Banco Master Doubles Profit to R$1 Billion in 2024 Amid Strategic Acquisitions

Banco Master, led by entrepreneur Daniel Vorcaro, reported a net profit of R$1.068 billion ($187 million) for 2024, doubling its 2023 earnings of R$532 million ($93 million).
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\nThe financial results, disclosed on Tuesday, highlight the bank’s significant growth driven by strategic acquisitions and operational diversification. The bank’s equity rose sharply to R$4.74 billion ($831 million) in 2024, compared to R$2.3 billion ($404 million) in the previous year.
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\nTotal assets increased by 75%, reaching R$63 billion ($11.05 billion). Financial intermediation revenues climbed 33% to R$7.2 billion ($1.26 billion), while credit revenues surged by 54%, totaling R$4.2 billion ($737 million).
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\nIn a transformative move, Banco Master completed the acquisitions of Banco Voiter and digital neobank Will Bank in 2024. These deals were approved by Brazil’s Central Bank in April and August, respectively.
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\nBanco Voiter strengthens the bank’s wholesale operations, while Will Bank adds a robust digital platform with over six million customers, complementing Banco Master’s retail business.
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\nVorcaro emphasized that these acquisitions are part of a broader strategy to expand sustainably and enhance market presence across retail and wholesale segments.
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\nWill Bank’s integration enables Banco Master to serve a combined customer base of 10.5 million, leveraging synergies between its CredCesta consigned benefits card and Will Bank’s digital ecosystem.
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Banco Master’s Growth and Strategic Acquisition

\nBanco Master’s rapid growth has attracted attention in Brazil’s financial sector. Its aggressive issuance of Certificates of Deposit (CDBs) raised concerns about potential systemic risks due to high reliance on retail investors.
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\nBy December 2024, the bank held deposits totaling R$50 billion ($8.77 billion), nearly half of Brazil’s Credit Guarantee Fund (FGC) liquidity. In March 2025, Banco Regional de Brasília (BRB) announced plans to acquire a majority stake in Banco Master for approximately R$2 billion ($350 million).
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\nBRB will hold 58% of Banco Master’s capital, including 49% of voting shares and 100% of preferred shares. The transaction aims to resolve funding challenges at Banco Master while positioning BRB as a major player in Brazil’s banking sector.
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\nThe deal is subject to approvals from Brazil’s Central Bank and antitrust authority CADE, with BRB projecting reduced funding costs for Banco Master post-acquisition. Combined assets from both institutions will total R$140 billion ($24.56 billion), creating one of Brazil’s largest banking conglomerates.
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\nDespite its successes, Banco Master faces scrutiny over its balance sheet composition, which includes low-liquidity assets such as government debt claims and distressed company portfolios valued at approximately R$30 billion ($5.26 billion).
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\nRegulators have introduced measures to curb risks associated with such investments. Banco Master’s trajectory underscores its bold approach to growth through acquisitions and portfolio diversification.
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\nWhile challenges remain, the bank’s financial performance and strategic moves position it as a key player in Brazil’s evolving financial landscape.

For the full timeline, see our Banco Master Scandal: Complete Timeline.

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