Itaú Unibanco Holding S.A. (ITUB4) Earnings Call Transcript & Summary

Hello. Good morning, and welcome to Itau Day 2022. I'm Renato Lulia Director with Investor Relations and Market Intelligence of Itau Unibanco in the second edition of our 100% virtual meeting you will be updated first time with the strategies and initiatives of Itau Unibanco for the building of the future, having the main guiding light of this focusing on the client. And we're going to start this morning with Milton Maluhy, CEO of Itau Unibanco. And then we're going to have the opportunity to follow up on the talk with the Co-Presidents of our Board of Directors, Pedro and Roberto. And thereafter, we're going to watch 4 panels with all the members of the Board of Directors of the company. Each panel is going to deal with a specific theme. And then we're going to have the Q&A session. The questions can be submitted via WhatsApp. For that, all you have to do is click on the button here on the platform, if you're watching through the website. If you're watching through our YouTube channels, please scan the QR code, use the WhatsApp number that's appearing right now on your screen to ask your questions. Now those that are not answered today live, please, we're going to get back to you by our -- with our IR team very, very soon. And now I will give the floor to Milton Maluhy our CEO.

Hello, everyone. Thank you, Renato. It is a great satisfaction to be with you in our second Itau Day. Although this morning, we're going to have the opportunity to share with you how we evolved in the fronts that were presented last year. And the most important thing is to look ahead and talk about the future of the bank. Although all these last 18 months, we are implementing and going through a very important cultural transformation based on an obsession with the client. We have to understand the client's bank, react quickly and service in the best way possible. That means building the bank with the client and actually using the technology to accelerate even more this journey. We are gathering the results of having a more digital culture and a mentality that is more agile in operating the bank. We're working with communities, product areas, business areas, technology areas, altogether, with less hierarchy, more autonomy and more agility. Translating the attitudes of phrase that became a mantra for the bank. We are working in teams. And this posture that we're working for the client is already starting to show expressive results, as you will see all throughout this morning. And that were on forgoing our financial performance because we're moved also by results of course. Now we have delivered consistently a very good profitability. We have build a successful brand. Our employees are amongst the most satisfied and we have a positive impact on society. This is a good summary of our ambition that goes through 3 fundamental elements. We are focused on the client quick organization and modernization, sustainable growth above the market. And we are going to be the first choice of the clients. We have an aspirational -- we are the aspirational destination of talent, and we want to be the best for our shareholders in the long term. The scenario and the behavior of the client, the competitive environment made us review our values, so we can double that strategy after our analysis involving several multiple areas, we launched the new culture of the bank. So the results are the essential and directive behaviors and additives for us. We started with the essential core via Itau Day and we have the data that are followed -- that are based on the -- focusing on the client. The bank has over 65 million clients, natural portions and 67% of these are engaged. So most of them are -- most of them have 100% of their financial needs with us. We have the most engaged clients that are more profitable and they are happier. We have a share of wallet of credit, which is 50%. So the bank is taking 50% of the risk of the credit towards these clients almost 3x more than the non-engaged clients. The NPS is onetime -- 1.5x more than unengaged. The churn is 4x less. The revenue is 10x over. The unengaged and last but not least, there is an increase in 1 day -- 1% in the base of engaged, generates an incremental BRL 1.2 billion per year. More than focusing on profitability, we have to maximize the satisfaction, and this is our inception point, because we are focused on the client. And for that, we structured the engagement machine. With that, we clusterize all the customer base and we service their needs. And we have tried to find the best talk with the -- time that the client needs. It is something that -- of our offerings are based on the profiles of client and the rhythm of growth of the engaged -- engaged clients are more accelerated than the total clients. We had over 2 million new engaged clients just in the first semester of 2022. We will follow this way, improving the journey of the clients, we're visiting the processes, trying to find efficiencies, and try and improve the experience end-to-end. We are always learning, and we don't know everything. We have the ability to recognize that we don't know -- we don't have all the answers. We are always learning from our own clients with competition with other industries and with our own mistakes. This new obsession by the client has led us to several initiatives all throughout the year, as you will see all throughout this morning. Another theme that is very important that is in our associated agenda, we always had that in our DNA based on our culture and it's based on our history. We are accelerated in our agenda. We don't have the objective only of doing new M&As and partnerships, but we have a single focus of improving our ecosystem and improving the commercial proposal and improving the value proposition for our clients. We have to identify our strengths and what are the strengths that are being developed in the market. So we can associate and do any acquisition. As I told you at the beginning, the cultural transformation is in the bank, and that will lead us to enchant our clients. Added to that, we have the -- we have to be sustainable. And we don't have to only be big. We have to be quick. We cannot only focus on the client, we have to be obsessed by the client. We have to be profitable. We have to have sustainable growth above the market, and you don't know we have to be aspirational. We have to have solutions for diverse groups. We have to be reliable and also modern. We have to have an absolute focus on the difficulties and demands of our clients. We understand that Itau will always be of the size of the client desires. We have to have an agile and entrepreneurial mindset that learns with new cycles of tests, mistakes and mapping the risks. We have to have a team with thoughts, origin and experiences of life that are diverse to build solutions that are better for our clients, that are diverse. With this message, I would like to invite our co-Presidents of our Board of Directors, Pedro Moreira Salles and Roberto Setubal, so they can share with us their impressions of the current moment of Itau Unibanco and the financial industry. Pedro, Roberto, the floor is yours.

Thank you, Milton. Now I'm going to adapt here with your final comment. And I'm going to ask Roberto, how is he seeing this year? We've had in June of '21 -- September of '22, a lot of things changed. Roberto, if you can tell us about this first 1.5 year or at least this first year since we have been here in the last Itau day, how do you see it?

I see that we started very well this first year of the bank, 1.5 years of the bank post pandemic, the pandemic is over, and this is a new period. This is a world in change that we have a new change in the market with the end of the pandemic and this Executive Board, this executive team is a new generation of executives, that really fits the bill the moment. We are doing a great job and I think that we need to change. We are undergoing a transformation. And the bank has taken another step ahead in terms of growth, in terms of clients, in terms of businesses. So I see a lot of dynamics, a lot of focus on the bank. To start, this first 1.5 year with the executive group and everybody has been starting and everything is renewed, we started very well. Specifically this new generation that is taking over the bank, I think that they come with a spirit of change and a change that is very important, so we can adapt to the new world, to the new moment of the world, and a change in culture. We really discussed. And it was proposed by the Board, a very important change in our elements that are based in our culture. How do you see that change, Pedro?

Well, I have to agree with you -- with your evaluation with what happened in the bank over the last 1.5 year. And the issue of culture is fundamental. It's not a new theme. We started to deal with it since we started with the fusion in 2010, so we can adapt our way of working. In 2015, we had another adaptation, because things had changed already. You were the captain actually of that change. And now Milton, in 2022 -- May of '22 has presented to the bank, a new posture that, in fact, is values. It's those that direct our behavior, our attitudes. So we reduced that block of 10 [indiscernible] now it became 7 and now we simplified it. So now we are being very direct to the point. We are saying that we are working for our client that we don't know everything, that we actually will work in teams that we want diversity. And we are moved by our results. Everything is based. All of this is based. It's something that never changed. It has never changed and will never change, which is ethics, that's nonnegotiable. It was launched in May of '22, if you remember. The bank is -- this is percolating all throughout the bank, and this is a big understanding that we have very adequate response to the challenges that we are seeing. And once again, we are working for our clients with the same. We want to work -- Well, we want to work in teams by the [Foreign Language] as we say in Portuguese. There is a great adherence compliance to this. It was discussed. It was all thoroughly discussed, it was a work that was first started in the bank, and then we went through the Board went through the people's committee, several rounds and intensive -- very intense discussions. And then at the end, we finished with the discussion of the Board still at the end of the first quarter of this year. So I think that there is an involvement very intense one of the Itaú Unibanco community and a great compliance with what is being proposed [indiscernible] I think its recurrent great unmet needs that we had to see, that we had to -- there were triggers. There were actually triggers for a transformation. So I am certain that this is a very important step. It is also the step of our transformation and technology. Last year, we already mentioned that we were saying that we were going to be 50% in the cloud at the end of the year. We're moving toward that goal, but it would be better to actually rethink those goals, because a lot of things have taken place. So I ask you how have you seen -- how do you gauge our advance?

Well, I think that we're going through this transformational moment at the bank and I think you described very well the cultural transformation. Actually, this is a big evolution. It's a great evolution of everything that we have always longed for the bank and now in terms that are more connected to the moment that the bank is living, the moment that the world is going through this transformation. And certainly, with this transformational process, technology has to be hand-in-hand with the transformation. The market has changed. It has changed a lot over these years. We've had several new companies, bringing new technologies to the market that actually challenge us -- clearly challenge us. And that is very good. We rose to that new challenge. The bank is reacting very good. In regards to this, we're walking very fast to taking the bank, for example, to the cloud that will give us more longevity, more capacity, to move in this market of permanent transformation. And if you gather technology with culture, you have to work hand in hand if you transform the bank in a community and squads that will gather these technological possibilities and more brand the bank technological agility. It's a transformational process with a team that has -- that is a new generation. Therefore, our reaction -- our technology reaction has been very good. I think that until the end of the year, we're going to have our business lines in the cloud and also we're going to have the conditions to evolve and grow quicker and serve the market quicker and to provide more satisfaction for our clients. More than ever, we have to be focused on our client. And how do you see this new focus on the client that we are bringing to the bank and we are really highlighting on this point.

I think that this is something that we will realize that we actually took a leap with this new culture. This is the first item. We work for the client. And I think that this is being disseminated -- this culture is being disseminated all throughout the bank, then this provides several huge changes. We have product services, pricing, service -- customer service and the experience of the customer in every channel, whether if it's customer service, remote on-site, so I think that this has, in fact, became the central discussion of the bank. I am certain of that. We have a lot of things to do. Well, the fact is that our NPS that was introduced 5, 6 years later, it's advancing year-on-year. And we have taken a 15-point lead when it was 2018. The objective is 20. So we are in September. We are going 15, we're missing 5, and this is the discussion within the organization. And we saw at the Board, we talk to a lot of people. I see a lot of people that follow on the wholesale, the discussion of focusing on the client. We see that this is a new growth. We see a growth in the basis of clients from 1 year -- well, '21 to '22, it grew 16%. We have 65 million clients, natural persons and 25 million -- well, we have millions of companies. growth on this base, of this dimension is because we are doing things right. We are doing things right and is the result of this phase of growth. And last year we are defending ourselves, we have to go to the attack. When you talked about technology, you talked about culture. Well, the bank is ready. And we saw our topline that has grown in the order of 15%, 16% in a scenario that was not the appropriate one, I would say. It's -- it wasn't very foreboding for growth, and this is growing of the credit portfolio, growth on services that is above 10%. So the bank is reacting, is reacting very well, and it's reacting because we understand the needs of our customers. So I'm very excited with what I'm seeing in this -- in that sense.

I agree, Pedro. I think that this is a great change in the bank and we are focused on the client. So we saw that there is a series of numbers. There is a growth in the bank in the amount of customers. And also, I see not only the numbers, but a lot of concern within the bank, a lot of effort in focusing on the client. So I see as an example of what we see in the internal changes of the bank and not only as -- these are elements in that direction. So we introduce in our goals of all the employees of the bank, the customer item. So somehow, the customer is present, even in the more core areas, it's present in their goals. And this is a great transformation. And it's not just as an NPS. It's not a generic goal of NPS, its several improvement goals that we have in our processes, in our service, in our systems that will, in fact, materialize and clear improvements for the customers. This is very important. And it shows the focus that not only financial focus on the bank, but also you share the finance with the focus on the customer. And also, I see Pedro that it's very important then Milton is doing a great change in the bank, a big change in the internal organization of the bank in such a way that we can generate at the Board of Director level, focusing more on customers. This is an area that is very focused on the customer and really focusing on the level of the customer. You mentioned, I see numbers really -- improvement in numbers, improvement in our statistics and I think that's really part of our DNA. I think the bank's DNA has fundamentally changed. It's not just financial in nature, it's now customer-centric. Given this we are no longer on the defense, we are on the attack, we are proactive. We're proactive. We're on the attack. We are looking to move into new market phases, and we are competing against the new entrants, and they are challenging us, and we are responding and understanding that we need to improve. We are improving when we have to evolve, when we have to change. I understand. I agree with you. So we embrace this change, I think we're on the right path. I think the first step was understanding that we do need to change. The second step was kicking off this journey of change. And now we are in the middle of our path to change -- path to change, and I think that's the real important methods. I think we're going to have great support in this change. And truly things are developing as they should in the right direction -- going in the right direction. I agree. We see this. We see this at the bank. The whole setting, it feels different. The ambience is different. Let's just look at NPS. What about EPS, employee satisfaction, it increased 10% up to 83% which is great. And I see that we've got a convergence of our business models. Last year, we discussed the fact that the rules have changed. We saw that there was new mechanisms. The market has changed. It has fundamentally changed. It is no longer the way it was. Growth is important. The capital market is important. And the capital market finances this growth, but now we're looking at results, results can't just be really low -- results can't be really low. We can't just have low income, low revenue -- higher revenue. There's so much more involved. Now we need to adjust to the world as it is. And I think this is very palpable in the organization. Our ability to compete is very strong, and we see this growing. We're more competent. We're more engaged, and I think it's a far more interesting path that we're trading. So I really think we're at a very, very favorable moment for the bank. Do you agree with it?

