Inter&Co, Inc Reports Third Quarter 2022 Financial Results
09 November 2022 - 8:15AM
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 to R$22.0 billion, increasing 47% YoY.
Nonperforming Loans (>90 days) remained flat this quarter,
highlighting positive sequential trends in our credit quality. This
improvement is a direct result of our relentless focus on improving
our credit models and teams, which have been able to continuously
leverage the large amount of data collected from our
clients.
Client Growth: We
added 2.1 million net new clients during the quarter, reaching a
total of 22.8 million. Our client growth is supported by the
strong quality of our platform and brand, which has helped us
acquire clients organically and operate with a low CAC of R$28, the
lowest level in over a year.
Volumes: Our Cards+PIX TPV
reached a record high of R$155 billion in the quarter, growing 69%
YoY. Our leading market share in PIX transactions increased to
8%.
1 Total Gross Revenues = Interest income
calculated using the effective interest method + Revenues from
services and commissions + Income from securities + Net gains
/ (losses) from derivatives + Other revenues 2 Numbers from
IFRS Balance sheet: Loans and anticipation of credit card
receivables
Note on non-IFRS financial
measures
In addition to IFRS financials, this
presentation includes certain summarized, non-audited or non-IFRS
financial information. These summarized, non-audited or non-IFRS
financial measures are in addition to, and not a substitute for or
superior to, measures of financial performance prepared in
accordance with IFRS.
Conference Call
Inter&Co will discuss its 3Q22
financial results on November 9th,
2022 at 09:30 am ET (11:30 am Brazilian Time).
The webcast details are available at IR website:
ri.bancointer.com.br/intereco.
About
Inter&Co Inter&Co is the holding company
of Inter Group and indirectly holds all of Banco
Inter’s shares. Inter is a digital bank that simplifies
people’s lives, where everything is integrated in a single app.
Inter offers a complete range of services in banking, investments,
credit, insurance and cross-border services, in addition to a
marketplace that brings together the best retailers in Brazil
and the United States.
Contacts:GraylingLucia
Domville / Fabiane GoldsteinM +1 646. 824.2856/ +1
945.625.4793 lucia.domville@grayling.com / fabiane.goldstein@grayling.com
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