JPMorgan-Backed Digital Bank C6 Posts First Quarterly Profit [BNN Bloomberg (Canada)]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: BNN Bloomberg
The Sao Paulo-based financial technology firm recorded a profit of 461 million reais ($90.1 million) through March and is projecting a full year gain of about 2 billion reais, Kalim said in an interview. The bank has made several efforts to increase revenue while keeping expenses stable and decreasing provisions for bad loans. A trend that should continue in the coming quarters, he said. C6's loan portfolio hit 46.3 billion reais in the first quarter of 2024, a 36% increase year-over-year. The increase occurred mainly in loans backed by collateral, such as payroll and vehicle financing. The delinquency rate has declined to 3.2% from 4.7% a year ago. The bank expects to keep delivering greater profits without growing its size, Kalim said. C6, which offers lending, banking services and an investment platform with global accounts in dollars and euros, currently has around 3,300 employees and 30 million clients. Read more: JPMorgan-Backed C6 Bank Sees Losses Ebb as Borrowers Keep
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