Absolutely. Yes. We see new competition, new competition has come in at a moment when the entire world is facing mass transformation. We see that interest rate hike throughout the world with difficulty with the capital market with inflation worldwide. These are problems that we face as well as part of the world. First we observed these problems which is customer-centric, the customer point of view we first work with that and now we are looking for financial results and we need to present this to the capital market. I believe I think we're in better positioned to compete better now. If you have for low prices -- subsidized prices to attract the customers it's a short term goal and then I think it becomes more equanimous overtime. We had this very strong customer centric change within -- they really helped push this financial results without -- so I think we're well prepared -- we're very well positioned. I think we're going to continue showing strong results I think this is a part of our DNA -- these strong results. And keeping in mind the customer point of view it is absolutely critical for continued growth and continued change. Obviously, we know everyone was focused on the bottom line. And I said something a few years back which was that business executives need to be -- not just executives they need to understand technology so that they can really take advantage of the opportunities available to us. I would say not just understanding technology but understanding customers is absolutely critical and it all goes hand-in-hand. Technology has to serve customers, customers have to serve technology leading to bottom lines all of our skills, competencies need to be complete, and to complement each other I think that's where we stand right now as the bank of all as a big changes this is where we're focused and this is our future looking concept. So I would now like to head back to the executive committee, where they will show what's happening in each of the business -- we're going to see some of the videos regarding with some of our customers to have a wonderful morning and wonderful day, have a great day today.

Thank you Roberto, thank you Pedro. Now we got a number of panels, got executives here, will be talking about a number of different topics, but before each panel we're going to have a statement from a different customers and what they expect of our bank. So let's see the first video, what do they expect of this bank. When you still think about basis, you think about your manager [indiscernible] that's what use to think about when someone said bank. So that's no longer the case, this is no longer your bank manager. And the reason for this is that you're now -- managers need to have their sleeves hold up and be involved and understand what their customer needs and the customers are going to choose how they want to interact with the bank as it going to be online as it going to be through an ATM. And the reason I am telling you this is because now you see managers dressed like a regular guy, they're no longer wearing a fancy suits. Their sleeves are turned up and they're ready to jump in. This may seem like something small but it really isn't. This is a way to bring customers and managers closer. What I expect with bank is that it shares vision with all of this stakeholders, they can decrease -- equality -- can really promote equality. What I think is that is we need to work closer with the banks and with the managers I think it needs to be modular based on technology. I think we need to have flexibility to offer the best solution for our customers. And that's just because I have to have a contract -- and a contract requires it because that's the nature. Something else that's really important for us is an open platform. The financial market is increasingly more competitive and global and looking for solutions -- different solutions, several solutions, not just one single solution. We're looking for open platforms. So if you've got a closed platform, all you're saying is we're here and you're there. You're not going to be able to offer the right solution. So this open platform is absolutely critical. Something else is really important is the ability to talk to people who understand to have this mindset -- overall mindset of this change.

Good morning. I'm Sergio Fajerman, and it is a pleasure to be with you here once again to enjoy this cultural transformation. The culture is not a new topic for us. For the contrary, it has been very important since the beginning. It's part of our identity. In 2010, we launched our way, and we updated and reviewed how we act. However, the complexity of the world we're living in today requires us to review our guidance and how we operate on a day-to-day basis. I could not list a number of changes -- market changes, competition changes and customer behavior changes. All of this will demand that we embrace these changes and employ new business strategies and have new attitudes and behaviors in order to achieve these objectives. Cultural transformation is a priority. And that is why we have been working with multiple team members from a number of different departments are looking at trends, looking into the market, listening to the teams, to the leaders and to our customers, and the results are new essential values, guiding values that will guide our new attitudes and behavior. This will make us all very true Itau [indiscernible]. I'm going to start with something that's new, but it's really -- it cannot be negotiated. This is the value of the cultural asset of Itau Unibanco. It has been guiding all of our actions for nearly 100 years. And we have kept this value unchanged because we are based on ethics. Ethics is nonnegotiable. Ethics is not reviewing what is current. It means there's no shortcut. It means we have to analyze risk. It means that we have to be present at all times as our culture changes, it is the basis of all other value, and it is essential, and it guides every one of them. Ethics as the basis is the key element of our existence. As you know, Itau will always be the size that the customer designs. We work for customers be it an eye tuber is to be connected to the customer. It is to understand the customer needs, and it is to make things simple for everyone. It means working not just for customers. It means always being guided by the following question, what are we investing our time and energy in, and if the answer is some sort of bank bureaucratic process, that's not what we want. And to truly understand our customers and offer the best solutions for them, we need to constantly be learning. We don't know everything. B being an Itubers is to look out and understand and learn every single day, it's testing train learning and improving -- being an Itubers means using data to understand and make the best decision with exponential changes. These exponentials in the world, we need to be humble enough to recognize that we don't have all the answers. Learning all the time as many possible ways as we can from everyone. We learn from our customers. We learn from the competition and we learn from other industries. It also means having an agile mindset, being entrepreneurs, having the courage and learning with cycle of testing, getting things right, getting things wrong, being clear, understanding the logic and mapping our risks. In addition to this, we need to understand the intense use of data as something that sets us apart for decision making. When we take this knowledge and these diverse experiences into account to create solutions and resolve problems, the results are powerful. Being an Itubers means doing how to work with autonomy. It means helping and being helped and asking for help. It means being Itau and this starts with the trust that you build up on a day-to-day basis, with small minor changes, changes in attitude. It means asking for help, it means being clear and respecting and asking for help from other Itubers. It means generating trust and having a safe space to work together. It means understanding each person's role. It means offering and having autonomy. Something else is important with this value. And that despite working in a number of different business areas and products is that for customers, we're just one single Itau. We break open these silos and it's an invitation to add up to join together to multiply and not to divide. And that is important -- it is important that we talk about the diversity, diversity at Itau. But it goes beyond just talking about it. This is an organizational value that we believe in, that defines us and should guide our behavior. We want diversity to be an Ituber, means to be diverse with our customers. The Ituber means to be open to different points of view. To be an Ituber means to be yourself and to be -- and to transparently express yourself. We need a safe setting to be ourselves so that people can express themselves and they can authentically offer their points of view. We need to be open to expose risks and to other sensitive questions. We have to be a team of thoughts, where we are listening to different experiences of life, and we can therefore build the best solutions for our customers who are diverse. We are an organization that has this great ambition, that's nothing new, but we need to be as efficient in execution as we are ambitious in our objective. We are moved by results. To be an Ituber is to be ambitious in terms of our objectives and execution efficiency. It means always looking for sustainable growth, and it means generating positive impact on the world. Itau Unibanco will be the size that our customers desire. There is no sustainable business without results, and there's no sustainable results without satisfied customers. This will -- this brings us back to the beginning, we work for the customers. We are very excited because we believe that we have here the elements that we need to achieve this success that we see. Transformation has already started. Change has already started, but the path is still long. And what we're looking, what we're seeking, will only happen if we truly change within. Building a new Itau being a change in each one of the employees. That's it. That's what we need. Let's work together because Itau won't stop. Before I pass it over to Ricardo Guerra, I'd like a product manager to talk to us as Brazilians.

I'm from Amazon Web in Brazil. I would like to thank Itau for the invitation to talk to you about the market and what has brought companies to move into cloud. And why are they working with competition in cloud? There are 5 different reasons that companies are going for this. One, agility. Customers can adjust very quickly to their customer needs. Two, cost savings. When we adopt something new and we get rid of that lower fixed cost and variable costs, that's just one way to make it make progress. Three, elasticity. Companies can be flexible with the resources that they have and they could decrease costs according to their business needs. Four, innovation, innovating quicker and better using the resources or projects. This will make the company much faster and more transformative. And number five, cloud computing allows us -- our cloud operations allow us to work quickly throughout the world in a question of seconds. Once again, thank you so much for the opportunity to talk to you on Itau Day and to be able to take part in this innovation and transformation journey starting Itau and it's going to put Itau at the forefront of tomorrow. Thank you so much.

I hope you're all doing well. I'm Ricardo Guerra, I head technology here at Itau Unibanco. You just heard a bit about the potential of the cloud [indiscernible] the country manager from AWS and it's a partner company in the digital transformation journey. Last year, I shared with you our strategy to become a more digital company. That means we're going to be more customer-centric. Today, I'd like to share with you some of the practical results that we're already enjoying from changes in how we work to changes in our technology platform and migration to the cloud, which brings all the benefits that clever our dimensions. Last year I talked about our objective to reach the end of 2002 -- where 50% of our modernized thought from operating in a public AWS cloud. Now I'm happy to say that more than 30% has been rewritten and is operating on the platform and we have maintained this ambition of 50% by the end of the year. Remember that we're doing more than just migrating the services to the cloud. We are rebuilding this platform. And remember that we had analytic architecture that was built throughout the decade. And in that way, we are trying to generate more speed in the building of products and [indiscernible] for clients. Exactly just as we heard from the above -- a short while ago. And as we've done here, we reduced a lot of the time that was necessary for the development in our solutions, and we incremented in over 700% when we compare to 2018, the volume of monthly changes in our platform each month. We do over 4,000 updates in our public cloud. A number that is 8x larger than the number in 2020. When we started the modernization and large scale of our programs. Our new digital channels are amount of solutions that are running in our platform. We have the new application of the PIX for example, that we can deliver the best experience for our clients day-to-day. We know that there is -- well, we need the cutting-edge technology, but we to go through this journey, but we need more. We need to invest in a work environment that is set and that allows for innovation from our employees and then enable them to speed for the decision-making process that are developed for the client. So for the adoption of the new methodologies of work, it's essential that in this process, we have to be digital and also cultural for this transformation. Here at Itau, as we said in previous opportunities, we start to work in integrated communities so we can have -- we can work as strides. With this model, we -- our teams are organized by journeys of clients, gathering professionals from different modalities and focus in the best experience being delivered. Based on those methodologies, we approximated all the professionals from the pains of the clients, so we can build the solutions that service their needs. And also, we delivered the autonomy to our collaborators, so we can have speed, agility without compromising the quality. For example, we have the focus of the Ion model, which is an app that was still -- that was created when we -- that stems from customer questionnaires and there was launches of MVP. And it was a launch for the evolution that was guided for the feedback of the users. Another important thing is the digital use of data and scale. We have to understand quicker the demands of the 60 million customers. They will also tell us if we have proposals that make sense in the day to day of the customer. And Itau the use of data is based on the governance of principles, rules and practices that ensure that the flow happens in a fluid way but also that the controls of privacy are in place. Besides that, governance also takes -- what involves the quality of the data that we use and we assure that they are the most relevant and complete for each situation. This is essential so that the results are not incorrect or biased. At the end of the day, all this evolution that I narrated to you has the objective of delivering more value for the clients or the service -- from providing the service to more quality and the creation of better experience. This process that involves big cultural technological transformation and also the question of our own values. We're very proud of our journey, and we want to continue questioning so we can evolve all the time. The results of the digital transformation that we live today are the fruits of that labor, even though we still have a lot of things to do, the evolution -- technology evolution here at Itau, it becomes a reference for the technology companies all throughout the world. And our advances are even influencing the road map of the products of these institutions as an organization. We were recognized by Fast Company, one of the best companies for the innovative professionals in the world. We were also selected as the most innovative bank in Brazil by the ranking of [indiscernible] and as a digital bank the best one by global finance here in Brazil. These are giving us the idea that we're going down the right path and delivering the best thing -- best experience for our clients. And to conclude, I would like to highlight that we have the base, a culture of collaboration with the client with our professionals. Now throughout the last year, we strengthened more this culture. And Itau is based on people and none of that is possible without people being able to express themselves having the autonomy to make the -- for the decision-making process that is decentralized. Now I give the floor to our partner in the Executive Committee, Leila.

