C6 Bank has posted its first ever quarterly profit, less than five years after the bank launched in August 2019. JPMorgan increased its stake last year in C6 from 40% to 46%.

“The first quarterly profit in our history is the concrete result of the model in which we have always believed. This consists of generating growing revenues and maintaining stable costs and controlled PDD. It is this way of operating that guaranteed us the positive result now. And that makes us optimistic about the coming quarters”, said Marcelo Kalim, CEO of C6 Bank.

Lending up 36% y-o-y, loans default rate falls to 3.2%

Lending rises by 36% y-o-y to BRL46.3bn. The bank says that its credit strategy is focusses on loans backed by collateral. Another positive metric is a fall in default rates. The percentage of loans that were 90 days or more delinquent fell from 3.4% in the previous quarter to 3.2%. The year ago quarter comparison was 4.7%.

“C6’s results are a reflection of its innovative products that delight customers and disciplined management of the business,” adds Sanoke Viswanathan, head of strategy and growth at JPMorgan Chase and chief executive of international retail banking.

“The bank has demonstrated the ability to grow its customer base and balance sheet at a steady pace and with high operating leverage – essential ingredients for long-term success.”

With more than 90 products, services and features, C6 Bank operates in eight business areas: individuals, legal entities, wholesale, foreign exchange, vehicles, home equity, payroll loans and brokerage. In addition to basic services, such as a current account, card and transfers, C6 Bank offers a complete investment platform. Its Global Account offers a balance in dollars and euros and an intermediation service for investments abroad.

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