Inter & Co. Sets ‘Rule of 50’ Target as Digital Bank Pushes Growth, ROE Gains

Key Points

• Inter & Co. introduced a new “Rule of 50” framework that combines growth and return on equity, replacing its earlier 60-30-30 plan as the company’s next performance benchmark.
• Management said the digital bank has made strong progress on its prior targets, with clients nearing 44 million, efficiency improving sharply, and ROE rising above 15%; it now aims for about 28% ROE by 2029.
• Inter highlighted its growth engines as deposits, principality, and credit penetration, along with heavy use of AI and risk controls, while emphasizing secured lending and more profitable card products to drive future earnings.

Inter & Co. Inc. NASDAQ: INTR outlined a new growth and profitability framework at its Owners' Day event at Nasdaq, building on its prior 60-30-30 plan and introducing a new “Rule of 50” target that combines revenue growth and return on equity.

Rafaela Vitória, Inter’s Investor Relations Officer, opened the event by saying the company would review its growth roadmap, financial strategy, client engagement, deposits, credit growth, technology, artificial intelligence, risk management and people strategy.

Global Chief Executive Officer João Vitor Menin said Inter has made significant progress since unveiling its 60-30-30 plan in January 2023. That plan targets 60 million clients, a 30% efficiency ratio and 30% ROE. Menin said Inter has “pretty much been on track” across those metrics, citing a near doubling of clients, faster growth in active clients, progress in efficiency and ROE rising from negative levels to above 15%.

Menin also said Inter’s shares had almost tripled since the 60-30-30 plan was introduced, describing that as “a validation” from analysts and investors that the company is executing 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 client relationship.

Inter Introduces “Rule of 50”

Menin introduced Inter’s new “Rule of 50,” which he said will guide the company in the coming years. The framework combines 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 internally balances growth and profitability. Bedoya said the company has operated around 45% to 46% on that combined metric in recent years and is raising the bar to 50%.

Bedoya said Inter remains more confident in reaching the 60-30-30 targets than when they were first announced. He said the company views 60 million clients as “a matter of time,” depending on customer acquisition spending, while efficiency has improved from 75% to 44% and ROE is expected to continue increasing.

Inter provided a medium-term ROE target of about 28% by 2029, within a range of 26% to 30%. Bedoya identified several drivers of future ROE improvement, including credit underwriting, capital efficiency, treasury optimization, cost efficiencies 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 largest ROE driver.

Deposits, Principality and Credit Penetration Drive Execution Plan

Alexandre Riccio, Inter’s Brazil CEO, said the company’s execution plan is organized around three building blocks: principality, deposits and credit penetration.

Chief Client Officer Priscila Rocha said Inter has grown from nearly zero clients in 2015 to more than 44 million clients. She emphasized that scale alone does not create value and said engagement is the key driver of monetization. Rocha said clients who use Inter as their primary financial relationship generate roughly twice the revenue per active client compared with the average client and have “almost zero” churn.

Rodrigo Gouveia, who discussed Inter’s super app, said the company now offers more than 180 products across seven verticals. He highlighted Loop, Inter’s loyalty program, saying clients who use Loop have 2.3 times more product usage than non-Loop clients. He said 18 million clients are already enrolled in Loop and that fee revenue from super app products represents more than 20% of Inter’s total revenue.

Riccio said Inter’s deposit franchise is a central advantage. He said the company now processes 1 billion financial transactions per month, compared with 30,000 monthly transactions when it began scaling digital banking in 2016. He said Inter’s deposits totaled BRL 74 billion in the first quarter of 2026, with assets under custody approaching BRL 200 billion. He also said Inter’s cost of funding is 64% of CDI and that its loan-to-deposit ratio is about 80%.

Credit Strategy Focuses on Secured Lending and Card Profitability

Riccio said Inter has 44 million clients, 25 million active clients and nearly 9 million clients 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 split roughly two-thirds secured and one-third unsecured.

On private payroll loans, Riccio said Inter has built a BRL 2.5 billion portfolio in about one year, with close to 600,000 clients and market share of about 2.4% to 2.5%. He said the company aims to double its market share by 2029. He also said private payroll clients use 50% more products than other clients and generate roughly four times the revenue per active client.

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 increased demand at the top of the funnel to BRL 3.5 billion to BRL 4 billion per month, supported by faster underwriting and about 90% automated decisions.

Riccio also said Inter has reshaped its credit card portfolio to improve profitability. He said the company increased the share of interest-earning balances from 20% to 25% over two years and improved the product’s earnings before tax by 14 percentage points over 24 months.

AI and Risk Management Highlighted as Core Enablers

Chief Information Officer Guilherme Ximenes said Inter has increased average data points per client by 180% since 2024, from 500 to 1,400. He said the company processes 18 million Pix transactions per day and runs 600 million credit predictions per month.

Ximenes said Inter has deployed hundreds of AI agents and surpassed 1 trillion tokens consumed across its AI systems. He said Inter now has 550 AI models in production, compared with 80 in 2024, and has a pipeline of 600 AI use cases.

Credit executive Mauro Rangel said Inter rebuilt its credit platform around governance, underwriting and collections. He said new AI-powered pricing models have expanded from 100 pricing combinations to 100,000, producing specific pricing for individual clients. He said products using the new model are showing net income 10% higher.

Chief Risk Officer Marlos Araujo 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 about 130% of its stage 3 unsecured portfolio and liquidity nearly twice the minimum regulatory requirement.

Management Addresses Asset Quality and Capital Use in Q&A

During the question-and-answer session, Bedoya said Inter expects cost of risk to run around 6% for the remainder of the year, with 50 basis points related to private payroll loans. He said the company expects risk-adjusted NIM for calendar 2026 to be higher than in 2025, despite a more challenging macroeconomic environment in Brazil.

Asked about capital allocation, Menin said Inter remains focused on growth, innovation, new products and potentially new geographies rather than becoming “a bond that just produce yield.” He said the company’s goal is to fuel growth through organic capital formation while balancing growth with ROE under the Rule of 50.

Menin also discussed Inter’s U.S. strategy, saying the company is not trying to compete broadly for U.S. retail clients. Instead, he said Inter is building a U.S. foundation to serve Brazilians, Argentinians 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 framework can deliver “the best combination of growth and ROE” for shareholders.

About Inter & Co. Inc. NASDAQ: INTR

Inter & Co, Inc Is a holding company, which engages in the provision of financial products and services. It operates through the following segments: Banking, Securities, Insurance Brokerage, Marketplace, Asset Management, Service, and Other. The Banking segment offers checking accounts cards, deposits, loans and advances, and other services through mobile application. The Securities segment is involved in the acquisition, sale and custody of securities, the structuring and distribution of securities in the capital market, and the provision of administration services to investment funds.

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