PicS N.V. Reports Strong Q2 Performance and Credit Portfolio Growth
In its second-quarter report, PicS N.V. (NASDAQ:PICS) outperformed expectations across key financial metrics. The company reported an adjusted earnings before tax of R$291 million—exceeding guidance by 2.1%—and a higher-than-expected adjusted net income of R$283 million, up 15.5%. Its total credit portfolio reached R$31.9 billion, surpassing management's forecast due to growth in secured and partly secured lending as well as expansion into riskier segments like platform credit. The company also saw a rise in client base and deposits, with active users reaching 45.4 million—a 2% sequential increase—and total cash rising by 17% year-over-year to R$136.4 billion. However, concerns emerged regarding loan quality: non-performing loans over 90 days increased sequentially by 93 basis points and Stage 3 exposure reached 12.9%. Funding costs also rose slightly due to a more diversified funding mix. Institutional ownership of PICS dropped from Q1's 23 funds to just 13 in the second quarter, according to Insider Monkey data. Goldman Sachs remains the largest institutional shareholder with a 7.31% stake.
Tickers: $PICS
Topics: client base expansion credit portfolio growth financial performance