The Brazilian bank Banco Pan, recently acquired by investment bank BTG Pactual, disclosed a net income of BRL 202.5 million for 2021’s second quarter; a growth of 41% compared to the same period last year and 6 % compared to the first quarter of this year.
The institution also had a strong expansion in its customer base: 24% over the first quarter, to 12.4 million, equivalent to about 40.000 new customers per business day. Of these, 8.4 million are in the Banking unit (that’s means, access products and services through the bank’s app), of which 51% are active customers (who carried out a transaction in the last 90 days).
The high engagement, in the institution’s view, is the result of the digital strategy of offering a complete ecosystem of services and products.
According to the report, in this quarter the bank reached more than BRL 7.3 billion in total transaction volume in the checkings account, credit and debt cards, a 417% increase over 2020’s Q2. In addition, 691,000 new credit cards were issued, a volume 249% higher than in the 2020’s Q2.
“We believe that the credit card is an important instrument for client engagement, allowing cash flow control and obtaining benefits. In addition, the card is a tool for accessing credit for an audience that receives little attention from banks in general,” said the report.
Banco Pan focuses on granting credit to low-income individuals, in addition to public servants, retirees and INSS pensioners, offering payroll-deductible loans (loan and credit card), financing of used vehicles, financing of new motorcycles, conventional credit card and personal loans.
Between April and June, the bank originated a monthly average of BRL 2,428 million in new credits, recording an increase of 48% in the quarter.
Banco Pan’s credit portfolio ended the second quarter with a balance of R$ 32,355 million, growing 7% compared to the balance of 2021’s first quarter, and 31% compared to the balance of the second quarter last year.