Hello. Good morning. I am Marcelo Noronha. I'm here live from Cidade de Deus to present the results for the Fourth Quarter of 2024 of Bradesco. And certainly this also contemplates the full year results for 2024. I would like to say that we will split our presentation in three parts with three initial messages for all of you. First, the results for the fourth quarter reinstate our profitability improvement, just the same way as I presented a year ago here when we presented the plan in the same month of last year when we started our growth plan and I showed you what was going to happen step-by-step, quarter-on-quarter. The second message is that our guidance for 2025 is a more cautious guidance in terms of risk appetite, and this also includes the effects of 4,966 and higher stake at Cielo. And it is cautious vis-a-vis the macro scenario and at the same time it's very optimistic in terms of what we are delivering and what we are currently doing. And also there is our transformation plan. So it is my duty to present to you a small summary of what we did in 2024. We continue to expedite our transformation and we made a decision based on a better macro scenario, more cautious scenario. We decided to invest in our transformation without stopping anything else. Because here we have efficiency gains, increase of the activities and everything else that we are about to see. Now, it's precisely 10:32, I will start our presentation with the results that have been posted earlier on this morning. Our net income was BRL5.4 billion growth of 37% and BRL19.6 billion in 2024, meaning 20% growth. And how did we achieve this net income and this result? This net income was boosted by…

Thank you, Marcelo. Thank you, Cassiano. It's a pleasure to be here with you. Good morning. I'd like to inform you that Ivan Gontijo, CEO of the Insurance Group, will be joining us remotely online. If you want to ask questions, you can ask questions in Portuguese or English. If you want to send a question, you can send your question to this email on the screen investidores@bradesco.com.br or use a WhatsApp connection 11-974-43-8238 or point your camera to the QR code on the screen. First question from Bernardo Guttmann with XP Investimentos. Bernardo?

Good morning, Andre, Noronha, Cassiano. Thank you for taking my question. I have one question about the market NII had a good performance of your treasury department in Q4, again with arbitration as well. Any specific change in the hedge policy of the bank? How should we think about market NII dynamic for 2025 considering a high interest rate SELIC rate?

Thank you, Bernardo. I'll ask Cassiano to start answering your question and I'll make a comment.

Good morning, Bernardo. Good to see you and Happy New Year. Well, in this quarter, the surprise was the arbitration. The main gain was this. Although we don't have specific hedge operation of ALM, we do a lot of operations for hedging in some circumstances. But indeed, in this quarter Q4, arbitration was super important in some specific operations where we got good movement. I do now think that this is a traditional movement for next year, for 2025, actually. In 2025 we think we should be more cautious. We work with an NII close to neutrality.

Bernardo, I think there are some additional comments to make. In this guidance, we are being indeed more conservative, as Cassiano mentioned. But you see, in some months of 2024 we made money, as was the case of the last quarter with trading. Of course, this is also going to happen in 2025. You might say, oh, but if you gain six and lose six, there's neutrality. Yes. But the scenario might be a little better. We are on the cautious side. I can only have more positive expectations than worse expectations. And my second comment is that we have lessons learned. We have a good team, coordinated by Roberto Paris with Marina, Bruno and now Luis Felipe, who is responsible for trading. So I think that we might have an even better year. Thank you, Bernardo.

Next question from Gustavo Schroden from Citibank.

Good morning, Marcelo, Cassiano, Andrea, it's very nice to talk to you again. Congratulations on your transformation process. I think Marcelo in a very summarized way, conveyed a lot of it. But I would like to talk about the structure part of the bank that refers to capital. When we look at CET1 at 10.9%, slightly below the average among your peers and I understand that it's slightly above the minimum requirement, but we notice some reclassification and transformations that were made. There is an explanatory note that refers to a reclassification of securities available for sale to maintenance and held to maturity. And then when you look at the OCI line or other encompassing results, we see another quarter with negative results. I mean, accumulated losses that do not impact the result, but they do have an impact on the capital part. So, how comfortable the bank is, or what is the bank strategy to have that CET capital return to a higher level? And I just want to understand how comfortable you are vis-a-vis that capital. As you said yourself, Marcelo, your growth guidance is very conservative. It ranges from four to eight, but with a better macro landscape, maybe this portfolio growth range should be more up to the at the top of this range. So this is something interesting for us to hear from you.

