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    BPAN4   BRBPANACNPR1

BANCO PAN S.A.

(BPAN4)
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Quarterly Reporting Document

11/05/2021 | 03:23pm EST

São Paulo, November 3, 2021 - Pursuant to legal provisions, Banco PAN SA ("PAN", "Banco", "Banco PAN" or "Company") and its subsidiaries disclose the results for the quarter ended on September 30, 2021, accompanied by the Independent Auditors' Report. The Bank's operating and financial information, except where otherwise indicated, is presented based on consolidated figures and in reais, in accordance with the Corporate Law and Accounting Practices adopted in Brazil.

NOTICE TO SHAREHOLDERS

Our vision is to lead the digital financial inclusion of Brazilian families, democratizing banking access and offering a complete platform for financial products and services. We remain focused on continuously getting to know our customers and offering solutions that make a difference in their lives and products that leverage their individual success, amongst them: Credit, Banking, Payment Methods, Insurance, Savings and Marketplace.

Our business strategy is supported by 3 pillars of action: growth, engagement and monetization. In 3Q21, we increased awareness of our brand, signed a strategic partnership with Luciano Huck, and continued to invest in digital media and in the consolidation of the PAN brand. As a result of this strategy, we grew our base by 52 thousand new customers per business day, 43% of which entered via organic flow in September.

We ended the 3Q21 with 15.2 million customers, of which 52% are active customers1, and by creating an increasingly complete range of services and products, engagement levels will strengthen even further.

In this sense, the incorporation of Mosaico announced in October is another step towards becoming a complete platform, creating the largest consumer and banking ecosystem, driven by technology, enabling a unique value proposition, involving the choice and acquisition of the best products, with cashback on the best price and the best credit and payment conditions, both for the more than 15.2 million PAN customers and for the more than 22 million (in 2Q21) monthly users of Mosaico's platforms.

In addition, the quarter featured big news. In July, we officially launched the Personal Loan with FGTS guarantee, being the only bank to offer its contract through the app. In September, we included the hiring of Turbo PAN, our payment machine, in the app and announced the acquisition of Mobiauto, the largest independent digital platform for the sale of vehicles in Brazil, with 4.6 million monthly accesses and 78% organic flow.

This demonstrates that our technology team is strategic for PAN's continued growth. We have more than 800 technology professionals, organized in more than 60 squads and 100% integrated with the business areas. As a result, we had an acceleration in the pace of product development and delivery in an increasingly assertive manner. The high investment in technology and products, in line with our customer-focused culture, allowed us to reach 214 million accesses to the application and a total

  1. Banking clients who have credit with a debit balance or who carried out account transactions or transactions in the last
  1. days

2

transaction volume of R$ 13.8 Billion in the third quarter, growing 89% in the quarter and demonstrating engagement from our base.

As next steps, we have an intense journey of releases in the coming months. In October, we launched the payroll loan in the app, in addition to car equity, and in November we will launch the Buscapé card, offering cashback to our customers. Next, our app will receive our marketplace, insurance tab, pre-approved vehicle credit and the Saúde PAN, and will also be updated with a new version adding new features and improving the user experience.

Analyzing our results, we originated more than R$7 billion in new credits in 3Q21 and reached R$33.3 billion in the credit portfolio, 90% of which with collateral.

Our drive to maintain healthy growth in line with an efficient engagement strategy allows us to consistently monetize our operation. In 3Q21, we posted net income of R$191 million and an accounting ROE of 13.6%, maintaining significant levels of investment.

New Clients

Total Clients

(#Million)

(Thousands/Day)

15.2

52

12.4

45

45

10.0

7.6

6.4

18

24

3Q20 4Q20

1Q21

2Q21

3Q21

3Q20

4Q20

1Q21

2Q21

3Q21

3

MAIN INDICATORS

Results

Performance

StocksBalance Sheet

Other

R$ MM

3Q21

2Q21

3Q20

3Q21 x

3Q21 x

2Q21

3Q20

Net Interest Margin

1,748

1,710

1,358

2%

29%

Net Income

191

202

170

-5%

12%

Adjusted Net Income

224

241

223

-7%

0%

19.3%

20.5%

20.5%

Net Interest Margin (% p.y.)

