Thank you, ladies and gentlemen. Good afternoon, and thank you for holding. Welcome to the conference call LPS Brasil, in which we'll present the results for the second quarter of 2024. This event is being recorded, and all participants will be listening to the webinar only during the presentation of LPS Brasil. Then, we'll start the Q&A session, in which participants will be able to share their questions through the Q&A platform using one of the buttons below, according to the instructions on the screen.
For those who wish to follow the webinar in English, it's possible to listen to the simultaneous translation, clicking on the button that's also identified below. The presentation link in English is available in the chat. Before proceeding, we would like to clarify that any statements that may be made during this webinar regarding the business prospects of LPS, projections, operating and financial goals, constitute the beliefs and assumptions of the company's management.
Forward-looking statements are not a guarantee of performance and involve risks, uncertainties, and assumptions, as they refer to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that general conditions, industry conditions, and other operating factors may affect the future results of the company and could lead to results that differ materially from those expressed in such forward-looking statements.
First, Mr. Marcos Lopes will make the introduction and present the operating results, followed by Mr. Francisco Lopes, who will present the results of CrediPronto, and then Mr. Cyro Naufel will talk about the financial results. After that, we'll start the Q&A session. Therefore, I would like to turn the floor to Mr. Marcos Lopes. Please, Mr. Marcos, you may begin.
Good afternoon, everyone. I would like to thank you for participating in one more conference call of LPS Brasil, in which we'll present the results for the second quarter of 2024. Taking part in this presentation are our Vice President, Francisco Lopes Neto, our Investor Relations Officer, Institutional Officer, Cyro Naufel, and our CFO, Robson Paim. The company achieved consistent results in the second quarter of 2024, despite the uncertain macroeconomic scenario, resulting both from the influence of the external market and the domestic market, which is pressured by inflation.
The expectation of interest rates for the end of the year has stabilized at double digits. Savings deposits recorded positive results throughout May and June, which contributed to a savings balance close to that of December 2022. As a result, the real estate financing market began to show a higher level of origination of new contracts, which helped to boost the industry as a whole and had a positive impact on our operation of credits, CrediPronto.
Specifically regarding the operation in the city of São Paulo, since May, the approval of new real estate projects has taken longer than usual, which has resulted in a lower volume of launches in the quarter in this area. Looking at the company's consolidated results, the efficiency in managing operating costs and expenses contributed greatly to our achieving the second highest EBITDA margin in the last 10 years, reaching a level close to 40%.
Finally, I would like to emphasize that we're always on the lookout for new business opportunities that bring in more revenue and always aim for the best return for shareholders. After these initial remarks, I would like to move on to the presentation, starting on slide four with the highlights of the period. On slide four. In the second quarter of 2024, the brokered total transactions closed, PSV total BRL 3.5 billion, an increase of 20% compared to the same period of the previous year.
CrediPronto's volume followed the improvement in the real estate financing sector and originated BRL 852 million in contracts, which represents an increase of 9% compared to the second quarter of 2023. Regarding financial results, we highlight recurring expenses that fell 8% in the second quarter of 2024 compared to the same period of the previous year, totaling BRL 27.8 million in the period. As I mentioned earlier, the second-best EBITDA margin in the last 10 years was reached in the second quarter of 2024, whose indicator reached 38.6%, 3.2 percentage points above the second quarter of 2023.
The EBITDA recorded by the company was BRL 17.5 million in the period. Still regarding the company's results, net income before IFRS increased by 10%, totaling BRL 11.9 million in the second quarter of 2024. Moving on to slide number five, we will comment on the launches of Rede Lopes in the second quarter of 2024. It is worth mentioning that we refer to Rede Lopes as the entire group's real estate intermediation operations, whether they are in our own operations or franchises, since the ecosystem is fully interconnected.
Rede Lopes launches totaled BRL 5.7 billion in the second quarter of 2024, 7% lower than the same period in last year. As we can see on the map alongside, the launches in the year have a diverse geographic distribution, which despite a strong presence in São Paulo and Rio de Janeiro, also included Espírito Santo, Paraná, Goiás, Amazonas, Bahia, Ceará, and Paraíba states. Continuing the presentation on slide six, we see the results of intermediations. In the second quarter of 2024, in the consolidated results of Rede Lopes, the company intermediated BRL 3.5 billion, 20% more than in the same period of the previous year.
Rede Lopes ended the semester present in 26 states and the Federal District, with a total of 201 stores. On the next slide, number seven, we present intermediation of Rede Lopes by geographic region of Brazil. The state of São Paulo accounted for 39% of the intermediated volume in the quarter, totaling BRL 1.3 billion, followed by Rio de Janeiro with 32% and BRL 1.1 billion. The other regions combined accounted for 30%, totaling BRL 1 billion, with emphasis on the Northeast region with BRL 486 million.
