Finance
Profit Triples at Brazil Bank Targeting Retirees, State Workers
- ‘Our thesis is working,’ says Agibank Chairman Marciano Testa
- The fintech seeks to quadruple interest-bearing assets by 2030
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Agibank, a closely held Brazilian financial-technology firm, tripled its profit during the first half of the year while expanding its credit portfolio as default rates dropped.
The bank, which mixes a digital platform with physical “smart hubs” that help customers with their financial needs, recorded net income of 440.5 million reais ($81.6 million) in the six months through June, on revenue of 3.42 billion reais, according to an emailed statement. Return on equity was 47.2% and active clients grew to 3.2 million.