The upgrades reflect the continued strengthening of the bank’s business and risk profile, states the agency.
Campinas, August 15, 2024 – Agibank, a bank that operates a hybrid business model combining digital solutions and smart hubs, has today received a two-notch rating upgrade from Fitch Ratings, elevating its classification to ‘A+(bra)’ with a stable outlook.
In its report, Fitch highlighted that “The upgrades reflect the continued strengthening of the bank’s business and risk profile, which has continuously improved its profitability and credit quality indicators, alongside robust capitalization levels, especially when compared to its local peers.”
“The second two-notch upgrade we’ve received this year is a rare and significant milestone, demonstrating the progress of our long-term strategic plans. Agibank is firmly positioned on a path of sustainable growth, with solid profitability, driven by a business model that combines the best of digital and physical operations, always focused on principality and close relationships with our clients,” commented Marcello Dubeux, Chief Financial and Investor Relations Officer at Agibank.
In the first half of 2024, Agibank also received a two-notch rating upgrade from Moody’s Local, reaching ‘A+.br’. These successive rating improvements reinforce Agibank’s commitment to strengthening client relationships and expanding funding alternatives, providing increasingly competitive conditions for its products and services.
Agibank continues to consolidate its unique business model in Brazil, which combines profitability with sustainable growth. With over 960 Smart Hubs operating across Brazil and approximately 3.2 million active clients, the bank recorded more than 50% growth in its credit portfolio over the past year, reaching a ROE of 42.4%. The improvement in delinquency levels, with the overdue portfolio over 90 days falling to 3.6% at the end of March 2023, and the maintenance of comfortable liquidity and capital levels, with a Basel Index above 14.0%, reflect the bank’s solidity.