Good afternoon, ladies and gentlemen. Welcome to Banrisul's videoconference to discuss the results for the second quarter of 2026 and first half of the year 2026.

This videoconference is being recorded, and the replay can be accessed on our Investor Relations website a few hours after this event. Furthermore, we have simultaneous translation into English for this broadcast.

If you wish, just click on the button at the bottom of your Zoom screen. This event will be divided into three parts.

In the first part, our President, Mr. Lemos, will talk about some highlights and make some comments.

Then CFO, Mr. Gonzaga, will discuss the highlights and figures for this quarter.

Finally, last but not least, we will finish with our traditional Q&A session with our market analysts. This presentation is already available for download in our RI website and also will be made available in this chat.

Without further ado, I'd like to call Mr. Lemos, our President, to start our event.

Good afternoon. Welcome, all.

Thank you, Natã. Let's talk a little bit about results and what we have discussed and traced in Banrisul.

When we got here, the bank had the big problems regarding labor disputes. Then we started working to check which path we could follow.

Last year, we managed to reduce the 8 hours to 6 hours for this collective labor lawsuits there was damage to the bank. We managed to sign a deal, an agreement last year regarding this collective labor lawsuit, there is an increase in payroll, but in the long run, these agreements will be positive.

We have also made effective very expressive labor agreements, almost 600 employees, cleaning this past of labor disputes, which puts us in a comfortable position for the future. We still need to work on this, and in the next quarter, we will work on the another part of these agreements because the root cause of the problem, which were the 8-hour workday, this issue has been resolved.

Now our situation will be regularized. The big drama of this period were the so-called 7th and 8th hours, which generated a big negative impact, and that we managed to offset and overcome.

The major first restructure of the bank was completed. From now on, we'll be in a better and safer position.

The management was too tight without counting on the best professionals to allocate them in the best positions, and this problem was also solved, which is also good for the bank. In this quarter, we had a net income of 547 million.

The positive effect was in the second quarter. In this first quarter, it was not so satisfactory to us, although this seasonality is common in Rio Grande do Sul for the first quarter because of the summer months in January and February, which also will increase costs for Banrisul because of paid vacation, and our clients, too.

They go on vacation, and the business of the institution decreases. However, the second quarter is much better with an expressive growth of 46% and with the ROE of this quarter of 11.4%.

Our loan portfolio is stabilized, slight increase. What we are directing our work for in the corporate session with a higher spread.

Individuals portfolio is stabilized, a little decreased even due to payroll loans, which is stabilized already, and now it will be unlocked for the next few months. Also in the rural area, we could reduce the rural loans so we could remain within better parameters considering the size of the institution.

Our funding, as is very positive, always positive. In the past 12 months, we grew over 12%, which is a proof of the confidence they put in us.

We had a total funding of 116.8 billion. It was challenging period, but we managed to control everything that seemed to be a threat to the bank regarding interest rates, which continue to be high.

The delinquency rate is high, household debts. The companies also have some difficulties due to the long time of a high interest rate.

All of these things need to be taken into account, but we could equalize our portfolios. I believe we have reached a reasonable result, almost positive result.

It's following an upward trend, let's say. We'll keep on doing that.

All the restructuring processes we have implemented will allow us to work more in a safer and faster way. We have been working with robotization, AI, a lot of technology.

This will take 1 year, 1 year and a half, we can really feel the effective results of this. We gain in productivity and decreasing costs and services, too.

However, we can also see an increase in the bank's productivity, a much better and easier relationship with our clients. We didn't have a digital account.

Today, we have 100% app account and also for corporate accounts. We are opening the possibility of online account and apps, and we are decreasing the costs for our clients so we'll be able to do what it takes so the bank finds the best pathway among the largest players in the country.

Now I give over the floor to Mr. Gonzaga, our CFO.

Hi. Good afternoon, everyone.

Continuing after our President's analysis, let's talk about the figures for the first semester and second quarter. The net income in this semester, it was 47 million, but the first quarter was a little weaker because of what I will explain to you.

There was a delinquency rate that was a little bit higher than expected. We have regained results in this quarter.

In the second quarter, if we consider the first quarter in the second quarter, there was a 48% of increase in results. And 12 past months, the second quarter of '25 versus the second quarter of '26, there was a decrease of almost 14%, 13.9%.

For the first semester, there was a decrease of 11.7% if you compare the first half of '25 with the first half of '26. The first quarter of '26 was the cause of this decrease.

