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 the financial results of the its second quarter ended June 30, 2022. Financial results are expressed in Brazilian reals and presented according to IFRS (International Financial Reporting Standards). The full results release is available on the Company’s Investor Relations website at ri.bancointer.com.br/intereco.
“Staying away from the comfort zone.” If there is one sentence that best describes our second quarter, this is it without a doubt. We continue to lead innovation by successfully listing our shares on the Nasdaq and becoming the first Brazilian company to migrate local shares to a US stock exchange. Our SuperApp continues to add new features, such as the global account, which simplifies the lives of millions of people. On the financial front, our total gross revenue reached a record of nearly R$1.5 billion, with increased revenue per active customer and a decrease in cost-of-service and revenue 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 of Q2 2022:
Total gross revenue1: Inter delivered a strong quarter maintaining its disruptive growth rate and reaching R$1.5 billion, up 130% year-on-year.
Customer growth: Inter surpassed the 20 million mark during the quarter, reaching a total of 20.7 million customers, with 73% year-on-year (YoY) growth.
Gross loan portfolio2: reached R$ 19.5 billion, increasing by 56% year-on-year. The portfolio remains highly collateralized, reaching 73%.
Cost to income3: reached 72%, decreasing 19 pp YoY in the quarter, thus increasingly showing the results of its operating leverage
Net income: Inter reported net income of R$ 16 million
US expansion: Inter successfully launched its global account that allows Brazilian domiciled customers to conduct international transactions in a simple and cost-effective way, reaching 140 thousand global accounts by the end of June.
1 Total gross income = Interest income calculated using the effective interest method + Income from services and commissions + Income from securities + Net gains/(losses) from derivatives + Other income
2 Numbers of the NIIF balance sheet: Loans and advances to customers
3 (Net interest income + Net result for services and commissions + Income from securities + Net gains or losses from derivatives + Other income − Tax expenses) / Personal expenses + Other administrative expenses
Note on non-IFRS financial measures
In addition to IFRS financial data, this presentation includes certain summary, unaudited or non-IFRS financial information. These summary, unaudited or non-IFRS financial measures are in addition to, and do not replace or supersede, financial performance measures prepared in accordance with IFRS.
Inter&Co will discuss its 2Q22 financials on August 16, 2022 at 10:00 am ET / 11:00 am BRT.
Details of the webcast are available on the IR website: ri.bancointer.com.br/intereco.
Inter&Co is the holding company of Inter Group and indirectly holds all the shares of Banco Inter. Inter is a digital bank that simplifies people’s lives, where everything is integrated in a single application. 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 retailers in Brazil and the United States.
Lucia Domville / Fabiane Goldstein
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