Management remarks
Call period: 2026 Q2 · 2026-07-29
Demand and orders: Carlos Muniz: On a year-over-year basis, I would like to highlight growth of 13% in cards, 15% in customer finance and 11.5% in small and midsized enterprises in retail banking for individuals.Margins: Carlos Muniz: Combined, the effect of the deferral and the lower CDI impacted the spread by approximately 10 basis points.Analyst Q&A
Analyst Thiago Bovolenta Batista asked: I just have a follow-up on Vaz question. Because Carlos, you said that Spain will be demanding a view better profitability, and they are very vocal saying that especially when interest rates become more normal, we should see tangible equity or better returns in tangible equity approach by 20%. What about today's ROE, not even the days? Management Carlos Muniz answered: Well, it's very simple. On my side, we have to continue making progress with non-credit linked revenues and the second has to be ceded with the group. We have to capture all of the investments we are doing in global platforms. And the third aspect is normalization of the loss provisions, which reflects the choices -- choices we made in the past. So the combination of the 3, I don't know whether they will all happen at the same time or they will happen in sequence. But that's what will help us go up to levels close to 20%, as you mentioned.管理层陈述
电话会期间：2026 Q2 · 2026-07-29
需求与订单：卡洛斯·穆尼兹表示：同比来看，我想重点强调个人零售银行业务中信用卡业务增长13%、个人金融业务增长15%以及中小微企业业务增长11.5%。利润率：卡洛斯·穆尼兹表示：延期还款政策与CDI利率下降的综合影响使利差收缩约10个基点。分析师问答
分析师蒂亚戈·博沃伦塔·巴蒂斯塔提问：我想接着巴斯的问题提问，卡洛斯你曾表示西班牙方面会要求更高的盈利能力，并且明确称当利率回归正常水平时，我们应实现20%的有形股本回报率提升，请问当前的净资产收益率（ROE）情况如何，而非未来的？卡洛斯·穆尼兹回应：我们需要推进三方面工作：一是继续提升非信贷相关收入，二是与集团协作以获取我们在全球平台上所有投资的收益，三是让损失拨备回归正常，这反映了我们过往做出的选择。尽管不确定这三者会同时发生还是依次推进，但它们将帮助我们达到你提到的接近20%的水平。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
