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PagBank records its highest recurring net income in Q124, reaching 522 million BRL – an increase of +33% in the annual comparison

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6 months ago

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TPV reached 112 billion BRL (+27% YoY), more than twice the industry’s growth and 31 billion BRL in deposits, reinforcing the balance sheet for expansion of receivables anticipation and credit concession.

SÃO PAULO, May 24, 2024 /PRNewswire/ — PagBank (NYSE: PAGS), a complete digital bank in financial services and payments solution and one of the largest digital banks in Brazil, announces its results for the first quarter of 2024 (Q124). The main highlights of the period include a record recurring net profit  of 522 million BRL (+33% YoY), while the net accounting profit reached 483 million BRL (+31 YoY%).

Alexandre Magnani, CEO of PagBank, points out the continuity of the good results presented in the last quarters, highlighting the expressive gain of market share in payments (acquirings), balancing growth with profitability, while the Company establishes itself among the largest financial institutions in Brazil in number of clients:

“We are more than 31 million customers and our execution has been consistent. We have consolidated our value proposition for micro, small, and medium-sized enterprises, facilitating the financial life of individuals and businesses. At the same time, we have captured opportunities for client-consumers who do not have a relationship with payment machines through payroll loans, our broad investment platform, and the offer of a complete bank,” says the CEO of PagBank.

In acquirings, the TPV registered was 112 billion BRL (+27% YoY), growing in all segments (MSMBs and Large Companies, E-commerce, and Cross-border businesses1). In digital banking, PagBank reached 66 billion BRL in Cash-In (+48% YoY), a metric that represents the financial volume received from other financial institutions in PagBank accounts, excluding acquisition, especially Pix, business account products, and salary portability.

The substantial volumes of TPV and Cash-in led deposits to record numbers of nearly 31 billion BRL (+64% YoY and +11%QoQ) despite the less favorable seasonality of the period, given that in the first months of the year, customers have more significant disbursements to honor the payment of taxes, such as IPTU and IPVA, and school yearly supplies, among other expenses.“We stand out for offering instant settlement for our customers and carrying out easy operations via Pix, leveraging our TPV and Cash-In volume in PagBank accounts. This, added to the fact that we have a banking license since 2019, means that we have the agility of a fintech and low funding costs like a traditional bank,” says Magnani. 

According to Artur Schunck, CFO of PagBank, operational growth does not harm the Company’s capital allocation. On the contrary, the acceleration of revenue growth and discipline in costs and expenses were the main levers of the record result. “The financial margins of the consolidated business were high. Our profit grew more than 30% compared to the Q1 2023, even with additional disbursements linked to the new cycle of growth and diversification of the operation, including geographical expansion and marketing actions in the period”, says Schunck.

The credit portfolio resumed growth and reached 2.7 billion (+8% QoQ) at the end of March, focusing on low-risk products such as consigned credit, the anticipation of the year withdrawal of FGTS (Severance Pay Fund), and credit cards with a limit attached to PagBank’s CDBs (a type of fixed-income investment). Schunck believes that despite short-term macroeconomic uncertainties regarding interest and inflation behavior, the worst is in the past, and he is confident in the credit strategy:

“We crossed the pandemic, the significant high-interest rate period, and one of the worst credit cycles in Brazil and still we have built a robust balance sheet and diversified our credit portfolio in terms of customers, products, and risks. Now, we are opening up opportunities to accelerate the concession and gradually expand the offer of credit products from the next few months,” says the CFO of PagBank. 

Other Highlights

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Net revenue in the quarter was 4.3 billion BRL (+15% YoY), driven by the strong growth of the acquirings, led by MSMBs (micro, small and medium-sized businesses) and the advance in large accounts, with emphasis on online, cross-border, and automation, as well as the growth of higher margins in financial services. The number of clients reached 31.4 million, reinforcing PagBank’s position as one of the largest digital banks in the country.

In the period, PagBank was recognized as the best bank in Brazil and awarded the RA1000 seal of quality in service, both granted by the Reclame Aqui ranking and as one of the 50 most valuable brands in the country, according to a survey conducted by Kantar BrandZ.

Among the launches of the quarter, main highlights were PagBankPartnerships, a relationship and integration program with software companies and commercial automation; Seguro Empresarial (Business Insurance) offering coverage against fires, electrical damage, theft, burglary, and natural disasters, among others; and Tap to Pay Online, a new and exclusive technology in Latin America that allows the customer to run online transactions by bringing credit or debit card closer to the mobile phone on e-commerce platforms. In addition, PagBank has started to offer 1% cashback on all purchases made with the digital bank credit card and new investment options, such as the CBD, with a 130% CDI rate-variation yield.

“This current moment reminds us very much of our phase between 2018 and 2019, in which we grew in a fast and profitable way, and launched several products. We are very optimistic about the coming months and years of the Company”, says the CEO of PagBank. 

Rio Grande do Sul

PagBank has closely monitored the potential impacts of the ongoing climate tragedy in the state of Rio Grande do Sul and the developments in its operations. The Company’s TPV exposure in the state is similar to the state’s share in national GDP – around 5%. The Company says t is early to share some numbers since consumption in the affected regions have decreased due to the temporary closure of the business, while moving people to neighboring cities and states can increase consumption in unaffected areas.

“At this time, our focus is on supporting flood victims, especially our professionals working in the state of Rio Grande do Sul, through donations from PagBank and its professionals, in cash and goods, as well as offering special support to our affected customer,” says Magnani. 

Check out the financial results of PagBank in Q124 here.

About PagBank
PagBank promotes innovative solutions in financial services and means of payment, automating the purchase, sale, and transfer process to leverage individuals’ and enterprises’ businesses simply and securely. A company of the UOL Group – leader of the Brazilian Internet – PagBank acts as an issuer and acquirer, offering digital accounts and providing complete solutions for online and face-to-face payments (by mobile devices and POS devices). 

PagBank also has a wide variety of means of payment, such as credit and prepaid cards, bank transfers, payments by billet, and balance in the account, among others. PagBank (PagSeguro Internet Payment Institution S.A) is regulated by the Central Bank of Brazil as an electronic money-issuing payment institution, issuer of post-paid instruments and acquirer, having partnerships with the leading credit card issuers. Its parent company, PagSeguro Digital, is listed in the U.S. (NYSE: PAGS) and regulated by the Securities and Exchange Commission (SEC). The distribution of investment funds is carried out by BancoSeguro S.A., authorized by the Central Bank of Brazil, the Securities and Exchange Commission, and affiliated with ANBIMA. 

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1 GCECs: The Brazilian acronym for large companies (annual revenues above 12 million BRL), e-commerce and cross-border businesses.

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Latest News

COCA Celebrates Q2 2024 with Record-Breaking Milestones and New Launches

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3 months ago

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August 7, 2024

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HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.

Launch of Physical Cards

COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.

Wallet Growth Milestone

The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.

Transaction Volume Surge

In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.

Integration with Revolut

COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.

Award Recognition

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COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.

New Strategic Partnerships

COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.

Welcoming Pavel Matveev

COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.

Season 2 Point System Launch

Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.

NFT Giveaway

In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.

For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.

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Website: coca.xyz

COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.

About COCA

COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.

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Stake and Earn with KuCoin’s Innovative GemPool Platform

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3 months ago

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August 7, 2024

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VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.

GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.

Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.

For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

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Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning

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3 months ago

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August 7, 2024

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DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.

Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.

In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.

On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”

Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”

Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests

About Trust Wallet

Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.

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