Business
StoneCo Reports Second Quarter 2024 Results
GEORGE TOWN, Grand Cayman, Aug. 14, 2024 (GLOBE NEWSWIRE) -- StoneCo Ltd. (Nasdaq: STNE, B3: STOC31) (“Stone” or the “Company”) today reports its financial
About this update from Stoneco Ltd.
[{"type":"text","content":"GEORGE TOWN, Grand Cayman, Aug. 14, 2024 (GLOBE NEWSWIRE) -- StoneCo Ltd. (Nasdaq: STNE, B3: STOC31) (“Stone” or the “Company”) today reports its financial results for its second quarter ended June 30, 2024. Adjusted EBTMSMB CTPV (Card TPV)R$652 millionR$97.8 billion+45.9% year over year+17.4% year over year Adjusted Net incomeAdjusted Basic EPSR$497 millionR$1.61+54.4% year over year+57.2% year over year Business Overview Stone has made significant progress in the second quarter across our strategic priorities, advancing in critical areas as we work towards our 2024 and long-term targets. Highlighting our strong growth within Financial Services, MSMB Card TPV increased by 17.4% year-over-year, representing continued market share gains within the segment. This growth was achieved with continued focus towards strong monetization, as shown by our MSMB take rates, which increased 7 basis points, reaching 2.54% in the 2Q24. In banking, we continued to drive engagement, reaching 2.7 million active banking clients and R$ 6.5 billion in deposits. As we continue to evolve in our banking solution, we have also started to pilot interest-bearing products, such as time deposits – which is an exciting development to further help our clients with their most critical needs. Our credit portfolio also continues to grow, reaching R$ 712 million in the quarter with strong quality, as shown by our working capital NPLs over 90 days still at 2.6% - very much in line with our expectations. On the product side, we have finalized the structuring of our Giro Fácil product, a short-term overdraft solution designed to address the immediate capital requirements of our clients. In software, our initiative to cross-sell financial services to software clients continues to progress well, particularly in the gas station and retail verticals. This effort has led to stronger card TPV growth among software clients in priority verticals compared to the overall MSMB card TPV growth. We have also maintained our focus on efficiency. Administrative expenses have decreased by 13% year-over-year, resulting in a 180 basis-point reduction as a percentage of revenues when compared to the 2Q23. As a result of these positive developments, our adjusted basic EPS demonstrated strong growth, reaching R$1.61. We remain committed to our business plan and the targets established dur...