Inter&Co Inc. Reports Record Profit

BELO HORIZONTE, Brazil, May 09, 2024 (GLOBE NEWSWIRE) -- Inter&Co Inc. (NASDAQ: INTR | B3: INBR32), the premier financial super app that provides financial and digital commerce services to over 31 million customers, today reported financial results for the first quarter of 2024.

Highlights:

• Record net income of R$195 million.
• A 37% YoY increase in net revenue.
• Transactional Volume (TPV) increased to R$257 billion.
• A 5^th consecutive quarter of increased account activations, reaching 54.9%.

Inter&Co reported solid results across the board with marked increases in net revenues and profits, and notable improvements in its efficiency ratio and return on equity (ROE).

João Vitor Menin, CEO of Inter&Co commented:

“I am pleased to announce that the second year of our 60/30/30 north star goal has begun with extraordinary success. We have welcomed one million new active clients during this quarter, highlighting the unmatched appeal of our super app and our comprehensive financial platform.

He added that “Our integrated banking, credit, shopping, and investment services have captivated the market, cementing our position as the go-to solution for our clients. Our commitment to innovation has proven fruitful, with new credit lines, our Loop loyalty program, and the Global Account emerging as notable successes.

He continued “These initiatives have not only propelled engagement, but they have also accelerated revenue generation. The Global Account, with an incredible three million clients, has become an integral part of our platform's success story. All of this has been accomplished with another marked improvement in efficiency, demonstrating the scalability of our platform.”

Financial Highlights – Q1'24

• Total Gross Revenue of R$2.3 billion, a 27% growth compared to Q1'23.
• Efficiency Ratio of 47.7%, a 306 bps improvement in the quarter.
• Cost of Funding below 62% of CDI, remains a key competitive advantage.
• Record Net Income of R$195 million.
• ROE reached 9.7%, a 115 bps improvement, marking the fifth consecutive quarter of rapid growth.

Operational Highlights – Q1'24

• More than 31 million clients with a 55% activation rate, or 17.4 million active clients.
• Over R$257 billion in TPV.
• Almost 3 million Global Clients, a higher engaged base of affluent clients.
• The new loyalty program vertical, Loop, reached over 6.6 million customers.

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