Agi (NYSE: AGBK) earns R$1.0B as clients and loan portfolio surge
Rhea-AI Filing Summary
Agi Inc delivered strong 2025 results, combining rapid growth and high profitability as a newly listed NYSE bank. Total revenues reached R$10.7 billion, up 46.8% year over year, while net income grew 31.8% to R$1.0 billion, with return on equity of 35.8%.
The customer base expanded 72.9% to 6.7 million active clients, supporting a 43.9% increase in the gross credit portfolio to R$34.9 billion, mostly secured loans. AI-driven automation and a hybrid digital–Smart Hub model improved efficiency, with the operating efficiency ratio improving to 40.6% from 46.5%.
Credit costs rose as Non‑Performing Loans over 90 days increased to 3.7%, influenced by growth in private payroll credit and temporary INSS-related suspensions that also depressed 4Q25 origination. Even so, coverage stood at 189.4% and the Basel III capital adequacy ratio was 15.5%, giving room to support further growth.
Positive
- Strong top- and bottom-line growth: 2025 total revenues rose 46.8% to R$10.7 billion, while net income increased 31.8% to R$1.0 billion, demonstrating rapid scale-up with maintained profitability.
- High profitability and better efficiency: Return on equity reached 35.8%, and the operating efficiency ratio improved to 40.6% from 46.5%, indicating effective cost control as the business expands.
- Rapid franchise and loan expansion: Active clients grew 72.9% to 6.7 million and the gross credit portfolio rose 43.9% to R$34.9 billion, largely in secured payroll-linked lending, supporting durable revenue growth.
- Comfortable capital position: The Basel III capital adequacy ratio stood at 15.5% at year-end 2025, above regulatory limits, with IPO proceeds expected to further strengthen capital metrics.
Negative
- Deteriorating credit quality and higher provisions: NPLs over 90 days increased to 3.7% from 3.0%, while allowance for loan losses jumped 50.0%, reflecting mix shifts and temporary INSS-related issues.
- Origination volatility from INSS disruptions: Gross credit origination fell 27.5% in 4Q25 versus 4Q24 due to temporary suspensions in INSS payroll loan origination, highlighting operational and regulatory sensitivity in a key channel.
Insights
High-growth, high-ROE franchise, with rising credit costs but solid capital.
Agi shows a classic scalable retail-banking story: revenues up 46.8% to R$10.7 billion and net income up 31.8% to R$1.0 billion. A 35.8% ROE and a loan book growing 43.9% to R$34.9 billion highlight strong demand and operating leverage.
Growth is concentrated in secured payroll-linked lending, which typically carries lower loss severity, but risk costs are climbing. NPL>90 rose to 3.7%, and allowance for loan losses increased 50.0%, partly due to private payroll credit mix and INSS-related disruptions that also cut 4Q25 origination versus the prior year.
Efficiency gains are meaningful: the operating efficiency ratio improved to 40.6% from 46.5%, supported by AI-enabled automation across service, credit, and operations. With a Basel III capital adequacy ratio of 15.5% as of year-end 2025, and additional IPO capital to be recognized in 1Q26, the balance sheet appears positioned to sustain further expansion, though future filings will clarify post-IPO capital metrics and credit behavior of newer payroll segments.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2026
Commission File Number: 001-43114
AGI Inc
(Exact name of registrant as specified in its charter)
N/A
(Translation of registrant’s name into English)
Rua Sergio Fernandes Borges Soares, 1000, Prédio E1
Campinas, SP
13054-709 Brazil
+55 19 3031-4000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F |
X |
Form 40-F |
EXHIBIT INDEX
| Exhibit No. | Description |
| 99.1 | Agi Inc Earnings release 4th quarter 2025 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AGI Inc | |||||
| By: | /s/ Marcello Winnik Dubeux | ||||
| Name: | Marcello Winnik Dubeux | ||||
| Title: | Chief Financial Officer | ||||
Date: March 23, 2026
 | earnings release | 2025 |
Introduction
São Paulo, March 23, 2026 – Agi Inc. (“Agi”), a leading technology-powered provider of specialized financial services in Brazil, invites the investor community to its inaugural quarterly earnings release. Agi listed at the New York Stock Exchange on February 11, 2026, under the ticker ‘AGBK’, after the Initial Public Offering. Agi Inc. is the holding company of Banco Agibank S.A. (“Agibank”) and its subsidiaries.
