Investor Relations

All Time High Net Income in 3Q23

The Company recorded R$ 137.4 million of net income, growing 396.9% from the previous year


In the third quarter, Agibank reached its highest profit by recording R$ 137.4 million in net income, with R$ 283.9 million accumulated in the first nine months o 2023. The company grew its profitability five-fold from 2022 (+396.9%) and reinforced its commitment to sustainable growth and its orientation to maximum efficiency, reflected in its Operating Efficiency Ratio of 55.8%. The annualized return on equity for the first nine months was 31%, growing 22.5 percentage points from 2022.

The credit portfolio reached R$ 14.1 billion, growing 51.6% over September 2022. The trajectory of gradual change in the credit mix continued, favoring facilities with lower risk and nominal rates, such as payroll loans, which overall grew 55.7% from 2022. The Payroll Benefit Card portfolio already reached R$ 540.8 million and has great penetration potential in the company’s client base. All together, the payroll portfolio reached a share of 78% over the total credit portfolio.

Following its strategic pillar to be the main bank for its customers, Agibank grew by 44.8% YoY its portfolio of Personal Credit to Account-holders, which is fundamental to increase its share of principality among the clients and allow promotion of other business units.

“Once again, the growth of our credit portfolio was kept at a pace 3 times highest than the market for personal credit in Brazil, the same as 2022. Our results have proven that we continue maintaining sustainable growth at a level much higher than what is seen in the sector for these types of credit”, highlights Thiago Souza Aor, Agibank’s CFO & Investor Relations Officer.

The substantial growth was also followed by improvements in delinquency rates – the third quarter finished with 3.9% of overdue portfolio over 90 days (-60 bps QoQ), and the expansion of coverage ratio of 132.5%, demonstrating the solidity of provisions over the portfolio and risk management. Total Revenues amounted to R$ 3,652.9 million in the nine months, growing 48.4% from the previous year.

The number of total active clients continues evolving consistently and with quality. In September, Agibank reached 2.5 million total active clients, with and average of 5 products per active account-holder client.

According to the Company’s CEO, the results delivered up until September bring confidence to advance into the last quarter of 2023 maintaining focus on growth with profitability, discipline, and austerity. “We remain seeking maximum efficiency, increase in digitalization, hedged to a portfolio ever more complete and with better competitive conditions for our customers”, finishes Correa.

Democratizing the access to financial services for Brazilians is at the core of Agibank’s strategy, being born with purpose of generating financial and digital inclusion to all, especially for the population with lower income, which is underserved by the market. since a sizeable chunk of this demographic still needs support to enjoy the usefulness from digital channels and have easy and fast access to financial services, the Company has an omnichannel operation, that provides a complete digital experience in its channels as well as 900 physical hubs spread throughout Brazil.