StoneCo's Credit Boom Comes With Costly Loan Book Cracks

Earnings
โดย Insider Monkey·BR·Read original
Summary · why it matters

StoneCo reported a second-quarter credit boom that doubled its loan portfolio to BRL 3.8 billion year over year, but the expansion is straining its loan book as Brazilian interest rates stay high. Credit revenues jumped 153% to BRL 348.5 million, while non-performing loans over 90 days nearly doubled to 8.60% from 4.67%, and cost of risk rose to 21.5% from 20.2%. The company also began disbursing government-backed loans totaling BRL 334.2 million, which carry lower risk and pricing. Management flagged a BRL 11 million default from a long-standing client that filed for bankruptcy protection, and CFO Diego Salgado estimated that higher Selic rates near 14% versus the planned 12.5% add more than BRL 300 million of pressure on 2026 results. Adjusted net income fell 2.6% to BRL 582.7 million, but adjusted basic EPS rose 8.6% to BRL 2.40 thanks to BRL 3.0 billion in buybacks over the past year. StoneCo maintains its full-year adjusted gross profit guidance of BRL 6.6 billion to BRL 7.0 billion, though it expects results near the lower end.

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