S&P reviews Banco Inter's outlook to Stable and reaffirms its "brAA+" rating
Rhea-AI Summary
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.
Positive
- S&P upgraded Banco Inter's outlook to 'Stable'.
- S&P reaffirmed Banco Inter's 'brAA+' rating.
- Inter&Co reported record net income for Q1 2024, eight times higher than Q1 2023.
- Improved profitability and revenue diversification.
- Increased loan portfolio.
- Focus on leveraging technology for efficiency and profitability.
Negative
- No specific negative aspects were highlighted in the PR.
News Market Reaction – INTR
On the day this news was published, INTR gained 3.53%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
BELO HORIZONTE, Brazil, May 20, 2024 (GLOBE NEWSWIRE) -- Inter&Co (NASDAQ: INTR), the financial super app serving over 32 million customers across the Americas, announced today that S&P Global Ratings (S&P) has upgraded Banco Inter outlook to "Stable" and reaffirmed its "brAA+" local rating. In the report S&P stated that: "The stable outlook reflects our view that Inter&Co will continue to improve its profitability, providing greater stability to the business."
The outlook review was based on several factors such as the noted favorable perceptions for future profitability growth, improved profitability, revenue diversification and an increased loan portfolio.
“This positive outlook review reinforces the work we have been putting towards our 60/30/30 north star goal. We continue to focus on leveraging technology to improve our efficiency and profitability”, said Joao Vitor Menin, CEO of Inter&Co.
Inter&Co recently announced its 1Q24 results reporting record net income, 8 times higher than the same period in 2023.
About Inter&Co
Inter&Co (NASDAQ: INTR), the company that controls Banco Inter in Brazil and the subsidiary Inter&Co Payments, is the pioneer financial super app serving over 32 million customers across the Americas. The Inter&Co ecosystem offers a broad array of services, including banking, investments, mortgages, credit, insurance, and cross-border payments. The financial super app also boasts a dynamic marketplace, linking consumers with shopping discounts, cashback rewards, and exclusive access to marquee events across the globe. Focused on innovation and captivating member experiences, Inter&Co delivers comprehensive financial and lifestyle solutions to meet the evolving needs of modern consumers.
For IR inquires:
ir@inter.co
santiago.stel@inter.co
For press inquiries:
inter@chemistrycultura.com
kaio.philipe@inter.co
FAQ
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