I am a member of the Board of Directors and responsible for legal and corporate issues here at Itau Unibanco. Today, I will share with you our initiatives to generate more and more positive impact in the society. And of course, in the satisfaction of our clients. I would like to talk about our agenda for innovation and evolution in the service of our clients. And before that, I would like to talk about our efforts to reduce the number of legal proceedings and the -- and the complaints are received by our company. One of the topics of our culture lines this year -- launched this year is that we do not know everything. That's why if we have a complaint or we have a legal proceeding, we evaluate our conduct for each case. If there was a mistake, then we can correct the situation of the customer. And thereafter, we will review all of our proceedings, so that doesn't repeat. This is a crucial step in the improvement -- continuous improvement that is being implemented by the bank. A practical example demonstrated to you. The number of civil lawsuits that we identified by a mistake made by the bank has expressively gone down over the years. This reduction is even more relevant because it happened in a period of the increase of the businesses of the bank and the number of customers from the bank. This shows our capacity for growth with quality. The strategy of focusing on the customer has been fundamental during this journey. We were strong. We've heard the analysis of complaints. We identified the opportunities in the continuous improvement of lawsuits, products and services. The result of these efforts is reflected in the reduction of complaints and the increase of the satisfaction of customers. Also we live in -- we had a decrease in complaints and an evolution in the ranking of an complaints from the Central Bank. We know that a good relationship with our customers, it's not just summarized to the evolution in our service. We have a responsibility to be by the side of the customer and support them in a macroeconomic context that is very challenging. This is a fundamental point when we work our positive impact agenda known as the ESG agenda in the market. In that sense, we have a commitment for the finance citizenship, which contemplates the initiatives for making credit conditions available that are differentiated to help our customers, reorganize their finances. We included the credit cycle in a sustainable way, customers that have gone through or went through -- are going through or went through finance difficulties and it contributes with the financial inclusion of new customers with the use of finance products is with credit thresholds that are adjusted. And we can avoid indebtedness and nonpayment. These are clear examples of ESG. And there are still other lines of work. And I would like to highlight 2 that are very relevant for you. The first one is that we launched last year the BRL 4 billion in credit lines to promote a sustainable economy and more inclusive. This value contemplates until 2025 initiatives in 3 main fronts. The credit concession for the positive impact sectors in the society itself. Operational structuring in the market with the ESG for our clients with green bonds, special bonds and sustainability-linked bonds. Amongst others, the ESG products were wholesale with the finance of electric, in hybrid cars, solar panels, microcredit and also credit for entrepreneurial women. Facing the urgency of the climate change, we also signed the commitment of the -- to get 0 carbon emissions by 2050 with the rate to the net zero banking alliance. We are carbon neutral for direct emission stores generated by our operations and by the energy that we consume. Strategy of the bank consists in reduce and remove the emissions of the greenhouse gases until we become carbon neutral also with the businesses that we do. And over the last days, we had another landmark in this journey. We launched a partnership with Enel for the provision of renewable energy for 2,000 branches of the bank. With this initiative, we will service 80% of our units which represent another step that is fundamentals to get to our objectives, which is our net 0 commitment. Also, I would like to say that our customers were doing a transition for an economy that is carbon neutral. We will allow -- we will get that with a collaborative and customized threshold or network, challenged with looking at each challenges of the customers and adapted to each of the cost of the clients' challenges. Our actions are structured to promote the reduction and removal of emissions. With that, we try to engage our customers so that they promote their own transitions. Also, all of these clients can access our products and services that are ESG. And with the purpose of supporting our customers to accelerate the development of new solutions we launched along with [indiscernible] the hub, that is exclusively dedicated to the ESG point. The objective is to highlight start-ups that are existing and also stimulate new initiatives. The focus is to provide disruptive solutions and scalable solutions that will transform the realities of the environmental, social governance issues in Brazil and also in Latin America. Also we are doing our role of influence to improve by lots of people whether if it's our collaborators, customers or society in general. Through affirmative actions, we address the challenges of diversity, the promotional litigation and the finance inclusion. The support to entrepreneurship and improving the investments of our institutes and foundations. We have invested thoroughly year-on-year in areas that we consider fundamental for the development of the country, such as education, mobility and health. We follow up on the construction of our bank, that is the future -- the bank of the future. with services products and that are more relevant for our customers and with the positive impact for society as a whole. We will always be side by side with all of our public customers, shareholders, investors, regulators and society as a whole, where we can continue and accelerate this journey of building Itau Unibanco over the next decades and as we say this is the done with you. Now I invite you to watch a video with a few ideas of our customers and what they expect of a bank now. Well, how these identities can help? How these entities can help us. I think that we have to be client-centric above all, because capabilities of the bank today are people. And obviously, the people have to be partners of the companies that they have to understand a moment, and they have to be long, short term partners and also helping the company to be agile. And all of these -- all of these companies they have to move together and I think that -- can be a good part of this, also working with pioneering companies in terms of ESG and bringing all that together, bringing everybody to the same page so that there isn't any more agendas that are different, but agendas that are very important for the Brazilian companies and that are on the forefront of ESG. It's very important that the finance institution understands the strategy and the moment of the company. Therefore, the finance institution, they cannot just be a simple product shelf that they're selling products. No, they have to bring a solution for the needs of the customer of the company itself. In ESG in that sense, we're bringing solutions that in a certain way, will allow us to help the company to demonstrate their initiatives in that field. For the bank, if they understand at the moment, they can help us to bring that solution and to demonstrate that in a very clear way. As an entrepreneur, the -- we have to talk about credit. Credit that will allow us to achieve our objectives and dreams, and to be in contact with the players that can be very interesting for the development of the business. And above all, the contact with the managers, so they understand our specific needs of our businesses, of start-up and will help us to find programs that make sense for our development. Hi everyone, it's very great satisfaction that I'm here in this edition of 2022 of Itau Day. And to talk to you about Itau Day. We've heard what our customers are waiting, expecting from the bank, and now I will have the opportunity to share what we have done and what we're planning to do to service and even overcome those expectations. And I'll start today with a point that I would like to show you with the Itau Day that I said to Itau Day last year. I said that Itau is still guided to develop an agenda of sustainable growth with a commitment to support in a relevant way and unique way, our 22,000 customers and all of their needs. Our ambition is still in the sense of consolidating and broadening more and more our position for leadership, amongst the wholesale banks. With a strong discipline and execution, we advanced very well in our last meeting, and it's with a lot of satisfaction that I share with you some of the results achieved in 2021. Itau grew their portfolio in 2021 22% to grow 28% this year. And this performance, which is combined with credit cost that is based on governance that's very solid made Itau get a record threshold in the contribution of the results of the bank for the first semester. We have efficiency indexes below 25% and a level of return on investment -- on capital investment, 28%. These are numbers that will get us in the first quarter, if we compare with the global players in the industry and even advancing a lot, you have a lot of things to do. And that motivates us to advance more and more in the exhibition of our strategic agenda. The first lever of our agenda is this customer satisfaction, where we are permanently trying to perfect our value proposition. The NPS, this is thermometer for the satisfaction to get to the historical threshold. 78 points that get us close to global excellence in any level of the business. And with listening actively to our customers, we see the journeys that are transactional. They have to be digital, simple and more efficient. Second initiative is the ambition to be the leader in the investment bank. In that sense we reached important goals, we have an expressive position in the fixed income, where we have a leadership in unprecedented levels. 30% in participation of origination a position that is 2x larger than the second place. We also advanced in the reformulation of our -- in our investments and research. We have a complete team with the natural presidents, and we also have a team that is dedicated to the institutional investors. And even with a consolidated and highlighted point, we have the opportunity. The acquisition of [indiscernible] that was announced in January that is still proving -- waiting for the approval of regulating bodies will strengthen us in the high-frequency activities. We are also paying attention to the tokenized assets market. We have done the first operations in receivable and tokens. This should grow exponentially over the next years, and we are prepared to be leaders in this activities. The third lever in our agenda is our mission to be the leaders in the agri business amongst the private bank. And here is the continuous advancement that is very strong. We have from 28 to 36 platforms, we subcontracted over 120 people. And now we have a team of 700 employees of dedicated 100% to agri business. Our agri business portfolio has had a growth of over 20% over the last years, accelerate even more. Today, is BRL 71 billion and growth with 50% growth over the last year. Our client base in agri business has got a growth of 270% in regards to 2020 specifically because we're focusing in the rural producers segment. We launched new products amongst the CDR in dollar. We created a trading company so we can service our customers, and we already did all throughout this company, 42 operations. That surpassed BRL 1 billion in business volume. And it is with our management company Itau Asset Management, we launched the biggest the industry with BRL 600 million is patrimony. Now over the last years, we are going to invest in this segment. We are going to modernize our platforms and create digital journey. We are going to continue to expand the customer base, and we are going to invest in a launch of new products. The fourth lever is our ambition in being a leader, a bank that is a leader in the middle market segment. In that segment, which we're growing at a rate that is over 20%. The times of [indiscernible] we will continue to evolve in the value proposition with the objective of getting to efficiency, the threshold that is a benchmark that is actually a global benchmark. In the tech niche, within the middle market, we doubled the team, we have 60 employees that are exclusively dedicated for the segment. With a value proposition that looks at the life cycle of the technology companies. And we hope that at the end of this year, we can double the revenue in the segment. Think about what we've done in 2020. The lever is working with the new companies of Brazil. This follow-up, the segment actually that we have a consolidated presence, we -- has also expressively evolving. Our portfolio has 2,000 biggest companies in Brazil, has reached BRL 280 billion in Brazil, growing 20% over the last 12 months. We got the efficiency levels of 17%, and we have the highlight position even comparing to the biggest global benchmarks. And we are reinvesting to reinforce the position in our strategic agenda of the clients. Now we can be the preferred partner and reference partner. In the level of payment methods, we are working in 2 fronts. The first 1 is the continuous evolution of the operation. The operation of cash management where we have optimization of leadership that has been brought. And just as a reference, in this year of 2022, we are projecting over BRL 13 trillion just in transactions of payments that our client -- that our customers will do through Itau. The second front in payments and the transformation of the general of this business, a modern platform, modular, flexible, so we can work as partners of our customers, and their own ecosystems, even with BaaS Bank-as-a-Service solutions. And even though sustainability has been present in the agenda of our conglomerates for many years, we actually organized ourselves to also support our customers in the ESG agenda. We want to be a partner that will support them in the transition for a low-carbon economy. We reached 56% of our commitment of investing for BRL 500 billion in the finance of positive impact sectors until the end of 2025. And even though this isn't a new thing in development, we have real position of leadership that is very highlighted in this area, 35% of the emissions of the ESG emissions done in the local market. In summary, even though we are leaders in the bank also, we want to bring -- to say every day, Itau Day don't stop because our customers do not stop their needs that will evolve every day. And we have to go with that. And now I give the floor to my friend, Andre Rodrigues and he will deepen in the journey of the small- and medium-sized companies.

Well, thank you. It's great to see these advances in Itau. So I am Andre Rodrigues. I work with these small companies in Itau Unibanco. And we have the needs of the businesses that are very important in relevance, in importance and profitability. The perspective of growth, the establishment of competitive and we have over 1.5 million customers, and we are broadening this space with a very relevant topline. And we are experiencing a growth that is very robust in the portfolio over the last 5 years, keeping a profitability that is very healthy. And still, we are transforming this operation to get a highlighted leadership. And over the last year, this business has been developing very consistently. And this can be demonstrated by the evolution of the credit portfolio and the co-leadership of the market being achieved. We started with a less favorable position last year. In particular -- and we have had evolution -- the fourth year of the growth of the portfolio is superior to 2 digits. Year-on-year on this historical -- on this historical series, an increase year-on-year of 37% and bottom line 100%. So we have the importance of the profitability adjusted of this. This has gone over 10 points over the last year and has had a very important high threshold. And the efficiency has evolved very significantly with great capillarity. And even in the last cycle, it's important. And facing our main competition, we have some important highlights. The NPL, which is 90 significant consistency in regards to the market. Even in regards to our reference in the pre pandemic, we have the cost of credit or portfolio. An important part of this explanation is the portfolio management with a proprietary technology that created sustainable pillars. And we have a mix of portfolio that is resilient in the perspective of the size of the customers and the mix of the ratings. And more and more relevant, these advances are possible because of the business model that really is focused on the customer. Our global NPS has increased with each cycle, and we have been able to increase a higher bar at 60 this year, and our margin trends are on the up. With our small and Indium size business, we've been able to be involved in a transformational project called Project Varejo 2030 as part of a strong growth perspective, and we expect continued cycle of expansion for the business, broad-based expansion for our select client customer base, and annual growth in the 2 digits of -- our EBIT in the 2 digits of up to 2025. We will be -- with these results, we think it's possible to be able to reformulate our business model and have a true north -- ambitious true north for all of our operational pillars for all of our structures. We are starting with a new segmentation for our customers which implies new ecosystem for our customer service with value proposals that are separate or different for each client. We going to be creating regional polls or regional centers to act together in local with our sales agents for credit and other products and loans. We expect 60% of our teams -- we are planning a 60% of our teams to be in these regional centers. We have over 225 business platforms, exclusive business partners with over 1.2 million area points of sale. We will have a complete review of these primary solution -- customer solution journeys for our different products and services. And this is how our customers are already recognizing our great progress in some of our primary transaction and product journeys. We've been paying special attention to the digital journey, and over 90% of operations with our customers are digital. In fact, half of our product -- consumption of our products are already on digital platforms. In fact, our focus on expansion and qualifying this offer -- this broad supply of solutions of products is what we're strong at. Our new business model will meet our customer needs, which have -- we've historically taken into account. And, of course, insurance. And of course, we've been focusing on portfolio management. We have a better perspective and will be integrated with the execution model. We're also creating an engagement machine where we're going to focus on the primary logic of increasing lifetime value of our customer fidelity. We have a sophisticated framework that's been focused on a number of different variables, including transactions, channel use, products and services, credit penetration, loan penetration and products and services. As Milton said, customer engaged services use more products and they have a higher churn, and they give us better results. In the world of small and medium businesses, we've been able to accelerate -- significantly accelerate customer engagement over 4 percentage points through full engagement with the -- or through integration with the engagement model, engagement machine and our execution model. The changed management agenda has also been one of our primary leverages for Varejo 2030, which includes adjustment of team profile, structural programming and training with -- that are individual -- with individualized assessment and training, specific program for leadership development. It's called the leader -- the developing leader. We have some innovative market elements. And in addition to this, we've been listening very closely to our customers, and we have decided to offer some solutions that are not strictly financial. We call them Beyond Banking. Just like we announced last year our partnership with Omie, we expect 2 more partnerships by the end of 2022 that will support customers with their e-commerce solutions and risk management. Our focus is on the quality of solutions, showing the best at -- choosing the best partners possible to solve the pain points our customers have expressed. And we're going to continue developing a full ecosystem of solutions for our customers. We're going to do this for our own -- for owners and for partners. We're going to be doing this with the recently launched, MyBusiness Itau platform, which will allow a very simple, friendly integrated experience for all of our customers with exclusive content -- exclusive and personalized content to meet each customer's needs. We know that competition is intense and they're very creative. And we know that leadership and our preference -- our customer preferences are something that we need to continue to work with every day. So we just established the atlas project for our small and medium businesses that will develop any parallel form of what we operate now, a business model that is primarily digital and disruptive for our strong small, medium-sized business base. We're also going to expansion leadership in our small and medium business. But we're going to do this ambition but we're going to be selective, sustainable. We don't want volatility in our profits and losses. We want a wonderful -- we want very good risk management. We want to operate with the profitability, we want to operate with efficiency and we want to be recognized by our clients as a benchmark in the market. I'd now like to invite Pedro Lorenzini to give us more details on operations, what we could expect in operations in Latin America for global markets and treasury.

