Banco Bradesco S.A. (BBD): Business Model Canvas [Dec-2025 Updated]

You're looking to see how a giant like Banco Bradesco S.A. is navigating the digital storm, and honestly, their late-2025 Business Model Canvas tells a compelling story of controlled transformation. Forget just branches; this bank is leaning hard into AI, managing a loan book over BRL 1.018 trillion, and pushing nearly 99% of transactions through digital channels while still servicing everyone from Micro, Small, and Medium-sized Enterprises (SMEs) seeing near 30% loan growth to high-net-worth clients. To really grasp the engine driving their BRL 9.6 billion in Q1 Net Interest Income (NII) net of provisions, you need to see how their key partnerships and activities are set up for the next phase-dive in below to break down the nine blocks.

Banco Bradesco S.A. (BBD) - Canvas Business Model: Key Partnerships

You're looking at the core alliances Banco Bradesco S.A. has locked in to drive growth and digital maturity through late 2025. These aren't just vendor relationships; they are strategic equity plays and deep integrations that shape how the bank serves key market segments.

Rede D'Or São Luiz S.A. for health sector expansion

The push into the healthcare value chain is being executed via Atlântica Hospitais e Participações S.A., an investment company indirectly controlled by Banco Bradesco S.A. and Bradseg Participações S.A. This structure allows Banco Bradesco S.A. to gain exposure to the health sector's economics. On November 10, 2025, an agreement was signed to include Maternidade São Luiz Star into the existing structure, which is now called "Atlântica D'Or". This follows a similar move on September 1, 2025, to include Hospital Glória D'Or.

The ownership split in this joint structure is maintained with 50.01% held by Rede D'Or São Luiz S.A. and 49.99% by Atlântica. Rede D'Or São Luiz S.A. is a massive player, operating 79 hospitals and managing 13,000 hospital beds. Following the announcement regarding Hospital Glória D'Or, Banco Bradesco S.A. shares soared by 9.06%.

Cielo for payment processing and integration

Banco Bradesco S.A.'s involvement with Cielo S.A. is deep, stemming from a tender offer launched with Banco do Brasil and Elopar to take the payments firm private, potentially valued at up to 5.90 billion reais ($1.18 billion). As of September 30, 2024, Grupo Bradesco held a significant 30.61% stake in Cielo's ordinary shares.

This ownership directly impacts Banco Bradesco S.A.'s fee and commission income. For the third quarter of 2024, fee and commissions income reached R$9.9 billion. Honestly, if you exclude the effect of the increased share in Cielo, that revenue would have been R$9.6 billion. That's a tangible financial impact from this key partnership.

John Deere Bank (50% acquisition) for agribusiness finance

The agribusiness strategy crystallized with the completion of the acquisition of a 50% stake in Banco John Deere S.A. on February 10, 2025. This joint venture aims to bolster financing for clients and dealerships in agribusiness and construction, leveraging Banco John Deere S.A.'s deep sector knowledge with Banco Bradesco S.A.'s financial reach.

Here's a quick look at the scale and immediate impact:

The integration was effective in the first quarter of 2025.

Strategic technology firms for digital and genAI implementation

Banco Bradesco S.A. has been working with strategic partners to scale generative AI across its operations, building on a foundation that pioneered AI use in the financial sector nearly a decade ago. The bank serves more than 70 million customers, so scaling efficiently is paramount. For the fiscal year ending December 31, 2024, total assets stood at $2.069 trillion.

The results from early generative AI deployments are concrete:

• Customer chatbot achieved a 90% retention rate.
• The customer chatbot resolves needs without human intervention in 90% of cases.
• A pilot for the call center chatbot showed a 40% reduction in average call handling time.
• A new agentic solution piloting in summer 2025 enables instant payments via WhatsApp with features like voice requests.

The bank also collaborates with fintech startups to innovate personal finance solutions, aiming to enhance customer engagement.

Banco Bradesco S.A. (BBD) - Canvas Business Model: Key Activities

You're looking at the core engine room of Banco Bradesco S.A. (BBD) right now-the actual things they spend their time and capital doing to generate value. It's a mix of heavy tech investment and traditional, high-volume financial services execution. Here's the breakdown of what they are actively driving as of late 2025.

