Inter&Co, Inc (Inter), (NASDAQ: INTR | B3: INBR32), the premier
Super App which provides financial and digital commerce services to
more than 28 million customers, today reported financial results
for its second quarter ended June 30, 2023. The complete earnings
release has been provided on the company’s Investor Relations
website at https://investors.inter.co/en/.
João Vitor Menin, CEO of Inter&Co said:
“This quarter marks an inflection point in our
company’s history – it was a quarter of records, with
significant achievements across many fronts. We have all cylinders
firing in the right direction, showcasing Inter at its best.
We reported an significant combination of top-
and bottom-line figures, expanding our profitability by 14x on a
quarterly basis, reaching R$80 million in Earnings Before Tax, and
R$ 64 million in Net Income. These profitability levels are
absolute records, representing the strong potential of our
franchise.
In addition to the strong financial performance,
we also gained a record number of net new active clients, increased
activation rate, and continued our innovation path through the
launch of our new rewards program, Inter Loop, and our Global
App.”
Inter&Co achieved a quarter of records
across several metrics, encompassing both financial and operational
facets:
1. Financial highlights:
- Total Gross
Revenue surpassed R$1.9 billion, increasing 33% YoY, with
fees and interest income accelerating, as the company increases
client activation and progresses in its credit underwriting mix and
repricing.
- Efficiency
Ratio improved near 900bps for the second
consecutive quarter, and now stands at 53%.
- Net Interest Margin
(NIM) reached the best performance since 2020, increasing
80 bps to 9.5% quarter-over-quarter (QoQ), on an Interest Earning
portfolio basis (NIM 2.0). This result also reflects the repricing
and mix strategies adopted since last year.
- Net Income and
Earnings Before Tax also performed strongly,
delivering record profitability since the IPO, with R$ 64 million
and R$ 80 million, respectively.
2. Operational highlights:
- Client base
reached near 28 million, with the addition of 1.5 million clients
in the same quarter. Inter is focused on quality over quantity of
new clients added to the base, prioritizing engagement of existing
customers.
- Activation rate
also demonstrated continued improvement, with an additional 1
million net new clients, reaching 52.2%. This indicates that
clients are increasingly selecting Inter for their transactional
needs.
- Loyalty program
“Inter Loop” was recently launched, which offers an opportunity to
optimize engagement, activation, and monetization by providing
clients with more options, such as miles, investments, discounts,
and cashback.
- Global App
availability in Q2 2023. Now Inter’s clients have a Global App,
with an improved user experience, that works seamlessly across
geographies.
Conference CallInter&Co
will discuss its Q2 2023 financial results today on August 14th,
2023 at 2 p.m. ET (3 p.m. BRT). The webcast details, along with the
earnings press release and financial tables 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 28 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.
Contacts: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 forwardlooking 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.
For additional information that about factors
that may lead to results that are different from our estimates,
please refer to sections “Cautionary Statement Concerning
ForwardLooking Statements” and “Risk Factors” of Inter&Co
Annual Report on Form 20-F. The numbers for our key metrics (Unit
Economics), which include active users , average revenue per active
client (ARPAC), cost to serve (CTS) and cross selling index (CSI),
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 to Serve, Cost of Funding,
Efficiency Ratio, Underwriting, NPL > 90 days, NPL 15 to 90
days, NPL and Stage 3 Formation, Cost of Risk, Coverage Ratio,
Funding, All-in Cost of Funding, Gross Merchandise Volume (GMV),
Premiums, Net Inflows, Global Services Deposits and Investments,
Fee Income Ratio, Client Acquisition Cost, Cards+PIX TPV, Gross
ARPAC, Net ARPAC, Marginal NIM 1.0, Marginal NIM 2.0, Net Interest
Margin IEP + Non-int. CC Receivables (1.0), Net Interest Margin IEP
(2.0), Costto-Serve.
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.
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