In 2017, our revenues were affected by the decline in interest rates and a very timid rebound in demand. This was more than offset by improved default levels and our strict control over expenses. As a result, we recorded recurring net income of R$23.9 billion1, 2.6% higher than in 2016. An important highlight refers to the impact generated by the bank through its added value2, which reached R$67.2 billion in 2017, up 9.0% compared to 2016.   


1Net income attributable to owners of the parent company under IFRS.
2Includes recurring net income and the reclassification of tax effects of hedging foreign investments to the financial margin under BRGAAP.