UPDATE 1-Brazil's StoneCo reports 90% profit boost on payment processing

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By Peter Frontini

SAO PAULO, May 13 (Reuters) - Brazilian payment processor StoneCo reported on Monday a 90% jump in its first-quarter adjusted net profit, driven by an increase in its payments processed.

The company posted an adjusted net profit of 450.4 million reais ($87.48 million), against an estimate of 462.43 million reais from analysts polled by LSEG.

Revenue for the quarter grew 13.8% compared to a year earlier to 3.08 billion reais with the revenues from the firm's financial services reaching 2.71 billion reais.

StoneCo said its total payments volume grew 17.9% to 114.3 billion reais, with payments from its micro-, small- and medium-business (MSMB) segment rising 18.4% year-on-year.

Take rates for the segment, the firm's main business, grew 0.11 percentage points from the previous quarter to 2.54%, driven by a "growth in micro and smaller clients, which have higher take rate," it said.

Its nascent credit portfolio grew 72% from the previous quarter to 532 million reais. StoneCo's guidance for this year is at least 800 million reais.

"The (credit) growth comes in leaps, we had a big jump in the first quarter, but it won't necessarily continue over the next three quarters," CEO Pedro Zinner told Reuters in an interview.

Core earnings, or adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at 1.51 billion reais, up 20.8% from a year earlier and below analysts' estimate of 1.61 billion reais.

($1 = 5.1486 reais) (Reporting by Peter Frontini; Editing by Kylie Madry)