We are trying to find a solution that is adequate for revolving credit interest rates, even Minister Haddad yesterday said that the working group was, with the participation of the Central Bank, the Ministry of Finance, Fibra Bank, the Federation of Banks, to find another good solution, that in 90 days. The solution there will not be a single solution, because there’s no easy solution for complex problems, but that within 90 days, they will present a solution that will at least rest the situation, credit card interest rates, particularly this portfolio, this credit card portfolio. Everybody complains and talks about interest rates of 400%. So this facilitated interaction with Brasilia. It is important so that we can have a high-level discussion, high-level interaction with them.
This is what we’ve been observing it. And I think that this will address – this will bring about a good discussion. The points will be put on the table so that we can find the best solution. And the best solution in the tax reform, trying to maintain profitability and company’s ability to grow.
Bernardo Guttmann: Very clear. Thank you very much Lazari. And good luck for the results.
Octavio de Lazari: Thank you, Bernardo.
Operator: So our next question, Tito Labarta, Goldman Sachs.
Tito Labarta: Hi. Good morning. Thank you for the call and taking my questions. A couple of questions, I guess. Maybe one starting on profitability. In the past, you’ve mentioned getting back to around 18% ROE, maybe sometime end of next year. Just help us think about that potential evolution. What would need to happen to get back to that 18% ROE, and you’re thinking about some of the headwinds that you’re facing at the bank. You’ve talked a little bit about loan growth and credit quality pictures. Do you think you’ll be able to grow your loan book sufficiently enough asset quality improving up, particularly in in a scenario of lower rates where you can get back to that 18% ROE? Is it still feasible to think end of next year, or is it more of a longer-term target?
So that will be my first question. And then my second question, thinking about the competitive dynamics. The lower income segment because of credit quality issues in anything else has suffered a bit more and now you’re going more into higher income segments. If you can help talk a little bit about how you see the different competitive dynamics and your advantages in between both lower income. And as you shift a little bit more into higher income and some challenges that you could face here.
Octavio de Lazari: Tito, you’re quite right, and I fully understand your question, of course, we’re not delivering the results we wished to deliver and as you would expect, but we have a very well-defined path for us to gradually resume seeking those results. I think a series of factors contribute to this belief to this work that we do to go back to having the results we had in the past. I think the market ALM issue is absolutely solved in the third quarter already with positive results low but already positive and not negative as we had in 2022. And for 2024, the scenario is quite positive in terms of market ALM. As for credit, as you saw in the answering earlier, we already have better control of delinquency that happened due to a series of factors, economic factors and situational issues, the type of clients that we have, the profile of clients that are Bradesco clients and that combined to much better expectation that we see for the second half of the year and for 2024 as well.
