Institution reached R$ 70.9 million in the first nine months of 2022
Campinas (SP), November 18th, 2022 – Agibank registered a Net Income of 27.6 million in the third quarter of 2022, an increase of 72.9% comparing to the last quarter, reaching R$ 70.9 million in the first nine months of 2022. The highlight is an even more solid capital condition, with a Capital Adequacy Ratio of 16.7%, being 12.7% of capital level I.
According to Thiago Souza Aor, Financial and Investor Relations Officer of Agi, the return to those levels of profit were expected, as in 2021 the institution accelerated the growth in resilient portfolios, performed hedge operations to lock the origination spreads and invested in opening almost 200 smart hubs to be even more protagonists in the mix of credit concession. “All this added to lots of discipline of execution and austerity in expenses gives us the condition to envision the maintenance of positive and consistent results for the last quarter of the year”, adds Thiago.
Besides performing in a sector unassisted by others neobanks, Agi has the goal of enlarging and simplify the access of Brazilian people to financial and non-financial products/services, bringing unique solutions in comparison to what is offered nowadays by the big banks. “We anticipated ourselves to the envisaged adverse scenario and we have implemented preventively relevant improvements on the modeling and in all the credit cycle, prioritizing the concession to account holders who receive their salary at Agi, which reduces defaulting risk and raises the client lifetime value. All these initiatives allowed us to keep defaulting indicators in controlled levels”, appoints Glauber Correa, CEO of Agi.
Another highlight is the gross credit portfolio which reached R$9.3 billion, an advance of 70% when compared to the previous year. The path of gradual change of the credit profile remained, favoring lower risk and interest rates lines, as the payroll credit and payroll linked credit card, that advanced 79.8% and 68.5% respectively relation to September 2021. On the quarter, Agibank started with the origination of the payroll benefit card which shortly already reached R$ 117.2 million of portfolio, demonstrating high potential of penetration in his base of clients. All payroll credit lines reached a share of 75.9% of the total portfolio.
“In addition, in line with the strategy of closer relationships with the client, we enlarged in 36.7% the personal credit to account holders, which represents 18.9% of the total credit portfolio. This movement is crucial to increase our participation as main client’s bank, increasing the contact and relationship spots, which allow us to leverage other business verticals”, explains Thiago.
The personal FGTS credit also continues evolving and registered a portfolio of R$ 57.9 million in September of this year. Agi has advanced monthly in origination of this products that allow access another client’s segment: the employees of the private sector (nowadays 47 million people in Brazil) and future beneficiaries.
The amount of active clients is growing in a consistent way over the quarters. In September of this year, the institution reached the mark of 1.9 million of active clients, with an average of 3.6 active products per client. There was also an advance of 24.7% in ARPAC (Average Revenue per Active Client) of the last twelve months, totalizing R$ 1,195.28 per client, significantly above the average of others neobanks.
Total Revenues summed R$2,461.3 million in the 9 months of this year, demonstrating an advance of 76.4% in relation to the same period of 2021, mainly by the increase of the Revenues of Credit Operations (+71.4%) in line with a credit portfolio substantially higher in the period and Treasury Revenues (+425.5%), due to the hedge accounting structure, carried out for a higher efficiency in the Assets and Liabilities Management.
Agi also highlights the advance on the credit models, investing in engines even more robust and in the continue creations of risk groups, guaranteeing the accuracy in the client segmentation, always absorbing new information available and adjusting to the new country reality, to continue with the credit offer in a responsible and sustainable way.
In front of a macroeconomic ambient even complex, Agi recognizes that consistency is the central point to keep following its evolution. “We keep focused on highest efficiency, the increase of digitalization and the business profitability, anchored in a portfolio increasingly complete and competitive. Our discipline, focus, capacity of teamwork and do the right choices have been determinants to the building of our growing results”, adds Glauber.