Black Banx reports $2.3 billion profit before tax in nine months of 2024

Digital financial house Black Banx announced a profit before tax of $892 million for the third quarter of 2024, or a combined profit of $2.3 billion for the first nine months of this year.

The company, which employs over 8,000 people with offices on four continents, provides digital banking solutions to private individuals and institutional / corporate clients worldwide, serving over 60 million customers.

For the first nine months of 2024, profit before tax was $2.3 billion, compared to profit before tax of $158 million in the first nine months of 2023.

The cost/income ratio was 70%, compared to a cost/income ratio of 89% in the prior year period. Results were positively impacted by the overall growth of new client acquisition and improved income by fixed monthly account maintenance fees for its 61 million customers.

Revenue growth and updated financial forecast

Combined business growth resulted in increased total revenue of $3.0 billion in the third quarter, $2.6 billion in the second quarter, compared to $2.1 billion in the first quarter of 2024.

Due to the strong operating performance in the first nine months, the annual financial forecast for 2024 has been adjusted from $8.5 billion to $10.8 billion in revenue and $2.4 billion to $3.2 billion in pre-tax profit.

Michael Gastauer, Group Chief Executive Officer, said: “In the last three months, we have made important progress in producing a record third-quarter profit for our business.

"This reflects our strong positive momentum and sustained cost discipline across our group entities. Our global network is ideally positioned to help our clients navigate the uncertainties in today’s environment. We will continue on our profitable growth path and reach our goals for capital distributions to shareholders."

Daniel Dumitrascu, Group Chief Financial Officer, added: “Our nine-month 2024 results underline Black Banx’s operating strength.

”We have consistently delivered on our guidance for both revenue growth and cost discipline; our capital and balance sheet are strong. This gives us confidence that we will meet our profit guidance, aiming to pay at least 2.90 USD per share to our shareholders for 2024. Our continued revenue momentum, cost efficiencies, and capital strength put us on track to deliver on our 2025 goals.”