Now that we have provided some overview of the Brazilian consumer credit market (earlier post), below we present a comparison of the two main players’ 3Q results in comparison with 2Q (thanks to The Sloth and The Turtle):

Redecard
Cielo
Credit card volume growth
2.8%
7.6%
Debit card volume growth
9.7%
5.8%
Total transactions volume growth
5%
6.9%
Net income + financial income growth
3.6%
8.2%
MDR credit
1.14
1.18
MDR debit
0.73
0.77
MDR credit change
-0.01
+0.01
MDR debit change
-0.01
+0.03
Cost of services change
-2.7%
+6.8%
Operating expenses change
-2.7%
+39.1%
Operating Margin
-56.1%%
+55.6%
Net margin
37.3%
37.9%
Earnings growth
6.5%
8.0%
EBITDA margin change
2.6%
-2.8%
Number of POS change
-4.1%
+3.8%
Cost per transaction
0.3493
0.313
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