PagBank, one of the largest digital banks in Brazil, recently announced record-breaking financial results for the first quarter of 2024. The bank reported a recurring net income of 522 million BRL, representing a 33% increase year-on-year. This growth was driven by a total payment volume of 112 billion BRL, which increased by 27% from the previous year. Additionally, PagBank saw a significant increase in deposits, reaching 31 billion BRL, strengthening its balance sheet for future expansion.
PagBank’s Managing Director, Alexandre Magnani, attributed the bank’s success to its focus on providing value to micro, small, and medium-sized businesses, as well as individual customers. The bank has a customer base of over 31 million and has seen consistent growth in recent quarters. PagBank offers a range of financial services, including payday loans, investment platforms, and a complete banking experience.
In terms of acquisitions, PagBank performed well across all segments, including MSMEs, large enterprises, e-commerce, and cross-border companies. The bank also achieved 66 billion BRL in collections, a 48% increase year-on-year. The strong performance in payments and collections led to record-level deposits, despite less favorable seasonal factors.
PagBank’s CFO, Artur Schunck, highlighted the bank’s operational growth and capital allocation strategies. He emphasized the importance of disciplined cost management and the diversification of credit products. The credit portfolio grew to 2.7 billion BRL, with a focus on low-risk products and innovative credit options.
In addition to financial success, PagBank was recognized as the best bank in Brazil and received the RA1000 quality label for service. The bank also launched new initiatives, including partnerships with software companies, business insurance offerings, and innovative payment technologies.
Looking ahead, PagBank remains optimistic about its future growth and expansion. The bank is committed to supporting its customers and communities affected by the ongoing climate tragedy in Rio Grande do Sul. PagBank is actively involved in relief efforts, including donations and special support for affected customers.
PagBank continues to lead the way in digital banking in Brazil, offering a wide range of financial services and payment solutions to individuals and businesses. With a strong focus on customer value and innovation, PagBank is poised for continued success in the months and years to come.
For more information on PagBank’s financial results, visit their press room. Join the millions of satisfied customers who trust PagBank for their financial needs in Brazil.
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