Thank you, Andre, and hello, everyone. It's wonderful to be here. Thank you for talking about small and medium businesses. I'm Pedro Lorenzini. I'm in charge of Treasury Global Markets in Latin America. Let's talk a little bit about Latin America. We have been seeking sustainable and efficient growth in the markets in which we operate in Latin America. This increase our relevance and our market share, we're looking to expand credit and deposits and modernize the services through new products and new technologies. We are -- we understand that the importance of our economies and of our responsibility for developing these financial markets as well as capital markets, leadership and project participation. In Paraguay, we have reached 13.6% of credit market share, 16.8% deposit market share and nearly 50% of credit card market share. We've been focused heavily on retail, and we have been decisive in developing the national capital market by launching our broker, asset -- local asset manager. Uruguay, our base -- our customer base increased 9% in the last 12 months. We're now -- we now account for 16.8% of the market for loans, 14.6% of the deposit market and more than 30% of the market share for credit cards. We made some very strategic acquisitions and partnerships with [indiscernible], which is a digital wallet and digital credit. This allows us to focus on new types of customers and on new countries. In the world of corporate customers, we've been involved in a number of big local projects and our credit portfolio has increased 25% in the last 12 months by launching new products, derivatives and commodities. In Argentina, despite the economic adversities, we've been able to hold market share in credit and deposits. We've been able to get -- maintain our support, local support, local customers and administer risks properly by generating and -- generating cost contributions to the bank regionally with our offshore portfolio. Chile, we've been able to increase our capital share. We've been able to consolidate our commitment with the market and it's full of opportunities. We've increased our market share and our relevance in the local market, both in terms of retail and corporate. This has been through our value proposition -- our special value proposition, especially in digital with new solutions with proprietary solutions and partnerships like [indiscernible]. In Colombia, we've been able to grow with our -- by repositioning and expanding share in the corporate market, we've offered new and innovative solutions for our retail customers and improved internal revisions. And we look at global markets to be able to manage these major changes in global markets. And we've been able to minimize the inherent risks of doing business by creating and -- by creating value for the bank. Our focus on generating solutions and helping our customers efficiently manage the risks in their businesses. We are synchronized with the capital market, and this has allowed for innovation in structured solutions with the swap contingents, [indiscernible] contingent, helping our customers in their -- at their most important moments, accessing the market, whether it's -- whether they're issuing debt or fares or mergers and acquisitions. We've been able to rank in the solutions with our customer clients through derivatives market, where we post 60% of the market share in a number of risk factors, including interest, exchange, commodities and equities. We've been able to grow with our exchange rate. We've increased our leadership in the export and import market. Our digital solutions and solutions on a day-to-day have been incredibly relevant, incredibly important, and we've been able to really consolidate our customers. We've been able to increase our quick response and reduce cost increased competition. We've been able to expand our trading Itau Trader trading platform for corporate clients and offer and expand our base of what we offer to our customers. It does increase efficiency and competition. And in energy, we've also gained some space. We've been able to substantially increase our customers' results. And when we look at innovation and mission to expand -- significantly expanding market share, we also see these structured products, COEs, LIGs and derivatives we'll be able to launch in ESG -- gain ESG market and we're aligned with a positive impact agenda. We recently lost our digital assets unit, which is the strategic base of what we offer for digital assets like tokenizable-digit assets, and also currencies. In addition, we've been able to construct the digital asset using the technology and architecture from state-of-the-art technology and architecture that offers better safety and a better experience for our customers. That's the end of this panel right now. Before I call it my colleague, I'd like to share another video where we see some very important messages from our customers.

Transparency with a trusting relationship I think that is very important. I think this customization is very important. This relationship, whether you have it with your manager, whether it's digital, whatever it is, it's very important for me. And also lines of credit loans are really important. I don't have to go after I have to look for them elsewhere. I can go straight to the bank. It's very easy to ask for those ones is trust say, the services that are available are great. I have an individual bank account, checking account at Itau. I also have some investments, so I use their brokerage. I no longer go to the physical brick-and-mortar banks. I actually do it all online. I love my wealth manager, ideal. He gives me great ideas, tips and suggestions. And in fact, the brokerage side has gone -- has changed a bit, and it's made it so much easier to browse. With specialized suggestions, I can quickly choose what type of investment I want to make, and it's not so complicated. I'm a layperson, I don't really understand, but it gives me great ideas. And also, the other thing I feel it is -- it's very safe. I feel like it's a very safe site and it's a safe setting for me to invest.

Good morning. I'm Andre Sapoznik I'm head of payments, operations and individual customers. It is a pleasure to be with you once again on Itau and we'll have the opportunity to talk about changes in the -- from initiatives that were presented last year and some of our plans for the future. Back in 2021, we talked a lot about our growth agenda. We wanted to expand our customer base, and we need to expand the intensity with which the customers relate to us. There are a number of -- there are number of ways that we pursue growth at Itau. One of them is the ITI. And these are digital light and they work with some of the customers that we haven't traditionally worked with in the past. And these are extensively involving we recently launched my goals for financial planning. We've also launched services to receive sales and payments for small entrepreneurs through machines through links through pics which is like [indiscernible] and for the last few months we've allowed use age 14 and over can open a bank account which means we're using scalability of digital products to generate inclusion and financial guidance. Growth has only been possible because we heard from our customers, and we've changed our products. We've developed our products to best meet our customer needs. When you look at credit cards, we continue to offer a broad range of products to meet each type of customers. In 2022, operations grew significantly, both through new cards that we launched and through an increase in consumption or return to consumption that a number of our customers finally experienced, especially with the middle and high-income customers. The experience of using credit cards has changed dramatically, especially online. In fact, most of our customers can now receive digital bills. 90% of our customers receive digital bills. It's great for the customers, because it's safe. It's great for the bank because we saved BRL 1 billion, and it's great for the environment. That's 265,000 trees that were not cut down for paper. This tireless agenda, this tireless seeking improvement has translated into a 3-point satisfaction in our NPS score in the last 12 months. And it doesn't stop there. Our initiative iPhone Forever, allows customers to acquire and update their phones by paying in installments on their credit card. This ensures engagement and trust. And one of the great examples is that we were recognized as one of the -- as recognized as the eighth most innovative company in the world in the Fast Company Magazine. Innovation and customer centricity are also present in the solutions that we receive in -- a payment solution that we offer to our customers, especially in terms of e-commerce solutions. That's where we're growing the most. We are already the market leaders in e-commerce. And for the 12 months running, we've had the best transaction approval rate in the market. What does that mean? That means more sales for our customers or corporate customers and better purchasing experiences for consumers on the ground. Our commitment to better customer experience and constantly seeking the lowest unit costs are objectives that we pursue through 2 skills through 2 areas: technology as a competitive advantage and obsessive guidance, a set of focus on the use of analytic data and tools. Let me give you an example. Our digital customer service. In addition to the financial apps that we have, our customers have digital help that helps them solve 60% of their issues. It's through artificial intelligence. This digital brain for customer service has increased 286% over 2021. And it translates to a reduction in phone calls, voice channel in 35%. Obviously, technology is not always going to be enough. And for these specific cases, we have highly trained individuals working to help our customers solve their problems. In 2022, we invested 80,000 hours in training using the most modern options available for learning and gamification models. Financial services for individuals, I'm just going to talk about it broadly. Last year, we mentioned that we have one of the largest strategic review projects in our history, it's called Varejo 2030 or IRetail2030. At the time, we were just at the cusp of transformation, but now it's the road we trend. Since Brazilians have chosen this as their first choice for financial services. One of our priorities has been to embrace their 5 Digital strategy, which brings together the festive human customer service with digital convenience. We always respect, of course, customer choice. In terms of digital, evolution has been -- change has been significant, 90% of customer interaction with the bank now takes place over digital channels. 2/3 of our hiring is now -- now takes place online, 3x what we had 2 years ago. Human customer service, on the other hand, has changed by specialization according to customer type, so we can offer better service and better advice to our customers. This includes us to better structure that offers better financial data analysis and behavioral analysis. This has allowed us to double our sales team's productivity. We also have -- also 30% of our businesses are the O2O -- follow the O2O model online to offline, means they start digitally and they end with our managers. We also offer customer service through extended hours on chat, on WhatsApp, on e-mail and on telephones for a number of our customers. This broadens their access to managers, and it is more convenient for them. The results of this transformation have been phenomenal. Operating revenue for individuals has already increased to pre-pandemic levels by over 20%. New -- we had 42% new increase in -- and acquisition costs dropped -- customer acquisition cost was reduced by -- customers started online at 3 points and with customers with best credit ratings. Now we will focus on 6 areas of action. We continue to grow our customer base adjusting to the model to meet every single public units, and we make things as profitable as possible. And we try to understand our customer moments through the use of behavioral and financial data, trying to meet customer needs, and no longer focusing just on the product. Three, we maintain credit growth with customers who have great ratings. And we continue offering in addition to credit, other services like investments and insurance. We also look for 5 digital integrating and complementing human customer service -- digital customer service offering more convenience for the customer. Number five, we also continue with rigorous control of credit costs and administrative expenses. Number six, and no less important -- and no less important. We value our long-term relationship with our customers. We guarantee engagement through a customer service model that leverages mass customization and benefits the entire Itau ecosystem. I'd now like to hand it over to Zancani, who will talk a little bit about the products and services that we have been building together with our customers.

