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 year
- Adjusted EBT of R$ 652 million increased by 46% compared to the second quarter of 2023
- Total Payment Volume (TPV) of SMEs had an annual growth of 25%, also considering PIX transactions
SÃO 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%.
In 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.
The 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%.
"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.
About Stone
A financial technology company offering a complete platform of solutions designed to improve the lives of Brazilian entrepreneurs by helping them sell more, manage their businesses better, and achieve continuous growth. Through technology and innovation, Stone contributes to the strengthening and evolution of the market. With clients across Brazil, the company fosters close and personalized relationships with each merchant it serves.
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SOURCE StoneCo. Ltd