Letter from the Founder
To Our Stakeholders,
On behalf of the entire Agi team, it is with great satisfaction that we welcome you to our inaugural earnings release as a publicly traded company on the New York Stock Exchange. Our goal is to embrace this opportunity to begin a new chapter, rooted in transparency, disciplined execution, and a commitment to long-term value creation for our global investor community.
Agi was built to serve the largest and fastest-growing segment of the Brazilian population, over 100 million social security beneficiaries and payroll workers who have been historically underserved by traditional banks and often overlooked by digital-only players. To address this opportunity, we pioneered a demographic-driven hybrid platform: a fully digital bank combined with a nationwide network of asset-light Smart Hubs.
Our platform gives us a structural advantage in Brazil’s payroll-linked financial ecosystem, allowing us to acquire and serve customers with low costs and high engagement, while building strong relationship and becoming the primary bank for our customers.
We are the only challenger bank accredited as an income payment provider to the largest payroll in Latin America – Brazil’s Social Security Benefits system, a market of over 42 million people. This creates a powerful flywheel effect: more engagement leads to more products per customer, better data, stronger risk models, and improved economics across the platform.
Our customers have often been left behind by the traditional banking system, while digital-only models struggle to serve them effectively, because this segment of the population still values trust, proximity, and human interaction when needed.
To continue serving the low-income and emerging middle-class segments in Brazil, we rely heavily on technology. We build upon customer feedback and use it to improve experience, increase efficiency, and scale our operations, using technology to bridge the gap for customers who are not natively tech-savvy.
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| | earnings release | 2025 |
Three principles anchor our long-term management philosophy
1. We live for the customer
The core of our strategy is keeping customers deeply engaged in our hybrid platform. Through our digital channels and our Smart Hubs, we provide a platform designed to serve customers in the most efficient and trusted way possible. Our total addressable market is expanding, driven by enduring demographic shifts in Brazil. We are capturing a segment that is resilient and growing, while still lacking proper access to financial products and services.
2. We continuously enhance our technology platform
Delivering the best experience in the payroll ecosystem requires constant innovation, as customer behavior is adapting rapidly with new technologies, and efficiency expectations continue to rise. At the same time, the regulatory environment evolves constantly, and we must always remain one step ahead. This is why technology is a core enabler of our strategy: our core banking system is proprietary, built from the ground up without legacy constraints, allowing us to scale efficiently and continue growing with the same asset-light model that defines Agi. A portion of the proceeds from the IPO will be deployed to further advance our big data architecture and integration of advanced AI solutions.
3. We have an entrepreneurial culture focused on long-term returns
We believe in building a business that compounds value in the long term, and we are confident that in the next five years we can triple our scale in the payroll ecosystem: this is a market that grows approximately 10% per year, and we are well positioned to capture this opportunity.
We will continue pursuing these opportunities with discipline and resolve to ensure that all decision making will be to the creation of value for both current and future stakeholders in the long term.
Thank you for your trust in Agi. We are just getting started.
Marciano Testa
Founder, Chairman and CEO of Agi Inc.
