The PagBank, full digital bank in financial services and means of payments, announced the results of the second quarter of 2024 (2Q24). Among the main highlights of the period, the Company recorded a recurring net income, record in the history of the institution, of R$ 542 million (+31% a/a). O net accounting profitalso remember, it was R$ 504 million (+31% a/a).
About to complete two years as CEO of PagBank, Alexandre Magnani celebrates the record numbers, the result of the strategy implemented and executed from the beginning of 2023: “We are almost 32 Million customers. The figures consolidate PagBank as a solid and complete bank, reinforcing our purpose of facilitating the financial lives of people and businesses in a simple, integrated, safe and affordable manner”, says the CEO.
In acquisition, the TPV recorded was record and achieved R$ 124.4 billion an annual growth of +34% (+11% t/t), more than triple the industry in the period. The value was driven by the increase in all segments, especially in the segment of micro and small entrepreneurs (MPMEs), which represent 67% of TPV, and the new verticals of business growth, especially operations online, cross-border and automations, which already account for a third of TPV.
In digital banking, PagBank has achieved R$ 76.4 billion of Cash-in (+52% a/a), contributing to the record volume of deposits, which has reached a total of R$ 34.2 billion, With impressive +87% increment a/a and 12% t/t, reflecting the growth of +39% a/a in the balances in PagBank account and the largest volume of investments raised in the CDBs issued by the bank, which has grown +127% in the last twelve months.
“This month, we received the rating AAA.br of Moody, With stable outlook, the highest level in local scale. In less than a year, both S&P Global as a Moody they rated us with the highest score in their local scales: the IOSTriple A’. At PagBank, our clients have the same solidity as the largest financial institutions in the country, but with better yields and deadlines. This is only possible because we have a lean cost structure and the agility of fintech”, which is points Magnani.
In 2Q24, a credit portfolio it has registered an expansion of +11% a/a, achieving R$ 2.9 billion, having as levers low risk and high engagement products, such as credit card, payroll credit and anticipation of the FGTS withdrawals, while resuming the granting of other lines of credit.
According to Artur Schunck, CFO of PagBank, the acceleration of volume and revenues, combined with discipline in costs and expenses, were the main levers of record results. “We have been able to balance growth with profitability. Revenue growth has accelerated in recent quarters and our investments in expanding trading teams, marketing actions and improving customer service without compromising profit growth, giving us the impetus to revise up our TPV guidance and recurring net profit”, says Schunck.
With the end of the first half of 2024, the company raised its TPV and recurring net income projections for the year.For TPV, the company now expects growth between +22% and +28% a/a, well above the growth between +12% and +16% of the company guidances for recurring net income, the company now expects growth between +19% and +25% a/a, up from +16% and +22% growth guidances shared at the beginning of the year.
Other highlights
A net revenue in 2Q24 it was R$ 4.6 billion (+19% a/a), driven by a strong increase in revenues from higher margins in financial services number of clients reaching the mark of 31.6 Million, reinforcing the position of PagBank as one of the largest digital banks in the country.
PagBank has been working on the launch of new products and services that will expand the increasingly complete portfolio of solutions to facilitate the business of its customers. The digital bank has just launched the service of anticipation of receivables from other machines, with the deposit in account on the same day for customers with domicile PagBank. Already in this month of August, eligible customers are already relying on the service in the bank account.
“This will be a new way for merchants to access receivables centrally.With it, you can view and anticipate all sales from any acquirer in the PagBank app, without the need to access multiple” apps, including according to the CEO, in this first phase of the product, the company is offering features that include self-service contracting, same-day disbursement to PagBank customers, and customized acquirer trading and value.
Another feature that has just been made available is the multiple payment of tickets, which allows you to simultaneously make several payments in a single transaction, reducing the time required to process each ticket individually. The solution benefits, mainly, users of PF or PJ accounts who want to pay several bills at once. And, in addition to these releases, many others are to come.
"For ours 6.4 Million customers merchants and entrepreneurs, These and other competitive advantages such as zero rate for new merchants, timely advance on PagBank account, express machine delivery and Pix acceptance, are great differentials.We are focused on the strategy of attracting and retaining customers and encouraging them to use PagBank as the main bank, generating more value for the company and contributing to our sustainable growth”alexandre Magnani, CEO of PagBank.
To access the full PagBank balance sheet in 2Q24 click here..