Digital transformation and AI implementation for efficiency

Banco Bradesco S.A. is deep into its transformation plan, which means a lot of activity focused on technology to cut costs and improve client interaction. They are using AI tools across the board; for instance, a pilot program leveraging artificial intelligence increased sales by a reported 45%. Efficiency Ratio is a key metric here, dropping to 49.7% in Q1 2025, which represents a 12% improvement year-over-year. That's real operational leverage coming through.

The digital push isn't just back-office stuff, either. They are making customer-facing tools faster and smarter. For example, their customer chatbot maintains a 90% retention rate, and a separate call center chatbot has managed to reduce handling times by 40%. Plus, their smart payment initiatives via WhatsApp allow for transfers in under 10 seconds. For 2025, the plan included launching a new app and reassessing approximately 1,000 branches to optimize the physical footprint.

Banco Bradesco S.A. is using specific AI solutions to drive this:

• The IdeIA solution reads customer-service emails to automate responses quicker.
• The Horizon platform uses customer data to generate commercial insights for decisionmaking.
• They incorporated innovative Generative AI applications to tailor analyses for institutional clients.

Loan portfolio management targeting 9%-10% growth

Managing the credit book is central, balancing growth against risk in the current economic climate. While the initial 2025 guidance for the Expanded Loan Portfolio was set between 4% to 8% year-over-year, the actual performance shows strong momentum. By Q2 2025, the expanded credit portfolio surpassed R$1.018 trillion, marking an 11.7% YoY advance. By the end of Q3 2025, the portfolio grew by 9.6% YoY, reaching a figure of 1.18 trillion BRL, with a slight sequential growth of 1.6% quarter-over-quarter in September 2025. They are focusing on quality, with the share of secured credit lines increasing from 58.5% in Q2 2025 to 59.5% in September 2025.

You see this focus reflected in specific lending areas:

The overall delinquency ratio (over 90 days NPL) remained stable at 4.1% in September 2025. That's a solid number given the environment.

Underwriting and management of insurance and pension plans

This segment is a major driver of revised guidance and profit growth. The 2025 outlook for Income from Insurance, Pension Plans and Capitalization Bonds was actually increased from an initial 6%-10% to a target range of 9% to 13%. The results back this up; Q2 2025 saw revenue from these operations jump 32.7% YoY. For the third quarter of 2025, income from insurance operations specifically reached R$5.7 billion, which is a 13.0% YoY increase, with the insurance company posting a ROAE of 22.4% in 3Q25.

Looking at the broader insurance conglomerate performance from the end of 2024, revenues from premiums, contributions, and capitalization income hit R$121.1 billion, a 13.6% increase compared to 2023. The net income for the Bradesco Seguros Group in 2024 was R$9.1 billion in the Insurance, Capitalization and Open Pension Plan segments. This activity is significant; its penetration in nominal Brazilian GDP (excluding Supplementary Health) was 3.7% in 2024.

Investment banking and capital markets operations

While specific Investment Banking revenue isn't cleanly separated in the latest reports, the broader fee-based income streams show strong activity, which is where capital markets and advisory fees reside. The 2025 guidance for Fee and Commission Income was also adjusted upward, moving from 4%-8% to 5%-9%. In Q2 2025, fee and commission income surged 10.3% YoY. By Q3 2025, this metric grew by 6.9% year-over-year.

You can see the strength in the underlying components that feed into this activity:

• Revenue from the card business increased 19.9% YoY, reaching a record of R$4,460b in Q2 2025.
• Revenues from consortia rose 20.8% in the same quarter.
• Asset management revenue showed growth of 3.7% in Q2 2025.

Overall, total revenue for the twelve months ending September 30, 2025, was $51.083B, showing a 5.28% increase YoY. Finance: draft 13-week cash view by Friday.

Banco Bradesco S.A. (BBD) - Canvas Business Model: Key Resources

You're looking at the core assets Banco Bradesco S.A. (BBD) relies on to operate across Brazil and internationally. These aren't just balance sheet items; they are the engines of their business.

Expanded Loan Portfolio

The sheer scale of the credit book is a massive resource. As of Q2 2025, the expanded credit portfolio surpassed the R$1.018 trillion mark, reflecting an 11.7% year-over-year advance. Growth was particularly strong in the segments serving individuals, up 15.9% year-over-year to R$442.4 billion, and in Small and Medium Enterprises (SMEs), which jumped 25.2% year-over-year. That's a lot of money being put to work in the Brazilian economy. It's a huge engine for interest income.

