Key Highlights

  • Inter&Co (NASDAQ:INTR) traded at USD 4.20 in intraday trading on November 13, 2026, up 5.80%, on about 3.9 million shares, with a Market Value of about USD 1.85 billion.
  • Third quarter Net Income reached a record BRL 425 million, or USD 76.1 million, up 26% from a year earlier and the 14th consecutive quarter of growth.
  • Net Revenue rose 26% to BRL 2.7 billion, the efficiency ratio improved 322 basis points to 41.9%, and net interest Margin rose about 70 basis points to 9.96%.
  • The Loan book grew 25% to BRL 58.1 billion against 8.6% growth in the Brazilian Credit market, with about 70% of loans secured.

A Record Quarter for the Digital Bank

Inter&Co runs Banco Inter, a Brazilian digital bank and financial super app, and it reported third quarter results after the US close on November 12, followed by a call on November 13. Net income rose 26% to a record BRL 425 million, or USD 76.1 million, extending its run of quarterly profit growth to 14 consecutive quarters. Net revenue rose 26% to BRL 2.7 billion, about USD 483 million, while expenses grew 17%, which lifted Operating Leverage and improved the efficiency ratio to 41.9% from about 45.1% a year earlier. Net interest margin widened to 9.96%, about 70 basis points above the prior year. The company noted that lower Brazilian inflation, with the IPCA index at 2.3% in the quarter against 5.8% in the second quarter, reduced income from inflation-linked assets, so the profit growth came despite that headwind. The combination of faster revenue growth, slower cost growth and a wider margin is the kind of quality Earnings improvement that tends to support a re-rating in bank stocks.

Loan Growth and Client Engagement

The credit portfolio expanded 25% to BRL 58.1 billion, or about USD 10.39 billion, nearly three times the 8.6% growth of the Brazilian credit market. About 70% of the book is secured by Collateral such as real estate, Payroll deductions or tax refunds, which helps limit losses as the portfolio grows. Cost of risk held steady at 5.9% compared with the second quarter, and management expects asset quality to keep improving, particularly in private payroll loans. The client base reached 46.8 million, of which 27.1 million are active, and gross average revenue per active client hit a record BRL 59.7 a month. The bank's share of Brazil's instant payment system transactions was about 9%. In October Banco Inter agreed to buy 39.75% of its insurance brokerage affiliate for BRL 409.5 million, subject to regulatory approvals, which would deepen its fee income from insurance products.

Valuation and Near-Term Factors

At USD 4.20 the shares trade at about 6.5 times trailing earnings on the screen, a low multiple for a lender growing profit at 26%, which reflects discounts tied to Brazil country risk, currency moves and interest rates. The stock is well below its 52-week high of USD 10.36. One technical Factor is the wind-down of its Brazilian depositary receipt programme. Receipts stopped trading in Brazil in October, and the underlying shares from holders who did not choose otherwise are being sold on Nasdaq during a period that ends on November 17, which may have weighed on the price in recent weeks. Once that selling ends, the share Supply overhang should fade. Investors will watch whether efficiency keeps improving, credit quality in unsecured lending and the effect of Brazilian Interest Rate changes on funding costs and margins.

Where Things Stand

Inter&Co (NASDAQ:INTR) rose 5.80% to USD 4.20 on November 13, 2026 after record third quarter net income of USD 76.1 million, up 26%, with a better efficiency ratio and 25% loan growth. A low earnings multiple and the end of depositary receipt related selling on November 17 are supportive factors.