In terms of our ROAE in the first quarter of '26, there was 7.9 due to the results we had. Now the second quarter of '26, we have a result of 11.4%, 3.5 percentage points of increase.

If we measure December of '25, there was a 2.9 second. In this slide, you can see a decrease of 2.9% regarding the 2Q of '25 versus the 2Q of '26.

Regarding the semester, there was a decrease of 2.2 percentage points. In the first half of '26, we reached 9.6% according the average results if you consider past semesters.

In terms of our net interest income, the first quarter of '26 was a little lower with a 6.6% decrease, and the annualized result, if you compare Q2 '25 with Q2 '26, there was a decrease of just 1.1%. If you compare the first half of '25 with the first half of '26, there was an increase of 5.5%, we have positive expectation for the future.

The risk-adjusted net interest income, we have 1.357 in the second quarter of '26, and in the first quarter of '26, 1.193, and the second quarter of '25, 1.456. There was a difference here.

The first half of '25 versus the first half of '26 shows a decrease of 4.3%. Now considering our loan portfolios, if you look at the charts, there's a important change according to our new pathways.

Let's talk about individual portfolio, there was a decrease of 3.9% year on year and 0.3% in the quarter. However, for companies, we had a growth year on year of 13.9% and in the quarter 3.9%, a good in credits.

If you look at the portfolios, this changes the results. In individuals, there was a reduction of 46% to 44%, but in the companies, we had 15% moving to 17%.

There was an increase that is marked in these figures reflecting the 13.9%. In rural portfolio and rural credit, we had 20%, and real estate also there was a decrease.

In another portfolios that include Finep, for example, also shows the lines regarding to BNDES. We've been working with clients that take a long time, first-tier companies.

We had a change, too. We moved from a participation of 2% to 5% of participation.

Foreign exchange in this portfolio in the past one year from June '25 versus June '26, we had the 37.8% in the growth. These are the operations we have strategically working on, especially in the area of companies so we can have a better share, not small share.

We want to increase our share for medium-sized and small-sized companies in the state of Rio Grande do Sul. That's our aim.

In terms of asset quality, if we consider May 2025, you can see that the old rule of 2682, and with the evolution, we had a credits with over 360 days accounts for 1.5% of this portfolio with the new ordinance. Now we have a participation of 2.2% to 3.2% in terms of delinquency rate.

That will be a peak, as far as we understand, a peak in volume. Then written-off will be accounted for.

In 2025, we had a decreased written-offs. They can be up to 24 months, we lower them as they are completed after 90 days.

We had 90 million in the first quarter of '25, the third quarter of '25 133 million, and 5 542 in the first quarter of '26. This year alone, we have over 700 million.

In the first quarter it was 300, and it was that portfolio that entered in January, February, March that started in 29 in 4966 and now are being written off. These numbers will be accounted for.

We have a good provision regarding a position of over 90 days, and we will later check the percentage. Then we'll have a flat line, let's say, from December this year moving on.

There will be this equalization of Ordinance 4966. What entered in 1 month will be written off in 4 24 months.

I hope this line follows a downward trajectory. We expect less written-off credits considering inputs and outputs in the accounting area.

In terms of cost of credit, we have an increase of 2.1%. In the first quarter of '26 was not good.

We didn't like that, we had some collection activities. Then we moved on with collection and equalizations and delinquency rates in the second quarter of '26.

The first quarter was not very good, we have in coverage ratio almost 150%, we believe this is a line of protection. Now we have the portfolio, 91% of the portfolio is on the average in tier 1, 92.5% and 91.2% in companies accounts.

We have 1.7% and 1% 1.9% of the portfolio in tier 2. In tier 3, we have 6.9%, 6.5%, and 7% in individuals and companies accounts.

Now credits are being written off. The important thing about this portfolio is that we have problematic loans with 25.2%.

These are being paid. They were expended.

They are being paid. Clients have paid these loans, they are all up to date.

This mass of portfolio are not in delinquency. Our coverage ratio 1.5% of the loan in tier 1 and 18% of the loan in tier 2 and tier 3, 66% of coverage ratio.

These are all protected, which composes the 149.5% in coverage ratio as a whole. As our President said, we adjusted our payroll in human resources.

We need to do a lot of restructuring in the next few months. This will help us.

If we consider the next collective labor agreements or disputes, this will have a positive impact. In administrative expenses, we are about 6%, closest to the INPC of our inflation rates.

