Inter&Co Inc. Reports Another Record Net Income of R$260M, And Remains On Track On Its Long-Term Plan
Inter&Co reported strong Q3 2024 financial results with a record net income of R$260 million ($52 million USD). Key metrics show significant growth with Total Payment Volume reaching R$320 million, up 46% YoY, and Total Net Revenue of R$1.7 billion, up 32% YoY. The company demonstrated improved profitability with Net Interest Margin increasing to 9.6% and ROE rising to 11.9%. Customer base expanded to 34.9 million, including 19.5 million active clients, with 1.1 million net new active clients added. The company continues to execute its 60/30/30 plan, focusing on market share growth and product penetration while maintaining efficiency gains.
Inter&Co ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un utile netto record di R$260 milioni (52 milioni di dollari USA). Le metriche chiave mostrano una crescita significativa, con un Volume Totale dei Pagamenti che ha raggiunto R$320 milioni, in aumento del 46% su base annua, e un Fatturato Netto Totale di R$1,7 miliardi, in crescita del 32% su base annua. L'azienda ha dimostrato una maggiore redditività, con un Margine di Interesse Netto che è aumentato al 9,6% e un ROE che è salito all'11,9%. La base clienti è cresciuta fino a 34,9 milioni, di cui 19,5 milioni sono clienti attivi, con 1,1 milioni di nuovi clienti attivi netti aggiunti. L'azienda continua a mettere in pratica il suo piano 60/30/30, concentrandosi sulla crescita della quota di mercato e sulla penetrazione del prodotto, mantenendo nel contempo i guadagni in efficienza.
Inter&Co informó resultados financieros sólidos para el tercer trimestre de 2024, con un ingreso neto récord de R$260 millones (52 millones de dólares estadounidenses). Las métricas clave muestran un crecimiento significativo, con un Volumen Total de Pagos que alcanzó R$320 millones, un aumento del 46% interanual, y un Ingreso Neto Total de R$1,7 mil millones, un incremento del 32% interanual. La empresa demostró una rentabilidad mejorada con un Margen de Interés Neto que aumentó al 9,6% y un ROE que subió al 11,9%. La base de clientes se expandió a 34,9 millones, incluidos 19,5 millones de clientes activos, con 1,1 millones de nuevos clientes activos netos añadidos. La empresa continúa ejecutando su plan 60/30/30, centrándose en el crecimiento de la participación de mercado y la penetración de productos, mientras mantiene las ganancias en eficiencia.
Inter&Co는 2024년 3분기 재무 결과가 강력하다고 보고했으며, 총 R$2.6억의 기록적인 순이익 (5,200만 달러) 를 기록했습니다. 주요 지표는 총 결제량이 R$3.2억에 도달하고, 전년 대비 46% 증가하였으며, 총 순수익은 R$17억으로 전년 대비 32% 증가한 것을 보여줍니다. 이 회사는 순이자 마진이 9.6%로 증가하고 ROE가 11.9%로 상승하여 더 나은 수익성을 입증했습니다. 고객 기반은 3,490만으로 확대되었고, 이 중 1,950만 명이 활성 고객이며, 110만 명의 순 신규 활성 고객이 추가되었습니다. 이 회사는 시장 점유율 성장과 제품 침투에 집중하면서 효율성 증대의 60/30/30 계획을 계속 실행하고 있습니다.
Inter&Co a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec un bénéfice net record de R$260 millions (52 millions de dollars américains). Les indicateurs clés montrent une croissance significative, le volume total des paiements atteignant R$320 millions, soit une augmentation de 46% par rapport à l'année précédente, et le revenu net total de R$1,7 milliard, en hausse de 32% par rapport à l'année précédente. L'entreprise a démontré une rentabilité améliorée, le taux de marge d'intérêt net passant à 9,6% et le ROE atteignant 11,9%. La base de clients s'est élargie à 34,9 millions, dont 19,5 millions de clients actifs, avec 1,1 million de nouveaux clients actifs nets ajoutés. L'entreprise continue d'exécuter son plan 60/30/30, en se concentrant sur la croissance de la part de marché et la pénétration des produits tout en préservant les gains d'efficacité.