Thank you. I'm Alexandre Zancani and I'm here to give you an overview of our product agenda for individuals. It is a real pleasure to be here with you on today to talk about changes, initiatives and initiatives that we presented last year and to talk about our future commitment with you. I was really excited last year, and I talked about the growth of our credit business, especially guaranteed credit where we've seen a journey that includes modernization and growth above market rates. We looked for a portfolio mix that was a healthier in order to support future growth. And I'm quite happy to be here today and say that we did achieve this, been yet another year where we've had strong growth, 27% increase in guaranteed and -- the guaranteed credit portfolio. We've also had clean credit where we've been able to grow above 35% for personal and credit card loans. And that means with individuals, we've grown 30%, much higher than our main competition. We've outperformed them and with better control. We've had better leadership in the credit market. This growth is a reflection not of changes in terms of risk appetite, but stronger attractiveness and competitiveness. We offer more. Our success is based on our customer's success. And in order to guarantee that we deliver what is most important for our customers, we have organized our structure based on our customers' needs with end-to-end responsibility and high agility as our -- agility as our focus. We've been implementing this model in our integrated communities which is now coming to the end of a 2-year implementation program. We look for continuous improvement. And we offer exceptional experiences, efficient experiences with each one of our teams. Our ambition has been the best choice for our customers. In terms of real estate loans, we've seen a number of different important changes. Installments, 100% digital formalization, personalized consultancy, through WhatsApp, proposal tracking for applications and a number of incentives for our commercial partners or business partners. So we offer the best experience for those who sell and for those who buy. And you can see this by massive increases in our NPS numbers, both from our customers and our partners. When we look at consortiums, we also have an innovative positioning campaign. We're far ahead and we explain our product best. This is a combination of improvements in hiring and customer service, which has translated into a sales increase of over 50% in the last year, increased market share, increased revenue, and we've increased the bar in terms of rankings and complaints. We are also strong leaders in the private sector and in the social security sector. And now we're expanding our customer-centric vision, acting together in terms of payment slips and with the government agencies, which means that our portfolio has doubled. And we've also been able to launch products with anticipation of social security payments. It's 100% digital. We are transforming the experience on the store and for our customers, again, do the -- get finance through the app. And with that, the visibility in the market has increased 20 percentage points. And last but not least, it's very gratifying to see the evolution of our business of insurance, where the change in strategy that started in 2021 has brought very important results. I mean the growth of sales of 56% in the year and market share gains of over 10%. And that generates the portfolio of revenues. Our future is actually with a low use of capital, that we are just starting to observe in the P&L. And that result is the. It's a review of the commercial method and the review of the journey of the customer. From sales to customer service, guaranteeing that we protect their needs are serviced in the best way possible, but the best way and the best solution. Now I'd like to talk about credit and recovery. These are the ones that we have invested the most with a lot of effort in hiring talent, training of teams and renovation of platforms. Our mission goes beyond offering financial solutions. We believe that we should resignify credit as a path for prosperity. Making dreams viable and building a relationship of trust for all times. We are doing that through a broad use of data, and a redesign -- complete redesign of journeys. So we can have the customer at the core of their financial decisions in all of the stages of their life cycle. From the subcontracting and of first credit, the financial organization, the preventive management, the rebalancing of the payment capacity, and the restructuring of debt. And to make this change viable, we get in the second year of the building of our single credit platform that has revolutionized our capacity to get to know and understand our customers. Facilitating and making the credit decision more precise and also how we guide the investment of the credit. In the building of credit, we have invested in gamification with -- of limits and the concept of SILDS done with you, where our role doesn't end at the approval or not of an approval. And yes, it ends at the financial guidance for the customer to achieve their objectives. In preventive management, we reformatted our journeys to simplify the grouping of all the debts of the customers, giving more transparency in the process of the reestablishment of thresholds. Now 80% of our restructuring of debt transaction is done through modernized channels. Our digital channels for the solutions and written negotiations have over 3 million accesses, with the highlight of the use of WhatsApp that over the last 3 months has grown 30%. We continue to be in a constant evolution to offer a complex -- complete flexible, transparent journey for our customers. And this profound transformation in facing the credit has just started. I highlight at the end, the obsession of our teams by our customers -- for our customers because we know that only in this way, we will become their first choice, and we will get to the results that are sustainable that we just mentioned. Now I'd like to give the floor to Constantini, so we can talk about our investments and asset management agenda for our customers.

Hi, I'm Carlos Constantini, I'm responsible for the resource management and investments here at Itau Unibanco. We continue to build the best journey of investments for everyone offering a value proposition that is simple and objective. So for those that are very important for our customers. We believe in the value of a complete ecosystem of investments. We have advanced very well in that direction, always listening to our customers. By working with a complete journey of investments, we can increase the engagement, the profitability and expand the base of investors. More than that, the complete servicing of the needs of the customers is important because it produces satisfied customers. As I told you in our last meeting, we will define structure of distribution above all, with the launch of the Ion specialist. We expanded the presence with the asset management gaining markets, specifically with the credit products side absolute return. We launched the communication front with the creation and activation of the ecosystem of content and financial education, expanding our production beyond the proprietary channels such as the intelligence [indiscernible] platform, which is the one that we want to be largest ones' in Brazil. We also involved in solutions, improving the digital experience with the existing channels, developing the Ion app, modernizing our broker and increasing the offerings of products that are owner and subcontracted parties. We work with institutional investors, managers, issuers and all the ecosystem of origination of the market to assure the best opportunities for investments. We announced 2 strategic M&As, very important that are still waiting for the regulatory approval. The [indiscernible], which accelerates our modernization that positions us in the investments as a service market, an avenue, which was the precursor of international investments, investors -- international investments for wholesale customers and will be integrated very shortly. The value for each of these initiatives are highlighted in our ecosystem. They are allowed to attract, engage, satisfy and make our customer base more profitable. And we will integrate each of these pieces in our ecosystems more and more, and we will start going to the blue ocean, trying to find clients, investors, where we still do not have any relationship. But I want to show you how we evolved in the -- since the last meeting. We implemented with a lot of success it's a new model for service, which we have 500,000 satisfied customers with regionalized service with 2,500 Ion specialists and all in the support of the relationship managers from Itau Unibanco and also the investment platform of WMS, hearing our customers, we have spending through new products making it simple -- more simple and democratic investment with tickets that even started at BRL 1. Just this year, we have 210 new products offered in our platforms, and this number should be accelerated over the next months. With this transparent and a pricing that is adequate, we gained market share in different products that are more sophisticated such as funds and structured invoices. And all of that came at substantial moment for the satisfaction of our customers, a growth of 11 points on NPS and a global NPS of investment over the last year, and we want to reach the excellence zone by 2025. We also innovated by bringing functionalities with the super app of the bank. We improved the portfolio with the graphic visualization that impacted 50 million customers. We continue to develop the Ion app dedicated investment offering, the experience is specialized, for example, integrating the broker and the aggregator of investments and also the differentiated content in the personalized communication for the investor public. Just to show you the level of interest in this Ion app, we had over 1 million downloads. And a great deal of the exclusive functionalities above all, those that help in the decision-making process for the portfolio, and that wasn't even launched yet. Briefly, this Apple app will be available for the customers that are not in our bank even. We have done the modernization of the broker. We started with a simple focused just on shares. And now we have a complete and intuitive platform, and we have big news coming up ahead. We also heard the customers of the private bank, the segment of where we are still absolute leaders and we grow above market. We added new services. We adjusted the models for customers which we try to find more regionalization. We -- the customized offerings in financial health. We integrated in operations in Brazil and a broad investment modernization and experience that is digital. We continue to grow -- hope to grow in above market, specifically because we are international position. In Itau Asset Management, the biggest manager of private assets in Brazil, we have -- we consolidated our participation in the market that is absolute where the implementation of the multi-mics project that had crossed the incredible BRL 100 billion threshold, BRL 100 billion in assets and with an investment of BRL 36 billion just as last year, or 6.5x what we generated over the last 4 years. This has generated great results for our customers and consolidated our leadership in the funds category. We have to highlight that our position in credit funds traditional and structured that has brought to the customers great opportunities in the higher interest rate environment and also a complete portfolio for the allocation of products, liabilities, themes, ETFs, traditional. Itau Asset Management is also pioneer in the integration of ESG in the Brazilian market with the coverage of over 99% of the assets that are applicable under the management that are based with the ESG criteria. Since our portfolio is all based in open architecture, we do not forgo the partnerships with the Brazilian international managers, where we are also by pioneers and follow. We continue to be leaders in the distribution of the main funds of the market. The investment -- the investment market in Brazil should be still bubbling up with information knowledge, transparency that will be fundamental for the best decision making process for the investors. Therefore, we are growing. And we should briefly add another ecosystem for it with our education platform, still in the entity phase, with a human next special close -- specialized customer service, digital intuitive experiences, personalized solutions, education, knowledge, connected to the benefits of being clients of Itau, we are certain that we are going to deliver the best value proposition for the customers. That's why were going to be on the 22% market share. Nowadays in the investment market, consolidating more and more leadership. Not all the models that are existing in this current model, they seem to be sustainable in the transparency and the pricing that is more fair. We see opportunity for consolidation and growth over the last years -- over the next year, sorry. With this new message for the base of customers and investors. I would like to close my presentation. Thank you very much. But before we call the last panel, I would like to bring once again a few messages from our customers.

The relationship that I have with the bank, it has been established in 3 principles that I think are key for those that work with the finance market for over the last 20 years, operating. It's trust. It's summarizing credibility and results. We try to find in the bank, above all, we want a relationship of respect. You trust and credibility in that bank. We always try to find agility in the service that is cordial. And that is basically personal. That is a relationship of trust above all. We try always to get -- be a complete bank. A bank that offers insurance, that offers credit cards, that offers all the areas of investment, and then all of that. All of that, we need them in the day to day. As a health care professional for example, I need customer service that really help us with the investments. And that respects my profile for -- as an investor, and that is better for the customer. And that is not just good for the bank. I've been hacked before and well, they used my card as if I had purchased something to the detected that and with the warning, we have a small insurance with the credit card and everything -- they still help me a lot.

Hello, I'm Alexsandro Broedel. I am the Director of Finance for Itau. I would like to thank your presence here for another Itau Day. This is a very important event for the bank in regards -- with a relationship with our investors. Now I would like to talk to you about the 2 roles amongst others, the finance area of Itau Unibanco has. The first one is regarding transparency and quality of our information. Here at Itau Unibanco, we have the fundamental pillar, establishing a process of communication with the market, that besides being transparent, it has to be also efficient. We always try to bring to you the information that are important, not only financial data, but also information that is not financial, such as the ESG indicators. Now we adopted here the one report concept, integrating in a single report, all those views in a very cohesive way with a simple language and modern language. I suggest, I would like to highlight that the bank has received several recognitions from the market in regards to the way that we commit. These are awards related to the quality of our earnings, our public meetings and even in the respect of the quality of our team. We are very proud by the recognition. And we are certain that we are on the right path. The second role, not less important is our efficiency program. In that sense, it's important to highlight that it's not just an agenda of the cutting costs. No, we, above all, have the objective of being a more agile bank always trying to find opportunities for more efficiency, that is operational efficiency and optimizing the relationship between our revenues and expenses. And why do we do that? Because to improve profitability, certainly not, we do that because a more efficient bank allows us to be not only more competitive with our commercial offerings. Also, it makes -- will allow us to create new products and services. We have 1,000 initiatives in implementation, and this is a review simplification optimization of processes, activities, analytics in the bank among the others. The results are pre-realized, once we have the core costs below inflation. We grow our revenues, and this allowed us to get best efficiency levels in our history. And certainly, we are amongst the best Brazilian systems and one of the best banks for our size. And this is not an agenda for cutting costs. We try to find investments -- opportunity for investments. And with that, our expenses has grown because of the biggest investments in technology and new business which are also the big -- the things that allow us to continue with this agenda and allows us for better customer service. This is in a consequence that best -- for our business. This is a project that doesn't have an end. This is a continuous program. So we will continue to intensify our efforts to assure that we will always have the best structure to improve on our commercial agenda. In that sense, we will use our experience with more efficient management and providing services that will provide better gains for our customers, transforming areas or centers of cost and now there are going to be centers of results. This is a spoiler and certainly, we will increase on the -- we will talk about this. Two -- well, we will continue to try and improve our -- more transparency and more quality for our communication with a highlight with the ESG agenda. So we're seeing the main recommendations that are done for the market. We are going to try and be more efficient and we're always going to try and find new internal opportunities. As we implement our technology investments, they may -- they allow us to have more avenues to be a more efficient bank. With that, our focus is to be we're more a strategic partner of the commercial areas. That's why I will give the floor to Matias, and he will talk about the vision on risks.

Well, thank you. I am Matias Granata, I am responsible for the area of risks of the bank. Historically, our management and appetite for risk has been fundamental pillars to assure the sustainability of the performance all through time, and it will give us the clarity and direction necessary to go through uncertainty period in 2022. It's not different. We manage to grow the bank and we delivered consistent results in a high volatility market and the normalization of the delays in credit. We reduced materially the volatility of our capital and reduced -- and we regained the standard decline for appetite and risk in this year. So the main message here is that the risk area is also fundamental for the experience of our customers. As we talked about last year, focusing on the customer demands and new ways of creating and governing products, developing and operating platforms, while seeding credit and insurance privacy. And last but not least, establishing a focus that is absolute in the digital journey of our customers. That has -- and working with the decrease of Bureau credit -- bureaucracy in the government of Bank by creating more robust processes and more agile processes. The integral review of our governance of products has generated the space and the conditions to test new solutions and new products with safety and speed, fundamental characteristics of a company that is going to innovate with these customers. This provided us with autonomy for experimentation and allowed us to learn and discover the utility that our customers need. We are closer to the business areas, the proximity that has been highlighted by the new ways of working with agile and active structures within the communities. That's how we understand the customer. The example that is the continuous improvement of our credit risk models by the use of data, analytics and artificial intelligence, because it allows us to be more assertive in our offerings and indicating the best products to service the needs of different customers. And this is clear when we observe bank performance, which has grown in terms of our credit portfolio without undermining the quality of our assets by offering extremely predictable behavior, despite the large volatility -- macroeconomic volatility. So 5 million credit analysis through month that we carry out with support from over 1,000 customized models. With the increase of customer engagement, we've been able to use digital channels, and we've seen an increased journey and the risk journey, which has allowed us to -- despite the challenge to increase our safety of our digital settings without undermining our relationship despite the fact that everything is a lot more complex. We've been able to simplify these interactions with our customers, at the same time, we've been able to increase our safety. This has translated into more agile customer onboarding, and we are still -- yes, we still -- yes, we still are focused on safety. And so we've been able to see the following. We're able to guide 1 million clients per month to our ATMs in order to use digital channels. And in fact, last month, we were able -- we launched the WhatsApp channel to talk online in real time with our customers about possibly fraudulent transactions. The center of all of our safety decisions continue to focus and -- focus on the customer first. This is not just an investment in our processes and systems, we are heading a very important market movement. We bring information to make everyone more aware of concrete elements that can help protect them from fraud. 70% of fraud happens through social engineering where people are led to this fraudulent activity. So in August, we launched a mass campaign, which has never been seen in the Brazilian market to talk openly about safety. In our sustainability agenda, we are constantly seeking to manage risks and social environment opportunities of our business. With the credit portfolio, we understand the importance of climate changes for the world and for our business, and we have developed a measure to measure this portfolio sensitivity to climate risk, and we are working to decarbonize our portfolio. We are committed to net 0 emissions by 2050. And as you can see, we're excited about what we've been able to build here at the bank. And it's just the beginning. I'd like to hand it back over to Milton. I hope to see you soon at future market events.