The portfolio quality is also a key asset, with late payments over 90 days holding steady at 4.1% in Q2 2025.

Extensive Physical Branch and ATM Network

Even as digital adoption soars, the physical footprint remains a critical resource for reach and service, defintely. As of the latest available data, Banco Bradesco S.A. maintains a vast physical presence, including 5,314 branches and 4,834 service branches across its network, complemented by 38,430 banking correspondents. You can access cash via 34,859 of its own automatic teller machines, plus another 12,975 ATMs through the Banco24Horas network. Still, the shift is clear: as of December 2024, 99% of total transactions were digital, with 95% of those occurring via mobile apps or internet banking.

The physical network is being optimized, with the bank reassessing around 1,000 branches as part of its digital transformation.

Proprietary AI and Machine Learning Credit Models

Technology is now a core, non-tangible resource, especially in risk management. Banco Bradesco S.A. is integrating AI-driven credit risk modeling, notably through its expanded use of the FICO Platform, which helps in real-time transaction monitoring. This technology, part of the SAFER platform, processes nearly 1 billion PIX transactions monthly, which has helped reduce fraud-related customer friction by 89%. The bank also cut the number of transactions held for manual review by 50%.

Furthermore, the generative AI solution called MentorIA, used in credit recovery, is expected to boost pre-tax profit by nearly half a billion reais in one year, projecting a jump from R$ 151 million to R$ 625 million. Since implementing MentorIA, the bank registered a 22% increase in the number of agreements made through its debt collection services.

Robust Insurance Group Technical Provisions

The reserves held by the insurance arm are a significant financial resource, providing stability and capital backing. At the end of the 2024 financial year, the Technical Provisions for the Bradesco Seguros Group totaled R$403.7 billion, marking an 11.9% increase from the prior year. This segment delivered a net income of R$9.1 billion in the Insurance, Capitalization, and Open Pension Plan segments for 2024.

The Insurance Group maintained its leadership in the Brazilian insurance market, reporting an average return on shareholders' equity (ROAE) of 22.4% in 2024.

Here's a quick look at these key quantitative resources as of the latest reported periods:

Finance: draft the 13-week cash flow view by Friday.

Banco Bradesco S.A. (BBD) - Canvas Business Model: Value Propositions

You're looking at the core value Banco Bradesco S.A. (BBD) delivers to its diverse client base as of late 2025. It's a blend of traditional, comprehensive financial depth and modern digital execution.

Comprehensive financial, insurance, and pension services

Banco Bradesco S.A. (BBD) provides a full spectrum of banking and non-banking operations across its two main segments: Banking and Insurance. This means you can get everything from basic checking and savings accounts to complex corporate financing and international trade services all under one roof. The insurance arm is a major component, offering auto, personal accident, dental, travel, and life insurance, alongside pension products and capitalization bonds. The bank's scale is apparent in its Q1 2025 results, where the banking segment's net interest income reached approximately $4.0 billion USD. Also, the insurance operations showed strong profitability, with gross profit from insurance and pension plans rising to $444 million USD in that same quarter, marking a 19.7% year-over-year increase. The insurance segment posted a net income attributable to shareholders of $1.0 billion USD in Q1 2025. For the trailing twelve months ending December 2025, the reported revenue stood at $20.94 Billion USD. The loan book continues to expand, reaching R$1.018 trillion as of Q2 2025, which was an 11.3% increase year-over-year. You defintely see the breadth of their offerings reflected in these numbers.

Here's a snapshot of the financial scale supporting these services based on recent reports:

Digital convenience with 99% of transactions conducted digitally

Banco Bradesco S.A. (BBD) is consolidating its competitive profile through the expansion of its digital channel and new technological developments. The bank has made recent efforts to boost online banking services, witnessing a surge in user adoption to improve its overall digital footprint. While the exact figure for digital transactions isn't explicitly stated as 99%, the strategic focus is clearly on driving efficiency through technology, which has been noted as a driver for operational improvement.

• Expansion of the digital channel consolidated in Q2 2025.
• Surge in user adoption for online banking services.
• Technological investments noted for efficiency improvements.

Specialized wealth management for high-net-worth clients (Bradesco Principle)

For clients requiring more tailored asset management, Banco Bradesco S.A. (BBD) operates as a major asset manager within the market. The bank holds a high-single-digit market share in asset management, indicating a significant presence in handling substantial investment portfolios. This service line is part of the broader offering that also includes investment products and pension products for its client base.

