Inter&Co, Inc reports financial results for the second quarter of 2022
BELO HORIZONTE-MG, Brazil, Aug. 15, 2022 (GLOBE NEWSWIRE) — Inter&Co (NASDAQ: INTR | B3:INBR31), a leading Brazilian super app offering financial and non-financial services, today reported financial results for its second quarter ended 30 June 2022. Financial results are expressed in Brazilian reals and are presented under IFRS (International Financial Reporting Standards). The full earnings release is made available on the company’s investor relations website at ri.bancointer.com.br/intereco.
“Stay out of your comfort zone”. If there is one phrase that best describes our second quarter, this is certainly it. We continue to lead in innovation by successfully delisting our shares on the Nasdaq and becoming the first Brazilian company ever to migrate local shares to a US exchange. Our super app continues to add new features, like the global account, that make life easier for millions of people. On the financial front, our total gross revenues reached a record of almost R$1.5 billion, with increasing revenue per active client and reduced cost-to-earnings and cost-to-income ratios. We are still in the early days of our journey and I am fully convinced that the best is yet to come.”
João Vitor Menin, CEO of Inter&Co.
Highlights from the second quarter of 2022:
Total gross revenue1: Inter delivered a strong quarter and maintained its disruptive pace of growth, reaching R$1.5 billion, up 130% year-on-year.
Customer growth: Inter passed the 20 million mark during the quarter, reaching a total of 20.7 million customers, a growth of 73% year-over-year (YoY).
Gross loan portfolio2: Reached R$19.5 billion, increasing 56% YoY. The portfolio is still highly collateralized and reaches 73%.
Cost to income3: Reached 72%, and decreased by 19 pp YoY in the quarter, thus increasingly showing the results of its operational influence
Net income: Inter reported R$16 million in net income
US expansion: Inter has successfully launched its global account that enables Brazilian resident customers to trade internationally in an easy and cost-effective way, reaching 140 thousand global accounts by the end of June.
1 Total DisgustingRevenue = Interest income calculated according to the effective interest method + Income from services and commissions + Income from securities + Net gain / (loss) from derivatives + Other income
2 Figures from IFRS Balance sheet: Loans to customers
3 (Net interest income + Net result from services and commissions + Incomefromsecurities+Netgainsouth lossfromderivatives + Other income − Tax costs) / Personal expenses + Other administrative expenses
Note on non-IFRS financial measures
In addition to IFRS financial information, this presentation includes certain summary, unaudited or non-IFRS financial information. These summary, unaudited or non-IFRS financial measures are in addition to, and not a substitute for or better than, measures of financial performance prepared in accordance with IFRS.
Conference call
Inter&Co will discuss its 2Q22 financials on August 16, 2022, at 10:00 AM ET / 11:00 AM BRT.
The webcast details are available on the IR website: ri.bancointer.com.br/intereco.
About Inter&Co
Inter&Co is the holding company of Inter Group and indirectly owns all 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 full range of services in banking, investments, credit, insurance and cross-border services, as well as a marketplace that brings together the best dealers in Brazil and the United States.
Contacts:
Grayling
Lucia Domville / Fabiane Goldstein
M +1 646. 824.2856/ +1 945.625.4793
[email protected] / [email protected]