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| | earnings release | 2025 |
Key Indicators
| Key Figures (R$ millions) | 4Q25 | 3Q25 | Var.% | 4Q24 | Var.% | 2025 | 2024 | Var. % |
| Total Active Clients ('000) | 6,715.4 | 6,391.5 | 5.1% | 3,883.5 | 72.9% | 6,715.4 | 3,883.5 | 72.9% |
| Total Revenues | 2,958.5 | 2,800.4 | 5.6% | 2,137.3 | 38.4% | 10,694.2 | 7,284.4 | 46.8% |
| Net Interest Income + Fees | 1,378.2 | 1,385.9 | -0.6% | 1,286.7 | 7.1% | 5,618.1 | 4,513.5 | 24.5% |
| Net Income | 214.9 | 210.5 | 2.1% | 196.7 | 9.2% | 1,046.6 | 794.4 | 31.8% |
| Interest Bearing Assets | 47,101.8 | 43,795.1 | 7.6% | 28,870.3 | 63.1% | 47,101.8 | 28,870.3 | 63.1% |
| Gross Credit Portfolio | 34,854.9 | 34,461.4 | 1.1% | 24,223.6 | 43.9% | 34,854.9 | 24,223.6 | 43.9% |
| Net Equity | 3,276.9 | 3,087.7 | 6.1% | 2,476.7 | 32.3% | 3,276.9 | 2,476.7 | 32.3% |
| ROAE LTM | 35.8% | 38.9% | -3,1 p.p | 44.4% | -8,6 p.p | 35.8% | 44.4% | -8,6 p.p |
| NIM | 12.5% | 13.8% | -1,2 p.p | 17.0% | -4,4 p.p | 12.5% | 17.0% | -4,4 p.p |
| Operating Efficiency Ratio | 38.0% | 47.6% | -9.6 p.p | 47.7% | -9.7 p.p | 40.6% | 46.5% | -5.8 p.p |
| NPL > 90 days | 3.7% | 2.6% | 1,1 p.p | 3.0% | 0,7 p.p | 3.7% | 3.0% | 0,7 p.p |
| Capital Adequacy Ratio (Basel III) | 15.5% | 13.7% | 1.8 p.p | 14.0% | 1.5 p.p | 15.5% | 14.0% | 1.5 p.p |
| Smart Hubs (#) | 1,111 | 1,101 | 0.9% | 1006 | 10.4% | 1,111 | 1,006 | 10.4% |
| Headcount (#) | 5,001 | 5,062 | -1.2% | 4,700 | 6.4% | 5,001 | 4,700 | 6.4% |
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| | earnings release | 2025 |
Summary of Results
Clients. Total Active Clients grew 72.9% y/y, reaching 6.7 million clients by end of 2025. Following the criteria of a high relationship strategy, we only consider “active” the customers who have at least one product at the end of the quarter. Average product penetration for customers with principality is more than 5 products, and when measuring mature cohorts, it is above 7 products, evidence of the high potential of cross-selling embedded in our business model.
Technology and AI. Agi has the competitive advantage of operational leverage through layered automation. Technology and AI are central to Agi’s strategy and have already delivered meaningful gains, with significant potential for further improvements in efficiency and scale, such as reducing general service costs - with our AI roadmap pointing to approximately 40% in cost avoidance related to our contact center over the next 12 months. Our full-service AI Agents are 80% more efficient compared to human contact, while also maintaining a higher service level and accommodating our fast pace of growth in the customer base, with cost avoidance being a core enabler. Other important use cases for AI include: (1) Credit Origination, where the formalization of new contracts using video-based biometric verification and AI-driven analysis increases productivity, reduces fraud risk, improves credit quality, and helps Agi remain agile in adapting to new regulations; (2) Technology productivity, where AI-assisted development tools make the creation of new solutions faster and more efficient; (3) Smart Hubs, where AI analyzes customer traffic and helps identify the most attractive regions for expanding our physical presence; (4) Operations, where AI allows teams to analyze data from our growing customer base more efficiently, generating improvements in areas such as credit modeling, product offerings, and legal management.
Credit. Total Portfolio grew 43.9% in 2025, compared to 2024. Agi’s loan portfolio is comprised of a mix of Secured Loans (86%) at R$29.9 billion, and Unsecured Loans (14%) at R$4.9 billion, with products designed for Social Security Beneficiaries as well as Private and Public Sector workers. We believe this mix brings a sustainable balance of profitability, credit quality and the focus on long-term relationships with our clients.
Secured Lending. In 2025, Agi continued to successfully execute its strategy of being the disruptor in the Payroll Credit segment in Brazil, reaching a total portfolio of R$34.9 billion, 43.9% higher than 2024. Based on our strong positioning in the INSS segment, we further increased our market share, reaching 8.9%, a gain of 250bps compared to 2024. In the new and promising Private Payroll Credit launched in March 2025, Agi proved its technological readiness in deploying the new product and based on an initially more conservative approach to credit quality and guarantees for this product, reached approximately R$0.9 billion for this segment. As for Public Payroll Credit, it is another growth lever in terms of credit, bringing our business model to a new different profile of customers that is present in municipalities and regions where the footprint of the traditional banking system continues to be less accessible. Agi finished 2025 with R$0.3 billion in this segment.
