And we have a great product going directly to consumers and we’re pricing very effectively. Interest rates are 30% to 40% below market. So, we think we have very good value proposition that should allow us to take significant share in this market. But again, we’ll have to take step-by-step and see how those go as we start rolling it out to the entire customer base.
Guilherme Lago: And Tito , if I may, if I may complement here, a few thoughts on Payroll Loans. We have launched now CRP [ph] as a pilot test. In the second half of the year, we’re going to launch INSS and portability. And I highlight portability because in a declining interest rate environment, the ability to actually port loans from other banks may be a relevant source of growth for us, and it’s something that we intend to lean in heavily over the coming quarters. Having said that, I do not expect that payroll loans will actually move the needle that much in terms of P&L and loan balance in 2023. I think it is more something for 2024 and beyond.
Tito Labarta: That’s great. Thanks, David, Lago, Youssef and Jorg. And congrats again on the great quarter.
Jorg Friedemann: And our next question comes from the line of Pedro Leduc, Itaú.
Pedro Leduc: Thanks guys, and congrats. Good evening, everybody. One on service revenues. Great job there as well. I think interchange seems to be have been flattish despite the caps to confirm. How you guys see that one going forward as well. You mentioned credit appetite slowly there as well. And on the second part, on funding costs, the surge in deposits, very nice to see at very stable costs. And on the ground, we see you guys looking for longer term instruments that would cost more than 80% of the CDI. So just — of course, there’s other ways to keep it cheap, but just give us some color on how you’re seeing that going forward, the interest — or the liabilities, cost of funding mix, given that it’s changing a little bit. Thank you.
Guilherme Lago: Hi Pedro, this is Lago. Thanks so much for your question. I do believe that we will progressively increase the duration of our liabilities as we increase the duration of our assets. So, we will continue to actually match very well our asset liability book. However, we believe that we could do so still with a very healthy balance of short-term deposits at relatively low cost of funding at around 80% of CDI. And we can entertain other pockets of liquidity in the Brazilian and international markets that would allow us to increase the duration of reliability. So, we have recently started to issue longer dated time deposits in our platforms and we have been very pleased with the results. So, I would basically separate we have the short-term deposits that we believe will continue to grow at 80% of CDI average cost.
And then, we have other pockets of liquidity that will be more than sufficient to provide us with adequate asset liability management as we scale progressively, primarily the book of our secured lending consignado business.
Pedro Leduc: Great. Thank you. May I do a follow-up as well?
Guilherme Lago: Yes, absolutely.
Pedro Leduc: Yes. All right. When I look at your credit balance, a very nice portion of the interest-bearing growing. And then when I look within the credit card composition, the revolver [indiscernible] are basically flat Q-on-Q in reais, while the others now, especially interest rate installments grow. It’s a very nice achievement, especially given all the discussions surrounding this line about the revolver. You can elaborate with us and shed some light on how you’ve been able to grow the others, keep that one sort of flat despite the growing TPVs, that would be great. Thank you.
