The PagBank, full digital bank in financial services and means of payments, announces the results of the third quarter of 2024 (3Q24). Among the main highlights of the period, the Company recorded net revenue of R$ 4.8 billion in 3Q24 (+20% a/a). PagBank also achieved a recurring net income, record in the history of the institution, of R$ 572 million (+30% a/a), with a net accounting profit, also remember, of R$ 531 million (+29% a/a).
Alexandre Magnani, CEO of PagBank, celebrates the impressive results: “In this quarter we presented growth in payments more than twice as high as the card market and we still had growth in banking revenues of 52%, demonstrating the strength of our value proposition for our customers. We carried out all this presenting a solid balance sheet and generating increasing return for our shareholders with growth in earnings per share of 31%”.
In acquisition, the TPV registered from R$ 136.3 billion it is a new record for the company, with annual growth of 37% (+10% t/t). The value was driven by the increase in all segments, especially among micro, small and medium entrepreneurs (MPMEs), which represent 65% of TPV. In the new verticals of business growth, highlight to operations online, cross-border and automations, which already account for a third of the total TPV.
Within the digital banking, PagBank has achieved a record volume of deposits, with a total of R$ 34.2 billion59% more than a/a increase, reflecting the growth in PagBank account balances and the higher volume of investments raised in the CDBs issued by the bank.
“We have one andxpansion of revenues at a very significant speed, with an adequate margin for the business.We make important investments in processes, innovation and quality of service, and benefit from a reduction in the cost of funding, which provides us with greater competitiveness in the market“, gustavo Sechin, Director of IR, ESG, Market Intelligence and Economics at PagBank.
Another highlight of 3Q24, the credit portfolio it has registered an expansion of 30% a/a, achieving R$ 3.2 billion, having as levers low risk and high engagement products, such as credit card, payroll credit and anticipation of the FGTS withdrawal-birthday.
It also contributes to this growth, the gradual beginning of the resumption in the granting of other lines of credit, such as working capital loans for small and medium-sized companies, expansion of current credit card limits and special limit for customers with better credit risk profile.
According to Artur Schunck, CFO of PagBank, accelerating volumetry and revenues, combined with discipline in costs and expenses, were the main pillars for record results. “We can balance growth with profitability and we gain traction in all segments of the industry. We build operational leverage, reduce the cost of raising through growth in deposits and improve risk management.This performance makes us confident to deliver the expected result for the” year, the CFO says.
Other highlights
A net revenue in 3Q24 it was R$ 4.8 billion (+20% a/a), driven by strong growth in acquisition and even higher in banking activities (+52% a/a).
Digital banking has seen a margin increase in financial services (+68% 3T24) 32.1 Million customers, reinforcing the position of PagBank as one of the largest financial institutions in the country.
PagBank has been working on the launch of new products and services that will expand the portfolio of solutions to facilitate the financial life of its customers. Multiple Card, which came to bring together the functions of credit and debit in a single product, generating more practicality to customers PagBank, and the 3% Cashback on the first card invoice, which is being offered to customers who make purchases in the credit function.
“We offer simple, affordable and digital solutions that make our customers' financial lives easier and that is why engagement with our payment and banking products and services has grown a lot. Our vision for the future is to build an interface that aggregates all the information and functionalities that are important for the financial life of the” client, comments Magnani.
Also in order to generate great movement in negotiations with customers, PagBank is offering this Black Friday month, special and very advantageous conditions that should move the market and attract new customers, such as: Machine with super discount, anticipation of the FGTS Withdrawal, INSS Payroll Loan, transfer of Variable Income assets, as well as cashback in hiring Life and Residence Insurance.
To access the full PagBank balance sheet in 3Q24 click here..
