Inter & Co Inc (NAS:INTR)

Q2 2026 Inter & Co Inc Earnings Call (English, Portuguese) Transcript

Aug 6, 2026 / 12:30 PM GMT

Release Date Price: $5.72 (+0.18%)

Transcript

Key Points

Positve

Inter & Co Inc (INTR) achieved record net income of R$421 million and a record ROE of 16.3%, with 13 consecutive quarters of net income growth.
The company reached a milestone NIM of 10.1%, the highest ever, driven by strategic repricing and capital deployment into high-ROE products.
Inter & Co Inc (INTR) surpassed R$100 billion in total assets and achieved capital neutrality, meaning it now generates more capital than it consumes for growth.
The client base grew to 45.3 million, with a focus on higher-quality cohorts that start with approximately R$10 higher RPAC, driving monetization.
Credit card market share surpassed 2% for the first time, with interest income growing 64% year-over-year, outpacing provisions.
The efficiency ratio improved to a record low of 42.1%, reflecting strong operational leverage with revenue growing 32% versus expenses at 19%.
Private payroll loans reached 600,000 clients, with an ARPAC 3.7 times the average, and the product maintains a compelling ~30% ROE even with higher delinquency.
The funding franchise remains a key advantage, with cost of funding stable at 66% of CDI, supported by a deep transactional deposit base.
New initiatives like insurance launch, subscription plans, and Inter Ads are expected to accelerate fee income growth.
The company is self-sustaining from a capital perspective, with a holding-level Basel ratio of 19.3% and R$2.3 billion in excess capital.

Negative

Private payroll loan delinquency has been running higher for longer than planned, contributing to over half of the yearly NPL increase.
The company's coverage ratio declined to 134% from 146%, reflecting higher provisioning for the maturing private payroll book.
The write-off policy change for credit cards (from 360 to 330 days) reduced the NPL ratio by 30 basis points, but indicates higher credit risk in that segment.
The NIM expansion was partly due to a one-time inflation hedge benefit, which may not be sustainable in the coming quarters.
Fee income growth has been slower than desired, though management expects acceleration from new initiatives.
The macro environment in Brazil remains challenging, with high household indebtedness and election-related uncertainty, which could pressure asset quality.
The Desenrola debt renegotiation program had a R$12 million negative impact on EBT, and increased stage 3 formation.
Interest rate caps on private payroll loans have reduced origination volumes, requiring adjustments to underwriting.
The company is taking on more credit risk in unsecured portfolios (credit cards, private payroll) to drive returns, which could lead to higher NPLs if the cycle turns.
Administrative expenses grew 15% and D&A rose 44% year-over-year, reflecting continued investment in the super app.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

INTR.OQ - Inter & Co Inc
Q2 2026 Inter & Co Inc Earnings Call (English, Portuguese)
Aug 06, 2026 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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Hi everyone, I'm Rafa Vittore, IR Officer at Inter, and I would like to welcome all to Inter and Co's Earnings Conference Call. First of all, some instructions. This call is also available in Portuguese. To access it, press the globe icon on the lower right side of your Zoom screen, then select the Portuguese room. Please be advised that all participants will be in listen-only mode and that the conference is being recorded. You may submit online questions at any time today using the Q&A box on the webcast. A replay will be available at the company's IR website. With me today are Joan Guitominin, our Global CEO, Alexandre Ricio, our Brazil CEO, and Santiago Stel, our CFO. To start with the CEO overview, I would

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