Agibank posts record 200% growth in half-year net income

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Aug 20, 2024, 07:42 ET

Net income in 1H24 reaches R$ 440.5 million, driven by the company's unique business model

SAO PAULO, Aug. 20, 2024 /PRNewswire/ -- Agibank, a financial institution that operates a hybrid business model that combines digital solutions and smart hubs, recorded exceptional results in the first half of 2024. With a net income of R$ 440,5 million in the first half of the year, three times higher than in the same period last year, and with a return on equity (ROAE) of 47.2% in the last 12 months, the company continues to demonstrate its capacity for sustainable growth and high profitability.

Glauber Corrêa and Marcello Dubeux, CEO and CFO of Agibank

In the second quarter, net income was R$ 225.0 million, marking a growth of 154.5% compared to the same period of the previous year. The institution's loan portfolio advanced 53.0% year-on-year, reaching R$19.1 billion, standing out for growing five times faster than the market.

This performance was accompanied by a significant improvement in the delinquency ratio over 90 days, which fell 1.2 percentage points year-on-year to 3.3%, and an expansion of the coverage ratio to 142.1%, an increase of 20.7 percentage points.

With more than 3.2 million active customers, Agibank's business model is based on relationships, achieving principality through payroll, which generates a virtuous cycle of quality for assets and better pricing and value proposition for the customer base. The bank's NPS score is one of the highest in the system, with 77 points, reflecting customer satisfaction and loyalty.

"The first half of 2024 consolidates the continuity of our pace of growth and delivery of exceptional results. Our strategy of combining a robust digital platform with a network of Smart Hubs has proven to be extremely effective in providing access and financial inclusion to millions of Brazilians," says Glauber Corrêa, CEO of Agibank.

Marcello Dubeux, CFO of Agibank, adds: "Our significant growth is the result of prudent and efficient management, focused on ensuring the quality of the portfolio and the solidity of risk management. The recent upgrade of our credit ratings by major global agencies is a recognition of our financial solidity and ability to continue to grow sustainably."

The funding agreements signed in 2024, totaling up to US$ 15.4 billion with global partners, including Citibank, reinforce Agibank's ability to maintain accelerated growth in credit assets and customer base, without compromising the diversification of funding sources.

In addition, the intensive use of technology and artificial intelligence in relationship processes and channels has allowed the bank to increase the efficiency and quality of service, as well as the optimization of several operational processes with high analytical demand.

"Agibank continues to stand out in the Brazilian and global banking scenario, showing that it is possible to combine innovation, inclusion and profitability. With a clear vision of the future, we are well positioned to face the challenges and take advantage of the opportunities that present themselves", concluded Corrêa.

About Agibank

Agibank has a unique business model in Brazil, created to serve an audience that represents most of the Brazilian population, whose needs are still far from the priorities of large banks and exclusively digital banks. We are filling a blank space in the market by serving with quality and dignity an audience that often feels invisible.

Our hybrid model combines the best of both worlds: a complete, light, fast and easy digital bank, with Smart Hubs that provide a welcoming, agile and accessible face-to-face experience for all Brazilians. We develop customized solutions and a simple, inclusive journey for customers who are not digital natives, ensuring a significant competitive advantage. This approach allows us to acquire more customers, build lasting relationships, and strengthen our sustainable growth trajectory.

SOURCE Agibank