Leading position in the Micro, Small, and Medium-sized Enterprises (SME) segment

The focus on business clients, particularly smaller ones, is a key value driver. Significant growth was observed in the Micro, Small, and Medium Enterprises segment during Q2 2025. Specifically, the bank reported a growth rate of 25.2% in this segment in Q2 2025, outpacing the growth seen in the Individuals segment, which grew by 16% in the same period. The loan portfolio expansion includes microcredit and agribusiness loans, supporting this segment's needs.

Banco Bradesco S.A. (BBD) - Canvas Business Model: Customer Relationships

You're looking at how Banco Bradesco S.A. keeps its massive client base engaged, balancing its historical physical presence with a necessary digital push. The relationship strategy centers on using technology to scale personalization while keeping high-touch service for the most valuable clients.

High-engagement, personalized service via digital channels

Banco Bradesco S.A. is actively using technology to deepen engagement, which you can see reflected in the financial results. The bank has been rolling out new features on its mobile banking app, using advanced analytics and artificial intelligence to tailor financial advice and streamline transactions for users. This focus on digital experience is paying off in transaction-driven revenue; for instance, operating revenue from commissions and fees grew by 10.6% year-on-year, reaching R$10.307B in the second quarter of 2025 alone. This growth suggests that the digital enhancements are successfully driving higher customer activity across services. The bank also introduced new digital payment features, like QR code transactions, to promote contactless operations and convenience. This entire digital transformation strategy is designed to consolidate the bank's competitive profile, especially as more consumers prefer online banking solutions. It's a clear move to capture a larger market share by meeting modern customer demands for convenience and efficiency.

The digital relationship strategy includes:

• Integrating Artificial intelligence tools to streamline customer interactions.
• Launching new mobile app features for personalized financial advice.
• Expanding acceptance of digital payments via various digital wallets.
• Investing in robust cybersecurity measures to maintain client trust.

Dedicated relationship managers for corporate and high-net-worth clients

For the top tier of clients, Banco Bradesco S.A. maintains a high-touch approach through dedicated personnel. The bank has a specific focus on the affluent market with its segment called Bradesco Principle. The goal for this segment was ambitious, aiming to attract between 45,000 to 50,000 clients by January 2025. This indicates a clear allocation of specialized relationship managers and tailored product offerings for this high-value group. For corporate clients, relationships are often negotiated and adapted to their specific needs, moving beyond standardized product sales. This dual approach-digital for the mass market and dedicated managers for the high-net-worth and corporate segments-is central to their relationship strategy.

Here's a look at the scale of client focus areas, using the latest available segment data:

CRM systems supporting all client segments

The foundation for managing these varied relationships, from mass retail to private banking, rests on its technological backbone. Banco Bradesco S.A. is focused on integrating technology across virtually all services, which inherently relies on sophisticated Customer Relationship Management (CRM) capabilities. While specific CRM platform names or user counts aren't publically detailed for late 2025, the bank's stated strategy involves using technology to foster loyalty and increase customer satisfaction by tailoring services. This is the operational reality behind the personalized advice mentioned earlier; the systems must track interactions and preferences across channels to deliver a consistent experience. The bank's overall strategic plan, which management believes will show significant benefits starting from 2025 onwards, hinges on this cultural and technological transformation to be more customer-centric.

Enhanced correspondent banking via Bradesco Expresso

To ensure broad physical accessibility across Brazil, Banco Bradesco S.A. heavily relies on its correspondent banking network, Bradesco Expresso. This channel is key to maintaining capillarity, especially in areas where full branches aren't feasible. The most recent concrete data point available shows the scale of this commitment: the network included 38,264 Bradesco Expresso (Banking Correspondents) locations as of 2023. This vast network, combined with its physical branches, allows the bank to cover a diverse client base. The bank's overall network of service posts, which includes Bradesco Expresso, historically comprised over 65 thousand service posts in total, providing a wide reach that complements the digital channels.

The scale of the physical access network includes:

• Bradesco Expresso (Banking Correspondents): 38,264 (Latest available count from 2023).
• Total Service Points (Historical Context): Over 65,000.
• Own Branches (Latest available count from 2023): 2,695.

