THEBanking, complete digital bank in financial services and payment methods, announced the results of the second quarter of 2024 (2Q24). Among the main highlights of the period, the Company recorded arecurring net income, record in the history of the institution, ofR$ 542 million(+31% a/a). THEnet accounting profit, also record, it was fromR$ 504 million (+31% a/a).
About to complete two years as CEO of PagBank, Alexandre Magnani celebrates the record numbers, result of the strategy implemented and executed since the beginning of 2023“We are almost32 million customers. The numbers consolidate PagBank as a solid and complete bank, reinforcing our purpose of making the financial life of people and businesses easier in a simple way, integrated, safe and accessible, says theCEO
In the acquisition, theTPVregistered was a record and reachedR$ 124,4 billion, um crescimento anual de +34% (+11% t/t), more than triple the industry in the period. The value was driven by the increase in all segments, mainly in the segment of micro and small entrepreneurs (MSEs), that represent 67% of the TPV, and the new growth verticals of the business, with a focus on operationsonline, cross-borderand automations, that already represent a third of the GTV
In the digital bank, PagBank has reachedR$ 76,4 billionofCash-in (+52% a/a), contributing to the record volume ofdeposits, that reached a total ofR$ 34,2 billion, com impressionantes +87% de incremento a/a e 12% t/t, reflection of the growth of +39% a/a nos saldos em conta PagBank e do maior volume de investimentos captados nos CDBs emitidos pelo banco, that grew +127% in the last twelve months
"This month, we received the ratingAAA.brandMoody’s, with a stable perspective, the highest level on a local scale. In less than a year, both toS&P Globalas theMoody’s they rated us with the highest score on their local scales: the 'triple A'. In PagBank, our clients rely on stability similar to that of the largest financial institutions in the country, but with better yields and terms. This is only possible because we have a lean cost structure and the agility of fintechpoints out Magnani.
No 2T24, a credit portfolio registrou uma expansão de +11% a/a, reachingR$ 2,9 billion, leveraging low-risk and high-engagement products, like a credit card, payroll loan and anticipation of the birthday withdrawal of the FGTS, at the same time as it resumes the granting of other lines of credit
According to Artur Schunck, CFO of PagBank, the acceleration of volumetry and revenues, combined with discipline in costs and expenses, they were the main drivers of the record results. "We have managed to balance growth with profitability". Revenue growth has accelerated in recent quarters and our investments in expanding the sales teams, marketing actions and improvement in customer service without compromising profit growth, giving us the breath to revise upwards our guidance for TPV and recurring net profit”, affirms Schunck
With the end of the first semester of 2024, the company raised its projections for TPV and recurring net income for the year. For the TPV, a companhia agora espera um crescimento entre +22% e +28% a/a, well above the growth between +12% and +16% of theguidanceshared at the beginning of the year. Already for the recurring net profit, a companhia agora espera um crescimento entre +19% e +25% a/a, above the growth between +16% and +22% of theguidanceshared at the beginning of the year
Other highlights
A net revenuein 2Q24 wasR$ 4,6 billion (+19% a/a), driven by a strong increase in higher margin revenues in financial services. With thenumber of customersreaching the mark of31,6 million, reinforcing PagBank's position as one of the largest digital banks in the country
PagBank has been working on launchingnew products and servicesthat will expand the increasingly comprehensive portfolio of solutions to facilitate their clients' business. The digital bank has just launched the service ofanticipation of receivables from other machines, with same-day account deposit for PagBank customers. Already this month of August, eligible customers are already using the service in their bank account.
"This will be a new way for merchants to access receivables in a centralized manner". With him, it is possible to view and anticipate all sales from any buyer in the PagBank app, without the need to access multiple applicationsexplain Magnani. According to the CEO, in this first phase of the product, the company is offering features that include self-service hiring, disbursement on the same day for PagBank clients and customized negotiations by acquirer and amounts.
Another feature that has just been made available is themultiple payment of bills, that allows multiple payments to be made simultaneously in a single transaction, reducing the time needed to process each boleto individually. The solution benefits, mainly, users of individual or corporate accounts who wish to pay multiple bills at once.E, besides these releases, many others are yet to come.
“For our 6,4 million merchant and entrepreneur customers, these and other competitive advantages such as zero rate for new retailers, anticipation at the time in the PagBank account, express delivery of machine and acceptance of Pix, are great differentiators. We are focused on the strategy of attracting and retaining customers and encouraging them to use PagBank as their main bank, generating more value for the company and contributing to our sustainable growth, complete Alexandre Magnani, CEO of PagBank
To access the complete balance of PagBank in Q2 2024, Click here.
