Grab's Financial Services Arm Turns Profitable in Q3

Grab’s financial services business recorded positive segment adjusted EBITDA for the first time in the third quarter of 2026, the Singapore-based company said in its results statement on Tuesday (Nov 3).

The segment’s adjusted EBITDA came in at US$12 million, compared with a loss of US$28 million a year earlier, an improvement of US$40 million. Financial services revenue more than doubled, rising 124 per cent year-on-year to US$201 million, or 132 per cent on a constant currency basis.

Chief financial officer Peter Oey pointed to “Financial Services achieving Adjusted EBITDA profitability for the first time” as a highlight of the quarter.

Loan book triples

Grab’s gross loan portfolio stood at US$2.71 billion at the end of September, up 200 per cent from US$903 million a year earlier. Excluding Indonesia’s Superbank, the portfolio grew 115 per cent. Total loans disbursed in the quarter also rose 115 per cent to US$1.9 billion.

Fintech News Singapore reported that the growth was driven largely by lending across GrabFin and the group’s digital banks, and that Superbank has been consolidated since June.

Total customer deposits across GXS Bank in Singapore, GXBank in Malaysia and Superbank in Indonesia grew to US$2.7 billion at the end of the quarter. Grab’s balance sheet showed banking customer deposits of US$2.70 billion as at Sept 30, up from US$1.63 billion at the end of 2025.

On asset quality, non-performing loans more than 90 days past due were 2.6 per cent of the gross loan portfolio. Expected credit loss reserves were 6.5 per cent of the portfolio, covering non-performing loans about 2.4 times.

Group results and guidance

At group level, Grab’s third-quarter revenue rose 27 per cent to US$1.11 billion, while adjusted EBITDA climbed 73 per cent to US$237 million. Profit for the period was US$18 million, compared with US$17 million a year earlier. Monthly transacting users rose to 57.2 million from 47.7 million.

The company raised its full-year 2026 revenue guidance to between US$4.15 billion and US$4.20 billion, from US$4.10 billion to US$4.15 billion previously. It lifted its adjusted EBITDA forecast to between US$790 million and US$800 million, from US$720 million to US$740 million.

What’s next for Grab

According to Fintech News Singapore, Grab agreed in September to buy a majority stake in Atome Financial, with the initial close expected by the third quarter of 2027. The group is targeting US$500 million in adjusted EBITDA from financial services, including Atome, and a gross loan portfolio of more than US$6 billion by 2028, the outlet reported.

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