São Paulo, November 18th, 2024 – Agibank, a fintech operating a hybrid business model with digital solutions and smart hubs, reported strong financial results in the third quarter of 2024, driving sustainable growth and solid operational performance. In the first nine months of the year, the company achieved a cumulative net income of R$ 646.4 million, while Q3 net income reached R$ 205.9 million, a 49.6% increase over the same period last year, driven by an expanding credit portfolio and improved asset quality.
The company reached 3.6 million active customers in the quarter, reflecting a 45.9% year-over-year growth. Agibank’s credit portfolio grew by 55.2%, five times faster than the market rate, totaling R$ 21.9 billion. These results are also marked by a 46.4% return on average equity (ROAE) over the last 12 months, establishing Agibank as a leader in profitability within the sector, with a 20.1 percentage point increase compared to the previous year.
“Our results demonstrate the strength of our hybrid model and the precision of our growth strategy,” stated Glauber Correa, CEO of Agibank. “We continue to invest in technology and in our Smart Hub network, which will keep expanding. Over the coming years, we plan to open new branches across the country, reinforcing our commitment to democratizing access to high-quality financial services for all Brazilians.”
The 90-day delinquency rate fell to 2.9%, 100 basis points below the figure recorded in the previous year, reflecting Agibank’s focus on customer centrality and continuous investment in advanced credit models that leverage technology to anticipate client behavior. Additionally, the coverage ratio for overdue loans reached 149.2%, a 16.5 percentage point increase, highlighting the bank’s conservative approach to credit provisions.
Marcello Dubeux, CFO of Agibank, commented on the importance of financial governance for these results. “We conduct asset and liability management with prudence, which directly contributes to the strength of our portfolio and the predictability of our results. At the same time, our capital structure is well-prepared to support growth safely and efficiently,” said Dubeux.
Agibank also recorded a significant increase in total revenue, which reached R$ 5.3 billion in the first nine months of 2024, a 45.4% increase compared to the same period in 2023. These results reflect the success of the bank’s strategy, focused on achieving significant scale and market share, while also strengthening client relationships.
Digitalization was another highlight of the quarter, reflecting Agibank’s commitment to leveraging state-of-the-art technology and promoting financial inclusion in Brazil. Credit origination totaled R$ 5.2 billion in the period, a 59.7% increase over Q3 2023. By using channels such as WhatsApp and biometric authentication, the bank has operated efficiently and strengthened connections with its customers. Additionally, 97% of credit origination was carried out through proprietary channels, ensuring efficiency and a strong client relationship focus.
With a solid cash position and prudent capital management, the company continues to expand its operations sustainably and remains well-prepared for market challenges. “We are on the right path to consolidating Agibank as a comprehensive financial platform that grows responsibly and creates value for our shareholders, clients, and society,” concluded Correa.