Inter & Co Files 6-K: Q3 2023 Financials & Operations Update

TL;DR

**Inter & Co just dropped its Q3 2023 financials in a 6-K, giving us a fresh look at their performance.**

AI Summary

Inter & Co, Inc. filed a 6-K on January 16, 2024, reporting its financial results for the nine-month period ended September 30, 2023. The filing, under Commission File Number 001-41419, provides an update on the company's operations, liquidity, and capital resources, indicating it files annual reports under Form 20-F. This matters to investors as it offers a recent snapshot of the Brazilian commercial bank's financial health and operational performance, crucial for evaluating its investment potential.

Why It Matters

This filing provides investors with the latest financial data and operational insights for Inter & Co, Inc. for the nine months ended September 30, 2023, allowing them to assess the company's performance and make informed investment decisions.

Risk Assessment

Risk Level: medium — The filing itself is routine, but the financial results it contains could present various levels of risk depending on the company's performance and outlook.

Analyst Insight

A smart investor would review the detailed 'RESULTS OF OPERATIONS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2023' and 'LIQUIDITY AND CAPITAL RESOURCES' sections within the full 6-K document to understand the company's financial performance and stability before making any investment decisions.

Key Numbers

• September 30, 2023 — End of reporting period (The financial results cover the nine-month period ending on this date.)
• January 2024 — Month of report (The 6-K report covers developments for this month.)
• 001-41419 — Commission File Number (Unique identifier for Inter & Co's filings with the SEC.)
• 1934 Act — SEC Act (The Securities Exchange Act under which the report is filed.)

Key Players & Entities

• Inter & Co, Inc. (company) — the registrant filing the 6-K
• Rubens Menin Teixeira de Souza (person) — controlling shareholder of Inter & Co
• Costellis International Limited (company) — vehicle through which Rubens Menin Teixeira de Souza holds equity in Inter & Co
• Banco Inter S.A. (company) — a Brazilian corporation and subsidiary of Inter & Co

Forward-Looking Statements

• Inter & Co will continue to file its annual reports under Form 20-F. (Inter & Co, Inc.) — high confidence, target: 2025-01-01
• The company will provide further details on its 'RECENT DEVELOPMENTS' in subsequent filings. (Inter & Co, Inc.) — medium confidence, target: 2024-04-30

FAQ

Key Financial Figures

• $ — urrency of Brazil. All references to "US$," "dollars" or "U.S. dollars" are to Un
• $1,135.6 million — et interest income increased 106.4% to R$1,135.6 million in the nine-month period ended Septembe
• $550.3 million — h period ended September 30, 2023 from R$550.3 million in the nine-month period ended Septembe
• $3,271.0 million — e . Interest income increased 69.3% to R$3,271.0 million in the nine-month period ended Septembe
• $1,931.8 million — h period ended September 30, 2023 from R$1,931.8 million in the nine-month period ended Septembe
• $2,135.4 million — . Interest expense increased 54.6% to R$2,135.4 million in the nine-month period ended Septembe
• $1,381.5 million — h period ended September 30, 2023 from R$1,381.5 million in the nine-month period ended Septembe
• $829.0 million — ces and commissions increased 38.3% to R$829.0 million in the nine-month period ended Septembe
• $599.3 million — d ended September 30, 2023 compared to R$599.3 million in the nine-month period ended Septembe
• $928.7 million — ces and commissions increased 33.9% to R$928.7 million in the nine-month period ended Septembe
• $693.6 million — h period ended September 30, 2023 from R$693.6 million in the nine-month period ended Septembe
• $99.7 million — ices and commissions increased 5.7% to R$99.7 million in the nine-month period ended Septembe
• $94.3 million — h period ended September 30, 2023 from R$94.3 million in the nine-month period ended Septembe
• $1,202.4 million — come from securities increased 9.7% to R$1,202.4 million in the nine-month period ended Septembe
• $1,095.8 million — period ended September 30, 2023, from R$1,095.8 million in the nine-month period ended Septembe

Filing Documents

• a019_interx6kxprojectxai.htm (6-K) — 785KB
• grafico_intera.jpg (GRAPHIC) — 74KB
• 0001628280-24-001370.txt ( ) — 887KB

