Inter & Stock Earnings Reports

Inter & Co reported a strong start to 2026 with clear revenue and profitability momentum while flagging near-term asset-quality headwinds tied to product mix and seasonality. Key operational and financial highlights: 44 million customers with ~60% activation (highest quarterly jump since 2024); combined cards + PIX TPV at BRL 1.7 trillion run-rate (+25% YoY); gross loan portfolio ~BRL 50 billion (+33% YoY) with ~70% secured; private payroll portfolio reached BRL 2.5 billion (600k active clients); funding BRL 74 billion and deposits per active client > BRL 2,000; funding cost stable at 64% of CDI. Revenue and profitability: total gross revenue > BRL 4.3 billion (+37% YoY), total net revenue BRL 2.4 billion (+33% YoY), NIM (NIM 2.0) 9.54% (near record), net income BRL 395 million (run-rate ~BRL 1.6 billion), ROE 15.5%, ROTE 19.5%; efficiency ratio improved to a record low 43.8%. Asset quality and guidance: NPLs rose from 4.7% to 5.1% driven by seasonality, growth in private payroll (early-stage book with upfront provisioning) and some credit-card seasoning; CFO now expects cost of risk closer to ~6% for 2026 (vs prior 5–5.5% expectation); private-payroll cohorts typically reach breakeven in ~6 months. Strategy and catalysts: company launched “Seven,” a multi-agent transactional AI platform, and will host an Owners Day (May 11, Nasdaq) to detail AI, monetization, principality and unit economics; management positions the current macro/credit cycle as an opportunity given Inter’s funding franchise and digital distribution. Risks and considerations for investors: near-term asset-quality pressure and higher cost of risk, regulatory adjustments to payroll-loan caps (management says limited impact), and continued investment in senior hires and AI that increases near-term personnel/admin spend but supports longer-term revenue per employee and operating leverage.