Business
Stone delivers a consistent quarter with strong TPV growth and advancements in credit and banking
Adjusted net income was R$ 497 million, a 54% increase compared to the same period last yearAdjusted EBT of R$ 652 million increased by 46% compared to the
About this update from Stoneco Ltd.
[{"type":"text","content":"Adjusted net income was R$ 497 million, a 54% increase compared to the same period last yearAdjusted EBT of R$ 652 million increased by 46% compared to the second quarter of 2023Total Payment Volume (TPV) of SMEs had an annual growth of 25%, also considering PIX transactionsSÃO PAULO, Aug. 15, 2024 /PRNewswire/ -- StoneCo Ltd. (Nasdaq: STNE, B3: STOC31) delivered a strong second quarter, marked by solid TPV growth and continued advancements in Credit and Banking. The company reported adjusted net income of R$ 497 million, a 54% increase over the same period last year. Total revenue reached R$ 3.2 billion, an 8% year-over-year growth. Adjusted net cash stood at R$ 5.3 billion, an increase of R$ 117 million in the quarter and R$ 900 million in the year. Adjusted EBT of R$ 652 million represents a 46% increase compared to 2Q23, with an adjusted EBT margin of 20.3%.\n\nIn the second quarter, financial services revenue reached R$ 2.8 billion, 11% higher than the previous year, with Total Payment Volume (TPV) from SME (small and medium-sized enterprises) clients growing by 25% year over year, including PIX QR Code processed volume. The segment showed a 7 bps increase in take rate year over year, and the SME client base grew by 30% annually, reaching 3.9 million active payment clients.\nThe Banking platform saw a 62% growth in its client base, reaching 2.7 million in the quarter, with deposits totaling R$ 6.5 billion, a 65% increase compared to the same period in 2023. In the credit solution, Working Capital and Credit Card products grew by 32% quarter over quarter, reaching a portfolio of R$ 712 million. In the software segment, revenue remained stable year over year at R$ 384 million, and Adjusted EBITDA reached R$ 64 million in 2Q24, with an adjusted margin of 16.7%.\n\"In 2Q24, we continued to advance our strategic priorities, building an increasingly comprehensive ecosystem of solutions for Brazilian small and medium-sized entrepreneurs. In light of our consistent results trajectory and long-term commitment, coupled with the more volatile dynamics of the capital markets, we allocated resources to execute nearly the entirety of the company's buyback program approved in 2023, totaling R$ 1 billion,\" said Pedro Zinner, CEO of Stone.\nAbout StoneA financial technology company offering a complete platform of solutions designed to impr...