Slide 1: Form 6-K cover page
United States Securities and Exchange Commission Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of May 2024 Commission File Number 132-02847 INTER & Co, INC. (Exact name of registrant as speci
Slide 2: 1Q24 Earnings Presentation
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 1Q24 Earnings Presentation May 2024
Slide 3: Disclaimer
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Disclaimer This report may contain forward-looking statements regarding Inter, anticipated synergies, growth plans, projected results and future strategies. While these forward-looking statements reflect our Management’s good faith beliefs, they invo
Slide 4: Record Highlights of the quarter
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 1Q24 Fi na nc ia ls O pe ra tio na l Operational leverage Activation rate Bottom line Transactional platform Efficiency ratio Active clients Net income TPV -15 p.p. YoY +86 bps QoQ 9.7% ROE +42% YoY 47.7% 54.9% Revenue growth Total gross revenue 2.3b
Slide 5: Agenda
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Agenda 1.CEO Overview 2.Business Updates 3.Financial Performance
Slide 6: 60/30/30: A strong start of year 2
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 5 31.7 mm Total Clients 47.7% Efficiency Ratio 9.7% ROE1Q 24 49.0% 50.0% 51. 0% 52.0% 53.0% 54.0% 55.0% 56.0% 3Q22 1Q23 3Q23 1Q24 51.2% 54.9% 3Q22 1Q24 40.0% 45.0% 50.0% 55.0% 60.0% 65.0% 70.0% 75 .0% 80.0% 75.0% 47.7% -1.7% 9.7% Pr og re ss Si nc e
Slide 7: Disrupting a gigantic market
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Disrupting a gigantic market 6 Income Statement Growth Total Loans Index 100 = March 2021 Total Gross Revenue Index 100 = March 2021 Sources: Banco Central do Brasil and Inter. Note 1: Average of the 5 largest Brazilian commercial banks. Note 2: Data
Slide 8: 1Q24 business achievements
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Note 1: Average Loop clients ARPAC vs average non-Loop clients ARPAC. 1Q24 business achievements Loop Harvesting synergies New Credit Lines Scaling-up 6.6mm Global Account Replicating funding franchise in the US ~3x More Product AdoptionClients in 1Q
Slide 9: Priorities for remaining of 2024
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Priorities for remaining of 2024 Growth Clients, loans/deposits & monetization Business Engagement & principality Financial Operational leverage & NIM expansion 8 Shopping Banking Global Loyalty Credit Insurance Investments
Slide 10: Agenda
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Agenda 1.CEO Overview 2.Business Updates 3.Financial Performance
Slide 11: Continuing to increase activation and market share
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Continuing to increase activation and market share Consistency in active client growth 51.8% 51.7% 51.2% 51.0% 51.5% 52.2% 52.7% 54.0% 54.9% 9.6 10.7 11.6 12.6 13.5 14.5 15.5 16.4 17.4 18.6 20.7 22.8 24.7 26.3 27.8 29.4 30.4 31.7 - 5 .0 1 0. 1 5.0 2
Slide 12: Massive transactional platform: R$ 1 trillion/year run rate TPV
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 45% 46% 47% 49% 49% 51% 55% 54% 53% 51% 51% 49% 19 18 20 21 24 23 158 163 177 198 230 234 178 181 197 219 253 257 0. 0 10. 0 20 .0 30 .0 40 .0 50 .0 60 .0 70 .0 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Credit Debit PIX +25% +39% +44% +42% %YoY +14% Quarters of