We had some extraordinary expenses which will be adjusted in the next few months with the reduction in our expenses. We do not foresee any increase regarding this administrative expenses, which have been controlled by the board.

Next, revenues from fees and services. There's not a lot of money on here.

We haven't lost too much, especially considering credit card fees. Digital banks are now in the market, and they removed almost all credit card fees.

For this portfolio, it's slight, is not very marked. We have to let go of some revenues to maintain our clients, especially credit card clients and other revenues such as bank transfer revenues.

All these revenues coming from bank transfers, they are almost nonexistent now because of Pix. We are still working on residual collection.

These main masses of fees revenues, they are not doing so well. The acquirers of this fees, even in the acquirers, there's a lot of competition.

Even if you gain market share, there's not a very high turnover regarding fees and services revenue considering what the markets have done regarding the culture of the clients because they do not charge fees for credit card use and for other services. We have to keep up with what the market offers, they are not growing so much.

They are growing below the inflation rate. We cannot scale up in terms of fees and services.

This is an age of the past. We used to make a lot of money with fees and services, but this is not the case anymore.

We have to make money with the client's participation. In terms of funding, we've been working strongly.

Our first cost of funding, we come from 88.3% in CDB costs versus Selic, our benchmark interest rate. We have also savings and all other costs, which account for the final number.

The second quarter had an increase of 5.5% in year of 12%, and time deposits grew 3.0 billion in the quarter, in bank notes 1.4 billion in the quarter, and interbank deposits also 1 billion in the quarter. In terms of rates, 17% of pre-fixed funding in TTR, which is the saving.

We have 11 billion in savings and indexed operation, which provides the banks with a very good safety. Even if there is an increase in the Selic interest rate, we'll be protected considering our assets and liabilities in the operations of funding.

This is the main service considering the services we provide to our clients. We have 13% of assets under management.

We have our administrative resources. They are managed by the bank.

They are very good, a good profitability, a good mass of clients, high-profit clients that prefer to work with our funds and also LCA, LCI, and interbank deposits, and bank notes, especially for high-income clients, but not only. Because our portfolio is pulverized.

We also work with other types of clients. In terms of capital, our level is 12.4% up until June of '26.

The second quarter of '25, we captured 1 billion 850 in financial notes that were subordinated found in the national market, not in the international, for a 5-year bank notes. We protected the portfolio because we had the state payroll, which was to be negotiated.

We have negotiated this. It was a 5-year operation, good for the bank.

We have 300,000 taxpayers in this payroll, we have the state payroll that reached 1.2 billion paid in June '26 with an impact on Tier 1 capital of 1.7%. This is in line with the market.

If you check the other players, they are in the area of 15%, 16% concerning the Basel ratio of other banks or competitors that we have. In terms of our guidance, there was a small adjustment in our guidance.

Our total loan portfolio was moved from 3% to 8% to the reviewed, which is 2% to 7%. Our net interest income is now from 5% to 10%, and cost of risk is also in line with what we see that will be maintained moving on, 1.1%, and maybe moving to 2.5%.

Our expectation is that this is lower than the ceiling. In terms of administrative expenses, we maintained the same.

It's unchanged, 5% to 9%. We intend to maintain this curve to the end of the year.

These are our figures. We are available for Q&A.

Thank you very much for your attention.

Thank you, Mr. Gonzaga and President, Mr.

Lemos. Now let's start our Q&A session.

Before we start, just let me tell you that in case you'd like to ask a question via audio, please press the reaction button and then click on raise your hand. If your question is answered, please leave the queue by clicking on lower hand.

Now let's start our Q&A session. The first come from Gustavo Araujo from UBS Bank.

Hello, Gustavo. Can you hear us?

Good afternoon. Congratulations on the results.

Thank you for allowing me to ask two questions. First, you reviewed the cost of risk guidance for 1.5% to 2.5%.

This is a broad range. I'd like to understand how I could consider this range for the second half of the year.

Does it make sense to consider this figure? Could you give some colors on the impact of the renegotiation for the cost of risk for the quarter?

Another question is around the bank. 60% of your is for treasury.

Treasury or LTR, 70 billion, and LTR has a spread that is six times sixfold below your portfolio, credit portfolio. Moving forward, credit portfolio should gain more share in the bank so we could expect an increase in the margin?

Thank you, Gustavo. Also first question on cost of credit moving forward this year regarding the 1.5% to 2.5% guidance.

In our guidance, we always want to make them available to the market aiming to the center of it. As we have now written-off credits and PDD, the voluntary dismissal programs will lower this figures.

