Pagbank PagSeguro increases profit by 26.7% in the third quarter, to R$420 million

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Pagbank PagSeguro increases profit by 26.7% in the third quarter, to R0 million

The financial services and payment services company PagBank PagSeguro recorded recurring net income of R$ 418.7 million in the third quarter of 2021, according to a balance sheet released this Thursday (11).

The result of the company, which belongs to the UOL Group –which has a minority and indirect stake in the Folha Group, which publishes Folha–, represents a growth of 26.7% compared to the R$ 330.4 million obtained in the same period of the year past.

The numbers were driven by the 85.8% growth in the volume of payments and financial transactions processed (TPV, its acronym in English), which reached the mark of BRL 125.6 billion.

“The positive trend continues in October. On the weekend before the October 12th holiday, PagBank PagSeguro broke a historic record in sales volume (TPV), processing more than R$ 1 billion in payments in a single day”, highlights the company in the earnings statement.

It was also reported a 53% growth in revenue from acquiring businesses, which totaled R$ 2.5 billion in the third quarter. The evolution reached 79%, to R$ 239 million, in the case of revenues from digital bank operations.

Total expenses related to the operation, in turn, were R$ 2.3 billion between July and September, an increase of 64.7% in the annual comparison. As a percentage of total revenue, expenses rose from 80.2% to 84.8% in 12 months.

According to the company, the results presented in the quarter are related to the movement of diversification of revenue sources, coming mainly from strategies aimed at micro-entrepreneurs.

At the end of September 2021, the Pagbank digital bank reached the mark of approximately 12.2 million active users —an 83% growth year-on-year—, with around 1 million investor customers and approximately 2 million corporate accounts .

“The results prove the company’s efficiency in the Brazilian financial ecosystem and, for this reason, we continue to develop initiatives that promote even more offers to our customers”, said Ricardo Dutra, president of PagBank PagSeguro, in a note.

In this sense, in November, the digital bank’s Home Broker platform for stock trading on B3.

Traded on the New York Stock Exchange (NYSE), in the US, PagSeguro’s shares closed the session on this Thursday with an appreciation of 1.7%, quoted at US$ 34.03 (R$ 184.32).

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