Inter&Co berichtete von starken finanziellen Ergebnissen im dritten Quartal 2024 mit einem Rekord-Nettogewinn von R$260 Millionen (52 Millionen US-Dollar). Die wichtigsten Kennzahlen zeigen ein signifikantes Wachstum mit einem Gesamtzahlungsvolumen von R$320 Millionen, was einem Anstieg von 46% im Jahresvergleich entspricht, und einem Gesamtnettoeinnahmen von R$1,7 Milliarden, was einem Anstieg von 32% im Jahresvergleich entspricht. Das Unternehmen demonstrierte eine verbesserte Rentabilität, wobei die Nettomarge auf 9,6% und der ROE auf 11,9% gestiegen ist. Die Kundenbasis wuchs auf 34,9 Millionen, darunter 19,5 Millionen aktive Kunden, mit 1,1 Millionen netto neu gewonnenen aktiven Kunden. Das Unternehmen führt weiterhin seinen 60/30/30-Plan durch, der sich auf das Wachstum des Marktanteils und die Produktdurchdringung konzentriert und gleichzeitig Effizienzgewinne erhält.
- Record net income of R$260 million ($52 million USD)
- Total Payment Volume up 46% YoY
- Total Net Revenue increased 32% YoY to R$1.7 billion
- Net Interest Margin improved to 9.6% from 9.2% QoQ
- ROE increased by 6.2 percentage points YoY to 11.9%
- Added 1.1 million net new active clients
- None.
Insights
Inter&Co delivered strong Q3 results with several key performance indicators showing robust growth. Net income reached a record
The growth in active clients to 19.5M and total payment volume increase of
The 60/30/30 plan execution shows promise, with the company effectively balancing growth and efficiency. The diversified revenue streams and expanding customer base provide resilience against market volatility.
MIAMI, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Inter&Co Inc. (NASDAQ: INTR | B3: INBR32), the leading financial super app providing financial and digital commerce services to over 34.9 million customers, today reported financial results for the third quarter of 2024.
Highlights:
- Record Net Income of R
$ 260 million ($52 million USD). - Total Payment Volume (TPV) of R
$ 320 million ($64 million USD), up46% YoY, a R$ 1.2 trillion Run Rate. - Total Net Revenue of R
$ 1.7 billion ($340 million USD), up32% YoY. - Net Interest Margin of
9.6% , up from9.2% last quarter. - ROE of
11.9% , up 6.2 p.p. YoY. - 34.9 million clients, with 1.1 million net new active clients, totaling 19.5 million active clients.
Figures in USD have been converted with the USD BRL rate of 1 USD = 5.00 BRL as of Tuesday, November 12 at 9:00 am ET. Exchange rates can fluctuate.
João Vitor Menin, Global CEO of Inter&Co, commented:
“We had a solid third quarter, reporting increased profitability and growth in both fee and interest income. Our focus on executing the 60/30/30 plan by increasing market share and product penetration, while we maintain efficiency gains is paying off.”
“We are constantly innovating, enhancing our super app with new features and hyper-personalizing the client experience. And our clients are rewarding us with more deposits and increased engagement, boosting our revenues. In addition to that, our sound capital allocation strategy has ensured that as our deposits have grown, so has our net interest margin.”
He added, “We are building an increasingly diversified and resilient business, and I’m confident in our ability to continue delivering value to our clients and shareholders in the years to come.”
Conference Call
Inter&Co will discuss its 3Q2024 financial results on November 14th, 2024, at 01 p.m. ET. 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&Co
Inter&Co (NASDAQ: INTR), the company that controls Banco Inter in Brazil and the subsidiary Inter&Co Payments, is the pioneering financial super app serving over 35 million customers across the Americas. The Inter ecosystem offers a broad array of services, including banking, investments, mortgages, credit, insurance, and cross-border payments. The financial super app also boasts a dynamic marketplace, linking consumers with shopping discounts, cashback rewards, and exclusive access to marquee events across the globe. Focused on innovation and captivating member experiences, Inter&Co delivers comprehensive financial and lifestyle solutions to meet the evolving needs of modern consumers.
Investor Relations:
Rafaela de Oliveira Vitória
ir@inter.co
Media Relations:
Kaio Philipe
kaio.philipe@inter.co
Chemistry Agency
interco@chemistryagency.com
Disclaimer
This 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 number 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 figures 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 because 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, 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 adjust to improve accuracy, including adjustments that may result in recalculating our historical metrics.
About Non-IFRS Financial Measures
To 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.
FAQ
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