Investor Relations

Agibank receives double ratings upgrade from Moody’s Local, up to ‘brA+’

Unprecedented upgrade of two notches attests to sustainability of business model and consistency of results


São Paulo, April 15, 2024 – Agibank announces that Moody’s Local, agency specialized in risk ratings, upgraded the Bank’s ratings in two levels, from ‘brA-’ to ‘brA+’, with stable outlook.

Moody’s Local comments on their report that “the ratings upgrades to Agibank reflect the improvement of the bank’s profitability, supported by the expansion of operations through its physical network, the smart hubs, higher engagement with customers and austerity. Additionally, the capital increases by the reincorporation of profits have shown to be enough to support the credit portfolio’s growth, which by annual comparison ended 2023 expanding 55%, while Tier I Capital remained above 11.4% in the same period.”

“Multi-notch upgrades are rare occasions, and we receive this achievement as evidence of the evolution of our plan in a long-term view. Agibank is in a condition of sustainable growth combined with profitability, which is a result of our strategic direction, based on principality and an exclusive relationship model with customers via a hybrid platform”, comments Felipe Gaspar Oliveira, Agibank’s Head of Investor Relations, M&A and FP&A.

“The sequential improvement of ratings that Agibank has been receiving in the past year create a virtuous cycle which is similar to what we seek when deepening customer relationship. The ‘A+’ rating is a milestone that will contribute for us to continue scaling our business sustainably and allows us to access more funding alternatives to have increasingly competitive product and service conditions”, reinforces Glauber Correa, Agibank’s CEO.

The Bank is consolidated in a business model that combines profitability and sustainable growth. With more than 900 smart hubs throughout Brazil and almost 3 million active clients, Agibank had a credit portfolio growth of 55% in 2023, reaching 33,8% of ROE, followed by improvement in defaulting rates – with overdue portfolio above 90 days of 3,9% by the end of December 2023 – and still maintained comfortable levels of liquidity and capital, with Capital Adequacy Ratio (Basel III) above 14,0%.

The full report, as published by the ratings agency, can be accessed here (Portuguese only).