The following is a summary of the Inter & Co, Inc. (INTR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Inter & Co reported a robust financial quarter, reaching a record-breaking ROE, surpassing the double-digit mark and reporting net income of BRL 260 million, which is 2.5x higher than the previous year's third quarter.

• Loan books grew 7% during the quarter, achieving BRL 38 billion with record levels of underwriting in FGTS and Home Equity, surpassing BRL 6 billion combined loan balance.

• The gross revenue achieved BRL 2.7 billion with a net revenue of BRL 1.6 billion, highlighting a year-over-year growth of 25% in total gross revenue and 32% in net terms.

Business Progress:

• Inter & Co has reached 35 million clients, with the addition of 1.1 million new active clients this quarter, marking continuous growth in client acquisition and activation.

• Significant advancements in digital banking, marketplace and investment services, demonstrating growth in transactions, credit lines, and asset under custody which surpassed BRL 122 billion.

• Expansion of Inter's global presence, particularly in the US, with plans to extend the Global Account features potentially to other geographical regions in the coming year.

Opportunities:

• Hyperpersonalization and AI in client engagement and product offerings, seen in the deployment of Inter Shop Concierge and increased success rates in sales conversions.

• Expansion of market share across all seven business verticals, enhancing competitive positioning and client engagement.

• Growing traction and positive performance in the Consumer Finance 2.0 portfolio, including PIX financing, Buy Now Pay Later, and Overdraft options.

• Leveraging the US expansion to attract high-income clients and potentially expand Global Account features to other countries, supporting scalability and international growth.

Risks:

• Gradual and cautious approach in the growth of the Consumer Finance 2.0 portfolio reflecting careful monitoring of delinquency trends and product performance in new finance options such as PIX financing.

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