PagBank (NYSE: PAGS), a leading digital bank offering a comprehensive range of financial services, has announced a robust financial performance for the fourth quarter of 2024, closing with R$5.1 billion in net revenue. This represents an 18% increase compared to the same period in 2023, further solidifying the company’s position as a key player in the digital banking sector.
The company also reported net revenues of R$631 million in Q4 2024, reflecting a year-on-year (YoY) increase of 21%. The growth highlights PagBank’s ability to thrive in a challenging macroeconomic environment marked by high interest rates and exchange rate volatility. Return on average equity (ROAE) reached 15.2% for the year, underscoring the strength of the results.
PagBank’s CEO, Alexandre Magnani, commented on the bank’s performance: “PagBank’s performance in the last quarter of 2024 proves our ability to navigate different economic cycles consistently. Even facing challenges such as high interest rates and exchange rate volatility, we maintained our growth strategy, expanded our business, acquired new customers, and strengthened our financial services platform.”
One of the key highlights of PagBank’s performance in 2024 was the increase in its customer base. The bank now serves 33.2 million customers, a rise of 2.1 million over the year. Additionally, total payment volume (TPV) reached R$146 billion in Q4 2024, a 28% increase compared to Q4 2023. For the entire year, TPV reached R$518 billion, reflecting a 32% YoY growth.
PagBank also continued to invest in its growth, dedicating R$2.3 billion to technology, launching new products and services, and improving customer service. The company’s expanded credit portfolio now totals R$48 billion, reflecting a 46% YoY growth, while total deposit volume reached R$36.1 billion, up 31% YoY.
In addition to its impressive growth in customer numbers and transaction volumes, PagBank has solidified its presence across Brazil. The company boasts the largest payment solutions acceptance network, with 6.3 million merchant customers. Nearly 18 million active customers now choose PagBank as their primary banking platform.
Gustavo Sechin, PagBank’s Director of IR, ESG, Market Intelligence, and Economics, added, “PagBank is a comprehensive digital bank, offering our customers access to a diverse portfolio of financial and payment products and services, from acquiring solutions to credit products, investments, insurance, and more. We are present all over the country, reinforcing the robustness of our financial ecosystem.”
Financial discipline and operational efficiency have played a crucial role in PagBank’s success, with a 74 basis-point expansion in operational leverage during the quarter. The company’s share buyback program, totaling R$784 million in 2024, also demonstrates PagBank’s commitment to enhancing value for its shareholders. CFO Artur Schunck remarked, “We remain focused on maximizing returns for our investors, combining solid growth with disciplined financial management.”
Looking ahead, PagBank is optimistic about 2025, expecting continued growth in customer numbers, product offerings, and market share. The bank remains committed to expanding its market presence and providing a seamless financial experience for individuals and businesses.
“We remain committed to making financial life easier for individuals and businesses, delivering an experience that consolidates and simplifies our customers’ financial relationships,” said Magnani. “In 2025, we expect to expand our market presence, reinforcing our commitment to our customers, shareholders, and business partners.”
PagBank also continues to advance its Environmental, Social, and Governance (ESG) initiatives, further solidifying its standing as a leader in the finance industry for its commitment to sustainable practices.