Inter&Co, Inc Reports Fourth Quarter and Full Year 2022 Financial Results
BELO HORIZONTE-MG, Brazil, March 13, 2023 (GLOBE NEWSWIRE) — Inter&Co, Inc (NASDAQ: INTR | B3:INBR32), the holding company of Inter Group, which offers the premier Super App providing financial and digital commerce services to more than 25 million customers, today reported financial results for its fourth quarter ended December 31, 2022 and full year 2022. The full earnings release has been made available on the Company’s Investor Relations website at ri.bancointer.com.br.
João Vitor Menin, CEO of Inter&Co. stated:
“2022 was an incredible year for us at Inter&Co., with several accomplishments that have propelled us forward and positioned us for greater success, including reaching a record-breaking 8.3 million net new clients, taking our total to 25 million clients.
We are excited to build on the momentum of the past year and continue to execute on our strategy to leverage on the advantages we have created in our world-class Super App to build our client base and funding, grow engagement and monetization.
In addition, we will continue to reprice our credit portfolio, ensuring an efficient use of our regulatory capital. We are also working thoroughly to optimize our credit models, minimize risk and streamline capital consumption.
Overall, we’re confident that our key focus areas will position us for continued success in 2023 and beyond. We’re grateful for the trust our clients have placed in us and will continue to dedicate ourselves to providing excellent service and creating value for all our stakeholders.”
2022 Highlights:
- Client Growth: We added 8.3 million net new clients during the year, reaching a total of 25 million.
- Penetration: Two-thirds of our clients have three or more of our products.
- Innovation: We launched several new products in 2022, including Dr. Inter, Global Account and e-commerce for companies.
- Volumes: We delivered strong transaction volume growth of 85% YoY, reaching R$578 billion.
- Gross Loan Portfolio: Our portfolio grew to R$25 billion, increasing 40% YoY. We continue our relentless focus on improving our credit models.
- Funding: We continued to grow deposits significantly, reaching R$ 30 billion, or a 37% YoY increase.
- Net Fees: Net Fee revenues grew 87% YoY, reaching R$1.2 billion.
- Total Gross Revenues: We delivered another strong year reaching R$ 6 billion, up 90% YoY. Our revenues continue to be highly diversified, with fees comprising 34% of net revenues.
- Net Income: Reached net income of R$ 29 million in 4Q2022.
Conference Call
Inter&Co will discuss its 4Q22 and Full Year 2022 financial results on March 14th, 2023 at 10:00 am ET (11:00 am Brazilian Time). The webcast details are available on the Company’s Investor Relations website at ri.bancointer.com.br.
About Inter&Co
Inter&Co is the holding company of Inter Group and indirectly holds all of Banco Inter’s shares.
Inter is the premier SuperApp providing financial and digital commerce services to more than 25 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:
Grayling
Lucia Domville / Masha Toulokhonova
M +1 646. 824.2856/ +1 650.690.5952
[email protected] / [email protected]