We are talking about percentages and figures, we have less incoming operations that are provisioned. If we have a control over delinquency, that number of 2.1%, logically, it can be reduced.

It centered in 2.5% with this figure that I showed in 1.5% to 2.5%, but I cannot tell you exactly now, but I would move to up to 2.5% tops. Second question is, what about loan portfolio?

Should it get more share in our profitable results, bringing an adjusted spread that is better for this year? Regarding the treasury, just I would like to tell you that in treasury, we have a fantastic relationship with the market of investors in the state of Rio Grande do Sul.

There's money here in funding. We have competitive products.

It's not that we have 88% in CDB in our cost of funding, but we have an excellent result. We have relationship with high-income clients, a proximity with investors not only in the capital city of but also in other cities of the state and all the GDP of the state because we have bank branches in 98% of the cities of the state.

There is money, and it comes into treasury. Maybe Mr.

Ivanor can talk more about our credit or loan appetite, but we cannot tell clients to go away. We are a bank, all resources that come in, they are welcome.

If we are to measure the treasury assets of Banrisul with a total of financial assets, this will be an elevated percentage even if we compare this with other players. We are one of the banks with higher level of liquidity in the country.

It would be great if we had all of our treasury with 20 or 30 billion in credits, in loans, but let me pass the word to Mr. Ivanor.

Thank you for the question. Regarding our loan appetite, we have restructured in terms of business strategy in commercial loans.

We's been working to segregate our business per segment, we have small retail segment, medium-sized retail segment, individual clients segment. In companies segments, we have also divided these segments in micro companies, small, medium-sized companies, and bigger companies.

By dividing them, we can tailor better offers to these companies in terms of the credits or the loans they take with FGO or receivables. You remember the bank had stopped working with guarantees provided by FGO, but we are back to this FGO, which is the operations guarantee fund, and the idea is to continue in the second semester being focused on this loans with good companies with which we can increase the share of Vero with receivables.

Vero will also bring revenue alongside with loans along with MDR and the sales in the retail market. We have an internal consulting project that is helping us accelerate credit or loan distribution, trying to reduce this distribution costs by using platforms or digital platforms in the case of small companies.

In other cases, we segregate the business in the bank branches by opening branches that are specialized in companies or corporate accounts, employing bank managers who are trained and focused to dealing with small and medium-sized companies. The idea is to grow the guidance to the middle of this curve in the upward curve.

With that, we aim at improving our level of revenues and our NII.

Let me just add I think the answer was really broad. In terms of the foreign exchange portfolio, we have identified a good position.

It moved from 2% to 5%, we have good chances, good opportunities because the risk is lower in this portfolio.

Thank you.

In terms of cost of cost of credit, quarter after quarter, we have shares we have worked to regain loans and credits by some collection services to recover these assets, and this will contributes to the overall assets, bank assets. Yes, Natã.

Since the beginning of the 4966 ordinance, we restructured our collection department. We have started to see good results now, and we have worked with companies which have gone through bidding programs to help us collect with retail clients in terms of assets recovery from real estate portfolio, a rural portfolio, BNDES portfolio, specialized portfolio.

We did this on ourselves, this collection services relying on our collection managers or through our bank branches, which also help us strengthen this project. With all of this efforts, we have managed to decrease the formation of the new waiting time of 90 days.

We have reduced this to 0.40%, and we have an expectation that this will not increase too much. The outstanding loan portfolio will not get too high.

The market shows an increase in the outstanding portfolio, but we are not worried about that because we have increased the recovery of written-off loans with collection actions, collection even through lawsuits, we had this collection projects which are being paid off. Considering our balance, we can also see that we have transferred this debt to another player, which has a very high recovery capability.

We are now working with them. All of these actions, all of these projects make us believe that the second half of this year is very promising given the conditions we have achieved and what we can expect for the next 6 months.

Thank you very much, Mr. Ivanor.

Thank you, Gustavo, for your question. Now let me ask Yuri Fernandes from JPMorgan.

Hello, Natã. Good afternoon, everyone.

I'd like to ask about MP 1376. It's a great topic for Banco do Brasil, and you can also find good results.

Do you expect to increase the program? How can Banrisul take part in this provisional measure, in this MP to help rural producers?

If you have tier 3 clients, can you renegotiate? Can you get anticipated cash with some guarantees?

How could we consider this situation for your bank? A second question regarding funding.

Again, you have a very good funding quality. The funding captures deposits.

