档案库 · 金融科技 · 财务决策 · 2022-2025
C6的赌注：先买巴西银行规模，后收利润
摩根大通支持的C6在2022年亏损24亿雷亚尔购买增长，2023年底首次实现月度盈利，2024年全年利润23亿雷亚尔。
C6 Bank
做的是什么生意
C6 is a Brazilian digital bank led by founder and CEO Marcelo Kalim, with JPMorgan Chase holding a 46% stake. It offers accounts, cards and credit including payroll (consignado) and auto loans, and had about 30 million clients in late 2023 and 35 million at the end of 2024.
启动资金：JPMorgan holds 46% of C6; in 2023 the bank sold R$660 million of subordinated debt to strengthen capital and said it could issue more if needed.
起因
C6 grew aggressively through 2022, lending more to consumers and companies as it chased client volume, and its loss widened to R$2.4 billion that year, according to Reuters reporting from December 2023. JPMorgan Chase, already a 46% shareholder, gave the digital bank the capital and credibility to keep spending.
经过
In 2023 C6 adjusted its lending policies and said it had credit losses under control; it sold R$660 million of subordinated debt to add capital and said it could issue more. In November 2023 the bank posted its first monthly profit, and in the first quarter of 2024 its first quarterly profit, ending about five years of losses and persistent questions about the model. Brazil Journal reported that C6 finished 2024 with net revenue of R$8 billion, up 45%, while operating expenses fell 3%.
结果
C6 reported its first annual profit for 2024: net income of R$2.3 billion, reversing a R$671 million loss in 2023, with return on equity near 60% (46% excluding a R$690 million tax gain). Collateralized credit rose to 77.5% of a R$60 billion loan book, 90-day delinquency fell to 2.6%, and Kalim told Brazil Journal he expected an even bigger profit in 2025.
背景
C6是一家巴西数字银行，由创始人兼CEO Marcelo Kalim领导，摩根大通持有46%股份。它到2022年积极扩张，向消费者和企业发放更多贷款以追求客户量，当年亏损扩大至24亿雷亚尔。
策略是先规模后利润：C6接受多年亏损以建立约3000万客户的基础，2023年调整信贷政策，并出售6.6亿雷亚尔次级债务以增厚资本。2023年11月首次实现月度盈利，2024年第一季度首次季度盈利，结束五年亏损。
2024年，C6报告首次年度盈利：23亿雷亚尔，扭转2023年6.71亿雷亚尔亏损，净收入增长45%至80亿雷亚尔。抵押信贷占600亿雷亚尔贷款组合的77.5%，90天逾期率降至2.6%，Kalim告诉《巴西日报》，他预计2025年利润会更大。
这件事要成立，得有什么
- 首先追求规模，因为没有网点网络的数字银行必须证明能赢得数百万客户，才能覆盖固定成本。
- 摩根大通46%的股份提供了信誉和资本，使C6在增长推动后的亏损中能持续投入。
- 组合起了作用：有担保的工资和汽车贷款占77.5%，更严格的无抵押政策将90天逾期率降至2.6%，拨备下降21%。
- 运营杠杆完成最终效果：净收入增长45%，而运营费用下降3%，同样的数字成本基础赚得更多。
可借鉴之处
增长买来客户，而非利润：C6的转机发生在收紧无抵押信贷、推动抵押工资和汽车贷款、并让拨备下降将规模转化为收益之后。
后续进展
截至2025年2月，C6自成立以来首次盈利，拥有3500万客户、600亿雷亚尔贷款组合，净资产收益率接近60%（剔除6.9亿雷亚尔税收收益后为46%）。Kalim表示，即使市场违约上升，有担保信贷将使2025年增长更容易，预计利润更大，并计划推出摩根大通式的服务，如旅行礼宾。悬而未决的问题是，23亿雷亚尔的结果中有多少是一次性的——仅税收收益就贡献了6.9亿雷亚尔——以及随着贷款组合增长，利润是否能持续。
资料来源
- La banque C6 au Brésil, soutenue par JPMorgan, a réalisé des bénéfices le mois dernier -CEO
- C6 lucra R$ 2,3 bilhões em 2024, seu primeiro ano no azul
- C6 tem primeiro lucro anual em 2024 e planeja expansão em crédito com garantia
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