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Inter&Co (NASDAQ: INTR), a leading financial super app, has received AA+.br ratings from Moody's for Banco Inter in Brazil, indicating a strong financial position and stable outlook. The ratings underscore Inter's growth in digital retail banking, profitability, and robust capital levels. Moody's highlighted Inter's low funding costs, strong risk management, and controlled delinquency levels. CEO Joao Vitor Menin affirmed the company's commitment to exceptional services and their 60-30-30 plan. Moody's anticipates continued growth in profitability and asset quality for Inter.
Inter&Co (NASDAQ: INTR | B3: INBR32) announced that Banco Inter S.A. signed an agreement to acquire the remaining 50% of Granito, a merchant acquirer serving over 100,000 SMEs in Brazil. This $110 million BRL transaction aims to enhance Inter's financial super app and strengthen its position in the Brazilian market. The acquisition, pending approval from the Central Bank of Brazil and CADE, is expected to create operational synergies and facilitate cross-selling opportunities. Granito will be renamed Inter Pag, aligning with Inter's strategy to offer comprehensive digital financial solutions.
S&P Global Ratings has upgraded Banco Inter's outlook to 'Stable' and reaffirmed its 'brAA+' local rating. The upgrade is based on improved profitability, revenue diversification, and a larger loan portfolio. Inter&Co, listed on NASDAQ as INTR, serves over 32 million customers. The company reported record net income for Q1 2024, eight times higher than the same period in 2023. CEO Joao Vitor Menin highlighted their focus on technology to enhance efficiency and profitability, aligning with their 60/30/30 goal.
Inter&Co Inc. reported record net income of R$195 million and a 37% YoY increase in net revenue for the first quarter of 2024. The company showcased strong financial performance, with a 5th consecutive quarter of increased account activations, reaching 54.9%, and total gross revenue of R$2.3 billion. Inter&Co's efficiency ratio improved to 47.7%, with a record ROE of 9.7%. The Global Account, Loop loyalty program, and new credit lines were noted as successful initiatives driving revenue growth. The company's CEO emphasized the success of their platform's scalability and innovation.