What is Pix’s impact on big banks? – Money Times

Pix is ​​a tool launched by the Central Bank that led more Brazilians to open current accounts, benefiting banks (Image: Montage with photos by Marcio Juliboni/Renan Dantas/Disclosure)

The idea disseminated by President Jair is false Bolsonaro (PL) that the big banks were harmed by the emergence of the pix. That’s what analysts consulted by the Money Times.

The traditional value transfer operations, DOC and TED, were the main means until 2020. On average, each operation has fees between R$10 and R$22.

However, with the creation of Pix, banks started to have a loss, not specified in quarterly balance sheets, with the line transfer income.

But, as Ativa Investimentos analyst Pedro Serra recalls, revenue from current account services is equivalent to less than 5% of the banks’ total revenue. Transaction services, he said, are an even smaller portion of that amount.

Last year, amid the advance of Pix, banks lost almost R$ 2.7 billion in revenue from current account services, according to a report in Folha de S. Paulo.

On the other hand, according to the president of the Central Bank, Roberto Campos Neto, there were gains with the opening of new accounts and new business models.

“You take money out of circulation, which is a huge cost for the bank, but it increases the transaction,” he said at a recent event by the Brazilian Federation of Banks (Febraban).

Serra, from Ativa, follows the same line when saying that the tool launched by the BC led more Brazilians to open current accounts. “This brought new opportunities for banks to monetize on top of new customers,” he explains.

Increase in profits

According to data from the Central Bank, the net profit of banks in Brazil reached R$ 132 billion last year, up 49% compared to 2020 and 10% compared to 2019.

“The growth in the interest margin, the reduction in expenses with provisions and efficiency gains explain the improvement in results”, said the monetary authority.

In the most recent balance sheet, for the second quarter, Itaú Unibanco (ITUB4), Bank of Brazil (BAAS3), Bradesco (BBDC4) and Santander (SANB11) reported a 16% rise in consolidated profit, to R$90 billion, according to Economática/TC.

Net revenue totaled BRL 638 billion, almost double the BRL 369 billion last year. Banks also distributed more dividends: R$ 34 billion, up 56%.

Inter analyst Matheus Amaral recalls that with the lowest transaction cost, punctuated by the president of the BC, there is a compensation in the bank expenses line.

He also highlights that the Pix for legal entities is charged and that banks remain strong in credit. However, there is a yellow signal for growth on higher risk lines.

“It is a point of alert for the prospect of default”, comments Amaral. Such a view is in line with what the market has evaluated after the banks’ results in the second quarter.

Pix balance

Since it was implemented, Pix has handled almost R$11 billion in 21.5 million transactions.

And the numbers progressively increase. The month of July, for example, broke records both in volume and in the number of transactions.

In the last month of registration, BRL 933 million were moved in just over 2 billion transactions.

*Renan Dantas and Matheus Caselato collaborated.

Follow Money Times on Instagram!

Connect with the market and have access to exclusive content about the news that enrich your day! Seven days a week and 24 hours a day, you will have access to the most important and commented topics of the moment. And even better, multimedia content with images, videos and a lot of interactivity, such as: the summary of the main news of the day in Minuto Money Times, Money Times Responds, in which our journalists answer questions about investments and market trends, lives and much more most… Click here and follow our profile now!

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

Check Also

Car market in Brazil should be stable in 2022, despite higher interest rates, says Fenabrave

Despite the higher interest rates for vehicle financing, Fenabrave, the entity that represents the dealerships, …