Inter and Company introduced a new “Rule of 50” The framework that links growth and return on equity replaces its previous 60-30-30 plan as the company’s next performance benchmark.
Management said the digital bank has made strong progress on its prior goals, with the number of customers approaching 44 million, efficiency improving rapidly, and ROE rising above 15%; Now its goal is about 28% ROE by 2029.
Inter highlights its growth engines Deposit, homestead, and loan penetrationThe emphasis was on safer loans and more profitable card products to increase future earnings, along with heavy use of AI and risk controls.
Inter & Company Inc. (NASDAQ:INTR) outlined a new growth and profitability roadmap at its Owners Day event on Nasdaq, which builds on its former 60-30-30 plan and introduces a new “Rule of 50” target that links revenue growth and return on equity.
Rafaela Vittoria, Inter’s investor relations officer, kicked off the event by saying the company will review its growth roadmap, financial strategy, customer engagement, deposits, credit growth, technology, artificial intelligence, risk management and people strategy.
Global chief executive Joao Vitor Menin said Inter had made significant progress since unveiling its 60-30-30 plan in January 2023. The plan targets 60 million customers, 30% efficiency ratio and 30% ROE. Menin said Inter has been “largely on track” in those metrics, citing a nearly doubling of subscribers, rapid growth in active customers, progress in efficiency and ROE rising above 15% from negative levels.
Menin also said that Inter’s shares have almost tripled since the 60-30-30 plan was launched, describing it as “validation” from analysts and investors that the company is implementing it in the right direction. He attributed the company’s progress to its financial super app model, which he described as 100% cloud-based, 100% digital and designed around multiple products in one customer relationship.
Menin introduced Inter’s new “Rule of 50”, which he said would guide the company in the years to come. This framework links growth and ROE, similar to the “Rule of 40” used by technology companies, but with a higher benchmark.
Chief financial officer Santiago Bedoya said the rule of 50 is intended to reflect the way Inter balances growth and profitability internally. Bedoya said the company has operated about 45% to 46% on that combined metric in recent years and is raising the bar to 50%.
Bedoya said that Inter are more confident in reaching the 60-30-30 targets than when they were first announced. He said the company sees 60 million customers as “a matter of time” based on customer acquisition spend, while efficiency has improved from 75% to 44% and ROE is expected to continue rising.
Inter provided a medium-term ROE target of around 28% within the range of 26% to 30% by 2029. Bedoya identified several drivers of future ROE improvement, including credit underwriting, capital efficiency, treasury optimization, cost efficiency and revenue expansion. He said Inter’s loan book is currently running at 12% ROE, while new originations are at 22%, making credit underwriting the company’s biggest ROE driver.
Deposit, Homestead and Credit Entry Drive Execution Plan
Alexandre Riccio, Inter’s Brazil CEO, said the company’s execution plan is organized around three building blocks: tenure, deposits and credit penetration.
Chief Customer Officer Priscilla Rocha said Inter has grown from almost zero customers in 2015 to more than 44 million customers today. He emphasized that scale alone does not create value and said engagement is the key driver of monetization. Rocha said customers who use Inter as their primary financial relationship generate nearly twice the revenue per active customer as the average customer and have “almost zero” churn.
Rodrigo Gouveia, who discussed Inter’s super app, said the company now offers more than 180 products in seven regions. He highlighted Loop, Inter’s loyalty program, saying that customers who use Loop use 2.3 times more products than non-Loop customers. He said 18 million customers are already enrolled in Loop and fee revenue from Super App products represents more than 20% of Inter’s total revenue.
Riccio said Inter’s accumulated franchise is a central advantage. He said the company now does 1 billion financial transactions per month, compared to 30,000 monthly transactions when it began expanding digital banking in 2016. He said Inter’s deposits in the first quarter of 2026 totaled BRL 74 billion, with assets under custody amounting to close to BRL 200 billion. He also said that Inter’s funding cost is 64% of CDI and its loan-to-deposit ratio is about 80%.
Credit strategy focused on secured loans and card profitability
Riccio said Inter has 44 million customers, 25 million active customers and about 9 million customers with an active credit product, up from 3.7 million when the 60-30-30 plan was launched. He said Inter’s credit portfolio is broadly divided into two-thirds secured and one-third unsecured.
On private payroll loans, Riccio said Inter has built a BRL 2.5 billion portfolio in about a year, with about 600,000 customers and a market share of about 2.4% to 2.5%. He said that the company aims to double its market share by 2029. He also said that private payroll customers use 50% more products than other customers and generate nearly four times the revenue per active customer.
For real estate-backed lending, including mortgages and home equity, Riccio said Inter wants to double its combined market share by 2029. He said the company has grown demand at the top of the funnel from BRL 3.5 billion to BRL 4 billion per month, supported by fast underwriting and nearly 90% automated decisions.
Riccio also said Inter had reshaped its credit card portfolio to improve profitability. He said the company increased the share of interest-earning balance from 20% to 25% in two years and improved the product’s earnings before tax by 14 percentage points in 24 months.
AI and risk management highlighted as key enablers
Chief Information Officer Guilherme Ximenes said Inter has increased the average data points per customer by 180% from 500 to 1,400 since 2024. He said the company processes 18 million pips transactions daily and runs 600 million credit forecasts per month.
Ximenes said Inter has deployed hundreds of AI agents and has surpassed 1 trillion tokens consumed in its AI systems. He said Inter now has 550 AI models in production, compared to 80 in 2024, and a pipeline of 600 AI use cases.
Credit executive Mauro Rangel said Inter has rebuilt its credit platform around administration, underwriting and collections. He said new AI-powered pricing models have expanded from 100 pricing combinations to 100,000, creating tailored pricing tailored to individual customers. He said products using the new model are showing 10% higher net income.
Chief Risk Officer Marlos Araújo said Inter’s risk management framework is designed to support sustainable growth. He said about 65% of Inter’s asset portfolio is secured credit, while unsecured credit represents about 35%. He also said Inter has provision coverage of approximately 130% of its Phase 3 unsecured portfolio and liquidity is approximately double the minimum regulatory requirement.
Management quizzes focus on asset quality and capital utilization
During a question-and-answer session, Bedoya said Inter expects the cost of risk for the rest of the year to remain around 6%, including 50 basis points related to private payroll debt. He said the company expects risk-adjusted NIM for calendar 2026 to be higher than 2025, despite the more challenging macroeconomic environment in Brazil.
Asked about capital allocation, Menin said Inter is focused on growth, innovation, new products and potentially new geographies rather than becoming “only a yield-producing bond”. He said the company aims to drive growth through organic capital formation while balancing growth with ROE under the Rule of 50.
Menin also discussed Inter’s US strategy and said the company is not trying to compete broadly for US retail customers. Instead, he said Inter is building a U.S. foundation to serve Brazilian, Argentinian and other international clients with products including remittances, debit cards, credit cards, loyalty, gift cards, mortgages and brokerage services.
Closing the event, Menin said Inter’s priorities include innovation, execution of 60-30-30, technology and AI, deposits, unit economics and the Rule of 50. He said the company believes the new structure can provide “the best combination of growth and ROE” for shareholders.
Inter & Company Inc. About (NASDAQ:INTR)
Inter & Company, Inc. is a holding company that engages in the provision of financial products and services. It operates through the following segments: banking, securities, insurance brokerage, marketplace, asset management, services and others. The banking segment offers checking account cards, deposits, loans and advances and other services through mobile applications. The securities segment is involved in the acquisition, sale and custody of securities, structuring and distribution of securities in the capital markets, and the provision of administration services to investment funds.
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