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 Tax
- Continued growth in revenue
per client, with record Gross ARPAC of R$48
- Strong acceleration of
loan growth, multiple
times higher than industry average
- Cost 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 engagement.
-
R$48
Gross ARPAC, demonstrating a consistent upward
trend as activation rate and revenues continue to grow.
- 41% YoY increase
in Transactional
Volume reaching a Cards + PIX TPV
of R$219 billion, reflecting the growth in active clients and
credit origination policies.
- Achieved
~8% market-share in the number of PIX
transactions, and 10% in Home Equity originations.
Conference CallInter&Co
will discuss its Q3 2023 financial results today, November 6th,
2023 at 11 a.m. ET (1 p.m. BRT). The webcast details, along with
the earnings materials can be accessed on the company’s Investor
Relations website at https://investors.inter.co/en/.
About
Inter&CoInter&Co is the holding company of
Inter Group and indirectly holds all of Banco
Inter’s shares. Inter is the premier Super App providing financial
and digital commerce services to more than 29 million customers. We
offer a complete range of solutions, including 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.
Investor Relations:Santiago
Stelir@inter.co
Media Relations:IdealAmanda
Shareghi M +1 831 818 2893 / +1 213 631
5437amanda.shareghi@ideal.pr
DisclaimerThis 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 involve known and unknown risks and
uncertainties that could cause the company’s results or accrued
results to differ materially from those anticipated and discussed
herein. These statements are not guarantees of future performance.
These risks and uncertainties include, but are not limited to, our
ability to realize the amount of projected synergies and the
projected schedule, in addition to economic, competitive,
governmental and technological factors affecting Inter, the
markets, products and prices and other factors. In addition, this
presentation contains managerial numbers that may differ from those
presented in our financial statements. The calculation methodology
for these managerial numbers is presented in Inter’s quarterly
earnings release. Statements contained in this report that are not
facts or historical information may be forward looking statements
under the terms of the Private Securities Litigation Reform Act of
1995. These forward-looking statements may, among other things,
beliefs related to the creation of value and any other statements
regarding Inter. In some cases, terms such as “estimate”,
“project”, “predict”, “plan”, “believe”, “can”, “expectation”,
“anticipate”, “intend”, “aimed”, “potential”, “may”, “will/shall”
and similar terms, or the negative of these expressions, may
identify forward looking statements.
These forward-looking statements are based on
Inter's expectations and beliefs about future events and involve
risks and uncertainties that could cause actual results to differ
materially from current ones. Any forward-looking statement made by
us in this document is based only on information currently
available to us and speaks only as of the date on which it is made.
We undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise. The definition of each such operational metric is
included in the earnings release available on our Investor
Relations website.
For additional information that about factors
that may lead to results that are different from our estimates,
please refer to sections “Cautionary Statement Concerning Forward
Looking Statements” and “Risk Factors” of Inter&Co Annual
Report on Form 20-F. The numbers for our key metrics (Unit
Economics), which include, among other, active clients and average
revenue per active client (ARPAC), are calculated using Inter’s
internal data. Although we believe these metrics are based on
reasonable estimates, but there are challenges inherent in
measuring the use of our business. In addition, we continually seek
to improve our estimates, which may change due to improvements or
changes in methodology, in processes for calculating these metrics
and, from time to time, we may discover inaccuracies and make
adjustments to improve accuracy, including adjustments that may
result in recalculating our historical metrics.
About Non-IFRS Financial
MeasuresTo supplement the financial measures presented in
this press release and related conference call, presentation, or
webcast in accordance with IFRS, Inter&Co also presents
non-IFRS measures of financial performance, as highlighted
throughout the documents. The non-IFRS Financial Measures include,
among others: Adjusted Net Income, Cost of Funding, Efficiency
Ratio, Cost of Risk, Cards+PIX TPV, Gross ARPAC, Global Clients,
Total Gross Revenues, and Return on average equity (ROE).
A “non-IFRS financial measure” refers to a
numerical measure of Inter&Co’s historical or financial
position that either excludes or includes amounts that are not
normally excluded or included in the most directly comparable
measure calculated and presented in accordance with IFRS in
Inter&Co’s financial statements. Inter&Co provides certain
non-IFRS measures as additional information relating to its
operating results as a complement to results provided in accordance
with IFRS. The non-IFRS financial information presented herein
should be considered together with, and not as a substitute for or
superior to, the financial information presented in accordance with
IFRS. There are significant limitations associated with the use of
non-IFRS financial measures. Further, these measures may differ
from the non-IFRS information, even where similarly titled, used by
other companies and therefore should not be used to compare
Inter&Co’s performance to that of other companies.
Inter (NASDAQ:INTR)
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