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PagBank (NYSE: PAGS) reported its Q1 2024 results, highlighting a record recurring net income of 522 million BRL, a 33% increase year-over-year (YoY). Total Payment Volume (TPV) reached 112 billion BRL, up 27% YoY, driven by growth in various segments including MSMBs and large companies. CEO Alexandre Magnani emphasized the company's solid market share and growth in clients, now totaling over 31 million. Cash-In volumes hit 66 billion BRL, a 48% YoY increase, while deposits grew to nearly 31 billion BRL. CFO Artur Schunck noted strong financial margins and a diversified credit portfolio, now at 2.7 billion BRL. The company also launched new products like Tap to Pay Online and business insurance. Despite macroeconomic uncertainties, PagBank remains optimistic about future growth.
