us in the third one to the governor Phil. Thank you.
To your question, but I was supposed to have now the last question with Brian Florida's from Citi.
Hello, Thank you for taking my question.
Speaker Change: Question about the end of time, and the interest rate or am I thinking about the market NII.
Speaker Change: Why is that.
Speaker Change: As always we.
Closer to 2 billion Fannie fours.
Looking at the scenario you devote raped with a higher interest rate, but the market do you believe that in 2025 simulators, we dreamed of having an NII similar to this one similar to the one in 'twenty.
Got it but I am I think.
Obviously, we are not talking about 'twenty 'twenty.
Speaker Change: But.
Speaker Change: Is that right.
More new Trophy landmark I mean, we still do that we do.
Speaker Change: I do not.
Power's off truck charter yields but.
Our house view important action that make our liability manager by store.
Fall out for 'twenty or 'twenty five.
Don't have a clear view of.
The market so I prefer to talk about bad when we publish our guidance, but I believe we have a more neutral position now for this new higher risk.
Thank you Oh, so how it was like yes, it's going well.
Speaker Change: Okay.
Speaker Change: Hum.
Speaker Change: A question, we went onto equals an answer here will be answered by our.
Yeah, Paul I'll turn the floor I saw myself Lou for his final statements and I'd like to let you know.
In our well site you can find that.
Speaker Change: Thank you.
Lastly, I would like to thank all of you put joining us today.
Speaker Change: There's always available myself.
Speaker Change: The closer you are.
Speaker Change: Available to answer any more questions you might have the meeting.
Speaker Change: Joining me on.
Speaker Change: The conference call. Thank you very much.
Speaker Change: Hum.
Speaker Change: Okay.
Speaker Change:
Speaker Change: [music].
Uh huh.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change:
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: Hum.
Speaker Change: Okay.
Speaker Change:
Speaker Change: [music].
Speaker Change: Uh huh.
Speaker Change: [music].