Thank you, Matias. And I'd like to thank my friends here on the executive committees for these wonderful contribution. This is a wonderful -- a wonderful day. We presented, as you could see, we advanced on what we presented last year, but we know that we still have a lot of challenges ahead. We're all aligned from the Board all the way down to our managers and everybody else. I'd like to call on that very shortly for questions and answers. We're going to take a very quick break for water, just a quick break, and we'll come back for our question and answers. [Break]

Before we go on to questions and answers, that's our favorite part of the day, yes, a lot really great day with lots of content. Everybody here, Pedro, Roberto, everybody was here, really, really excited. How has this morning's chat been? Been wonderful. It's great to be here with you all. We were here last year. Enjoying this kind of new format for Itau Day. It's important to tell stories. And what's important is not just telling the stories, but being able to execute them. And that's what we did. We were able to deliver on what we promised. And so that was really -- that is a really wonderful feeling. We've been able to show how much we progress and advance every single day. So before we jump into questions and answers, I have a few comments that I think are really important. One, we've got a huge audience, over 20,000 people connected right now. And this makes -- this makes us so [Audio Gap] but it also means we need to be responsible, even more responsible. I want to thank all of you for taking some time out of your day to be with us to listen to what we have to say. It is such an opportunity to be here with you. And this is part of our ESG governance and transparency agenda. It is really important to be here with you. But I really, really want to point out a really special thank you. We have over 20,000 people connected. We have a number of employees, bank employees also watching. So I want to say everything we say here, everything we say here is a representation of you. We represent you. These are things that we've been able to deliver because of you and your excellence. So one thing all of you are Itau employees for all of your hard work. And for those of you watching and especially our customers, special thank you to you. Thank you for trusting us. Thank you for believing in us. Thank you for trusting your resources to us. Thank you for talking to us. We love our relationship with you, and we feel very responsible to you for this trust. So this is a digital event. You have no idea how much energy we're feeling here on the stage, but it's contagious for the executives here, for the partners here, we're all really excited. It's such a great moment. The energy is -- really energy levels are really high. It's very hard for you to see that. And this is really what moves us. And this is something that we can't stop. This is what has made us go for 98 years, improving, growing every single year. This is really part of our DNA. Now we've got an extra chair here. This is an event for everybody. So I'd like to invite some of the executives up for these questions and answers to answer some of the questions to help me and answer some of the questions that have popped up, there are lots of questions. We've seen -- the questions pop up all morning long.

And if we don't have a chance all of them -- an IR team will answer later. I would just like to remind you that if you have questions please send us through WhatsApp message, click on a button online platform either on YouTube, I think there is a QR you can scan that CR and we're still taking questions, and again if we can answer we will answer then the event. Just like last year before I jumped it questions and questions, I'd like Nancy Souza who has a quick message, you'll see a quick message. I'd like to thank you all and the entire team. First question for you Louis. Here's a question we see a lot of. How do you see competition from the fintechs and other banks? Great question. Thank you so much. Thank you for the recognition. Thank you for understanding. You've been here for 27 years. It's such an honor to have you with us. It's so great. I think we've been focused on the customer. That's what we're focusing on. We're customer-centric. We're looking at the customer, and that is going to truly establish what -- whether we are competent or not. We talk a lot about engagement, and it's our customer that really pushes us. We're looking at digital transformation. We're obsessed with our customers. We talk about this new culture. It's all customer centric. With our customers, we wouldn't be able to deliver what we promised on, but we've seen better competition this year than what we've seen in last year. And the reason is because we're -- we saw excess of liquidity. We saw low interest rates throughout the world. And this meant that a number of fintechs and start-ups came about in the past 3 years. But in terms of growing bases, we been very competition. We've done a great job with customer service, and they've done that. But what we've seen is that over time is that these business models aren't always sustainable. We've seen a natural adjustment to more healthy competition and kind of a settling down compared to other periods. Our customer focus is digital transformation, cultural transformation. For us have been the levers that allow the bank to continue to deliver high-quality products. Now keep in mind, that we are a full bank. We work with individuals all the way up to the largest corporations in the company. We work from the simplest to the most sophisticated products in private banking. We offer basic products. We offer pay flow all the way up to massive bank operations. So we have a full bank -- what we call a full bank, and what we've learned over the exist manage complexity. We understand the customer, we deliver the best product and the best offers for that price. Our portfolio is vast. It's complete. Now we see that these other -- the competition is offering more -- has more offers, increasingly more, and they're offering more products, but we're looking at the quality of the products that we offer, and that's what we've been doing every single day. We've got more products and better products for the time being. We look at what we're doing, what others are doing well in the market. We learn from them. We may incorporate that. And we look at what we're doing best, and we evolve and improve. But we do see a natural convergence to a healthy competition in terms of balance, in terms of returns, in terms of business models. We see this focus on sustainable models, push for systems. At the same time, we've been involved in this transformation so that we're as agile and as competitive as the others. So I believe we're headed in the right direction. And the numbers that we saw today are proof of that. Everyone talked very -- talked wonderfully about what we've been delivering. And so wondering, there's still great opportunity. We're quite happy with what we've been able to do with where we are, and we're very excited about what we expect in the future. And competition is good. It's good for the bank. It's good for the system and the ones who benefit at the end are the customers.

Thank you so much, Lucy. Thank you, Milton. I think that's great for our first question. Technology, we talked a lot about technology innovation, technological innovation. So Milton, first question from our audience is the following. What does Itau think about metaverse, blockchain and the other technological innovations that are now available?

I actually like to call up Ricardo Guerra, our CIO, to talk about this. I think he can help us here with the answer.

Thank you so much. All right. Thank you so much for the question. When we look at the metaverse, we see the following. We're talking about a new technology. We're talking about a new world, and we have to find the opportunities. At Itau Unibanco, we've tested a number of different fronts. One is the institutional front that we use that for experimenting, to sell products, to show our brand within these settings. We have a few of specific platforms in the metaverse for our products. We've also worked with gamers. We're also getting closer to gamers, gamers banks. And this is a -- we offer a great platform where we're exploring different solutions. And finally, we're starting to think about financial products. We don't -- we haven't launched anything, but we have been doing studies, carrying out studies where we've been thinking about financial products that adjust to the metaverse like assets, in crypto, et cetera. All of this is still in the experimental phase. Moving on to blockchain. This is a very consolidated distributed [ laser ] platform. And what supports this -- you can support this system with a number of different platforms. There are a number of different products that are based on this product, and they're focused on this product, and they've developed because of these metaverse. But much more than A, B or C technology, the way we think about technology is important. How can technology generate value for customers? How can technology truly help create new products that will be better for our customers so that they get better results and we have better results? It's not just new technology, but it's the way we build our technology. If we have modular technology that's agile, it allow us to not just build products faster, but again, we recognize new products, but also deliver value and create something faster. We can innovate more. We can correct course faster. And again, you're meeting customer needs every single time you do this, especially when it comes to speed. When you look at how companies are changing, we can connect faster through an expansion of this value chain. With these partnerships, and you see this through our partnerships. This adds more value to our customers because we could offer products that these customers have and that our partners have that we don't used to have. And this is an example of better technology where you connect to these companies where you offer more value to these customers by offering a larger portfolio of solutions. Here we have an example. We have launched a metaverse product. We have funds with ETFs or ETF funds with companies in the metaverse. We've got this CIOs that we can bring to investors, assets associated or linked to companies, linked -- companies in the metaverse. There is another important front. We've talked about blockchain and crypto assets. This is a technology that's here to stay. Again, it's not technology for technology's sake, but applying technology. And what's the role of technology and how we can improve this customer experience and how we exchange information. That's what we've been focusing on. We have a digital asset department that uses a bunch of these technologies for a consistently more advanced -- more tokenized world. We have these intangibles and we have the assets, and all of these are efficiently traded, and we can do this. We can distribute this to an audience, so public doesn't normally have access to this. So we truly believe that tokenization is already happening is going to happen. We've been involved in this. In fact, I talked about this in our most recent investors call, I talked about credit operations, loan operations. We're very excited about this. And I believe that we're going to -- and I see that as we get more comfortable with this, we're going to scale this up for more of our customers. This is not just something that's passing. It's not just what's popular right now. We've learned a lot, and we're going to be able to apply these technologies be able -- we're going to be able to innovate and bring these more efficiently to our customers so that they grow as well.

There are many things happening all at once. And as we say, the technologies have not end. Well, thank you once again. It's a great pleasure to be here. Can we go to the next one? Okay. Next question is about Latin America. So Milton, how do you see Itau, its expression in Latin America, given the macro economic of the interest rates of the region.

Well, to answer this question, I'd like to subdivide 2 elements. First, we have an operation that is very relevant in the region, Uruguay, Paraguay, Argentina, Chile, these are banks that you have a big wholesale treasury. And well, all the operations. And our work, our focus has been to consolidate the operations of the countries that we're already present. These are incredible results. We are creating value for the shareholders. Chile and Colombia, I had the opportunity of spending 3 years there to help in the foundation of the structure of the integration of the bank itself. And we see today very strong results, important returns on investments. So we are very satisfied with the revolution of the region. The results are appearing in Itau Chile. This is the way that we are going to refer to the operation in telecom in Peru. And this is a very core issue is that there are some asymmetries that do not allow for any Brazilian operation to be international. Well, from the creation of value for the shareholders, I'm being a bit technical, but there are some tax asymmetries. We pay taxes in Brazil. When we bring the money to Brazil, the interest rate is higher. I have to get the -- I have to pay taxes here, and we have the capital effect. We work with the capital effect, so we can grow the bank. We can create credit the operational risks and expanding the market, the capital allocation in the -- in Brazil gets strong pressure in the level of return that we need to have in these countries to generate value for the shareholders. We tied, let's just say, in those countries, but the operation generated very good results. It was positive for the bank. It wasn't -- it didn't create value, but it didn't consume any value. So it was tied down. So that's the challenge with internationalization. Of course, we are satisfied. We have the clear -- well, we have to clear [ I mean, in the sense ] we have to define the best capital allocation. To grow Chile outside of Brazil beyond what we have, it's not simple. And as we commented, there are some investments. And you're right, there are some companies that are improving our investments, and we have to continue to invest where we have a relevant client base, customer base.

Well, it's not a merit. It's not a 100-meter dash, it's a marathon. Well, the new models of work, as Guerra has said, you have technology. But if we do not follow up and use the technology in the best way possible, it's not going to work. So we're going to talk about that. You can give us more detail about our new model of work. And what are the improvements that we need to have in regards to this theme? Home office was important for the bank. Excellent. Excellent question.

Well, I have to invite Sergio. Sergio, if you can join us. Actually, I would separate Sergio. I will give the floor to you if you can tell us a little bit more about the news and also tell us about home office and the hybrid flexible model, how we are dealing with the models. One of the results that we have obtained in this new normal. Welcome, Sergio.

