By Kylie Madry
Aug 7 (Reuters) - Brazilian Digital Bank Inter&Co Intr.o Reported on Wednesday That Its Net Income in the Second Quarter More Than Tripled, Helped by a Larger Customer Base and Larger Return on Equity.
Inter&Co's Profit Rose to 223 Million Reais ($39.42 Million) in the Quarter, Compared With 64 Million Reais in the Same Period Last Year.
The Firm's Return on Equity (ROE) - a Measure of Financial Performance - Topped Double-Digits for the First Time Ever, Hitting 10.4%, and up From an ROE of 3.6% in the Second Quarter of 2023.
"Our Combination of Growth and Profitability Is Propelling US to New Heights," CEO Joao Vitor Menin Said in a Statement. "the Execution of Our 60/30/30 Plan Continues at Full Speed."
Inter&Co Has Targeted 60 Million Clients, a 30% ROE and a 30% Efficiency Ratio by 2027.
Inter&Co Reported More Than 33 Million Clients at the End of the Quarter, Up From Just Under 28 Million a Year Earlier. Of the 33 Million, Just Over 55% Were Considered Active Clients.
The Company Also Said That 3.3 Million Clients Hold a U.S. Dollar-Denominated Account, Which Inter&Co Calls a Global Account. Menin Told Reuters in June That if Growth Rates Held up, Around 6 Million of Its Total Target Clients Could Hold Global Accounts by 2027.
The Bank's Total Payment Volume Grew 47% Year-Over-Year to 290 Billion Reais.
($1 = 5.6567 Reais)
(Reporting by Kylie Madry; Editing by Leslie Adler)