Thank you, Gustavo. I would also ask my colleagues to comment as well. We are very comfortable with our capital. You saw that we now reach 12.8% after 4,966. The CET1 has a huge buffer because I think it goes up to 8%, if I'm not mistaken. The fact is we are not concerned with that. And we said that from the very beginning because we ran several projections, stress scenario, optimistic scenario. Therefore, we do have room to grow with stability in terms of our capital. Therefore, I have no concern at all in terms of everything that we can do. And we will continue to increase profitability and increase our net income and our CET will be higher with time.

Well, Gustavo, good morning. It's good to talk to you again. It's very important that we bear in mind that our guidance or our projection has to do with the two ends of the guidance. We are very comfortable in terms of our capital as a whole. I mean, you saw all of the moves. Basically, that reflects the adjustment of our balance sheet to the 4,966 we had 0.4 drop in the quarter to December 31, 2024, which is mark-to-market. And 4,966 on January 1st, brings that capital back to 2.8% meaning being 10.9% at the end of the year. And then that contemplates three important components. We have 0.7% related to adjustments to shareholders equity to adjust to the criteria from the central bank. They have the minimum regulatory aspects as part of the rule. And we are pretty much in line we just adjusted, made adjustments to the central bank and that was 0.27%. But as you know, that was split into four installments. The central bank released a regulation, so we have 0.07%, which is the negative impact. The other negative impact is 0.20%, which refers to operating result, this is the operating result that impacted now, and then on the other hand, we have reversal. But in practice that means the adjustment to the different types of mark-to-market in our balance sheet. I mean available for sale and negotiation levels. And a new criteria of business models. They are classified according to the business model of every security. So once you put everything together, we arrive at 12.8%, which is higher than 12.7% from the previous quarter. But even more than that, when we look at our projection, we look at all the possibilities of our net income. We have enough capital to fit into the range of our guidance. So in terms of capital, it will be stable this year, even with the full payment of IOC and growing the loan portfolio close to the ceiling of our guidance.

So next question is from Daniel Vaz from Safra.

Good morning, Andre. Good morning, Marcelo and Cassiano. And thank you for the opportunity of asking a question. I would like to revisit the guidance aspect because you said that you're being more conservative. In fact, when you look at the portfolio and when we highlight, I mean the NII net of provisions, maybe it doesn't grow so much when we look at the range. But you lower the comparison base when you look at 2024, but 2025 is more conservative at Pronampe and et cetera. So the spread should be lower. So according to our reading, that means that your provisions are probably lower. Is this the way we should look at it? Is there anything you would like to highlight in terms of provisions or whether it's not at the right level today or you think that provisions are more collateralized. So I just want to hear your comments. Thank you.

Thank you, Daniel. And thank you for your question. What I have to say is that we will continue to grow. Also our gross margin will grow as well. As I said, we have the carryover to 2025 of everything we produce. And we piled up, we accumulate it. But if you look at the cost of credit or the cost of risk, our expectation is to keep cost of risk around 3%. This is our expectation. We are very, very comfortable with everything we are doing in relation to credit. But then, if we look at the mixed composition in 2024, let me say the following. I talked about payroll deductible loan market share. If you look at growth on the individual side, we grew incredible loans. We have a higher share with 14.3% among private banks. But this also has to do with NII. And sometimes we don't even look at it. I'm not only referring to Bradesco, but our peers as well. I mean there was an INSS cap, but also in terms of the public companies throughout this period with the increase in interest rates and the long tail, the long curve every month we settle a lot of money that was hired in previous years, previous periods with twice as much margin. And then, you hire new payroll loans at a lower margin. And this puts pressure on the gross margin. But there is a good risk adjusted return or RAR. The second thing for individuals is credit card. We are with our feet in the ground. And the major growth lever came from high income individuals which grew 14.5% year-on-year and combined growth was 5%. The third aspect is that if you look at our publication and look at it in detail, you see…

