(Bloomberg) -- Brazilian digital bank, C6, which is backed by JPMorgan Chase & Co., posted its first quarterly profit in the first three months of the year, according to chief executive officer Marcelo Kalim.

The Sao Paulo-based financial technology firm recorded a profit of 461 million reais ($90.1 million) through March and is projecting a full year gain of about 2 billion reais, Kalim said in an interview.

The bank has made several efforts to increase revenue while keeping expenses stable and decreasing provisions for bad loans. A trend that should continue in the coming quarters, he said. 

C6’s loan portfolio hit 46.3 billion reais in the first quarter of 2024, a 36% increase year-over-year. The increase occurred mainly in loans backed by collateral, such as payroll and vehicle financing. The delinquency rate has declined to 3.2% from 4.7% a year ago. 

The bank expects to keep delivering greater profits without growing its size, Kalim said. C6, which offers lending, banking services and an investment platform with global accounts in dollars and euros, currently has around 3,300 employees and 30 million clients.  

Read more: JPMorgan-Backed C6 Bank Sees Losses Ebb as Borrowers Keep Up

“The size of the bank is what we imagined and we are now focusing on optimizing our structure,” Kalim said. 

Last year, JPMorgan announced that it had increased its stake in C6 to 46% from 40%. For now, there are still no plans to seek a public listing of the shares. 

“There’s no plan to became public. We are increasingly convinced of our choice of capital structure,” said Kalim, a former senior executive at Banco BTG Pactual SA. 

--With assistance from Giovanna Bellotti Azevedo.

©2024 Bloomberg L.P.