Business
Inter&Co Inc. Reports Record Third-Quarter 2023 Net Income of R$104 Million
BELO HORIZONTE, Brazil, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Inter&Co Inc. (NASDAQ: INTR | B3: INBR32), the premier Super App that provides financial and digital
About this update from Inter & Co. Inc.
[{"type":"text","content":"BELO HORIZONTE, Brazil, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Inter&Co Inc. (NASDAQ: INTR | B3: INBR32), the premier Super App that provides financial and digital commerce services to more than 29 million customers, today reported financial results for the third quarter of 2023. Key highlights: Record Net Income of R$104 million and R$145 million in Earnings Before TaxContinued growth in revenue per client, with record Gross ARPAC of R$48Strong acceleration of loan growth, multiple times higher than industry averageCost of Risk down by 30 bps QoQ due to improved asset quality João Vitor Menin, CEO: “I’m excited to share that our latest results put us ahead of schedule in meeting our goals of reaching 60 million clients, with 30% ROE, and 30% efficiency ratio by 2027. Quarter after quarter, we are showing that we have created a virtuous cycle: the more value we offer to clients, the more they reward us with their business across our diversified banking platform. As our scale and profitability grows, we are empowered to continue innovating, and the cycle starts anew. We have strong conviction in our strategy as a driver of sustained growth, profitability, and long-term value for our shareholders.” Financial highlights Total Gross Revenue of R$2.1 billion, a 39% YoY growth, resulting from ongoing portfolio repricing and continuous deeper client monetization.Record Net Income of R$104 million and earnings before tax of R$145 million, marking the fourth consecutive quarter of bottom-line growth.Efficiency Ratio of 52.4%, approximately 100 bps enhancement compared to the second quarter of 2023, highlighting the commitment to the cost control initiatives.Cost of Risk decreased by 30 bps QoQ, driven by enhanced credit underwriting practices and an improved portfolio mix.ROE reached 5.7%, a 210 bps improvement that underscores the highest ever profitability.Cost of Funding close to 60% of CDI, remaining a key competitive advantage. Operational highlights 29.4 million Total Clients, with 1.6 million added this quarter, as a result of new customer acquisition strategies. Nearly 2 million highly engaged Global Clients, who have a cross-selling index 2.5 times higher than other customers.52.7% Activation Rate, with a record of 1 million new active clients this quarter, reaching 15.5 million active clients due to improvements in communication and...