Banco Bradesco S.A. (BBD) - Canvas Business Model: Channels

You're looking at how Banco Bradesco S.A. gets its services to its customers right now, late 2025. It's a mix of old-school presence and digital speed.

Mobile and internet banking platforms

Banco Bradesco S.A. has definitely pushed its digital footprint. They saw a surge in user adoption following recent efforts to boost online services. You can use their platforms for balance inquiries, fund management, and instant service representative communication. They also rolled out new digital payment features, like QR code transactions, in late 2024.

Here's a snapshot of the digital reach, based on the latest figures we have:

Physical branch network and ATMs

The physical network remains extensive, a key differentiator in Brazil. You still see Banco Bradesco S.A. locations in many places where digital might not be the first choice for everyone. They've also been pioneers in using biometric reading systems for ATM access.

The scale of the physical infrastructure looks like this:

Bradesco Expresso correspondent banking platform

The Bradesco Expresso network is how Banco Bradesco S.A. achieves its presence in virtually all Brazilian municipalities. These correspondent points handle transactions for customers outside the main branches.

The sheer volume of these access points is significant:

• Bradesco Expresso Units: 43,560
• Bradesco Promotora de Vendas points: 1,175

Ágora digital investment brokerage app

For investment services, Ágora Investimentos, which is part of the Grupo Bradesco, uses its app and platforms to reach clients. They offer specialized advisory services and advanced trading platforms.

Here are some figures related to the Ágora investment channel:

Banco Bradesco S.A. (BBD) - Canvas Business Model: Customer Segments

You're looking at the core client base for Banco Bradesco S.A. (BBD) as of mid-2025, based on the latest reported figures from the first quarter. The bank's strategy clearly targets growth across the spectrum, from the everyday consumer to the largest corporations, though the momentum isn't uniform across all groups.

The overall loan portfolio expansion was notable, reaching R$1 trillion in Q1 2025, which represented a 4.9% year-over-year increase. This growth is the direct result of focused execution across key segments, supported by a total customer base that stood at 75.9 million as of 2024.

Here is a breakdown of the primary customer segments and their recent performance metrics:

• Individuals: Loan growth reached 16.2% year-over-year in Q1 2025.
• Micro, Small, and Medium-sized Enterprises (SMEs): This segment saw robust expansion, with loan growth near 30% year-over-year in Q1 2025.
• Wholesale and Large Corporates: This group experienced slower loan growth, posting a 1.2% increase year-on-year in Q1 2025.
• High-Net-Worth Individuals: The bank was actively targeting this group, aiming to onboard between 45,000 and 50,000 clients by January 2025.

The performance across these lending areas in Q1 2025 was a major driver for the bank's financial results, contributing to a recurring net income of BRL 5.9 billion.

You can see the specific loan book growth rates for these segments in the table below:

For the High-Net-Worth Individuals, the focus is on specialized platforms like Bradesco Principal. Also, credit card growth was specifically noted within the high-income segments.

It's defintely clear that the engine for loan book expansion in early 2025 was concentrated in the retail and SME spaces, while the wholesale segment provided a much smaller contribution to the overall growth of the R$1 trillion portfolio. Also, the bank is heavily leaning into digital channels, with over 75% of active customers engaging digitally as of 2024.

Finance: draft 13-week cash view by Friday.

Banco Bradesco S.A. (BBD) - Canvas Business Model: Cost Structure

You're looking at the cost side of Banco Bradesco S.A.'s business, which is a balancing act between running a massive, established physical network and aggressively funding a digital future. Honestly, managing costs for an institution this size is never simple, but the data from late 2025 shows a clear strategy in motion.

Controlled operating expenses despite transformation investments

Banco Bradesco S.A. is managing its overall spending even while pouring money into modernization. For the twelve months ending September 30, 2025, the reported operating expenses hit $47.842B, which represented a 5.12% increase year-over-year. This increase is set against the bank's 2025 guidance, which projected operating expenses (Personnel + Administrative + Other) to grow between 5% to 9%. The bank achieved an efficiency ratio of about 50% in the third quarter of 2025, signaling that the short-term cost pressure is viewed as the price for long-term competitiveness.

Here are some key cost and efficiency figures as of late 2025:

Significant investment in digital and AI technology

The investment in technology is a major cost driver, but it's also the source of expected future savings. Banco Bradesco S.A. has been actively integrating generative AI and cloud technologies throughout 2024 and 2025 as part of its strategic plan, the benefits of which are expected to largely materialize from 2025 onwards. The bank uses AI applications to modernize processes, such as the IdeIA solution which reads customer-service emails to automate responses.