Thank you. Thank you. Let's talk about -- sorry, talking about the communities. We have advanced in this model of work in a more agile work. We want to achieve to -- we want to reach 20,000 people. We have 15,000, 16,000 now. It has worked very well. We are working with that model. We are very, very satisfied. The deliverables are more quicker, more agile. And that has reflected in the NPS of our customers that we measure frequently. When we talk about home office, the flexible work, we learned a lot over the last 2 years, 2 and some years, while we are working remotely and we learned a lot. And we already exercised the new culture, we don't know everything. We use data to do the decision-making process. What have we observed? Well, first, there is a big advancement in the productivity of our employees. Secondly, the more efficient and less cost in operations. It's a model. It's a model that we have to also measure the employee NPS. And we are running at 83%, let's just say. So it's the highest employee NPS. So when we look at employees that are more engaged with productivity that is higher, with a cost that is lower, we're very excited about this model. What is this model that we have implemented? We have 3 ways of organizing. First, flexible. Absolutely flexible, where people can decide if they want to work from home, if they want to work from the office, depending on the need, depending on the type of work that has to be done on a day. Secondly, hybrid work, where we have a flexible work with some rules. For example, you have to go to the office twice weekly or in the morning because there is a need, a specific need. Thirdly, 100% outside. So how is that distributed? About 70% of the people are in the flexible, 26%, 27% have flexible with some rule; 2%, 3% on site. And we're very satisfied with that -- with those results because besides all that -- that I mentioned, when we look at the 2 big indicators, final indicators, which is the NPS of the customers and the results of the bank that we delivered in the last quarter, it's exceptional with a quality that is exceptional. And when we look at that side of data, we are very excited to keep this model. Just to finish, when we think about the culture, organizational culture here, how does the organization -- how does the culture react to a more flexible remote model? We're in the middle of a cultural transformation that we've realized that we measured, that is a great success. It allows us to work with the organizational culture with a more flexible model. So when we look at this set of data, we're very excited. We're excited with these 3 models, and we should improve the way of working.

So Sergio, I agree. This is something that I realize, which is the differential of our model, which is the capacity to attract talent. It was very strong. We always had the capacity of attracting, but it's impressive how the new generations they're looking at us and they want to come here because it's a more model, mature model. We understand a ease for example, you get the branches, the outside never stopped, well, we have the pure -- we have -- we are at the front line. So when we need on-site, we're operating the commercial customers, corporate. The customers, they want on-site meetings. And it's not just on site all the time. What we find is the maturity level for the organization, for the people and the level of autonomy and trust that we need to choose to have a meeting, which is on site or not. With our dynamics here, part of them is outside partners, remote, and it has worked. It's worked very well for some dynamics, remote has done very well. So this is a learning that we have with the stakeholders. It's a dedicated area, which is the future of work. And the future is what we're living today. And this area has given us support, which is productivity results, culture, engagement of the employees and the NPS today Sergio was commenting. If you do a comparison, any benchmark, you will see that we are in the first quartile, the first 25%. So 100,000 collaborators. We have a critical mass and statistics. We were -- we noticed that 40,000 people here of the NPS, the results are very good. We are very excited. And we're feeling the excitement day-to-day. Dedication, productivity, exactly. And the last important information about attracting talent. For example, we start with technology. Recruiting -- we start recruiting people from outside of Sao Paulo. More than 1,000 people were hired in that way. So we opened a universe of possibilities for us, other geographies, other cities and the capacity to attract talent and retain talent. So the NPS is a reflection of that. Thank you very much.

Thank you, Sergio. Thank you for the question. For the next question, I think that we already mentioned it when we talked about technology and people. But if you want to go over it, how can we be more agile to compete with the current platforms?

It would be the fintechs. Well, I'm going to answer this one. I think that the main answer here. I think the -- it's when we talk about the cultural transformation. If we have to define 1 word, it's speed without foregoing what defines us. We are a financial institution regulated with our risk management that is key. It's part of our culture. And the changes that we've done at the Board of Directors, the way that we are dealing with this transformation with the committee of all the partners in the bank. It has agility and speed that is great NOI because autonomy, responsibility focused on the customer, capacity for the decision-making process without letting go of the controls -- [ for variety ] controls. So it's less commands and more control. So we follow up. We evaluate our data. We have an enormous amount of data here for the results. But I realize that there is a speed. There is a speed either by the reduction of hierarchy and the elimination of a layer here or by the new method of work that we've brought, Guerra was talking about the communities, what we're meaning is speed. So we have a group of people that are making decisions in the day to day with a modern platform. And they are bringing -- they're giving deliveries for the customers. Day-to-day, this is important. And this is the journey that we have invested. So being leaders of the teams and directing them, being on the end with the capacity to solve the problems and instruct our customers above all. So we are in a different rhythm, different speed. We are more -- we already mentioned that, and we are very excited with this evolution.

Okay. Thank you. Well, the next question is something. Unless -- it doesn't make me very happy, but we have to talk about this. Frauds and we have seen an increase in the, for example, frauds and people getting their cellphones being stolen. So how does iPhone -- how does -- sorry, how does Itau -- how can Itau help with that?

Well, really, we are at a very specific moment. We have a very strong campaign from Itau. But to talk about this, I would like to bring Matias Granata, and he is the CRO. He works with risk, and he has lived this with the day to day fraud and the increase in the phones getting stolen, I mean.

Well, thank you, thank you for the question. Matias, well, this is a very central issue and I think it's fundamental. I'm very happy with this question, and it's very relevant something that we need to approach. With the higher adoption of the digital channels by our customers, we understand that this is exponential. A great deal of the customers are more than 100% digital. So the focus of the bank has been on how can we create an environment that is easier for the customers to operate. And the biggest challenge to do that is how can we provide this environment without impacting the journey of the customer, without impacting their experience. In the past, we had -- we told the customers to go to the branch, to the transaction. This is not acceptable nowadays. The customer wants to solve a relevant part of their financial life digitally, and we have to provide that safety for our customers. We always have the best technology available, the best tools today, for example. We have a facial biometrics, and then we're going to have facial biometrics for the transactional part as well. And this makes the environment safer so they can operate -- the customer can operate better. Nonetheless, and more and more, we realize that we have to make an internal effort, but that's not enough. We have the obligation of helping our customers by providing content, making them aware about the market practices that might lead to a fraud, for example. Or what they should do when their phone gets stolen. Well, 70% of the frauds that happened on the digital channels are products of social engineering. Is the fraudster convincing the customer to provide information that allows for the fraud. And I would like to go in the background, we have a campaign, actually. I remember 2, 3, 4 months ago, we started to discuss here that Itau had the responsibility of being a leader, a leader to the market and talking openly about safety, about the situation that we're living because we need to engage our customers to fight this. And we wanted to see if we're going to create -- well, we don't want to frighten our customers, but we have to talk to them. And the more we talk, the greater the capacity to -- along with the customer, we can defend ourselves. And that's why we have the campaign that together, we protect -- doubly protect ourselves. And we've seen a great response from the industry, from the customers, and we believe that the customers will be ever more engaged. But we never forgot to be leaders, to be leaders in something that is relevant for the customers, for Brazil and for our industry as a whole. And I am very happy with the campaign. And this is a continuous effort. It doesn't end tomorrow. It's a continuous effort, and we're going to be together.

Well, thank you, Matias. Really, we are very proud of the campaign that we've done. We are not in a campaign to sell products, we are, in fact, here to protect our customer. Regardless of what happened, I mean this is a campaign that is agnostic. This is in the best interest of the customer. And we are defending also the product and the bank. And this is our role and has had great repercussion and this is -- well, we have the role of monitoring and creating the correct way, simplifying the processes, being as digital as possible. So the customers you are here watching, we are conscientious. And we have to be -- when you lose your cellphone, you're losing the chip, you have different frauds of different models, the WhatsApp fraud, somebody from the family asking for resources, the bank answering, then they -- we always ask double check the data. See if the telephone is not the same. You have to be careful. And there is a third element, which is the regulatory body itself that is paying attention. And here, the concern of the system is with the opening of the accounts opening so that it's done in the best way possible. So that the processes assure that the person that is opening the bank account is the person itself. And the system captures the information in the best way possible. There is a series of improvements in the -- in this. And the regulator body has helped with the creation of rules and also with a follow up of the system and the improvement. So this is -- we have to fight against our common enemy. Of grade, I lived through this, and I can see that regulatory bodies are ever more involved. And it's a responsibility of everyone to support the customer. And I am very proud here to be here in the bank. And we have the community of safety that goes beyond safety. All the models, when we're thinking about a new product to engage with the customer, we are always thinking about safety. Because if safety is not there, the customer will not use freely the -- our products, and we're not going to service their needs. So we're very engaged with the bank, and we are super happy with the results. And you -- we work directly with the regulator, and this is in our agenda.

Well, wonderful, Matias. Thank you.

Wonderful. Thank you so much for this question. Thank you so much. We have a lot of questions on the same topic here. So we kind of bunched them altogether. The associative agenda, they're all about the associative agenda. We've seen a lot of very important operations, avenue, ideal, et cetera. So what's the strategy on this front? Are these partnership acquisitions going to continue at pace? Or what do we -- what can we expect?

I don't want to give you like a spoiler. Do you have something specific that we're -- that's kind of that we're looking at, this associated culture is part of our DNA. If we look at Unibanco and Itau and Itau Unibanco, it's all based on association, acquisitions, mergers. That's how we, in fact, created Itau Unibanco. So that is part of us. That has always been one of our objectives. It's not just acquisitions for the sake of acquisitions. Our focus, our strategy is being customer-centric. We want to reach customers that we don't yet have through our channels. So these partnerships is very important. Our partnerships with retail is very important. And we also want to have acquisitions that are more important -- that are significant to the bank. So the different channels through Todos, for example, that we can offer, through the management system that Todos already offers. So that's a great partnership. So we can add more, we can improve credit. And Todos has a technology and distribution that really stands out to offer these types of solutions. So it makes sense for us to partner with them.

It's a fully digital broker. So this has -- this is really aligned with our online revolution. We also have an online broker. We've been able to go into agencies and able to go into markets that traditionally are just digital. They're not on the ground. And we weren't present before. We didn't have a presence. We now have a presence. When we do this, we're not looking at just the platform. We're looking at capturing human capital and how much of our capital has come from mergers and acquisitions? And that's how we really have qualified, trained human capital in our ecosystem. And revenue is our investment ecosystem. We offer our platform to our retail customers. They are the ones that have less access to products like this. We knew that we still need a few approvals from regulatory agencies. We need to make a few more subsidies to be made in terms of integration, but we're right -- we're on the right path. I think the most important thing is that there's just not 1 department working on this. We're not looking for a solution for 1 single problem. It's the business heads looking at their ecosystem, understanding what's missing, what do we not have today, and what's available throughout the industry so that we can get quality human capital that can improve our offers. So we -- that's why we're working so strongly in terms of -- in terms of mergers, acquisitions, human capital and development. And it's just an extension of what we've been doing for the last -- over 90 years. Thank you so much.

Another important part of our DNA is performance and profitability. Our efficiency rates have been improving year-on-year. Definitely, there is always space to improve even more. There's always room to improve it more. So how do you see this? What are the levers that we have? What leverage do we have to improve bank efficiency?

[ Granata ], can you come up? I think I need to answer this with you. Can you talk about our efficiency agenda? What are our plans in terms of improving efficiency? What have we been able to deliver on?

Great. Great question. We've had some great opportunities that are in person to us. We have an efficiency program, not a cost reduction program. We're trying to optimize bank revenue and costs, so lowest cost for a specific revenue stream. And that's how we're trying to optimize. That's what we're really focusing on efficiency. And we saw a lot of opportunities. We've looked at transport, things that are really day-to-day, and we focus on reducing costs there. We've looked at platforms, optimization, videos, et cetera. So all sorts of areas. Our program is one of -- or [indiscernible] is not just -- it's not one that's going to end. The bank doesn't become efficient and it's all over. We don't kind of hit that day, right? We're all efficient and everything is great. It's an ongoing process. There's no silver bullet to this. We've got over 1,000 initiatives that we are pursuing. We're cataloging them. We follow up on them. We have metrics for them. Let's look at automation. We may reduce the number of people doing to give it activity because we don't necessarily because we use them to generate more revenue or something. This is one way we're looking at efficiencies. They don't necessarily just cut people out -- so it's always looking at the details. We look at the formulas, we look at the details. We look at what we need. Again, we're looking at results, but from a holistic point of view.

Our main objective, of course, is to optimize our efficiency rating -- our efficiency rate. So that's an ongoing process. It never ends.

I agree. We really focus on this. This is something that's very important to us. But there are 2 elements. Efficiency means that we never stop investing in the bank, okay? We always invest in our businesses. We talked about the associative agenda and acquisition. We always invest in business expansion. And that's how it was with insurance, with techs, with fintechs, the technology in general. So we don't stop investing in the bank in order to achieve efficiency. Now costs, if you want to cut costs short term, that's fine. So you cut costs. You limit revenue. You've cut efficiency maybe. But basically, you're sabotaging the future of the organization. So it's basically not a long-term -- it's not a long-term view, and we don't like that. The other thing is, we're -- if you are efficient just for return on investment, just for investors, you're not looking at your customer. We want efficiency for our customers. We're more competitive. We've got lower costs. And it's simpler. So we simplified the organization, and this is something that the customer sees. So it's not just for results for the next quarter, it's not just for profitability's sake. This efficiency is something that we -- that means we bring increasingly simpler products at lower prices or better prices for our customers. So it's really it's customer-centric. It really is strategic and it is part of our DNA since it is something we focus on every single day.