On the next slide, number eight, we present the division of Rede Lopes intermediation between primary and secondary markets. Both in terms of PSV and number of units, the primary market represented 77% of Rede Lopes intermediations in the quarter, a situation similar to that presented in the second quarter of 2023. On slide nine, we present the company's last 12 months vision, which totaled BRL 11.85 billion in the second quarter of 2024. Of this total, 58% came from franchises.
Totally BRL 1 billion, with the highlights of the Northeast, which presented BRL 486 million. On the following slide, number eight, we present the division of Rede Lopes intermediation between primary, secondary markets. Both in terms of PSV and number of units, the primary market represented 77% of Rede Lopes intermediations in the quarter, a situation similar to that presented in the second quarter of 2023. Continuing on slide nine, we present the company's last 12 months vision, which totaled BRL 11.85 billion in the second quarter of 2024.
Of this total, 58% came from franchises and 42% from company-owned operations. The number of franchises increased from 183 at the end of the first quarter of 2024 to 186 at the end of the second quarter. Moving on slide 10, we present the company's evolution in indicators related to Lopes Labs. In the chart at the top, we can see that organic visits to Portal Lopes continue to increase and exceed historical marks, reaching 11 million in the last 12 months, a volume 21% higher than in the second quarter of 2023.
Leads from organic search generated by Portal Lopes totaled 186,000 in the last 12 months. Also an all-time high for the company and 48% above the second quarter of 2023. These were my remarks regarding the operating results. I turn the floor over to Francisco, who will speak about CrediPronto, and then to Cyro, who will present the company's financial results. Thank you.
Thank you, Marcos. It's a pleasure to be here once again to present the results of CrediPronto and talk to you. We've seen a very interesting recovery of credit, especially because the year started with a very restrictive policy in terms of credit analysis made by the banks, as well as credit in terms of funding restriction due to the withdrawals from savings accounts in previous years. We had noticed that this has been normalized. We had months in which deposits exceeded withdrawals from savings, especially May and June.
This normalization of credit and funding is very positive for the future. On slide 11, we can see that in the second quarter of 2024, as compared to the second quarter of 2023, there was a growth of 9%. In the first half of the year, we see a decrease if we look compared to the previous year, but the trend of the portfolio is positive, is an upward trend. The year-to-date portfolio is growing, and with this normalization of savings, we envisage a second half of the year that's more positive in terms of originating contracts.
On slide 12, I'll also talk about that. On slide 12, we have the highlights of the second quarter. It's important to say that if we compare the volume originated from the first quarter and the third, in the first quarter, we originated BRL 482 million, and this volume of origination shows these resumptions. The average LTV is within the range average rate, 10.9 constant, and the average month is 358 months. We see that people are not paying for the loans as they used to. Default is increasing a little bit. In profit, if we look on the following slide, we can see that profit is growing.
As a funding, it's interesting to talk more about that. In the months of May and June, there was a positive balance of more than BRL 13 billion year to date. In July, negative by BRL 2 million. But if we look at the total balance and the end balance of savings, which is the volume available for funding, comparing December of 2023 with the end of July of 2024, we can see that it went from BRL 740 billion to BRL 760 billion. This additional positive volume that is in savings accounts shows that the resumption of this funding source is very important to look at future originations.
We see the CAGR in this first half of the year that the company reported results. There was a growth of 20%. We went from origination in January, BRL 126 million, reaching BRL 316 million in June. We are 2.5 times higher comparing to the figures originated in January. This resumption is a very positive indicator, this upward trend, in terms of origination for the second half of the year. We continue with the presentation with the financial results. I turn the floor over to Cyro, and we are available for any questions you may have. Thank you very much and have a good day.
Thank you, Francisco. I will continue with our presentation of the earnings. Let us talk about the financial results. On slide 14, we can see the analysis of gross revenue by segment. On the left of slide 14, we have the gross revenue, the second quarter 2024, broken down. We can see that own operations had a GSV of BRL 1.9 billion, with a net commission of 1.97%, with a gross revenue of BRL 30.1 million. Franchises had a GSV of BRL 1.9 billion and gross revenue of BRL 7.8 million.
CrediPronto, with origination of BRL 852 million, commissioning of BRL 7.2 million, and a profit sharing of BRL 4.75 million, performing a gross total revenue of BRL 12 million. On the right side of the slide, you can see that the net revenue in the second quarter 2024 remained constant, with a decrease of only 3% when compared to the second quarter of 2023, reaching a total of BRL 45.3 million. If you break down net revenue by segment, in brokerage, we see stable figures with a slight drop of 3%, while the net revenue from franchises increased by 9%.
CrediPronto by itself decreased by 8%, explained by the reasons that Francisco mentioned. If we look at the net revenue by segment, comparing the first half of 2024 with the first half of 2023, we see a light drop of 6%, reaching BRL 83 million, also explained by the drop in CrediPronto, as Francisco mentioned. On slide 15, we show the operational expenses of the company. There has been a reduction in the second quarter of 2024 as compared to the second quarter of 2023, with -8% in the total amount of expenses, reaching BRL 27.8 million.