From the Filing

Document United States Securities and Exchange Commission Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of January 2024 Commission File Number 001-41419 INTER Co, INC. (Exact name of registrant as specified in its charter) NA (Translation of Registrant's name into English) Av Barbacena, 1.219, 22nd Floor Belo Horizonte, State of Minas Gerais, Brazil, ZIP Code 30 190-131 Telephone +55 (31) 2138-7978 (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Form 40-F TABLE OF CONTENTS Page CERTAIN TERMS AND CONVENTIONS 3 RESULTS OF OPERATIONS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2023 4 LIQUIDITY AND CAPITAL RESOURCES 8 SELECTED STATISTICAL INFORMATION 10 SPECIAL NOTE REGARDING NON-GAAP FINANCIAL MEASURES 18 RECENT DEVELOPMENTS 29 2 CERTAIN TERMS AND CONVENTIONS Unless otherwise indicated or the context otherwise requires, all references to "Inter Co", "Inter" or the "Company," "we," "our," "ours," "us" or similar terms refer to Inter Co, Inc., together with its subsidiaries. All references to "Banco Inter" refer to Banco Inter S.A., a Brazilian corporation and its subsidiaries all references to our "controlling shareholder" are to Mr. Rubens Menin Teixeira de Souza andor Costellis International Limited or any other vehicle through which Mr. Rubens Menin Teixeira de Souza holds his equity interest in Inter Co, as applicable. All references herein to the "real," "reais" or "R$" are to the Brazilian real, the official currency of Brazil. All references to "US$," "dollars" or "U.S. dollars" are to United States dollars. Certain figures in this document have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them. Additionally, acronyms used repeatedly, defined and technical terms, specific market expressions and the full names of our main subsidiaries and other entities referenced in this current report on Form 6-K are explained or detailed in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023, and any amendments thereto, if any ("2022 Form 20-F"). This current report on Form 6-K should be read together with our current report on Form 6-K furnished to the SEC on January 16, 2024 (File No. 001-41419), containing our unaudited condensed consolidated interim financial statements as of September 30, 2023 and for the three-month and nine-month periods ended September 30, 2023 and September 30, 2022 (the "Unaudited Condensed Consolidated Interim Financial Statements"), prepared and presented in accordance with IAS 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB"). 3 RESULTS OF OPERATIONS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2023 The following discussion of our financial condition and results of operations should be read together with our Unaudited Condensed Consolidated Interim Financial Statements, as well as the description of our business contained in Item 4 of our 2022 Form 20-F. This section contains discussions regarding estimates and forward-looking statements that involve risks and uncertainties. Our actual results may differ significantly from those discussed in these estimates and forward-looking statements as a result of various factors, including, without limitation, those described under "Forward-Looking Statements" and "Risk Factors" in our 2022 Form 20-F. Results of Operations for the nine-month period ended September 30, 2023, compared with the nine-month period ended September 30, 2022 The table below sets forth our consolidated interim income statement for the periods indicated. For the Nine-Month Period Ended September 30, 2023 2022 Variation Consolidated Income Statement Data (R$ million) Interest income 3,271.0 1,931.8 69.3 % Interest expense (2,135.4) (1,381.5) 54.6 % Net interest income 1,135.6 550.3 106.4 % Revenues from services and commissions 928.7 693.6 33.9 % Expenses from services and commissions (99.7) (94.3) 5.7 % Net result from services and commissions 829.0 599.3 38.3 % Income from securities 1,202.4 1,095.8 9.7 % Net gain (losses) from derivatives (5.8) 13.9 n.m. (1) Other revenues 278.5 301.5 -7.6 % Net revenues 3,439.6 2,560.8 34.3 % Impairment losses on financial assets (1,157.1) (818.5) 41.4 % Other administrative expenses (1,331.8) (1,285.2) 3.6 % Personnel expenses (569.3) (493.8) 15.3 % Depreciation and amortization (119.3) (107.6) 10.9 % Income before taxes and interests in associates 262.1 (144.3) n.m. (1) Income from equity interests in associates (30.6) (14.0) 118.6 % Profit (loss) before income tax 231.5 (158.3) n.m. (1) Income tax benefit (39.0)

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View this 6-K filing on SEC EDGAR