Slide 13: Acceleration of product adoption across verticals
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Acceleration of product adoption across verticals Shopping Insurance Investments +9.9 million Transactions1 +12% YoY 1.9 million Active Clients +40% YoY R$ 10 billion 3rd party F.I. +45% QoQ 3.1 million Active Clients +25% YoY +R$52.3million Net Reve
Slide 14: Global: replicating our deposit franchise in the US
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 10 26 48 58 101 155 187 243 336 2 4 8 26 41 66 85 121 123 11 30 56 84 142 221 272 364 460 - 50 100 150 200 25 0 300 35 0 400 45 0 500 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 AuC & Deposits in US Dollars In USD million Assets Under Custody3 Depos
Slide 15: Loop: disrupting a legacy industry with an integrated digital approach
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 14Note 1: Average Loop clients ARPAC vs average non-Loop clients ARPAC. Potentializing Engagement ~1mm clients impacted by Loop missions Increasing Transactions 66% higher spending than non-Loop clients1 Promoting Integration Connecting multiple busi
Slide 16: Expanding new unsecured credit lines
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Expanding new unsecured credit lines o High yield products o Expanding client monetization o Controlled early default levels ~R$ 170mm Portfolio in March/24 PIX Financing Buy Now Pay Later Bill Financing Withdraw Financing Overdraft 15
Slide 17: Agenda
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Agenda 1.CEO Overview 2.Business Updates 3.Financial Performance
Slide 18: Loan portfolio increasingly more profitable
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Loan portfolio increasingly more profitable 12.3% 15.4% 12.2% 18.6% 12.5% 14.5% 14.5% 21.1% 59.3% 68.0% 0 .0 % 10 .0 % 2 0. 0% 3 0. 0% 4 0. 0% 5 0. 0% 6 0. 0% 7 0. 0% 8 0. 0% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 17Note 1: Including hedge
Slide 19: 1Q24 Gross Loan Portfolio Growth and Balance
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 1Q24 Gross Loan Portfolio Growth and Balance In % YoY and in R$ billions Total Loan Portfolio Growth 28% R$ 2.4 Bn 123% R$ 5.1 Bn 1% Yo Y G ro w th Portfolio Size // 35% R$ 6.6 Bn Real Estate 30% to 40% Payroll 50% to 75% R$ 10.1 Bn 39% Credit Card 7
Slide 20: Positive trend in asset quality front
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Positive trend in asset quality front Improving NPL and Stage 3 formation metrics New cohorts of credit cards continue to perform strongly 3 4 5 6 7 8 9 10 11 12 3.4% 3.8% 3.8% 4.1% 4.4% 4.7% 4.7% 4.6% 4.8% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 1Q2
Slide 21: Stable trends in both cost of risk and coverage ratios
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Coverage Ratio2 In % 4.8% 5.1% 5.0% 4.5% 5.6% 6.2% 5.9% 5.2% 5.2% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 126% 129% 141% 132% 131% 130% 132% 132%131% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Cost of Risk1 In % 20 Stable trends in both cost r
Slide 22: Unique funding franchise in Brazil
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 34% 9.6 32% 9.8 32% 10.4 34% 11.6 33% 11.0 33% 11.7 31% 12.3 33% 14.4 32% 13.8 42% 11.9 38% 11.6 35% 11.6 34% 11.5 35% 11.7 36% 13.0 38% 15.1 38% 16.3 39% 16.9 15%; 4.3 20%; 6.1 21%, 6.9 18% 6.2 20% 6.6 20% 7.0 19% 7.5 19% 8.1 19% 8.2 9%; 2.6 11%; 3.