That's super clear. My question is regarding the evolution.

When you talk about cost of funding, time deposits was around 83 of CDI, but now it's 88%. In the past year, it has increased.

We see a lot of competition for time deposits and CDBs. My question is, can you maintain this spread in this liability side, or can we expect some decrease in the quality of this funding?

Thank you, Yuri. Regarding the MP, the provisional measure, let me contextualize this.

The rural portfolio in Banrisul, it has a different quality to it. We have our own quality regarding the agribusiness.

Let's start talking about the state of Rio Grande do Sul. 80% of our rural properties, they are not too big.

We have 300 and 350,000 per producer. We have a very pulverized producing, and regarding all of the bad weather conditions that have battered the state of Rio Grande do Sul, our portfolio has an over 90 day that is below.

It's in the area of 2%. The MP, the provisional measure, just like in the past years, we had some resources from the state of over 800 millions, which helped us renegotiate producers who had been affected by either the drought or the floods, and we could re-stage this debt according to the cash flow.

This new MP is in line with that. We have almost 2,000 producers who have been registered already.

We are waiting for some definitions on the part of the Ministry of Finance. We are not so worried about liquidity or cash flow.

What we worry more about regulations, the time they take, and the time BNDES, the National Bank, and other regulating bodies, the time they take to present the regulations. We are in a very good position.

We have partnerships with the main entities that represent these small rural producers. Yes, we'll have a share of this market.

That's what we expect. We will renegotiate them according to the provisional measure, the MP, because for rural producers, they expect these benefits from the government provisional measure, of course.

Let me add that Banrisul in the past few months, we have privileged resources and fostered the production of rural producers, especially owners of small areas, trying to help rural producers, help them continue producing and also pay their debts with bank. Given the conditions at hand, we are not so concerned with our portfolio in terms of liquidity.

What concerns us is the time these regulations take to be published, to be available so we can formalize the requests made by these producers in terms of their financial restructuring services. Now on funding and maintenance, the cost of funding is 88% of Selic of the benchmark interest rate and CDB.

We also have financial notes in this set. There was a high position of LCIs and LCAs with the ordinance issued by the Central Bank changing the rules since January 2024.

There was no safety net for all of that. Today, the safety net's much better.

Central Bank changed this regulation, and we could use real estate of personal loan that has a guarantee for housing purposes. Back then, the market had over 800 billion, and there was a safety net for only 200 billions.

Now we changed this, and we have met the needs of these clients with bank notes. This is a market strategy so we can help the clients to stay with us.

They will not get the same amount of money. They will not get the same interest rate as with the LCI or LCA, and this is what pushed this number to 83, then 85, and now 88, but I believe the market is stabilized now in terms of funding.

We can reduce this from the 88%. We expect that.

That is another strategy for financial banking, but it would be much more expensive to make a mismatch for derivative services. We have eliminated this from the bank balance.

We removed this difference, and you can observe that our funding moved from 0, basically 0 in pre-fixed if we see it, and now we have 17% in pre-fixed services. For pre-fixed services, you have to provide your client with a better offer.

Otherwise, you can lose this client. It will increase this percentage.

Bank notes replaced LCAs and LCIs, and also pre-fixed services, they have an impact. To remove the risk of cash flow mismatch in the bank, we have eliminated this risk, and now this is how we can account for this percentage.

It's better this way.

Thank you very much.

Thank you, Yuri.

Now let's move on by Eduardo Nishio from Genial. Hello, Nishio.

Good afternoon.

Good afternoon, everyone. Thank you for this opportunity.

I have a question has to do with the guidance regarding capital. Banrisul has always had a main capital in the range of 15%, almost 13% sometimes in some past quarters, and now it has recovered to 14%.

To this quarter, we have seen a reduction of 2% of prudential adjustments or payroll maybe, if you could explain or go into more detail about that on how we could improve the bank's capital. We see some banks trying to decrease dividends and change LCPs.

On your end, do you have this any expectation? We have 12.4%, which is still comfortable, but considering the bank's history, it's below what we could expect.

Now connected to my first question, I'd like to know about the guidance, more about the guidance. We see a revision downwards in our simulation.

We we have a ROAE of 11%. I'd like to know if the organic growth in this year or whether organic growth would be enough to reach to get back to this this level of main capital for 14%, 15%, maybe not this year, but on next next few years.

In 5 years, yeah, I can guarantee this. We bought the Rio Grande do Sul payroll in 20 2016.

