In the first quarter of 2024, PagBank, a leading digital bank in Brazil, achieved remarkable results with a recurring net profit of 522 million BRL, representing a 33% increase compared to the previous year. The bank also reported total deposits of 31 billion BRL, showcasing a robust balance sheet to support its expansion in receivables prepayment and lending.
PagBank’s growth was fueled by a VAT of 112 billion BRL, reflecting a 27% year-on-year increase, and a strong presence in various segments including SMEs, large companies, e-commerce, and cross-border transactions. The bank’s digital banking services saw significant growth with 66 billion BRL in cash-in, a 48% increase year-on-year.
Despite the challenging seasonality in the first quarter, PagBank maintained high deposit levels due to its efficient payment processing solutions and instant settlement capabilities through Pix. The bank’s CFO, Artur Schunck, highlighted that operational growth did not compromise capital allocation and emphasized the commitment to maintaining a solid balance sheet.
PagBank’s loan portfolio expanded to 2.7 billion BRL, with a focus on low-risk products such as consignment loans and credit cards tied to PagBank’s CDBs. The bank remains optimistic about the credit strategy and plans to introduce new credit products in the coming months.
In addition to its financial performance, PagBank received accolades as the best bank in Brazil and earned the RA1000 seal for service quality. The bank was also recognized as one of the 50 most valuable brands in the country, highlighting its strong reputation in the market.
PagBank introduced several innovative solutions in the first quarter, including partnerships with software companies, business insurance offerings, and Tap to Pay Online technology for seamless online transactions. Customers can now enjoy 1% cashback on all purchases made with the PagBank credit card and explore new investment opportunities with a 130% CDI yield.
Despite the challenges posed by the ongoing climate tragedy in Rio Grande do Sul, PagBank remains committed to supporting flood victims in the state and ensuring the well-being of its employees and customers.
With a customer base of over 31 million and a focus on growth and profitability, PagBank continues to lead the digital banking industry in Brazil. The bank’s innovative solutions, strong financial performance, and commitment to customer service set it apart as a reliable and efficient financial partner for individuals and businesses.
For more information about PagBank and its latest financial results, visit the PagBank Press Room.
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