PagBank, a leading digital bank in Brazil, recently announced its financial results for the first quarter of 2024, showcasing impressive growth and profitability. The digital bank recorded its highest recurring net income of BRL 522 million, marking a significant increase of 33% compared to the previous year. Additionally, net accounting profit reached BRL 483 million, up 31% year-on-year.
One of the key highlights of the period was the substantial growth in Total Payment Volume (TPV), which reached BRL 112 billion, surging by 27% year-on-year. This growth is more than double the industry average, demonstrating PagBank’s strong market position and steady expansion. Furthermore, the digital bank saw significant growth in deposits, reaching BRL 31 billion, which has further strengthened the balance sheet for future expansion and credit offerings.
CEO of PagBank, Alexandre Magnani, emphasized the company’s consistent execution and value proposition for micro, small, and medium-sized businesses. With over 31 million clients, PagBank has established itself among the largest financial institutions in Brazil, offering a wide range of financial services and payment solutions.
PagBank also achieved significant milestones in digital banking, with Cash-In reaching BRL 66 billion, reflecting a 48% year-on-year growth. The company’s strategic focus on instant settlement and easy operations through Pix has resulted in the growth of deposits, despite the less favorable seasonality of the period.
The CFO of PagBank, Arthur Schunck, highlighted the robust financial margins and disciplined cost management as key drivers behind the record results. Despite short-term uncertainties, Schunck expressed confidence in the company’s credit strategy and its diversified credit portfolio.
In addition to its financial success, PagBank was recognized as the best bank in Brazil and received the RA1000 service quality seal, underscoring its commitment to customer satisfaction. The company also introduced new products and services during the quarter, including banking partnerships, business insurance, Tap to Pay Online technology, and a 1% cashback offer on credit card purchases.
As PagBank looks ahead to the future, the CEO expressed optimism about the company’s growth prospects and continued innovation. Despite ongoing challenges, PagBank remains focused on supporting its clients and communities, especially in the face of natural disasters.
For more information on PagBank’s financial results for the first quarter of 2024, visit the company’s press room. PagBank continues to lead the way in financial services and payment solutions, providing simple, secure, and innovative solutions to individuals and businesses across Brazil.
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