O pan bank (BPAN4) reported that it had a net profit of R$ 179 million in the fourth quarter of last year, up 20% according to the international IFRS criteria.
According to the institution, the result was driven by the increase in service revenuescontrolling total expenses and maintaining a “robust” financial margin.
In the fourth quarter, Pan had a financial margin of R$ 1.856 billion, a growth of 6% compared to the previous year, based on the BRGAAP criteria. The net interest margin stood at 16.9% in 4Q22, while NIM without assignment was 15.2%.
The levels, says the bank, have remained high and are related to the “robust” credit operations spreads. “Given the maintenance of our conservative strategy in issuing new credit cards and personal loans, our net credit cost margin remains strong.”
According to Pan, the net expense of provision of credits amounted to R$558 million under BRGAAP, compared to R$408 million in the same period of the previous year.
In relation to the portfolio, annualized recovery expenses remained at 5.9%.
“We closed 2022 and started 2023 with the same focus as always: sustainable growth, anticipation of risks, investments in diversified products and strengthening of origination channels and constant improvement in the client’s UX”, said Pan.
See the document released by Banco Pan
Source: Moneytimes
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