Unsecured Lending. Agi’s Personal Credit portfolio has a relevant share of total revenues. By offering unsecured credit exclusively to account holders who have their principality and receive their salary or benefit in Agi, defaulting risks are reduced substantially and portfolio margins are improved. This portfolio grew 18.3% in 2025, reaching R$4.8 billion.
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| | earnings release | 2025 |
Credit Quality. Non-Performing Loans over 90 days (NPL>90) reached 3.7% by the end of 2025, being impacted by 1) a larger share of Private Payroll Credit, which has a structurally higher delinquency ratio compared to INSS loans; 2) non-recuring effects from the INSS suspensions beginning in August and ending in January 2026. Nevertheless, NPLs by end of 2025 of the overall portfolio remained comfortably below the average for consumer credit in Brazil. The Coverage Ratio measured by Provisions over NPLs >90 was 189.4% by end of 2025.
| Credit Portfolio (R$ million) | 4Q25 | 3Q25 | Var.% | 4Q24 | Var.% | ||
| Secured Credit | 29,911.3 | 29,718.8 | 0.6% | 20,059.2 | 49.1% | ||
| Payroll Credit | 26,298.8 | 26,109.6 | 0.7% | 17,490.0 | 50.4% | ||
| INSS | 25,183.6 | 24,951.2 | 0.9% | 17,451.2 | 44.3% | ||
| Private + Public | 1,115.2 | 1,158.5 | -3.7% | 38.8 | 2772.4% | ||
| Payroll Credit Cards | 2,375.2 | 2,356.0 | 0.8% | 1,984.0 | 19.7% | ||
| FGTS | 1,237.4 | 1,253.2 | -1.3% | 585.2 | 111.4% | ||
| Unsecured Credit | 4,943.6 | 4,742.6 | 4.2% | 4,164.5 | 18.7% | ||
| Personal Credit | 4,836.3 | 4,687.3 | 3.2% | 4,079.7 | 18.5% | ||
| Other credits | 107.3 | 55.2 | 94.3% | 84.8 | 26.6% | ||
| Credit Portfolio | 34,854.9 | 34,461.4 | 1.1% | 24,223.6 | 43.9% | ||
| Loss Provisions - Loan Portfolio | (2,413.6) | (2,114.5) | 14.1% | (1,623.4) | 48.7% | ||
| Net Credit Portfolio | 34,365.1 | 33,974.2 | 1.2% | 24,286.7 | 41.5% |
Credit Origination. Agi has a key differential of originating credit through a hybrid, 100% proprietary platform that combines physical and digital channels. This approach results in better credit origination, with higher product penetration, better credit quality and longer lifetime value from clients. Gross Credit Origination grew 30.9% y/y in 2025, reaching R$29.9 billion. In a quarterly basis, 4Q25 origination was -27.5% lower than 4Q24, affected by temporary non-recurring events that halted the origination of new INSS Payroll Loans from beginning of December 2025 to mid-January 2026.
Relationship with the INSS (Brazilian Social Security Administration). Agibank maintains contractual relationship with the INSS, institution responsible for the payroll of 42 million beneficiaries, the largest payroll in Latin America, in order to provide benefits payments and payroll credit underwriting. As part of an ongoing auditing process with the Brazilian Financial system in 2025, INSS and Agibank executed two Operational Agreements: the first in November 2025, related to Benefits Payments in Agibank’s accounts; the second in January 2026, related to Origination of INSS Payroll Credit. The agreements settled on guidelines to improve customer service and product offering in line with new regulations. Although the discussions were subject to temporary suspensions that impacted credit origination for INSS clients in 4Q25, operations fully resumed by mid-January 2026.
Funding. Agi has a long-standing relationship with the credit market in Brazil, as a recurring issuer of Debt Securities, with the goal of diversifying funding sources to sustain the growth of the loan operations. Our ALM (Assets & Liabilities Management) strategy is conservative, matching durations and indexation of the secured credit portfolios to their respective funding sources, protecting spreads against market and interest rates volatility.
