Key Highlights

  • Inter & Co (NASDAQ:INTR) reported record second quarter 2026 Net Income of BRL 421 million on August 12, 2026, up 34% year over year, with Return on Equity of 16.3%.
  • The Loan portfolio reached BRL 55.4 billion, up 29% from a year earlier, and the client base reached 45.3 million, including 3.7 million new active clients over twelve months.
  • Published market data lists a 1 year EPS change of 34.70%, close to the reported 34% net income growth, but the basis, GAAP or adjusted, is not confirmed.
  • Guidance cited includes net interest Margin expansion of about 40 basis points a year, cost of risk around 6% and a coverage ratio of 130% to 135% in coming quarters.

Record Second Quarter Built on Loan Growth

Inter & Co (NASDAQ:INTR) is a Brazilian digital banking platform offering lending, payments, investments and insurance through one app. Its second quarter 2026 net income of BRL 421 million, in Brazilian reais, was a record, and the activation rate of its client base was 58.3%. For comparison, third quarter 2025 net income was BRL 336 million, and full year 2025 net income was BRL 1.31 billion, up 45%, according to company results coverage. Loan growth of 29% is the main driver of the Earnings increase, and management also points to a client base of 45.3 million, including 3.7 million new active clients over twelve months. Cross-selling to those clients is how the platform aims to lift Revenue per customer without matching growth in Acquisition costs.

Reading the 34.70% EPS Figure and the Base Effect

The 34.70% 1 year EPS change is published market data and is unverified, but it is close to the 34% net income growth reported for the second quarter. Because it is a per-share figure, it can differ from net income growth if the share count changed, and it can mix quarters or use trailing twelve months. Growth rates from a small or negative base can look extreme, but the base here is positive and large, so the figure is not an artifact of a tiny starting point. The screen does not say whether it uses GAAP or adjusted earnings, so the number is best treated as a rough cross-check and not as a reported result. Currency also matters: results are in reais, while US shareholders hold dollar-quoted shares.

Third Quarter Report, Credit Quality and Rate Risk

The date of the third quarter 2026 report was not confirmed in the materials reviewed. Last year the company reported third quarter results on November 13, 2025, according to published coverage. A growing loan book raises credit risk, so the guided cost of risk near 6% and a coverage ratio of 130% to 135% deserve attention. Brazilian interest rates, funding costs and the real-dollar Exchange Rate can all change the reported result, and management targets are not guarantees. Management also described a trajectory toward roughly 50% combined revenue growth and return on equity in coming years, which is an ambition and should be read as such, since a slowdown in loan Demand or a rise in defaults would affect both measures.

Where Things Stand

Probably in the near term, but the evidence is incomplete. The 34.70% EPS growth figure matches the scale of Inter & Co (NASDAQ:INTR) earnings growth in the second quarter, and loans, clients and margin guidance all point to continued expansion. The caveats are that the EPS basis is unconfirmed, the third quarter report date was not found, and the loan book's quality will be tested if credit conditions worsen. Investors may watch the third quarter net income against the BRL 336 million base from last year, return on equity versus 16.3%, and cost of risk.