INTRInter & Co, Inc.
Industry LatAm banks Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
BRL 36.28 → BRL 39.78
Promises vs. what happened
13 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Operating leverage in 2025 | Q4 '24 | efficiency 50.1% to 45.5% | Held |
| NIM up every quarter | Q3 '24 | 8.68% to 10.12%, one dip | Held |
| Argentina next | Q1 '25 | launched | Held |
| Better asset quality in 2025 | Q4 '24 | cost of risk 4.8% to 5.3% | Late |
| 60M clients by 2027 | Q3 '24 | 45.3M at Q2 '26; not shown since 1Q25 | Dropped |
| Efficiency ~30% by 2027 | Q3 '24 | 42.1%; dropped | Dropped |
| ROE ~30% by 2027 | Q4 '24 | 16.3%; replaced by the Rule of 50 | Dropped |
| Private payroll in profit by 4Q25 | Q3 '25 | chart never shown again | Dropped |
| Global clients keep growing | Q1 '25 | 4.4M, then no more figures | Dropped |
| Rule of 50, 2026-29 | Q2 '26 | 48% in Q2 '26; open | Open |
| Payroll insurance 'soon' | Q2 '26 | open; no date in the deck | Open |
| Fees from plans and ads | Q2 '26 | open; ads launched Jun '26 | Open |
| Stable cost of risk | Q3 '24 | 4.6% to 5.9% | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
60/30/30Off page one Q1 '25
Rule of 50Page one since Q2 '26
ROEOff page one Q4 '25
ClientsOff page one Q1 '25
GlobalFirst seen Q3 '24
PayrollFirst seen Q1 '25
EfficiencyOff page one Q1 '26
Asset qualityFirst seen Q3 '24
NIMFirst seen Q3 '24
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
The 60/30/30 five-year plan
“Our 5-year north star”
Deck 3Q24 Earnings Presentation · p. 8 ·
The 60/30/30 five-year plan
“Clients 60/30/30”
Deck 4Q24 Earnings Presentation · p. 3 ·
The 60/30/30 five-year plan
“Earnings Presentation | 1Q25 37 38MM 48.8% 12.9%”
Deck 1Q25 Earnings Presentation · p. 37 ·
Rule of 50
“Rule of 50 in action”
Deck 2Q26 Earnings Presentation · p. 1 ·
Compounding ROE
“R$260 million net income 11.9% ROE”
Deck 3Q24 Earnings Presentation · p. 3 ·
Compounding ROE
“11.7% ROE (2024)”
Deck 4Q24 Earnings Presentation · p. 3 ·
Compounding ROE
“R$287mm net income Excl. Minorities Interest 12.9% ROE Excl. Minorities Interest”
Deck 1Q25 Earnings Presentation · p. 4 ·
Compounding ROE
“R$315mm net income Excl. Minorities Interest 13.9% ROE Excl. Minorities Interest”
Deck 2Q25 Earnings Presentation · p. 4 ·
Compounding ROE
“R$336mm net income 14.2% ROE”
Deck 3Q25 Earnings Presentation · p. 4 ·
Compounding ROE
“Compounding profitability: surpassing the 15% ROE milestone 0.7% 2.7% 5.0% 8.2% 9.2% 9.8% 11.3% 12.5%12.9% 13.9%14.2% 15.1% 1.57%1.52%1.53%1.46%1.50%1.42%1.28%1.19%1.05%0.70%0.40%0.10%”
Deck 4Q25 Earnings Presentation · p. 27 ·
Compounding ROE
“Crossing the 15.5% ROE with momentum to go further”
Deck 1Q26 Earnings Presentation · p. 23 ·
Compounding ROE
“A track record of sustainable and compounding results ROTE”
Deck 2Q26 Earnings Presentation · p. 29 ·
Client growth
“EARNINGS PRESENTATION | 3Q24 3Q24 highlights 34.9 million clients”
Deck 3Q24 Earnings Presentation · p. 3 ·
Client growth
“36+ million clients 8.3% Pix market share (4Q24)”
Deck 4Q24 Earnings Presentation · p. 3 ·
Client growth
“Valuable connection with clients translates into brand power 40mm total clients in August 7th most powerful brand in Brazil1 1st bank brand among GenZ2”
Deck 2Q25 Earnings Presentation · p. 9 ·
Client growth
“Record growth in new active clients”
Deck 3Q25 Earnings Presentation · p. 12 ·
Client growth
“Fastest growing bank in Brazil”
Deck 4Q25 Earnings Presentation · p. 11 ·