Absolutely. Understanding pricing is very important. If you look at our numbers over time, they're great. If we look at our headcount, we see that there was a huge change over time. Our mix changed drastically. We've seen an increase in technology because of a change to apps, user experience, migration to this user crisp. We've seen a decrease in run-the-bank headcount so the people on the ground. So efficiency doesn't mean sacrificing the future. It means thinking about the future. But obviously, the results is that the top line is -- the bottom line is that we are more efficient, from the top line all the way down to the bottom line. Thank you so much. Thank you so much.

Okay. We've had a number of investor events. Now we've got 20,000 people here, 20,000 people online. And obviously, we've got questions on dividends. So the questions here is payouts before the pandemic was quite high. But it's dropped over the last few years. What do we expect payout to be in 2022-2023?

Let me try and simplify this. We decided to pay dividends and payments back then in the past where we had a certain capitalization level, we had a high capital level. And when we look at the future, we didn't expect growth that would require this capital. Our management logic was to create value. That's what moves us. Now with the capital levels really high, and we can't -- and not being able to use this capital to generate profitability for the investors, the result was -- the decision was a payout because obviously, it was the most logical step to make. And we obviously gave it back to the investors. Now those were the adjustments a few years ago. Since then, we have been growing 5 years running. Profitability has been great. We've been creating value for our shareholders. And our capital levels are much closer to what our appetite would be for using this capital. So we established a rule back then is that profitability and weighted average -- risk weighted averages of the assets we're taking account. That's market risks, operating risks, et cetera. So we see that these assets -- these risk-weighted averages have been increasing. And as a result, we have a great payout as a result of all this. Now dividends are higher because results are higher. So instead of looking at distributed profit, we look at the income and dividends. So our work has been the following. We've been to prophetize capital, adjust capital given different and adverse scenarios. Capital has this tendency for unexpected loss. We need to understand capitalization levels. That's one hand. On the other hand, results have been stronger as we've seen in the last few years. That means higher dividends, not distributed percentage, but the amount per share. And where we don't see prospective for growth, good perspectives for growth, we can then review these payout percentages, be 30%, 35%. In the short term, medium term, we're going to continue working at 25% of profit.

That was great, Milton. Thank you so much. We're almost out of time. I think we just have 2 more questions, 2 more time -- time for 2 more questions. Great. Investments.

We launched [ Ion ] a year ago. What are the outlook for it? And what can we expect?

Well, when we talk about investments...

Hello, hello, I got a colleague here. Thank you so much for the question. Thank you for the opportunity. To talk about this, let's talk about 3 very important aspects. I talked to this very quickly early on, but it's important to understand them in the context of this question. One, Ion specialist. They've got great tailwinds. We've got about 2,000 specialists whom we've chosen very carefully. They're working with the customers. They are specialists who are very close to customers. They really understand what our customers' needs are. Where, from the beginning, this has been a concern for us with this model. We have nearly 0.5 million customers covered with the system. We've seen NPS increasing significantly. We've seen better ratings, better portfolio ratings. I think this model has proven -- or is proving to be one of great success. We've seen an increase in transparency in the market. As a result, and I think this is irreversible. And I think that conflicts are become -- or lack of exemption is going to be much clearer, which is the case for other models. And that's not our model. Our model is one of full transparency. We've got the specialists are better paid when customers are happy, when customers make more money, when customers get the right product for their risk profile. So first off, there is always an option to work a number of ways to provide customer service. We look to have this -- these multiple options on the table. And I think the first part would be specialists. We're really happy with their work. We're really happy with what they're doing. We continue to expand. We've got IM on demand now. This is for the customers who don't have portfolios. And we have a number of models that we're testing products that we're testing talking to customers who already have a relationship with the bank that aren't necessarily investors. They don't necessarily invest at the bank. And so we're working on this. We're working strongly on this right now, and it's been going quite well. You have an option to work with autonomous or outside agents. But our real focus to get customers is with these specialist reps. For the IM, we've got the customer experience as well. We've been focusing on the IM app. We've seen over 1 million downloads, and the modules that we have developed for the application are optimized for our customer benefits. It's a super app. We have a lot of people using our super app, or are very impacted by the super app. But it is a ramp-up. Not all of the options are available. Nevertheless, the effects have been spectacular in the super app. Approval ratings are above -- are higher than 70%. We've seen lots of transformation, lots of changes, especially in investment. So whether this is unit class or personality type regardless, we've seen broad recognition of approval of these elements. Again, it's the same thing that are available in the IM. There are a number of journeys that we have -- customer journeys that are designed, we have worked them out. We have designed them, but we haven't yet implemented them with inversion -- immersion into investments. We have a broker kind of home broker that's integrated into the system. It's available on the super hub. And this will be for customers who want to just do a deep dive into investments. So in addition to developing these pieces, the separate pieces for the super app, we have a third part -- third part, which is to broaden and enrich these features. Basically, what we want is a solution where customers are going to have all of these options on the table so they can choose whatever they want. And we are sure that there are a number of different demands depending on the dividends, because there's a demand for everything, there's a need for everything, there's a product for every customer. And soon this is going to be available for non-account holders. So we're going to offer this just broad-based investment options for customers and potential customers.

This is great. This is great. In addition to everything you just mentioned, this is one of our biggest investments. We're really happy with how things are developing. We see highly trained teams, high-quality teams. In fact, an independent adviser, an independent Board member who was talking to me recently. And he asked, he said, "I want to jump into this." He said, "I want to understand this model." So I shared it with him, and I shared it with a bunch of other people with executives. And there were a number of -- we really received praise. They loved it. They love how the model was working, the exemption levels. So deep down, investment is yet another product, yet another customer need that we are meeting. So when we look at customer needs, regardless of the product, you're meeting the customer where they are in their cycle, giving them the best product for what they need at that moment. When you depend on businesses and offices in brick-and-mortar, in order to feed, you pay the bill and feed your sales force, you're more subject to have a noncentralized agenda. And this is a real big -- this is what we're really focused on. So I suggest to you, as investors, our customers, compare the products prices, compare the prices. I mean, look at the different rates that are offered. And you'll see that, clearly, our exemption levels are the best. And the managers are really well paid. Again, if portfolio performance is great for you, it's great for them. So it's a real paradigm shift. We have wonderful products, and this is the customer -- it's customer day every day for us.

Now I'd like to invite everyone through -- access through the app. You're going to find a portfolio of the broker and you're going to be able to buy a lot of assets, not only shares. We have fixed income primary a lot of content from ion and the aggregator, BRL 14 billion -- BRL 14 million aggregated. And you have the expenses from different banks. It's very nice, and it's going to be very interesting.

Thank you, Milton. I think that we have 10 minutes to finish and people will disconnect us at noon. We talked about a lot about this at Itau Day. We talked about work and now ESG in Latin America. But there is one point that connects everything which is the customer. So that's the key issue at Itau today. So I think that it's more than adequate to finish with the question from more focusing on customers and NPS. We focus on NPS, for engagement satisfaction, but a lot of people do not know what NPS is. So can we talk about that? Can we -- how do we measure it? Can we compare banks with the indicator, that index? What is the current NPS of the bank? How do we use it to, in fact, be -- we're focused on the customer.

Well, I think that you chose the correct question, Renato, to close. Well, I'm going to ask Andre Rodrigues to join us. And Andre, he is the leader of this process and how do we understand the tool, the mechanics of the implementation in the bank. And can you tell us a little bit about the experience, the journey? And what is the wonder of NPS? What do we use that information for?

I think that the biggest message is that NPS is not just -- it's a system. It's a system that we have a robust threshold that, of course, it gives us a very relevant input. But NPS goes through something of induction of behavior to bring the issue of collaborators. There is a phase of this process, which is the [ inter loop ] which has translated in several rituals in the organization, which is [indiscernible]. So we talk to the commercial customers, the administration, everybody talks to the customers to understand what are the bids. So I think that this is the important point. This is of the system. And as you talk to the customers and you uptake the information and the pain, we translate that into an improvement in the journey. So we redesigned the journey. It goes through a process, through the digital experience, and this is very important. So once we understand that and we have done that in a very diligent way, we are using methodologies and tool work first class everything that we're doing at Itau is good to all the insights that we're getting. We can compile, decodify and then apply to our redesign -- to the process of redesigning the journey. So with that NPS system, I think that we have to -- well, to answer the question, and we have to start with several things. NPS has several different possibilities. We have a transaction on NPS, which is a specific touch point of the bank. It could be a call to a central phone. And then we evolve with the entirety of the perception of the customers who are the service for their experience, and the NPS competitive, which is the one that you use in regards to the vision of the market. So that starts creating complexity, so we can do the comparison. Not only in the NPS provided by the institutions is always the same. You're talking about the transactional NPS, high values, the global NPS, and then finally, the competitive NPS. So what have we done in the bank? We have more and more when we're dealing with the ecosystem, with the customer relations with the client, we have to worry about all 3. With our day-to-day activities, we know the transactional NPS of everything that we do. We use that measurement in all the insights that we have, for example, for Itau is [indiscernible]. And then when we redesign the journeys, we start to experiment -- experience what is the global NPS. And then last but not least, when we do the comparison, when we look at the market, we have to be careful to do this very carefully. So we know that we do that with a lot of diligence, with methodology, but we know that there are different practices you can do the practice, the response of the customer in the way that you answer that you asked the question and in a way that you present the variability of grading, you can choose different groups of customers, and we don't do that, and the methodology is by the book. And with the effect, and this is a good news. And yesterday, we were in our regular form, all the executive committee, all the leadership of the bank is taking part and we were measuring the recent results were at the all-time high of all the businesses, many of them with advances in 10 points. This is great results over the last 2, 3 years, and this is very nice and this is a continuum, and we still have a lot of things to do. So we are very excited because it's very promising. So we can continue to advance in getting more satisfaction from our customers. So this is a very important point. The global NPS, a global bank such as Itau Unibanco, we have to evaluate each business. We have 10, 20, what is the weight, what is the criteria of each. So why do we -- why do we talk about the evolution and we don't talk about just a number? Because in the end, we want to show what the bank is evolving and improving every day. We do not just want to show a nice number to say that, again, the issue of narratives. But the process, it wasn't done -- very done -- very carefully with a lot of diligence. We need information, quality information because if we brought the thermometer, the bank will not evolve. So this is the main objective. When we have a metric of measurement, that is absolutely -- we don't have any induction. We don't have -- the only objective is to get the best feedback possible from our customer to improve our journey. So you said that we have our meeting. This is a Board of Directors meeting. All the leadership of the bank, besides going through the results of the NPS by the NPS per product, per channel, per segment, we also work competitiveness. We don't know everything. Is there anything else in the market? Do people -- we have the work of looking at the comments and we take that into consideration. We also have complaints at the Central Bank we take into account. We are the 12th in the list of complaints in the Central Bank. This is the ranking that we do not want to be the leader. The lowest that we can get is the better as we are 12th. And being one of the biggest banks in terms of the size of customers, it shows how we are doing with our journey. So this is a work of the entirety of the bank. So NPS is here, and this is here to stay, and this is the work that we improved year-on-year. Whenever we have the opportunity, we review the numbers, and this is the way that we try to improve the experience of all of our customers.

Thank you, Andre. Thank you, Milton.

The best rates of all segments and products of history and everybody should be very proud. But as we say, we want to raise the threshold, raise the bar.

Thank you very much, Andre. Thank you very much. Thank you, Milton. Unfortunately, we ran out of time. We have a lot of questions. Nonetheless, we're going to have to stop here. You can stay with us. We are going to finish our day. And just to remember that the questions that we haven't answered thus far, we received many, many more, we will get back to you with the Investor Relations team. Now before we finish, there should be a QR code on your screen. If you can please answer to our satisfaction questionnaire and also in terms of NPS. We don't have an NPS for investors, but we want to approve on that event. So if you can please answer. Milton, so we can finish our day.

Well, actually, we are getting organized. We try to provide the best information possible. And we try to be as consistent as possible, but it's a great pride and joy to work with my team. You saw it with the executive committee. Everybody is talking about their agendas, deliverables. So we are at a very positive moment. The level of energy is the maximum energy. So this is only possible because our customers that are here watching, they trust us. They have provided feedback. The NPS is a way to provide feedback. But more than that, I trust and I believe in our capacity to reinvent ourselves and deliver a better bank every day. So I would like to thank the customers since we are talking about customers that are here watching today. I'd like to reinforce the -- thank you to our 100,000 -- over 100,000 Itubers. This is the fruits of your labor. Please feel represented. You are the official voices of the bank. But your work is also very good. I am very proud of my team. I am very happy to be a leader in the transformation enrollments. And last but not least, our investors, we talk about for you investors, for people, for companies that are watching, thank you very much. We still have a second Itau Day, it's not over, it's not over for us. We still have a session of meetings with investors, with this transparency agenda and the narrative. And more than that, delivery execution and results. And with our competition that is also watching, we respect the competition. And I am certain that if you improve, we can improve. If we improve, you improve. And this is the way that we're going to take a service -- quality service for our customers. It's good for everyone. And thank you very much for your time and dedication here. A great pleasure to be here and sharing this agenda with you. Thank you very much. [Statements in English on this transcript were spoken by an interpreter present on the live call.]