Inter announces Fourth Quarter and Full Year 2021 Results

The Super App grew in all business segments, expanded client engagement and more than doubled total revenues

News provided by

Inter

Feb 22, 2022, 08:19 ET

BELO HORIZONTE Brazil, Feb. 22, 2022 /PRNewswire/ -- Inter (B3: BIDI11), a leading Brazilian super app, offering financial and non-financial services to more than 16 million customers, today reported financial results for its fourth quarter and full year ended December 31, 2021. Inter will host a conference call at 9:00 a.m. (ET) today to discuss its results with the investment community. The call can be accessed at the Investor Relations website: https://ri.bancointer.com.br/.

"2021 was a remarkable year for us. We kept our focused on growing our client base and surpassed the 16 million users milestone. We also expanded the offer of products and services in our app under our five business segments, all of which delivered strong expansion in the year," said João Vitor Menin, Inter's CEO. "We remain excited with the opportunities to further expand our scope. With the acquisition of USEND, an international remittance platform based in US, we launched our sixth avenue of business that will be the foundation for our global positioning. We want to take Inter's experience to other regions worldwide and we believe that we can shorten this path with the licenses and knowledge we have acquired." 

Growth and Engagement Highlights

  • 16.3 million clients in 4Q21, growth of 17% QoQ and 93% YoY; more than 8 million new clients were added to the base in 2021 
  • R$ 3.2 billion in total revenues1 in 2021, up 131% YoY 
  • R$1.3 billion in service revenues2 in 2021, up 144% YoY 
  • Average revenue per user (ARPU) of R$218.06, an increase of 8.7% YoY; the active client ARPU is even higher, at R$412.16 
  • Cross-Selling Index (CSI) of 3.44 products per client in 4Q21, a 12% YoY growth 
  • Adjusted net profit3 of R$78 million in 2021, a 1,307% YoY growth 

1

Total revenues = income from financial intermediation + service fee income (gross cashback) + other operating income 

2

Revenues from management services include service revenues, operating revenues, floating revenues, foreign exchange revenues and Inter Shop prepayment revenues. Revenue allocation is managerial, unaudited and subject to review 

3

Adjusted net profit does not consider negative effects from the CSLL tax rate changes 

Key Metrics and Recent Business Highlights

Day to day banking

  • R$ 9.9 billion in demand deposits, an 8.3% growth QoQ and 48% YoY; 
  • R$14.2 billion in cards in 4Q21, up 22% QoQ and R$42.9 billion in the year, a 94% YoY growth; 
  • Card revenues went up by 113% YoY, reaching R$453 million in 2021. 

Credit

  • R$18.6 billion in the expanded loan portfolio, growth of 17% QoQ and 97% YoY; 
  • Credit underwriting reached R$5.8 billion in 4Q21, growth of 66% QoQ, totaling R$19.8 billion in 2021, 124% up from 2020; 
  • Provision for loan losses represented 2.7% of the extended credit portfolio 
  • NPL over 90 days remained at 2.8% of total portfolio. 

Investments

  • Investment revenues increased 101% YoY, reaching R$ 100 million in 2021; 
  • 2 million investor clients on our platform, up 10% QoQ and 60% YoY; 
  • R$57 billion in assets under custody (AuC) in 2021, growth of 29% YoY; 
  • The most complete investments platform in Brazil, being the only one with a hosted international stock trading platform, structured products, trading robots and many other features available in Inter's Super App. 

Insurance

  • 839,000 policyholders, growth of 23% QoQ and 229% YoY;
  • R$864 million insurance sales in 2021, 226% growth YoY;
  • R$88.9 million in revenues in the year, growth of 106% YoY.

Marketplace

  • R$3.5 billion in GMV in 2021, growth of 201% YoY; 
  • R$246 million in revenues in 2021, 281% higher than in 2020; 
  • 7.75% take-rate in 4Q21, 1.5 p.p. above the take-rate in 4Q20; 
  • Net take-rate of 1.2% in 4Q21, growth of 0.5 pp QoQ and 0.2 pp YoY. 

About Inter 
More than a digital bank, Inter is a Super App that simplifies people's lives. A single app provides a complete digital banking account, gives access to different types of credit facilities (including retail, payroll-deductions, credit cards, agriculture and corporate loans), offers insurance to all the clients' life stages, provides access to a digital marketplace in Brazil and US, and to an open investing platform through which our clients can invest in the US market, and also provides global remittance services. The company serves more than 16 million customers, has a broad credit portfolio of R$18.6 billion, shareholders' equity of R$8.6 billion, and R$33.7 billion in total assets.

Contacts:

Grayling
Fabiane Goldstein / Lucia Domville
M +1 646. 824.2856/ +1 945.625.4793 
[email protected] / [email protected]   

SOURCE Inter

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