Client growth
“Client growth fueling a stronger and more active base”
Deck 1Q26 Earnings Presentation · p. 9 ·
Client growth
“˜45MM Total Clients”
Deck 2Q26 Earnings Presentation · p. 11 ·
Global and US expansion
“Global: expanding our product offering in the US million”
Deck 3Q24 Earnings Presentation · p. 18 ·
Global and US expansion
“Global: replicating the success of our platform abroad 17”
Deck 4Q24 Earnings Presentation · p. 17 ·
Global and US expansion
“Succesfully expanding to US”
Deck 1Q25 Earnings Presentation · p. 20 ·
Global and US expansion
“Best-ever performance in global account deposits growth”
Deck 2Q25 Earnings Presentation · p. 16 ·
Global and US expansion
“Building the foundations for our global expansion”
Deck 4Q25 Earnings Presentation · p. 8 ·
Private payroll
“Credit: Successfully exploring new credit lines, highlighting Private Payroll”
Deck 1Q25 Earnings Presentation · p. 16 ·
Private payroll
“Credit strategy execution with positive results across the board”
Deck 2Q25 Earnings Presentation · p. 14 ·
Private payroll
“Strategic focus on Private Payroll loans and Credit Cards reshaping”
Deck 3Q25 Earnings Presentation · p. 14 ·
Private payroll
“Healthy & balanced growth in secured and unsecured credit”
Deck 4Q25 Earnings Presentation · p. 14 ·
Private payroll
“Private Payroll delivering strong growth 2.5%”
Deck 2Q26 Earnings Presentation · p. 15 ·
Efficiency and operating leverage
“Revenue growth higher than expenses’ through quarters”
Deck 3Q24 Earnings Presentation · p. 33 ·
Efficiency and operating leverage
“Revenue acceleration leading to stronger operating leverage”
Deck 4Q24 Earnings Presentation · p. 31 ·
Efficiency and operating leverage
“Delivering operational leverage”
Deck 2Q25 Earnings Presentation · p. 29 ·
Efficiency and operating leverage
“Earnings Presentation | 3Q25 4 1.2mm new active clients1 45.2% efficiency ratio”
Deck 3Q25 Earnings Presentation · p. 4 ·
Efficiency and operating leverage
“Earnings Presentation | 4Q25 4 1.1mm new active clients1 45.5% efficiency ratio 302 907 1,312 2023 2024 2025 30.4 36.1 43.1”
Deck 4Q25 Earnings Presentation · p. 4 ·
Efficiency and operating leverage
“Operating leverage in action with expenses growing well below revenues”
Deck 1Q26 Earnings Presentation · p. 22 ·
Efficiency and operating leverage
“Improvement since 3Q22”
Deck 2Q26 Earnings Presentation · p. 6 ·
Asset-quality framing
“Stable cost of risk and coverage ratio”
Deck 3Q24 Earnings Presentation · p. 25 ·
Asset-quality framing
“Stable cost of risk and robust coverage ratio”
Deck 4Q24 Earnings Presentation · p. 25 ·
Asset-quality framing
“Stable cost of risk and solid coverage ratio 4.0% 5.1% 5.6%5.5% 4.8%4.9%4.7%4.9%4.8%4.6% 2. 0 % 2. 5% 3. 0 % 3. 5% 4. 0% 4. 5% 5. 0 % 5. 5% 6. 0% 6. 5% 7. 0 % 4Q221Q 232Q233Q234Q231Q 242Q243Q244Q241Q 25 27”
Deck 1Q25 Earnings Presentation · p. 27 ·
Asset-quality framing
“Resilient cost of risk and stable coverage ratio 5.1% 5.6%5.5% 4.8%4.9%4.7%4.9%4.8%4.6%5.0% 0. 0% 1. 0 % 2. 0 % 3. 0 % 4. 0% 5. 0 % 6. 0% 7. 0 % 8. 0% 1Q 232Q233Q234Q231Q 242Q243Q244Q241Q 252Q25”
Deck 2Q25 Earnings Presentation · p. 22 ·
Asset-quality framing
“Resilient cost of risk with stable coverage levels”
Deck 3Q25 Earnings Presentation · p. 21 ·
Asset-quality framing
“Asset Quality with sustained strength over the last quarters 1.52%1.52%1.65%1.65% 1.23%1.21% 1.52%1.46%1.62% 1.51%1.55%1.67% 1.87%1.85%1.66%1.60%1.65%1.95% 0.”
