Investor Relations

Agibank reported record net income of R$215.5 million in the first quarter of 2024

With a credit portfolio close to R$18 billion, the Bank grew 6x the Brazilian market’s pace in the quarter, with high profitability.


Campinas, May 13, 2024 – The figures for the first quarter of 2024 of Agibank, a reference bank for the low-income segment in Brazil, display yet another historic result. In just the first three months of the year, the company reached a net income of R$215.5 million, 268.1% higher when compared to the same period in 2023 and 48.1% compared to 4Q23.

The operating income was R$ 312.3 million – an increase of 259.0% when compared to the first quarter of the previous year and equivalent to 51.3% of the result for the entire year of 2023, when the total was R$ 606.0 million.

“The impressive numbers in these first three months reflect a solid and very well implemented business strategy, which is redefining the banking service model for low-income people. This audience represents more than 100 million people in Brazil, the vast majority of whom need face-to-face advisory and guidance to transition from the physical to the digital environment. Therefore, we operate with a hybrid business model, which combines a full digital experience and a network of more than 900 smart hubs – stores designed to especially serve the non-digitally native public – spread across the country”, explains Marciano Testa, founder of Agibank.

The credit portfolio grew by 56.9% in the first quarter, compared to the first quarter of 2023, reaching R$17.7 billion, 80% of which was secured loans. This evolution is also followed by the improvement in the default ratio, which fell 1.3 p.p. and went from 4.9% in 1Q23 to 3.6% in 1Q24, demonstrating the effectiveness of Agibank’s strategy, focusing on granting credit to account holders who receive a salary or benefit with the bank.

“The main point of our operations is to build a long-term relationship with our clients, based on a value proposition designed for their real needs. Achieving principality, via the deposit of their payroll in Agibank accounts, it allows us to build more advantageous offers, which, combined with our close and inclusive approach, guarantee dignity for thousands of Brazilians”, says Glauber Corrêa, CEO of the comapany.

This performance was also noted by the credit ratings agencies, as Agibank received recent upgrades affirmed by the three main global players: Moody’s Local (with a two notches upgrade to ‘brA+’, with a stable outlook), S&P Global and Fitch Ratings. Among the factors assessed are the quality of the credit portfolio and strengthening of the business model, as well as increasing profitability, capitalization and risk profile, diversification of funding and liquidity. “We are now monitored by all active rating agencies, which strengthens our commitment to transparency and best market practices. The consistency in the evolution of the perception of these agencies helps us continue to scale the business and access more alternatives to offer increasingly competitive products and services”, reinforces the CEO.