Business
Inter&Co, Inc Reports Record-Breaking Second Quarter 2023 Financial Results
BELO HORIZONTE, Brazil, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Inter&Co, Inc (Inter), (NASDAQ: INTR | B3: INBR32), the premier Super App which provides financial
About this update from Inter & Co. Inc.
[{"type":"text","content":"BELO HORIZONTE, Brazil, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Inter&Co, Inc (Inter), (NASDAQ: INTR | B3: INBR32), the premier Super App which provides financial and digital commerce services to more than 28 million customers, today reported financial results for its second quarter ended June 30, 2023. The complete earnings release has been provided on the company’s Investor Relations website at https://investors.inter.co/en/. João Vitor Menin, CEO of Inter&Co said: “This quarter marks an inflection point in our company’s history – it was a quarter of records, with significant achievements across many fronts. We have all cylinders firing in the right direction, showcasing Inter at its best. We reported an significant combination of top- and bottom-line figures, expanding our profitability by 14x on a quarterly basis, reaching R$80 million in Earnings Before Tax, and R$ 64 million in Net Income. These profitability levels are absolute records, representing the strong potential of our franchise. In addition to the strong financial performance, we also gained a record number of net new active clients, increased activation rate, and continued our innovation path through the launch of our new rewards program, Inter Loop, and our Global App.” Inter&Co achieved a quarter of records across several metrics, encompassing both financial and operational facets: 1. Financial highlights: Total Gross Revenue surpassed R$1.9 billion, increasing 33% YoY, with fees and interest income accelerating, as the company increases client activation and progresses in its credit underwriting mix and repricing.Efficiency Ratio improved near 900bps for the second consecutive quarter, and now stands at 53%.Net Interest Margin (NIM) reached the best performance since 2020, increasing 80 bps to 9.5% quarter-over-quarter (QoQ), on an Interest Earning portfolio basis (NIM 2.0). This result also reflects the repricing and mix strategies adopted since last year.Net Income and Earnings Before Tax also performed strongly, delivering record profitability since the IPO, with R$ 64 million and R$ 80 million, respectively. 2. Operational highlights: Client base reached near 28 million, with the addition of 1.5 million clients in the same quarter. Inter is focused on quality over quantity of new clients added to the base, prioritizing engagement of existing customers.Activatio...