Grab’s Financial Services Arm Hits First Profitability Milestone

Grab's financial services arm achieved its profitability target in the third quarter of 2026, consistent with its previously stated goal of breakeven in the second half of 2026. This shift from a US$15 million adjusted EBITDA loss in the prior quarter to a US$12 million profit was significantly propelled by a substantial increase in lending. Contributions from Indonesia’s Superbank and the US investment platform Stash, which Grab began consolidating and recognizing revenue from, respectively, also supported this growth.

The segment's gross loan portfolio expanded considerably, tripling year-on-year to US$2.7 billion by the end of September, with total loans disbursed increasing 115% to US$1.9 billion during the quarter. This expansion was partly driven by Superbank, though the portfolio still grew 115% year-on-year when excluding it. Concurrently, customer deposits across its digital banks, GXS Bank in Singapore, GXBank in Malaysia, and Superbank in Indonesia, also reached US$2.7 billion.

Despite the rapid growth in its lending portfolio, Grab reported a non-performing loan ratio of 2.6% for loans overdue by at least 90 days. The company stated that expected credit loss reserves stood at 6.5% of the gross loan portfolio, providing approximately 2.4 times coverage of these non-performing loans. This suggests that Grab is reporting metrics indicating risk management alongside its expansion, which is further supported by an improved group-level operating cash flow, partly due to increased customer deposit inflows offsetting higher loan disbursements.