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| | earnings release | 2025 |
| Funding Portfolio | 4Q25 | 3Q25 | Var.% | 4Q24 | Var.% | ||
| Demand customer deposits | 345.8 | 360.1 | -4.0% | 320.1 | 8.0% | ||
| Time Deposits - CDB | 17,961.2 | 16,945.7 | 6.0% | 14,433.0 | 24.4% | ||
| Time Deposits - DPGE | 2,531.9 | 1,766.7 | 43.3% | 1,523.9 | 66.1% | ||
| Financial Bills | 6,941.6 | 6,281.4 | 10.5% | 4,084.4 | 70.0% | ||
| Securitizations | 9,378.1 | 9,308.9 | 0.7% | 4,459.6 | 110.3% | ||
| Foreign Bonds | 667.1 | 668.9 | -0.3% | 480.1 | 38.9% | ||
| Total Funding | 37,825.8 | 35,331.8 | 7.1% | 25,301.1 | 49.5% |
Revenues. Total Revenues were R$10.7 billion, growing 46.8% y/y, with Net Interest Income and Fee Income growing 19.1% and 64.8% respectively, following the growth of the Loans Portfolio. Net Interest Margin (NIM) was 12.5% for the year, resulting from a loan portfolio more dedicated to secured loans.
Efficiency. With proprietary network of physical and digital channels, Agi is a highly efficient and scalable business model. Operating Efficiency Ratio reached 40.6%, improving 590bps versus the previous year, with the growth of revenue sources outpacing expenses.
| Operating Efficiency Ratio | 2025 | 2024 | Var.% | |
| Personnel Expenses | (524.7) | (448.9) | 16.9% | |
| Selling, general and administrative expenses | (1,310.8) | (1,225.8) | 6.9% | |
| Depreciation and Amortization | (201.9) | (164.8) | 22.5% | |
| Other income (expenses) | (39.6) | (57.6) | -31.1% | |
| Total Expenses (a) | (2,077.0) | (1,897.1) | 9.5% | |
| Operating Income (NII + Fees) | 5,618.1 | 4,513.5 | 24.5% | |
| Tax expenses | (503.8) | (430.0) | 17.2% | |
| Operating Income + (Tax expenses) (b) | 5,114.3 | 4,083.5 | 25.2% | |
| Operating Efficiency Ratio - (a)/(b) | 40.6% | 46.5% | -5,9 p.p. |
Profitability. Net Income for 2025 was R$1.0 billion, growing 31.8% y/y, with an ROE of 35.8%, maintaining Agi as one of the most profitable companies in the sector in Brazil.
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| | earnings release | 2025 |
Capital. Capital Adequacy Ratio was 15.5% by end of 2025, with a Tier I capital ratio of 14.2%. Agi’s track record of above average ROE has enabled a self-sustainable approach to capital generation. The proceeds from the IPO will be consolidated in 1Q26 Financial statements, but if incorporated into the 2025 Capital table, we estimate a Capital Adequacy ratio of ~19.0%.
| Capital | 4Q25 | 4Q24 | Var.% | |
| Referencial Equity - Tier I | 3,549.4 | 2,077.8 | 70.8% | |
| Common Equity | 3,320.6 | 2,077.8 | 59.8% | |
| Complementary Capital | 228.8 | - | - | |
| Referencial Equity | 3,876.9 | 2,443.1 | 58.7% | |
| Referencial Equity - Tier II | 327.5 | 365.2 | -10.3% | |
| Credit Risk-weighted Assets | 22,483.4 | 15,192.0 | 48.0% | |
| Market Risk-weighted Assets | 227.4 | 9.3 | 2348.1% | |
| Operational Risk-weighted Assets | 2,297.6 | 2,279.8 | 0.8% | |
| Risk-weighted Assets | 25,008.4 | 17,481.1 | 43.1% | |
| RBAN | 699.5 | 942.9 | -25.8% | |
| Capital Adequacy Ratio - Regulatory Limit = 10.5% | 15.5% | 14.0% | 1.5 p.p. | |
