Inter&Co Inc. reported third‑quarter 2025 results that showed net income rising 39% year‑over‑year to R$336 million (US$63.2 million). The jump was driven by a 30% expansion of the total credit portfolio, largely from private payroll and real‑estate lending, and a disciplined cost structure that kept the efficiency ratio at 45.2%. The company also added 1.2 million new active clients, bringing the total client base closer to its 60 million‑client target for 2027.
Total revenue for the quarter reached R$2.10 billion (US$396.9 million), slightly below the consensus estimate of R$2.14 billion. The miss was largely attributable to a modest decline in revenue from the core banking segment, offset by growth in the digital commerce and credit‑card segments. While the overall revenue trend remained positive, the narrow shortfall highlighted the competitive pressure in the traditional banking market and the need for continued portfolio diversification.
Non‑GAAP earnings per share were R$0.74 (US$0.14), falling short of the consensus estimate of US$0.80. The miss reflected higher-than‑expected operating expenses related to technology investments and a one‑time charge for regulatory compliance. Despite the EPS shortfall, the company’s operating margin remained stable, indicating that cost controls were effective in offsetting the impact of the higher expense load.
Management emphasized that the results reinforce Inter&Co’s “Inter by Design” strategy, which focuses on scaling its Super App ecosystem and achieving a 30% efficiency ratio and 30% return on equity by 2027. CEO João Vitor Menin highlighted disciplined execution and a focus on high‑margin digital services as key drivers of the company’s growth trajectory.
Investors reacted cautiously to the revenue and EPS misses, underscoring the importance of meeting analyst expectations. Nevertheless, the underlying operational momentum—strong client acquisition, credit expansion, and a robust efficiency ratio—suggests that Inter&Co remains well positioned to capture market share in Brazil’s evolving financial services landscape.
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