PagBank announced robust financial results for the third quarter of 2024, reporting net revenues of R$4.8 billion, a 20% increase year-over-year. Recurring net income reached a record R$572 million, up 30% year-over-year, with reported net income at R$531 million, a 29% increase.
The company's Total Payment Volume (TPV) achieved a record R$136.3 billion, marking a 37% annual growth, driven by strong performance across all segments, particularly micro, small, and medium enterprises (MSMEs) which contributed 65% of TPV. PagBank's digital banking platform also demonstrated significant growth, with deposits reaching a record R$34.2 billion, a 59% increase year-over-year.
PagBank's credit portfolio expanded by 30% year-over-year to R$3.2 billion, with the expanded credit portfolio reaching R$44 billion, a 50% increase over the last 12 months. The NPL90 delinquency rate improved significantly from 10.7% to 2.5% within the period, reflecting enhanced risk management. Diluted Earnings Per Share (EPS) on a GAAP basis grew 31% to R$1.66, and Return on Average Equity (ROAE) increased by 182 basis points year-over-year to 14.8%.
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