| Tier I - Regulatory Limit = 8.0% | 14.2% | 11.9% | 2.3 p.p. | |
| Tier II | 1.3% | 2.1% | -0.8 p.p. | |
| Expanded Capital Adequancy Ratio (RE/(RWA+RBAN)) | 15.1% | 13.3% | 1.8 p.p. |
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| | earnings release | 2025 |
Consolidated Financial Statements - Agi Financial Holding S.A. - IFRS
Balance Sheet
| ASSETS | 4Q25 | 3Q25 | Var.% | 4Q24 | Var.% |
| Cash and cash and equivalents | 327.3 | 300.4 | 9.0% | 230.4 | 42.0% |
| Financial Assets Measured At Fair Value Through Profit Or Loss | 3,102.6 | 1,177.7 | 163.4% | 1,105.1 | 180.8% |
| Financial Assets Measured At Fair Value Through Other Comprehensive Income | - | - | 14.4 | -100.0% | |
| Financial Assets Measured At Amortized Cost | 41,258.2 | 40,202.5 | 2.6% | 25,897.0 | 59.3% |
| Securities | 2,475.0 | 2,364.2 | 4.7% | 1,904.0 | 30.0% |
| Debenture | 5,681.1 | 5,491.4 | 3.5% | 1,392.7 | 307.9% |
| Loans to customers | 34,855.0 | 34,461.4 | 1.1% | 24,223.6 | 43.9% |
| (-) Provision for Expected Loss | (2,413.6) | (2,114.5) | 14.1% | (1,623.4) | 48.7% |
| Compulsory deposits with the Brazilian Central Bank | 660.8 | - | - | ||
| Deferred Tax Assets | 1,447.3 | 1,220.7 | 18.6% | 831.7 | 74.0% |
| Property and Equipment | 92.4 | 76.2 | 21.3% | 58.0 | 59.5% |
| Intangible Assets | 182.2 | 190.2 | -4.2% | 199.2 | -8.5% |
| Right-of-use assets | 211.7 | 210.0 | 0.8% | 223.3 | -5.2% |
| Other Assets | 1,138.8 | 1,490.8 | -23.6% | 956.0 | 19.1% |
| Total Assets | 47,760.6 | 44,868.4 | 6.4% | 29,515.0 | 61.8% |
| LIABILITIES | 4Q25 | 3Q25 | Var.% | 4Q24 | Var.% |
| Financial Liabilities At Amortized Cost | 31,699.1 | 29,153.8 | 8.7% | 20,841.5 | 52.1% |
| Demand customer deposits | 345.8 | 360.1 | -4.0% | 320.2 | 8.0% |
| Funds from acceptances and issuance of securities | 6,170.5 | 5,758.6 | 7.2% | 3,256.0 | 89.5% |
| Time customer deposits | 20,504.9 | 18,710.6 | 9.6% | 16,256.7 | 26.1% |
| Debt issued and other borrowed funds | 759.3 | 509.1 | 49.2% | 522.3 | 45.4% |
| Loans and borrowing LP | 667.1 | 668.9 | -0.3% | 480.1 | 38.9% |
| Investment securities | - | 3,146.5 | -100.0% | 6.2 | -100.0% |
| Debentures (from Repurchase Agreements) | 3,251.4 | - | - | ||
| Derivatives | 115.1 | 96.3 | 19.5% | 8.4 | 1271.9% |
| Provision For Contingencies | 310.3 | 388.6 | -20.1% | 301.9 | 2.8% |
| Other Liabilities | 1,330.7 | 1,249.0 | 6.5% | 965.3 | 37.9% |
| Liabilities related to credit assigments | 10,397.3 | 10,285.9 | 1.1% | 4,459.6 | 133.1% |
| Lease liabilities | 248.3 | 244.8 | 1.4% | 254.6 | -2.5% |
| Deferred tax liabilities | 382.9 | 362.5 | 5.6% | 206.9 | 85.1% |
| Total Liabilities | 44,483.7 | 41,780.8 | 6.5% | 27,038.2 | 64.5% |
| EQUITY | 4Q25 | 3Q25 | Var.% | 4Q24 | Var.% |
| Controlling interests | 3,276.9 | 3,089.2 | 6.1% | 2,362.1 | 38.7% |
| Share capital | 2,622.1 | 1,693.0 | 54.9% | 1,673.0 | 56.7% |
| Reserves | 544.2 | 869.6 | -37.4% | 587.7 | -7.4% |
| Retained earnings | 115.2 | - | (232.3) | -149.6% | |
| Treasury shares | (1.3) | 529.7 | -100.2% | (1.2) | 12.1% |
| Equity fair value adjustments | - | - | 285.1 | -100.0% | |
