The following is a summary of the Inter & Co, Inc. (INTR) Q1 2024 Earnings Call Transcript:
Financial Performance:
The company had a robust growth in revenue, driven by increased client monetization across savings and credit platforms.
The company's efficiency ratio improved significantly by 370 basis points to 47.7%.
A record Return on Equity (ROE) of 9.7% was reported, marking the company's highest-ever net income of BRL195 million, along with a pre-tax profit of BRL274 million.
Stable portfolio size in payroll loans sector was maintained around BRL 5 billion with implied rates growth up by 80 bps, attributed to disciplined pricing and profitability focus.
Business Progress:
The company saw an increase in client numbers to 32 million.
The integration of a new rewards program, Loop, is in progress to amplify client engagement.
The company is set to continue its growth in client numbers, loans, deposits, and top-line revenue for the remaining part of 2024.
The company's seventh vertical, loyalty, has achieved 6.6 million active clients, boosted by Loop, thus improving client spending, engagement, and activation.
There's a continuous expansion of new credit lines with consistent growth observed in various financing sectors.
The company is set to host Tech Day to delve into its key competitive advantage, its technology platform.
The goal is to evolve origination from mostly omni-channel to a hybrid of digital and omni-channel for portfolio growth throughout 2024 and gain market share from the traditional payroll sector.
More details: Inter & Co IR
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