Investor Relations

Fitch Ratings upgrades Agibank’s rating to ‘A-(bra)’

The report was published by the ratings agency on August 17, raising the company’s issuer rating from ‘BBB+(bra)’ to ‘A-(bra)’

São Paulo, August 17th, 2023 – Agibank announces that Fitch Ratings, agency specialized in risk ratings, upgraded Agibank’s rating from ‘BBB+(bra)’ to ‘A-(bra), with Positive Outlook.

Fitch highlights in their report that the ratings upgrade mainly portrays the strengthening of its business model, and constant improvement in profitability and credit quality indicators. The maintenance of Positive Outlook reflects the agency’s expectation that Agibank’s financial profile, mainly the credit quality indicators, will continue to evolve towards that of its higher rated domestic peers.

“This is our second upgrade this quarter, and we take it as a recognition of the strongholds we built in the previous years. We reached a sustainable growth condition allied to profitability that comes as a result of our strategic direction, which is supported by pillars such as the close relationship with customers through our own channels, an assertive asset and liability management for the profile of our credit portfolio, austerity and discipline in costs and expenses, and a healthy monetization of our customer base via credit, insurance and services tailor-made for this audience” comments Thiago Souza Aor, Agibank’s CFO & Investor Relations Officer.

Agibank is consolidated as a business that allies profitability and sustainable growth. With almost 900 hubs throughout Brazil and more than 5 million total customers, the company had a 48% credit portfolio growth in the last year, reaching an annualized ROE of 29,6% in the second quarter of 2023, with improvements in credit defaulting rates – NPL over 90 days of 4,5% by the end of June 2023 – and still maintaining comfortable levels of liquidity and capital, with a Capital Adequacy Ratio of 14,3%.

“The upgrades contribute to keep scaling our business and positioning us closer to players that have been consolidated in this market for many years. With these gains, we have increasingly more ways to make the day to day lives of all of our people – the customers, employees, and shareholder’s – better”, concludes Thiago.

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