Grab financial services reached positive adjusted EBITDA for the first time in the third quarter of 2026, at US$12 million against a US$28 million loss a year earlier. Revenue in the segment, which covers GrabFin lending, three digital banks and the US investing app Stash, rose 124% to US$201 million, Grab said in results released on November 3.
Lending did most of the work. Grab disbursed US$1.9 billion of loans in the quarter, up 115% from a year earlier, and its gross loan portfolio reached US$2.71 billion at the end of September, against US$903 million a year before. Consolidating Indonesia’s Superbank from June accounted for part of the jump; without it, the book grew 115%. Other figures from the segment:
- Customer deposits at GXS Bank (Singapore), GXBank (Malaysia) and Superbank (Indonesia): US$2.7 billion
- Non-performing loans at 90 days past due: 2.6% of the gross loan portfolio
- Expected credit loss reserves: 6.5% of the portfolio, about 2.4 times non-performing loans
At group level, Grab raised its 2026 adjusted EBITDA guidance to between US$790 million and US$800 million, from US$720 million to US$740 million.
Why it matters: Grab’s case for holding banking licences in three countries rests on lending to the drivers, merchants and consumers already on its app, and this is the first quarter in which the segment covered its costs on Grab’s own preferred measure. The margin is thin, at about 6% of segment revenue, and much of the growth came from buying Superbank and Stash. Credit costs on a loan book that has tripled in a year will decide whether the quarter repeats, so the 2.6% non-performing loan ratio is the number to watch in the fourth-quarter results.
Source: Grab third quarter 2026 results, November 3, 2026; Fintech News Singapore, November 4, 2026
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