FY2020 Earnings Results

We release our full year 2020 results

São Paulo, February 11, 2021 –Banco Agibank S.A. (“Bank”, or “Agibank”), a customer-obstinate digital bank offering solutions to improve and facilitate people’s daily and financial lives, announces its results for fiscal year 2020. The financial statements were prepared based on accounting practices in the Brazilian corporate legislation, associated with the rules and instructions of the National Monetary Council (CMN) and the Central Bank of Brazil (BACEN).


  • The financial and qualitative results of fiscal year 2020 underscored the combination of factors that make our business model distinctive: consistent growth hand-in-hand with profitability and sustainability.
  • In line with its relationship banking strategy, in Dec/20, we recorded 2.8 million clients serviced and growth of 160% in the number of accounts with salary, up 160% year-on-year, providing us with principality and cross-selling opportunities;
  • Demand deposits were up +259.9% year-on-year, and we will continue advancing with this new source of funding.
  • The digital transactions volume was up 9% in 2020 from 2019, indicating a significant gain in customer usage of the Bank’s products and services, together with a 29.5% decrease in the cost per transaction, indicative of the capture of economies of scale;
  • Our NPS (Net Promoter Score) reached 81 points in December and remained above 70 points throughout 2020, significantly exceeding the banking industry’s average. In addition, our digital channels usage ratio for the 50-plus public lies at 45%, vis-à-vis a global average of 8%;
  • The Credit Portfolio reached BRL 2,248.0 million in the period, up 0% from the Dec/19 balance. Particular emphasis is due on the Bank’s core portfolios: personal credit to accountholders (+124.6%), payroll-deductible loans (+249.9%) and payroll-deductible credit cards (+72.3%);
  • The share of the credit portfolio whose customers’ income derives from a Federal payments source reached 3% of the total portfolio in Dec/20;
  • A 9% reduction of the average interest rate on non payroll-deductible personal credit in Dec/20, compared with the same period in the previous fiscal year. The declining interest rate path is in line with our purpose of fostering financial justice and facilitating thousands of Brazilians’ access to credit;;
  • Defaulting decreased in the period, as measured by both NPL (E-H) – down from 30.5% of the gross credit portfolio in Dec/19 to 57% in Dec/20, that is, less than one-third of the previous year’s level – and by LLP, which was 26.4% of the gross credit portfolio in Dec/19 and reached 8.5% in Dec/20, a substantial 17.9 p.p. decrease;
  • Services Income was up 1% in 2020, reaching BRL 75.4 million due mainly to increased commissions from insurance products dealing, with over 320 thousand lives insured in Dec/20 and cross-selling in excess of 70%;
  • Financial Intermediation Income reached BRL 937.5 million, up 5% from 2019;
  • Net Earnings amounted to BRL 104.7 million in 2020 (+18.9% YoY). This was mainly the product of higher intermediation income, generated by a gradual change in the credit portfolio’s profile towards lower-risk lines which generated lower LLP expenses, resulting in 4% Adjusted ROAE and 3.3% Adjusted ROAA;
  • A 2% Adjusted Capital Adequacy Ratio and LCR at 7,190.0% illustrate the institution’s satisfactory capital and liquidity positions, respectively;
  • Net Equity was BRL 810.3 million in the period (+54.3% YoY) and the Bank’s Cash position in Dec/20 was BRL 1,499.5 million.

Acknowledgments. Agibank wishes to thank its customers, employees, service providers and partners for their support, endeavor, courage and dedication during one more year.

São Paulo, February 11, 2021.

The Management