C6 Bank, a Brazilian bank whose partner is JPMorgan Chase, reported a net profit of R$969 million between January and June 2024.
The bank’s first half-year profit, the result is being attributed to the ongoing work to expand revenues, control costs and stabilize “provisions for doubtful debts.”
In the second quarter, net profit was R$508 million, 10% higher than “that recorded in the first three months of the year.”
Philippe Katz, CFO of C6 Bank, said:
“These figures once again demonstrate the consistency of the bank’s business model. In five years, we have built a full-fledged retail bank with diversified revenues and low costs that allow us to exponentially expand our operating leverage. Today’s result is the natural consequence of this.”
The bank’s credit portfolio closed “the first half of the year at R$47.95 billion, representing a 25% increase compared to the same period in 2023.”
The growth was driven, among other things, “by vehicle financing and the granting of payroll loans, two areas in which C6 Bank stands out as one of the main players in the market.”
Katz added:
“In addition to expanding the credit portfolio, we recorded a significant increase in fundraising, after initiating a funding diversification strategy.”
C6 Bank’s deposit base grew 54% between the first half of 2023 and “the same period in 2024, from R$37 billion to R$57 billion.”
Default rates have been falling “at the bank since the end of 2022. Since then, the percentage of loans overdue by 90 days or more has gone from 5.3% to 3.1%.”
Comparing the first half of 2024 with the same period last year, “the drop in default rates was 1.2 percentage points.”
With around 30 million customers, C6 Bank has “a portfolio of over 90 products, services and features.”
In addition to checking accounts, cards, transfers and a points program, the bank offers a global account “with balances in dollars and euros and a platform that allows you to invest in assets in Brazil and abroad – all in the same app.”
The bank operates in eight “business areas: individuals, legal entities, wholesale, foreign exchange, vehicles, home equity, payroll loans and brokerage.”
In 2024, C6 Bank debuted in the ranking of “the 50 most valuable brands in the country, prepared by Kantar BrandZ.”
