Digital strategy pays off for Agibank as Q2 profits soar

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Thursday, August 2, 2018

Brazilian lender Agibank saw a sharp increase in second quarter earnings as its digital strategy fueled a strong rise in lending.

The bank posted a Q2 net profit of 48.5mn reais (US$12.9mn) compared to 23mn reais in the year ago period.

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Agibank's loan portfolio swelled by 102% to 1.5bn reais in the 12 months through June.

The number of clients jumped to 745,539 at the end of June from 304,934 at end-June last year.

Agibank said in a statement that it sees itself as a technology company with a banking license that is focused on innovation and an improved customer experience.

The bank invested 34mn reais in its operations in the first half compared to 9.2mn reais in 1H17.