Business
Inter&Co, Inc Reports Third Quarter 2022 Financial Results
BELO HORIZONTE-MG, Brazil, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Inter&Co (NASDAQ: INTR | B3:INBR32), a leading Brazilian Super App offering financial and
About this update from Inter & Co. Inc.
[{"type":"text","content":"BELO HORIZONTE-MG, Brazil, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Inter&Co (NASDAQ: INTR | B3:INBR32), a leading Brazilian Super App offering financial and nonfinancial services, reported today financial results for its third quarter ended September 30, 2022. Financial results are expressed in Brazilian reais and are presented under IFRS (International Financial Reporting Standards). The full earnings release has been made available on the Company’s Investor Relations website at ri.bancointer.com.br/intereco. João Vitor Menin, CEO of Inter&Co. stated: \"We concluded another excellent quarter, the first full quarter following our listing on Nasdaq in June. Our culture of innovation has been instrumental in delivering our strong financial performance and continually improving our customer value proposition, including our launch of the first ever “invest now, pay later” platform in Brazil. We achieved improving trends in asset quality metrics while maintaining strong loan growth. Our portfolio grew by 47% YoY and now stands at R$22 billion. During the quarter, we fully repriced several of our loan portfolios, including credit cards, SMEs, anticipation of receivables and agribusiness, and are in process of repricing the longer duration portfolios, mainly payroll and real estate loans. We delivered the highest adjusted net income of the past four quarters, reaching R$23 million. On the distribution side, we established partnership agreements with several soccer institutions, allowing us to broaden our reach to prospective clients. Our focus is not only on targeting the fans, but also the institutions, including corporate entities, employees, and players. We continued growing our global accounts, which reached 501 thousand, and generated a total of 606 thousand transactions in the quarter. Finally, I am confident that we have the right team and platform to close the year on a strong note and continue our momentum into 2023 to deliver a solid combination of growth and expanding profitability.” Highlights of the Third Quarter 2022: Net Income: highest adjusted net income of past four quarters, reaching R$23 million. Total Gross Revenues1: We delivered another strong quarter surpassing R$1.5 billion, up 84% YoY. Our revenues continue to be highly diversified, with fees comprising 35% of net revenues. Gross Loan Portfolio2: Our portfolio grew ...