The payoff from this digital push is visible in efficiency metrics. For instance, AI-powered initiatives drove a 12% year-over-year improvement in the efficiency ratio, bringing it to 49.7% in Q2 2025. Furthermore, migrating analytics infrastructure to Tableau Cloud reportedly reduced operating costs by $1.6 million annually. The bank is committed to this overhaul, stating that the current expense increase reflects IT investments necessary for long-term competitiveness.

Credit costs managed with a moderate risk appetite for 2025

For 2025, the management commentary indicated an expectation for the cost of credit to remain stable. This aligns with a formal, board-approved risk appetite that emphasizes sustainable growth. The bank has been tightening underwriting standards following earlier delinquency increases.

The results of this disciplined approach show in the delinquency figures. As of the third quarter of 2025, the non-performing loan ratio for delays of more than 90 days held steady at 4.1%. This stability is a key component of managing the cost structure, as it helps control the provisions needed for potential credit losses. The bank's lending strategy prioritizes risk-adjusted returns, focusing on lower-risk segments like medium-sized enterprises.

Personnel and administrative costs for the large physical footprint

Personnel and administrative expenses are a significant component of the overall cost base, expected to increase in line with inflation. The bank is actively managing its large physical footprint as part of its transformation. As of December 2024, the bank was reassessing around 1,000 branches. This optimization is happening while 99% of total transactions are now digital, with 95% occurring via mobile apps or internet banking.

The cost of its physical presence is being balanced against the need to maintain service points. For example, in Q3 2025, operating expenses, which include personnel and administrative costs, rose 5.5% year-on-year to R$12.9 billion. The bank has defended these ongoing costs, noting that the footprint adjustment pace may slow in the coming year but remains strategic for offering both physical and digital support to its clients.

Banco Bradesco S.A. (BBD) - Canvas Business Model: Revenue Streams

You're looking at the core ways Banco Bradesco S.A. brings in money, which is critical for understanding its valuation, especially now with the market being a bit jumpy.

Net Interest Income (NII) from loan portfolio remains the bedrock. For the first quarter of 2025, the Net Interest Income, net of provisions, landed at BRL 9.6 billion. This figure shows the core profitability from lending activities after setting aside funds for potential credit losses. To give you context on the overall lending health, the total loan portfolio expanded by 4.9% year-on-year in Q1 2025, reaching BRL 1 trillion.

Next up is Fee and Commission Income. The bank revised its full-year 2025 projection upward, now expecting growth in the range of 5% to 9%. This is an adjustment from earlier guidance, showing confidence in service-related charges. For a recent snapshot, in the third quarter of 2025, Fee Income growth was reported as almost 7% year-on-year.

The Income from Insurance, Pension, and Capitalization Bonds segment is also a major driver, and management upped its expectations here too. The projected growth for 2025 is now set between 9% and 13%. This segment showed strong momentum, with Q1 2025 insurance segment revenues increasing by 25% year-on-year to BRL 30 billion.

Finally, we look at Investment banking and capital markets revenue. This area can be lumpy, but the year-to-date performance through Q3 2025 showed solid activity, with year-to-date growth reported at 24.1%. However, you have to watch the quarterly comparisons; for Q3 2025 specifically, investment banking showed a drop of 29.9% because the prior year's quarter had a very high baseline. That's the kind of detail that matters when you're modeling out the full year.

Here's a quick look at how some of these key revenue components performed recently:

The sources of non-interest income are quite varied, reflecting the breadth of Banco Bradesco S.A.'s offerings. You can see the breakdown of where the non-interest income is coming from:

• Credit Card Fee Income growth: Almost 14% (Q3 2025).
• Consortium Management Income growth: 22.1% year on year (Q3 2025).
• Asset Management: BRL 1 trillion of assets under management (Q3 2025).

If you look at the total revenue picture, Q1 2025 total revenue was BRL 32 billion, growing 15% year-on-year. Then, by Q3 2025, total revenue was BRL 30 billion, up by 13.1% year-on-year. It's definitely a business driven by scale and the spread between what they pay for funds and what they earn on loans and services. Finance: draft 13-week cash view by Friday.