Daniel, in this guidance, it's already implicit that client NII grows more than the portfolio. The portfolio is end-to-end and client is just an average. So just with this average comparison already give us about 8% of growth for client NII that reaches two-digits once we add the efficiency measures and funding and the funding side. And on top of that, Marcelo just mentioned better spreads, that can also help us to increase client NII throughout 2025. So, yes, cost of risk is about 3%. And this is pretty much around what Marcelo just said. Thank you. Thank you, Daniel. Next question.

Next question by Thiago Batista with UBS.

Good morning. I have a question about the several digital channels or digital trends. Do you have a strategy to address these channels considering the new change the bank is adopting? And the follow-up about capital. Is the bank capital with 10.9% of core capital and is there any kind of restructuring or paying IOC or something like that is this in the radar of the bank when we look at the next 12 months to 18 months looking for it?

Thank you for the question. It is a pleasure to have you with us. Regarding the second topic, we are very comfortable. We don't have any movement in the insurance group in that regard. We see profitability increasing, stable capital, a good buffer. Regarding DGO, and next, very soon we'll bring you this new value proposition of our digital business. We should be integrating next in this new value proposition along the year of 2025 and until the beginning of the second half of the year. But, we'll bring you more on this, more details on this later. We have a strategy for that and we are in the process of executing it. And about capital, I answered about capital.

Thank you, Thiago. Next question from Renato Meloni with Autonomous. We cannot hear you.

Thank you for taking my questions. I'd like to go back to the NII, Marcelo. I'd like to reconcile this movement of moving towards safer portfolios while you're expanding NII. And in Q4, we saw a flat NII compared to the prior quarter. And I think that even if we consider the portfolio effect that you mentioned, there is implicit in NII increase. And if I may ask a quick second question? In the guidance and increase in expenses does not include restructuring costs. Is this a fair statement and can you give us an order of magnitude of what you expect for 2025?

Thank you, Renato. It's a pleasure to have you on board. First, regarding the 8.4% margin, well, in absolute terms we grow. I made a comment about the INSS and public payroll deductible loans. Every month we settle some. But we replenish that with higher margins. We might have a different index, 8.4%, 8.5%, 8.3%. But in absolute terms, we are growing with a cost of risk which is very stable, well-balanced. So we are very certain that we will continue to grow the margin. And I don't worry so much about the NII itself, the index itself, but I focus on absolute volume and it's constant growth and this is what we're going to deliver. So we have confidence that we'll deliver that. The restructuring cost this year. We made a provision to move forward with it and invest and to review our footprint. And I think that I mentioned in the past and our initial expectation for 2024 regarding our footprint review was of about 1,000 points of service, 750 closing agencies and the rest would be restructuring or renewal. And we had almost we had 1,385 even more in effect of BRL440 million approximately has an effect for us. So expenses compared to what we are doing, the transformation, well, it's much better in CapEx as well. So that's what I said, it's BRL1 billion plan. And the payments companies, I mentioned, are making important moves in CapEx and OpEx and the insurance group is also working on OpEx and CapEx. If we isolate net of the payments companies at 6.9%, so we continue to invest. We'll gain efficiency and productivity. And that's why we cannot stop working on the transformation of the bank. I have a lot of confidence in what we're doing. Many deliverables, productivity gain. One of them is we're going to deliver 50% more technology output than we had in 2024. So it is a lot of growth. Thank you, Renato.

Thank you, Renato. Next question from Mario Pierry with Bank of America.

