Inter & Co, Inc.

Inter reported second-quarter 2026 total net revenue growth of 32% year over year, NIM of 10.1%, net income of BRL 421 million, and ROE of 16.3%. The efficiency ratio improved to 42.1%, while total funding reached BRL 77.2 billion, up 24% year over year, and the expanded loan portfolio reached BRL 55.4 billion, up 29% year over year. On the client side, Inter ended with 45.3 million clients and 3.7 million new active clients added over the last 12 months. For guidance, management said it still expects about a 40 basis point increase in annual NIM versus the prior year, cost of risk around 6%, and continued growth around 30% or more over the next few years, while also saying the outlook for the rest of the year remains unchanged.

João Vitor said the quarter validated Inter’s long-term “Rule of 50” plan, arguing that the company is proving growth and profitability can rise together. He emphasized the “Inter by design” model: sustainable revenue growth, scalable distribution, and cost efficiency, all reinforced by a flywheel of more clients, more transactions, better data, and better products. He also stressed that Inter is widening its addressable market in both secured and unsecured credit while keeping discipline, and he described the business as moving from capital consumption to capital creation.

Santiago Stel focused on the financial mechanics behind the quarter: revenue grew 32%, NIM hit 10.1%, net income reached BRL 421 million, and ROE was 16.3%. He said NIM benefited from a timing effect tied to inflation-linked exposure, with roughly BRL 11 billion of exposure, about BRL 6 billion hedged, and a net long of around BRL 5 billion; he suggested adjusting this quarter by about 15 basis points and the prior quarter by 15 basis points in the other direction. He also noted funding of BRL 77.2 billion, deposits per active client of BRL 2,000.80, cost of funding at 66% of CDI, expenses up 19% versus revenue up 32%, and a record-low efficiency ratio of 42.1%. On capital, he said Inter is now generating more capital than it consumes, with EUR 2.3 billion in excess capital at the holding company and a Basel ratio of 19.3%.

Analysts pressed on whether the stronger NIM was partly temporary, and management said there was a timing effect from inflation-linked assets, but it still expects roughly 40 basis points of annual NIM expansion versus last year and sees the rest of the year as unchanged. Questions also focused on asset quality, where management said it is intentionally taking more risk in selected portfolios and still expects cost of risk around 6%, while private payroll delinquency is running above plan because maturity is taking longer than expected. On write-offs, management explained the move from 360 to 330 days for credit cards was a technical change aligned with best practices and should lower the overall 90-day NPL ratio by about 30 basis points without affecting cost of risk. On private payroll, management said relinkage, insurance launch, and other process fixes should improve credit quality, and it still believes the product can deliver around 30% marginal ROE.