“…According to Martin et al ( 2021), security income is composed of the income related to repo operations and assets that have their profitability associated with the Selic rate, while the credit income variable comprises all types of incomes originated by credit operations. Concerning the credit operation, Souza (2007) states that it consists, on the one hand, in raising funds from surplus agents and remunerating them back, on the other hand, in investing a portion of these funds by lending it to deficit agents. The difference between the rate charged to borrow-ers and the funding costs rate is known as a spread rate, which comprises the expenses related to operating as the financial intermediator, such as administrative expenses, taxes, fees, and risks, and the banks' profit.…”