Good morning. Congratulations on the results, Marcelo Noronha, my question is, well, listening to the results of all of the banks so far, everyone is focused on more cautious loan granting, more high income clients and products that are secured. So it seems that there's going to be intense competition in this segment and we see everyone very cautious with the mass market. So wouldn't this be a timely moment for you to grow your mass market given that everyone is being very cautious? Theoretically, you would have room to price this risk better. My question is, what would make you take on a little bit more risk and focus more on the mass market on retail? Thank you.

That's a good question. It's a provocative question. When I spoke about mass market and digital, we talked about 1 million clients. With this new value proposition, we are testing some models and we continue to intensify our penetration here. We grew 2 million clients, man. So, I mean, we are growing account holders. We are growing in different fronts. And I also mentioned some more information. With the new platforms, we gained a lot of efficiency, productivity and client experience with Bradesco Expresso. It's a correspondent bank. We grew more than 100% in granting payroll deductible loans. So, you see, we have a risk appetite. It's not that we're not working with mass market, we are, but we are choosing the risks adequetly because nothing can replace a good quality of assets. And this is something we will not give up. We will not give up on risk-adjusted return, RAR. But we are working in this market. I showed this with Expresso, showed that we increased by 45% of sales with those implementations in mass market for that set of clients. So we are increasing our penetration. But you see good risks and good modalities, payroll deductible loans and products that we can work with, that will bring us adequate risk for our organization. In our case, it's not that we are giving up and growing in our mass market and testing your model with Bradesco Expresso and even with digital, you will see deliverables we'll have this year. We'll be showing you. We didn't give up on that. But the risk appetite needs to be controlled. We need to have return. And this is what's on the table full-time.

I would like to highlight two improvements in risk management. First, we worked with volatility clusters. We have five volatility clusters. The moment we start adjusting risk appetite, we adjust mainly at the highest volatility cluster, the people who are more exposed to the deterioration of the macroeconomy. That's where we start adjusting and we started doing that. The second improvement has to do with repricing. Of course, higher-risk clients have higher spreads. Lower risk, lower spread. And that curve became slightly more tilted in the last few quarters. In other words, we're charging a little more spread where there is a little more risk. We adjusted our offerings and we have demand and we want to have a better priced risk. And risk is better priced in these segments. Mario, thank you for the question.

Next question from Pedro Leduc with Itau.

Good morning and thank you for this opportunity. My question relates to NII. In 2024, NII was below the guidance, of course, that gauged by loan loss provisions. But this has been the most challenging line. But when you look at a 2025 guidance, I mean, saying that, you're saying that it will grow above the portfolio. I would just like your help to -- help me understand it because you talked about the tail effects, but even the spreads of the industry for payroll loans and real estate and mortgage et cetera. I know that the new vintages are accumulating lower spreads in your portfolio and you want also to do the risk. And this will be highly depending on funding adjustments. Is this a correct observation or maybe in terms of pricing you might be more aggressive. I just want to be a bit more comfortable when it comes to client NII given the industry challenges and recent history.

Pedro, thank you for your question. It's a pleasure to see you. Andrea will start answering your questions and then both of us will jump in.

I would like to highlight a few efficiency measures that we adopted when it comes to managing our liability. And this is reducing our cost of funding. When there is increases in the SELIC rate, we make more money. I mean this is a process that is ongoing. So all we have to do is accelerate with the deterioration of the macro scenario. We compensate that with efficiency measures so that our client NII can improve and we gain about two percentage points in the client NII segment. This is a very important point. The second important aspect that was even highlighted in the coupon minutes is that the central bank in terms of banking loans, they see deceleration in lines with lower spreads. And these are lines with longer duration where the effect of the monetary policy has an initial impact. So when you decelerate lines with lower spread, the demand goes to lines with better spread. So naturally there is a change in the mix. This helps to recover spread. So that 8.4% number that you see, that's where we see increases throughout 2025.