Deck 4Q25 Earnings Presentation · p. 19 ·
Asset-quality framing
“Sound asset quality amid fast portfolio growth”
Deck 1Q26 Earnings Presentation · p. 15 ·
Asset-quality framing
“Sound asset quality amid fast portfolio growth”
Deck 2Q26 Earnings Presentation · p. 23 ·
NIM framing
“EARNINGS PRESENTATION | 3Q24 4th consecutive quarter with NIM improvement”
Deck 3Q24 Earnings Presentation · p. 30 ·
NIM framing
“Sequential improvements in NIM”
Deck 4Q24 Earnings Presentation · p. 30 ·
NIM framing
“Sequential improvements in NIM”
Deck 1Q25 Earnings Presentation · p. 32 ·
NIM framing
“Delivering sequential NIM growth despite external headwinds”
Deck 2Q25 Earnings Presentation · p. 27 ·
NIM framing
“Consistent NIM growth across quarters”
Deck 3Q25 Earnings Presentation · p. 26 ·
NIM framing
“Strong & sustained NIM growth over consecutive quarters”
Deck 4Q25 Earnings Presentation · p. 24 ·
NIM framing
“NIM resilience reflecting our pricing power”
Deck 1Q26 Earnings Presentation · p. 20 ·
NIM framing
“NIM growth reflecting our execution capability”
Deck 2Q26 Earnings Presentation · p. 21 ·
What they keep talking about · 11
The themes that show up deck after deck, and the ones that disappear.
- 60/30/30
- A tracker slide in 3Q24 and 4Q24 and the 4Q24 headline; last seen on the 1Q25 closing slide, then gone with no word on whether it stands.
- Rule of 50
- New in 2Q26 on the cover, the highlights and the first CEO slide: ROE plus revenue growth at ~50% to 2029, met at 48%.
- ROE
- On the highlights slide of every deck, and up every quarter from 11.9% to 16.3%.
- Clients
- On page one in 3Q24 and 4Q24; 45.3M by 2Q26, about 1.5M a quarter against the 2.5M the 60M target needs.
- Global
- Client and deposit counts through 2Q25, a US bank-licence timeline in 4Q25, then no Global slide at all.
- Payroll
- From R$197M in 1Q25 to R$2.8B by 2Q26, with its own asset-quality slide and a promise of insurance 'soon'.
- Efficiency
- Headline in 3Q25 and 4Q25 as the ratio fell to 45.5%, on an IOC-adjusted definition from 2Q25.
- Asset quality
- 'Stable' through 1Q25, 'resilient' in 2Q25-3Q25, then 'sound ... amid fast portfolio growth' as cost of risk went 4.6% to 5.9%.
- NIM
- Up every quarter on the 1Q25 definition but one; that quarter the title changed from growth to resilience.
- New
- 2Q26: the Rule of 50, an 'expanded' loan book with private securities, ROTE, a cost of risk excluding private payroll.
- Quiet
- The 60/30/30 tracker, global clients and deposits, and the Shopping GMV and loyalty slides all stopped.
Every quarterly report we’ve saved · 9
The press releases and shareholder letters behind this page.