-1.2 p.y.

-1.2 p.y.

Accounting ROE (% p.y.)

13.6%

14.7%

13.2%

-1.1 p.y.

0.4 p.y.

Adjusted ROE - Unaudited (% p.y.)

18.4%

20.6%

21.5%

-2.2 p.y.

-3.1 p.y.

Delinquency Index (90 days) p.y. - Retail

5.8%

5.4%

6.7%

0.4 p.y.

-0.9 p.y.

Default Index (15 to 90 days) p.y. - Retail

7.5%

7.5%

7.3%

0.0 p.y.

0.2 p.y.

4.6%

3.6%

4.8%

PDD Expense/ Average Portfolio

1.0 p.y.

-0.2 p.y.

43,994

42,682

34,939

Total Assets

3%

26%

Total Credit Portfolio

33,262

32,355

25,3

3%

31%

Fundraising

32,465

30,211

25,497

7%

27%

Equity

5,676

5,559

5,221

2%

9%

Basel Ratio

15.3%

15.6%

16.5%

-0.3 p.y.

-1.2 p.y.

Main Capital

15.3%

15.6%

16.5%

-0.3 p.y.

-1.2 p.y.

0.17

0.16

0.14

Net Income per Share (Reais)

6%

18%

Equity Value per Share (Reais)

4.61

4.51

4.33

2%

7%

Market Value

19,233

28,994

9,785

-34%

97%

15,182

12,376

6,446

Total Customers (thousand)

23%

136%

Banking Clients (thousand)

10,992

8,352

2,492

32%

341%

Retail Origination

7,032

7,287

5,352

-3%

31%

Credits Transferred without Co-obligation

2,916

2,425

1,744

20%

67%

Employees

3,105

2,886

2,416

8%

29%

Bank Correspondents

879

854

771

3%

14%

Multibrand stores and dealerships

18,234

17,417

15,027

5%

22%

4

MAIN INDICATORS

Others Stocks Performance Results

R$ MM

9M21

9M20

9M21 X

9M20

Net Interestl Margin

4,914

3,787

30%

Net Income

584

485

21%

Adjusted Net Income

692

647

7%

Net Interest Margin (% p.y.)

19.5%

19.2%

0.2 p.p.

Accounting ROE (% p.y.)

14.2%

12.7%

1.4 p.p.

Adjusted ROE - Unaudited (% p.y.)

19.8%

21.6%

-1.8 p.p.

PDD Expense/ Average Portfolio

3.8%

4.9%

-1.1 p.p.

Net Income per Share (Reais)

0.48

0.40

21%

Equity Value per Share (Reais)

4.61

4.33

7%

Market Value

19,233

9,785

97%

Retail Origination

19,232

14,394

34%

Credits Transferred

6,604

4,962

33%

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Banco Pan SA published this content on 05 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2021 20:20:41 UTC.


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Sales 2021 7 834 M 1 441 M 1 441 M
Net income 2021 776 M 143 M 143 M
Net Debt 2021 - - -
P/E ratio 2021 15,5x
Yield 2021 0,60%
Capitalization 11 930 M 2 183 M 2 194 M
Capi. / Sales 2021 1,52x
Capi. / Sales 2022 1,24x
Nbr of Employees 2 497
Free-Float 84,7%
Chart BANCO PAN S.A.
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Technical analysis trends BANCO PAN S.A.
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TrendsBearishBearishBearish
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 6
Last Close Price 9,90 BRL
Average target price 23,50 BRL
Spread / Average Target 137%
EPS Revisions
Managers and Directors
Carlos Eduardo Pereira GuimarŃes Chief Executive Officer
Mauro Dutra Mediano Dias Chief Financial & Investor Relations Officer
Amos Genish Chairman
Dermeval Bicalho Carvalho Controller & Compliance Officer
Fßbio de Barros Pinheiro Independent Director
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