If you check the number, it was about 11% or 11.5% if you take the whole numbers. This payroll, as time went by, this is an intangible asset.

This is a deferred asset. Every month, there is a As we reduce this this this amount, we have more space for capital.

Now 100% of the amount that was paid back in 2016, this account was reduced to 0 in June 2026, and then we created a new account of over 1.2 billion, tier 1 directly. This is tier 1, you know?

In 2 years' time, in 3 years, this number will be back to to what it was. This number will get close to 14%.

Maybe not 14%, but it will get close to this as we as this there is this this paid this amortization, there will be a this increase and will get close to 14% as time goes by after after we pay this this payroll, for this is a 5-year project, plus the raw bank results that can add more. We pay 40% in dividends routinely.

Only 2 years that were not in which we didn't pay 40% of the of the diff diff dividends. In 2023, paid 50%, and then since 2008 when we opened our capital, always 40% of dividends.

Now we are back to this 40% of dividends paid, and this policy will remain the same. Moving forwards, I'm not sure.

Some shareholders believe the bank could decrease capital and deliver this to the shareholders, but we are not going to do this, okay, Eduardo? As as the 11% in delivery in ROAE at the guidance, we can deliver more, but we are being pretty conservative in this area, in the segment.

We are working to do that, but we're going to work to to reach this level. Thank you, Eduardo.

Thank you.

Thank you, Nishio. Now moving on to question Augusto from Bank of America.

Hello, Augusto.

Hello, everyone. Good afternoon.

Thank you for this space for allowing me to ask questions. Congratulations.

I'd like to know more about collective labor lawsuits. You said that you still wait to close some of these agreements for the second half of the year.

You told us that you have managed to reach agreements for 600 employees, but what can we expect for this second half? What will be the size of the impact?

I think, well, we still expect 100 employees, maybe, we still have to find agreements for them. We have analysts and also we have other employees in the bank branches.

We have 300 employees. They can either accept this liabilities to them.

We expect that 150% of them or 200% of them will accept this liability payment, this agreement. This liabilities that the bank has with its employees will be decreased.

This impact will be measured. This discount will be measured.

We have several stages in these lawsuits or agreements. There are several rules we have to apply because we want these operations to be safe for the bank.

Financially, it's good for both sides. It's good for the employees, and it's good also for the bank.

It's an opportunity for both sides.

Thank you very much.

Thank you, Augusto. On our side, I believe we have received all questions.

I have one here that is written. It's aligned with this past question from Carlos Gomes from HSBC.

He asks if we have a optimal number of employees in the bank and has the structure being optimized in terms of physical structure, number of bank branches, for example, and the impact of this in Rio Grande do Sul for the bank. We've always aimed to have an optimal number of employees.

We have worked proficiently to do that. We've been working with AI to gain internal productivity, and we have a network which is strategically important to us.

We've been renovating our bank branches. We are working on a new model of bank branches.

We will reduce them, and we reduce the number of employees for the routine and operating operations. We've been trying to centralize this operating activities.

The bureaucracy, the red tape of the bank is being centralized, no longer in the bank branches. We are trying to centralize this work to be more profitable.

We are working that, and we expect to gain in scale. It's not that we aim at firing employees, but yes, we have employees who are retiring, employees who are leaving, and we are trying to work with this employee turnover.

It's 1.5%, 2% turnover every year. The idea is not to open a test for new or a bid for new employees.

No, we are trying to rescale and restructure the bank and the number of bank branches. For example, if you have in a given city or small city two bank branches that can be merged, we will do that because we also have to take into consideration our players, the competitors, what they are doing in the market.

Banco do Brasil and other banks, they've been following this trend. They have this internal view of gaining scale, scalability, and profitability, meeting our clients' needs, and providing our clients with more comfortable operations.

Our idea is not to sell products. What we want to do is to provide a full set of operations to our clients.

We have different types of clients. We have high-income clients.

We have a high-end or high-income client branches. We also have middle-range clients and low-income clients.

The idea is to provide services to all of these tiers, let's say, to all of these groups of clients depending on what they need. This is our daily routine.

We need qualified, skilled labor, skilled people and employees to help our clients to meet our customers' demands and also to help the bank gain scalability and profitability. This is a broad answer, but that's what I wanted to share with you.

Thank you, Mr. President.

Thank you, Mr. Gonzaga.

I'd like to thank all of our directors and our participants, and we hereby close this videoconference. See you next quarter.

Thank you very much.