Slide 23: Stable cost of funding across quarters
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Avg. CDI of Quarter All-in Cost of Funding All-in Cost of Funding % of CDI 22 All-in Cost of Funding In %, Annualized Stable cost of funding across quarters Transactional Deposits and lowering CDI rates boosting performance Low cost of funding contin
Slide 24: NII growth leading to strong revenue growth YoY
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 1.0 1.2 1.3 1.3 1.4 1.8 1.9 2.1 2.2 2.3 - 0 .5 1 .0 1 .5 2 .0 2 .5 1Q23 2Q23 3Q234Q23 1Q24 Net Interest Income Net Fee Revenue Total Gross Revenue 65% 64% 65% 67% 69% 70% 65% 67% 69% 35% 36% 35% 33% 31% 30% 35% 33% 31% 0.8 0.9 0.9 1.0 1.0 1.2 1.3 1.3
Slide 25: Strong ARPAC with decreasing CTS
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 ARPAC and CTS Evolution In R$, Monthly 12.8 13.5 14.9 17.1 17.9 17.7 18.5 28.6 30.6 28.8 29.6 30.5 30.2 30.1 15.8 17.1 13.8 12.5 12.7 12.5 11.7 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Cost-to-serve Margin per Active Client (Net of Interest Expenses) Net A
Slide 26: Record NIMs as a consequence of ROE-driven underwriting
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 2.9% 3.9% 3.4% 4.4% 3.8% 4.1% 3.9% 4.3% 4.5% 3.4% 4.6% 3.9% 5.1% 4.4% 4.8% 4.6% 5.0% 5.3% 6.9% 7.0% 6.4% 7.2% 7.4% 8.1% 7.8% 7.6% 7.8%8.0% 8.1% 7.4% 8.4% 8.7% 9.5% 9.2% 9.0% 9.2% 2. 0% 3. 0% 4. 0% 5. 0% 6. 0% 7. 0% 8. 0% 9. 0% 10. 0% 1Q22 2Q22 3Q22 4
Slide 27: 6th consecutive quarter of Efficiency Ratio improvement
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 114 119 115 137 140 158 172 179 192 100 89 89 95 108 96 91 98 100 100 7 0 10 0 13 0 16 0 19 0 2 20 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 88.3% 71.9% 68.3% 75.0% 73.4% 62.4% 53.4% 52.4% 51.4% 47.7% 21.5% 18.7% 21.2% 22.3% 25.7% 18.0% 17.3%
Slide 28: Starting 2024 with strong momentum on profitability trends
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 -2.6% -1.4% 0.8% -1.7% 1.6% 1.4% 3.6% 5.7% 8.5% 9.7%Earnings Before Tax, Net Income & ROE In R$ millions and in % Pre-tax Income Net Income ROE Starting 2024 with strong momentum on profitability trends (56) (29) 16 (30) 29 24 64 104 160 195 -111 -10
Slide 29: Closing Remarks
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Closing Remarks
Slide 30: Building the franchise for the long-term
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 31.7mm Total Clients +3.9mm YoY 47.7% Efficiency Ratio -14.7p.p. YoY 9.7% ROE +8.3p.p. YoY Building the franchise for the long-term 29 A Key completive financial success
Slide 31: Technology: A key competitive advantage
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Building the franchise for the long-term 30 Technology: A Key competitive advantage for our financial success
Slide 32: Appendix
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Appendix
Slide 33: Balance Sheet and Income Statement
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Balance Sheet (In R$ Million) Income Statement (In R$ Million) 32 1Q24 1Q23 Variation % 03/31/2024 03/31/2023 ∆YoY Balance Sheet Assets Cash and cash equivalents 2,830 1,792 58% Amounts due from financial institutions 4,051 3,770 7% Compulsory deposi
Slide 34: Non-IFRS measures and KPIs
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 Non-IFRS measures and KPIs 33 Activation Rate: Number of active clients at the end of the quarter Total number of clients at the end of the quarter Active clients: We define an active client as a customer at any given date that was the source of any
Slide 35: Non-IFRS measures and KPIs
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 34 Card+PIX TPV: PIX, debit and credit cards and withdrawal transacted volumes of a given period. PIX is a Central Bank of Brazil solution to bring instant payments among banks and financial institutions in Brazil. Card+PIX TPV per active client: Car
Slide 36: Non-IFRS measures and KPIs
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 35 Gross loan portfolio: Loans and Advance to Customers + Loans to financial institutions Gross merchandise volume (GMV): Gross merchandise value, or GMV, for a given period as the total value of all sales made or initiated through our Inter Shop & C
Slide 37: Non-IFRS measures and KPIs
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4 36 Risk-Adjusted NIM 2.0: Net interest income − Impairment losses on Minancial assets x 4 Average of 2 Last Quarters Earning Portfolio (Loans to Minancial institutions + Securities + Derivatives + Net loans and advances to customers) SG&A: Administra
Slide 38: O N | Q
E A R N I N G S P R E S E N T A T I O N | 1 Q 2 4
Slide 39: Signature
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. INTER & Co, INC. By: /s/ Santiago Horacio Stel Name: Santiago Horacio Stel Title: Senior Vice President