| Other Comprehensive income | (3.3) | (3.1) | 5.8% | 49.9 | -106.6% |
| Non - Controlling Interests | - | (1.6) | -100.0% | 114.6 | -100.0% |
| Total Equity | 3,276.9 | 3,087.7 | 6.1% | 2,476.7 | 32.3% |
| Total Liabilities and Equity | 47,760.6 | 44,868.5 | 6.4% | 29,515.0 | 61.8% |
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| | earnings release | 2025 |
Income Statement
| P&L | 2025 | 2024 | Var.% |
| Interest income using the effective interest method | 9,522.5 | 6,665.3 | 42.9% |
| Interest expense using the effective interest method | (5,076.2) | (2,770.9) | 83.2% |
| Gains (losses) on financial assets at fair value through profit or loss* | 303.2 | 92.1 | 229.2% |
| Net interest income | 4,749.5 | 3,986.6 | 19.1% |
| Commissions, banking fees and other revenues from services | 868.5 | 526.9 | 64.8% |
| Operating income | 5,618.1 | 4,513.5 | 24.5% |
| Allowance for loan losses | (1,700.5) | (1,133.7) | 50.0% |
| Personnel expenses | (524.7) | (448.9) | 16.9% |
| Selling, general and administrative expenses | (1,310.8) | (1,225.8) | 6.9% |
| Tax expenses | (503.8) | (430.0) | 17.2% |
| Depreciation and amortization | (201.9) | (164.8) | 22.5% |
| Operating expenses | (4,241.6) | (3,403.2) | 24.6% |
| Other income (expenses), net | (39.6) | (69.3) | -42.8% |
| Net Income before income tax and social contribution | 1,336.8 | 1,041.0 | 28.4% |
| Current income tax and social contribution | (700.6) | (433.6) | 61.6% |
| Deferred income tax and social contribution | 410.4 | 187.0 | 119.5% |
| Net income | 1,046.6 | 794.4 | 31.8% |
| P&L | 4Q25 | 3Q25 | Var.% | 4Q24 | Var.% |
| Interest income using the effective interest method | 2,711.8 | 2,529.5 | 7.2% | 1,889.7 | 43.5% |
| Interest expense using the effective interest method | (1,580.3) | (1,414.5) | 11.7% | (850.6) | 85.8% |
| Gains (losses) on financial assets at fair value through profit or loss* | 88.6 | 82.8 | 6.9% | 47.3 | 87.1% |
| Net interest income | 1,220.1 | 1,197.8 | 1.9% | 1,086.5 | 12.3% |
| Commissions, banking fees and other revenues from services | 158.1 | 188.0 | -15.9% | 200.2 | -21.0% |
| Operating income | 1,378.2 | 1,385.9 | -0.6% | 1,286.7 | 7.1% |
| Allowance for loan losses | (544.5) | (443.1) | 22.9% | (349.9) | 55.6% |
| Personnel expenses | (151.8) | (141.4) | 7.4% | (112.9) | 34.4% |
| Selling, general and administrative expenses | (271.5) | (390.5) | -30.5% | (394.6) | -31.2% |
| Tax expenses | (115.9) | (121.7) | -4.8% | (130.1) | -11.0% |
| Depreciation and amortization | (55.2) | (51.3) | 7.6% | (44.5) | 23.9% |
| Operating expenses | (1,138.8) | (1,147.9) | -0.8% | (1,032.1) | 10.3% |
| Other income (expenses), net | (1.3) | (18.7) | -93.2% | (11.9) | -89.3% |
| Net Income before income tax and social contribution | 238.1 | 219.2 | 8.6% | 242.7 | -1.9% |
| Current income tax and social contribution | (229.2) | (178.5) | 28.4% | (138.7) | 65.2% |
| Deferred income tax and social contribution | 206.0 | 169.8 | 21.4% | 92.8 | 122.1% |
| Net income | 214.9 | 210.5 | 2.1% | 196.7 | 9.2% |
10
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