Pedro, again, well, good morning and thank you for your question. It's also important, if I comment on your answer. I mean personalization is something that has been our focus and this has to do with repricing. This component in addition to the inventory of 2024, which is quite healthy is what will set the base for higher growth in client NII. And funding is quite important as well. And there are other important aspects. I mean, we are doing some important work in SME, cash management and all of that has brought good results to the bank. So it's just a set of three pillars, hyper personalization, pricing and better retention in terms of principality and the good vintage that we build up in 2024. All of these things combined allow us to reach better client NII levels. I would just like to add one more thing. First of all, we have to carry over, right, for 2025, since there was that accumulation. NIM could fluctuate, but NII will continue to grow as we saw quarter-on-quarter, even for this capacity of production that we have in these different lines. Even if the spreads are lower, but the level of return risk adjusted return is much higher. That was a much better level to be. And portfolios with longer term like these programs FGI, FGO, there is stability and the loss level is low and under control. Second of all, Andre said that our funding cost is coming down. And the third point is that we remunerate some clients that have deposits with us at a level that is nice for the client and very positive for us. So this combination of deposits and demand deposits, they grew a lot this year. And this is a result of what Cassiano just said and also a result of our activities. So we are growing funding at a low cost. And this also helps us in terms of our leverage, the end cost and the NII margin that you talked about. Therefore, we know that we will gradually grow and at the same time the absolute value will be higher. And as a consequence, I mean, this has to do with our bottom line. And the bottom line is NII, net of provisions. I mean NII will come in absolute terms and NIM is just the result of something that we are building, along the months.

So next question is from Yuri Fernandes.

Thank you, Andre. Thank you, everyone. I would like you to elaborate on your expense line. I mean what if something goes wrong? I think other analysts already ask about, cost of credit or cost of risk that could be a bit challenging or maybe not. Maybe the margin will not grow, I just want to understand if your expense line could be a buffer. It could be an adjustment line if you anticipate a more difficult year for some reason, or maybe you would delay some of your investments just to deliver the bottom line or whether the bank is committed to the investments or maybe if something goes wrong in the cost of credit or margin, if you will continue to pursue your expense line is a trade off with long-term.

It's a pleasure to talk to you again, Yuri. Well, the first decision, I mean, you were just laying down a hypothesis and we have to look at it in a very dynamic way. But it certainly depends on, okay, let's say there's a new pandemic coming, it's a new situation, but the macro scenario is slightly worse than what we envision. That's another situation, but our decision, even bringing it to that scenario referred to last quarter it was 70-30. Now we are working with 30 more cautious landscape. But I repeat it again, it's more cautious. But I am not pessimistic. On the contrary, I'm very optimistic. I'm very optimistic with what we are doing here. And obviously, I'm optimistic with the opportunities we see in the market. This payroll deductible loan that the government wants to promote with e-social and other companies already talked about that. And again, I say that this is an opportunity for all of us to grow depending on how they implement that, whether there is or there is no cap, so that we can adjust to that kind of risk. Therefore, I see great opportunities in this market. And then we decided that even with a more cautious scenario to apply a guidance. And coming from this more cautious scenario, we will not stop investing not even BRL0.01. And this will have an important impact in the next coming quarters in 2026 and 2027. And you will see that. You will see for yourself. Thank you. I would just like to add one more thing. I think expenses is something that could be broken down in two parts. One is investment we want to preserve because there is competitiveness gains in the mid and long range. And the other aspect is, there are other expenses, personnel expenses, admin expenses that grew below inflation of 4.8% total control. And here again we could be a bit more cautions, we are just reviewing more companies. Meaning there is always room to be more efficient in our expenses. So regardless of the macro scenario.

Thank you, Yuri. Next from Carlos Gomez-Lopez.

Okay, thank you very much. So, congratulations on the results. So, two questions. First, on the implementation of IFRS, could you revisit the logic why you have such a big impact on securities and why this seems to be quite idiosyncratic to Bradesco. We have not seen it in other institutions. It's a big amount, BRL8 billion. So we want to understand exactly why this happens. And second, earlier last year, you were mentioning 2026 as a year when we reach a normalized return. Is that still the goal that you will get there in 2026? And how would you define a normalized return? Thank you.

