Brazilian Digital Bank Inter Jumps After Posting Record Profit
- CEO Menin says company on track for 5-year growth plan
- Non-performing loans probably peaked in 2Q, Menin says
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Brazilian digital bank Inter & Co posted record profit and revenue figures in the second quarter, beating analyst estimates while total clients approached 28 million. Shares rallied.
Revenue grew 33% year-on-year to 1.9 billion reais ($386.7 million) while net income was 64 million reais. Analysts surveyed by Bloomberg had expected 1.1 billion reais in sales and 32.2 million reais in profit. Total clients grew by 1.5 million in the quarter to nearly 27.8 million while raising the percentage of “active users” that are using more services on the “super app” to 52.2% of the total.