Breaking down by segment, own operations presented a decrease in expenses of 11%, reaching 18.3%. CrediPronto decreased by 19%, dropping to 5.7, while franchises increased 56%, reached BRL 3.8 million. At the lower part of slide 15, you can see the expenses curve, the amount of expenses per transaction performed, when we see that company continues to reduce expenses with higher efficiency in processes, attaining the lowest level of BRL 8,000 per transaction in the second quarter of 2024, last 12 months view.
On the next slide, we show the net revenue by segment. In the second quarter of 2024, 55% of net revenue came from brokerage, 16% from franchises, and 28% from CrediPronto. Moving on to slide 17, there is a historical chart of EBITDA and EBITDA margin. The company maintains its focus on operational efficiency since 2013, 2020, 2023, with a recovery of the net margin in the last 12 months vision. In the second quarter of 2024, in last 12 months, we reached almost 35% of EBITDA margin. Showing the results by segment on slide 18.
We can see that brokerage has a gross revenue of BRL 30 million with a net income before IFRS of BRL 5 million, a net margin of 2.2%. Franchises shows the gross revenue BRL 7.8 million, with the net income before IFRS of BRL 2.7 million and a net margin of 37%. CrediPronto shows a gross revenue of 12%, or BRL 12 million, I'm sorry, with a net income of BRL 4 million and a net margin of 39%. Looking at the consolidated results of the company, gross revenue reaches BRL 91 million, EBITDA of BRL 17.5 million, an EBITDA margin of 38.6% after depreciation.
Financial results and income tax and social contribution net income before IFRS of BRL 11.8 million and a net margin of 26.2. After non-controlling shareholders payments 915 margin is the funds, the net income distributed to the second quarter. On slide 20, we show the impacts of IFRS because that is related to intangible assets, losses and gains in calls and put options. These are non-cash effects, and that had a positive result of BRL 679 million in the second quarter of 2024.
Since these are non-cash amounts, we always suggest analyzing the figures of the company without considering IFRS effects for a better analysis of our performance. On slide 21, we show cash and cash equivalents.
In the second quarter of 2024, we had a cash generation positive at BRL 7.1 million, and a final cash of BRL 22 million, with 28% of a negative variation as compared to the first quarter of 2024. If you add the financial investments, we have a total balance of BRL 61.3 million, 13% lower when compared to the first quarter of 2024. I highlight that the company has 10.3 million shares available in treasury. Thank you very much. These were our remarks in the presentation of the financial results. Let us open for the Q&A session. Thank you.
Ladies and gentlemen, we will now start the Q&A session. To ask a question, please use the Q&A platform as shown in the icon below the screen. Please wait while we collect the questions.
Starting the Q&A session, we have received some questions about the same topic of CrediPronto. How do we believe that the origination of funding will be throughout the year? I will ask Francisco to answer that question. Go ahead, Francisco.
Thank you, Cyro. I believe that we have a positive scenario of regularization of funding. As you can see in the market, ABECIP figures are examined according to deposits and withdrawals from savings accounts. As I mentioned in my presentation, there were very important months in this first half of the year in which we saw figures we had never seen before in two months of consecutive positive balance above BRL 5 million. In 2023, the families were indebted. They were paying other loans they had made, and that caused the withdrawals from savings accounts to increase.
If we look at May, if you analyze the inventory of savings accounts since 2019, before the pandemic, and how that savings balance behaves, the news is very good. During 2019, it used to amount, at the end, BRL 650 billion. Now, at the end of the second quarter of 2024, with a total balance of BRL 760 billion. There was a major withdrawing of BRL 80 billion in 2023 with a negative balance, and banks became more restrictive in their credit analysis, having a negative impact on our results. But now we noticed that our origination started to climb steeply in the last three months.
In the results reported in June, we are making 2.5 times more than we used to make in the beginning of the year. Despite the seasonality, it is a very large recovery. It is a good average CAGR. For these first two quarters. We believe this trend will remain positive. The second half of the year, without giving guidance, we should have a positive second half of the year in terms of origination, because funding is growing, the end balance has been positive, and during the second half of this year, we will likely have a situation that is close to the growth we have seen in the second quarter, growth as compared to the first quarter of this year.
We have a positive view of the recovery of the financial level. The recovery of funding is the main driver for origination, and this driver has been positive according to our analysis. This is my answer.
Thank you, Francisco. We have received a few more questions regarding franchises, specifically about the increase in franchises expenses. I can answer that. This amount presented in the second quarter of 2024 is planned in the company's budget. It reflects our strategy to increase and increasing the profitability of franchises within the company's strategy.
With that, we are able to close the Q&A session. We thank you all for participating and wish you all a good day.