Cassiano, I think that you can start answering this question.

Well, thank you, Carlos. I will try to rephrase the previous answer to make it more clear. The movement of the new IFRS brought some differences for the organizations and some competitors even Itau yesterday mentioned that very similar to the move we had here. The first big move was regarding operational risk. We all knew about 0.20% and 4,966 brings us the possibility of adjustment in shareholders equity in terms of credit policies and PLL. What we did was an adjustment to the basic model that the central bank allocates. It's a tropicalization of the Brazilian Central bank in terms of PLL have a total of BRL2,990 million that we considered a debit of our net shareholders' equity. And this would lead to a reduction in our BIS of 0.27%. Given a decision by the central bank, this 0.27% was diluted along four years. So we had minus 0.20% due to reduction of operating risk 0.07% given the reclassification of the credit part BRL2,990 million and we also had a prerogative that other institutions also used which is the possibility of classifying our securities that had three or four classifications available for sale or to maturity or free to be traded to a new concept called amortized cost that adjusts financial instruments to the new categories of classifications according to the business model. In a nutshell, in the Banco, on January 1st 2025 we had a full adaptation to the rule 4,966 in IFRS. There was no change. I think that the other banks, given their explanatory notes used the same instruments that we included in our balance sheet.

And I will complement the answer. We are going to pursue and to deliver an ROE which is a lot better. But this is -- and we want to be under promising and over delivering. And it is probable that this will not be normalized by 2026. It might still be growing.

Next question from Eduardo Nishio, Genial.

Good morning, everyone, Andre, Noronha, Cassiano. I want to have a follow-up question regarding profitability, the scenario has changed a lot since you mentioned this return on shareholders activity, achieving your cost of capital, which has also been growing over time, given the macroeconomic scenario. So this the same idea, cost of capital now is close to perhaps 15%, 16%. So do you think that in 2026 you will achieve this kind of profitability? And my second question is regarding market NII. Market NII, you spoke about neutrality. I think that you mean you want to be closer to zero, not having a negative or positive result in 2025. So I would like to know what is your strategy regarding that line. In the coming years, not in 2025, but in 2026, 2027, would this line go back to a normalized level? And what would be this normalized level, in your opinion, what about your hedge strategy? How is this being implemented? Will you remain neutral to the SELIC rate in the coming years? And do you consider hedging your capital? Because that would be another possibility to help.

Nishio, thank you for the questions. It is a pleasure to see you here. I'll start answering the first part of the question and then I will I ask Cassiano to answer the second question. As regards, ROE higher than the cost of capital. You are correct. When we delivered our plan in February, we had a different horizon, cost of capital, which was lower. We don't say what our cost of capital is, but if we imagine that our cost of capital was around 14%, if we get all of the variables we have today, it is above 15%. Is this a bigger challenge? Yes, but we'll get there. And it is what I said earlier in the previous question. We will not promise anything, but we will deliver. So it's under promising and over delivering at the right time. We are advancing step-by-step, everything we said we were going to do, we delivered. Everything we said in the timeline, we are reaching that. So we'll get there. Cassiano?

