Inter ended 2025 consolidating accelerated growth with sustainable profitability. This was an equation that the market always questioned in the digital banking model, but the financial institution expanded its loan portfolio by 36% last year – more than three times the pace of the Brazilian market – increased net profit by 45% and achieved a return on equity (ROE) of 15.1%.

“We have two clear constraints. Not sacrificing the future for a prettier present and not offering products that don’t make sense for the customer,” says Santiago Stel , CFO of Inter&Co, to NeoFeed .

Inter's growth was concentrated in lines considered more structural and resilient, such as private payroll loans, home equity loans, mortgage loans, and cards aimed at transactional clients.

"These are products that are good for the customer and good for the future quality of the portfolio. We're not talking about 'clean' credit with more volatile risk," says the CFO.

The real estate portfolio grew almost 50% in the year, while private payroll loans , which are operated end-to-end through the digital bank's SuperApp, consolidated itself as one of the highlights. This led to a 45% year-on-year increase in net profit, reaching R$ 1.3 billion in 2025.

In addition to portfolio growth, Inter improved its unit profitability. The average monthly revenue per active customer (ARPAC) reached R$ 35, while the cost to serve was R$ 13.80, resulting in a record net margin of R$ 21.20 per customer per month.

“The bank has a lot of operational leverage. We can absorb a much larger volume of business, and this growth comes in with a higher incremental margin,” Stel stated.

Tech metrics

The combination of expanding the customer base, deepening relationships, and efficiency sustained the profit growth, with a 15% ROE and the "rule of 40" thesis.

By combining revenue growth close to 30% with an ROE of 15%, the bank achieves a total of approximately 45% – above the so-called “rule of 40,” a metric used in the technology sector to assess the balance between expansion and return generation. “The 40% level is considered excellent, and we are above that,” says Stel.

A return on equity above 15% marks a new phase for Inter, which for years prioritized growth of its base and the building of its ecosystem. According to Stel, the trajectory of consistent improvement in ROE, which has been sustained over the last few quarters, is likely to continue.

“Profit goes into equity and finances future growth. We need to find that ‘sweet spot’ between expansion and profitability,” says the CFO.

Although it added 4.4 million active customers during the year, reaching 25 million active customers - out of a total of 43.1 million - Inter sees significant room to expand revenue within its own customer base.

Today, the loan portfolio divided by the number of active clients results in approximately R$ 2,000 per client, a level considered low by the bank.

"There is a lot of room to expand credit revenue within our existing customer base. The existing inventory is large and has significant potential," says Stel.

For 2026, the strategy remains focused on continuing to add approximately 1 million active customers per quarter, deepening monetization, and expanding the market share of higher-quality, higher-return products.

On Nasdaq , Inter's stock has accumulated a 68.6% increase in value over the past 12 months, up to February 10th. By 2025, the increase is 9.55%. The market capitalization is US$4.1 billion – approximately R$21.2 billion.