- Q2 2026 release · 6-K 5 Aug 2026
- Q1 2026 release · 6-K 7 May 2026
- Q4 2025 release · 6-K 11 Feb 2026
- Q3 2025 release · 6-K 13 Nov 2025
- Q2 2025 release · 6-K 6 Aug 2025
- Q1 2025 release · 6-K 12 May 2025
- Q4 2024 release · 6-K 6 Feb 2025
- Q3 2024 release · 6-K 14 Nov 2024
- Q2 2024 release · 6-K 7 Aug 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 10% | 10% | 11% | 18% | · | · | 8% | · |
| Growth & sales | 30% | 33% | 15% | 18% | 22% | 17% | 15% | 25% |
| Pricing & margins | 15% | 14% | 11% | 18% | 11% | 33% | 46% | 12% |
| Guidance & outlook | 25% | 19% | 7% | 18% | 17% | · | 15% | 12% |
| Capital & financing | 45% | 38% | 11% | 18% | · | 17% | 23% | 38% |
| Competition | · | 5% | · | 9% | 6% | · | · | · |
| Products & technology | 15% | · | 19% | 18% | 22% | 33% | 8% | 12% |
| Macro & regulation | 5% | · | 4% | 9% | 6% | · | · | 38% |
| Other | 40% | 48% | 59% | 55% | 50% | 50% | 31% | 38% |
| Questions | 20 | 21 | 27 | 11 | 18 | 6 | 13 | 8 |
| How much the CEO talked | 60% | 36% | 25% | 20% | 30% | 25% | 32% | 32% |
Who’s in charge, who’s selling
read from the filings · 5 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · worsening
The chairman's son was paid 53% of all officer pay
R$48.2M for 2025 out of R$102M for all directors and officers; the 20-F says 53% of officer pay went to 'an officer who is a relative of our controlling shareholder'. The committee that reviews it includes the chairman and his daughter, because a controlled company may opt out of Nasdaq's independent-committee rule. The 2026 meeting raised the pay budget 45% to US$29.9M, and the 6-K gives no vote count.
Tier 2 · stable
One family holds 78% of the votes on 26% of the capital
Costellis holds every ten-vote Class B share, with a right to keep its proportion if Class A shares are issued; no sunset was found. Four of ten directors are not independent, the whole board stands every two years, and every resolution passes on the family's votes alone.
Tier 2 · stable
The bank lends to the chairman's other companies
R$274.7M of receivables deals outstanding at end-2025 with four companies the controlling shareholder controls: Atlético Mineiro's football company (R$78.1M), MRV (R$76.9M), Conedi (R$73.5M) and the Arena Vencer stadium company (R$46.2M), about 2.7% of equity.
Tier 2 · worsening
The plan lost its date and the yardsticks changed
60-30-30 by 2027 became a dateless 'North Star' beside a Rule of 50 that a 16% ROE meets. NIM, cost of risk, the efficiency ratio and the loan book were all redefined in twelve months, and the card write-off moved from 360 to 330 days, while all-in cost of risk rose from 4.6% to 5.9%.
Tier 3 · stable
Small insider sales, no purchases, no vote counts
Form 144 notices for $2.2M by six officers and a director in 2025-26, none by the family; no Form 4 and no purchase since reporting began. Three directors filed their Forms 3 five to seven weeks late.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Re-elect all ten directorsA board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | not up | passed, no count | not filed |
| Directors' and officers' pay budgetBoard pay. How much the directors themselves are paid for sitting on the board. | US$20.56M, no count | US$29.9M, no count | not filed |
| Elect James Drummond AllenA board seat. | passed, no count | not up | not filed |
| Amend the articlesChanging the company's rulebook. An amendment to the charter, articles or by-laws, the documents that set out shareholders' rights and how the board is run. | passed, no count | passed, no count | not filed |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Forms 144, Mar '25-Feb '26 | Sold | Note |
|---|---|---|
| Santiago Stel, CFO | $930K | three notices, 123,191 shares |
| Marco Martins, chief legal officer | $731K | 89,000 shares in Aug '25 |
| Ana Luiza Forattini, officer | $200K | 34,537 shares in Mar '25 |