Thank you, Marcelo. Thank you, Nishio. I think that you raised an important point. Indeed the market NII is perhaps the most difficult NII for us to forecast and to give a guidance for there are a number of variations. And as regards a neutrality concept, that is it, we see between zero and BRL1 billion. But let's remember Marcelo's inspiration. We have an important work. The trading gave us very significant result in Q3 and Q4. So we are working a lot to pursue gains. This is the essence of trading. We don't have a hedge policy which is open and dedicated and documented, but we do very important work every quarter considering fluctuations. And we do this kind of work in specific operations. So this is under the management of Roberto Paris. So we have clarity on that. We are much more neutral to market fluctuations and interest rates. We are now in a hiking cycle. We know where the hiking cycle is going. So overall, both capital and our ALM is analyzed in that context. We don't have an asset policy of hedge, but we have a policy of working daily in our operations, making some kind of hedge or protection or an operation against some specific flows. So, yes, we understand that zero to one is a good market, NII, in the year of high interest rates, although we want to bring in more. And in the future, we will have to see what is going to be the new normal. We wasted a lot of time, over time we lost. The tax, the tax was a very important instrument, it was the hedge of foreign capital. And we have to have a new neutrality. Last year we had excellent treasury results and that is an indicator of a much more normalized market NII, then in this year when we have an interest rate hiking cycle. So the level of 2024 should be the benchmark for us, Nishio, I think that this is what Cassiano saying. So this would be a reference for you as a bottom in a normalized condition. But thank you for the question.

Now turning to English, the next question comes from Tito Labarta from Goldman Sachs. Tito?

Hi. Good morning, guys. Thank you for the call and taking my question. I guess just more a couple of clarifications just to make sure I understood. One is on the restructuring charges, right? I mean you had BRL443 million this year, BRL570 million in 2023. Do you expect to have any more this year? Just want to understand how non-recurring these are or when do you think these restructuring charges go away. And then second question and sorry to ask again on capital. I just want to make sure that I understood. The 60 bps increase from the Resolution 4,966. I wasn't clear what drove the increase. Was that the reclassification of securities or just if you could just walk me through why there was an increase because I think expectations were it would be a bit more negative. So just to make sure I'm clear. Thank you

Yes, okay, Gomes.

Okay. Thank you. Tito. Good to see you again. To answer your first question, provisions for restructuring like you commented, it's focused. And the review of our footprint, not only there, but particularly there, because investments that we've been doing, as I said, are much higher than that. But how long it will last, I mean, it's a transformation. We said that our transformation will go from 2024 to 2028. It's not that it would start now and it ends in '28. I mean, we've been delivering lots of things and we will continue to deliver. We'll continue to invest. We have a lot of investment. There are a lot of things to do in 2025. We still have a lot to do in 2026. But as you go on that journey, we also capture efficiency. We increase productivity. Just like I said, when I talked about technology, we are increasing productivity and efficiency. And we managed to do that this year through new technologies, new format, a new team. Therefore, we continue to pursue that. And certainly, we will capture further benefits as the years go by '26 and '27 and so on. And I think Cassiano can talk about that 60 basis points when he talked about capital growth with the 4,966.

Thank you. Nice to meet you again. Let me try to clarify. Basically that 0.60 comes from the movement of securities. That's what I said in the previous answer. The reclassification of our securities for our very specific cost model for every operation model, that allowed us to get to that 0.60. But as a reminder, within that number, I have two negatives. From what I said, 0.20 comes from operating risk and 0.07 comes from the legislation of the adjustment and the shareholders equity of loan loss provision. So we had 12.7 in September, 12.4 for December 30 phase. Also according to MTM. So on January 1st, our BIS ratio was adjusted. So this 0.60 from the adjusted adjustment comes from mark-to-market or the cost utilized. This is something that is very regulated according to the 4,966 and the new IFRS. That's where this positive difference comes from.

So now we conclude our Q&A session. The questions that were not answered, our IR team will certainly answer them right after this. The presentation is available in our IR website, this presentation, other earnings releases, and other presentations. So now I turn the floor to Marcelo to conclude this presentation.

Thank you. Andre. Thank you, Cassiano and thank all of you who worked with us. And thank you to analysts that spent time with us and joined us in this earnings release call for the fourth quarter of 2024 and the full year. We are certainly open to talk to sell side, buy side and any other investor that seeks for further clarification. And once again, I must say that we are pursuing a very cautious view, but we remain optimistic in terms of what you're doing and what could be the next prospective scenario for Brazil. So I wish you a very good weekend. Thank you.