Inter reported a net profit of R$ 421 million in its second-quarter earnings report, released after the close of trading on Wednesday, August 5th. This result was 34% higher than the same period last year, but only 6.7% higher than the previous quarter .
This marks the thirteenth consecutive quarter of profit growth, exceeding market expectations, which anticipated a slight decline compared to the previous quarter, to approximately R$ 410 million.
The fintech's net revenue totaled R$ 2.6 billion in the quarter, a 32% increase compared to the same period in 2025, while expenses rose 19% year-on-year. Inter's efficiency ratio reached 42%, and the return on equity (ROE) hit 16.3%. The net interest margin (NIM), in turn, exceeded 10% for the first time, closing at 10.1%.
Despite progress in key metrics, the company acknowledges a decline in credit quality indicators, attributed to its credit card and private payroll loan segments.
Delinquency rates exceeding 90 days, the indicator most closely monitored by the market, stood at 5.3% during the period, compared to 4.6% in the same period last year, while delinquency rates between 15 and 90 days rose 0.7 percentage points to 4.8%. The bank's total loan portfolio closed at R$ 52 billion, a 29% increase, excluding securities and other financial instruments.
Relatively new to Inter's portfolio, private payroll loans have suffered from the effect of the advance provisioning of this product. Since the payment for a private payroll loan is deducted directly from the paycheck, when the client changes jobs, it is necessary to re-link the deduction to the new employer—a process that can take some time. During this interval, the installment remains outstanding, even if the client has not, in fact, stopped making payments.
“Expenses come first, and revenue only arrives in subsequent quarters — this is what we call upfront provisioning , and this consumes even more [the short-term result],” says Santiago Stel, CFO of Inter, in an interview with NeoFeed .
Although he did not break down the indicator by credit line, Stel said that delinquency in that area is in "double digits." "Public sector payroll loans have a delinquency rate of around 4% per year. Private sector payroll loans have more than 10%," Stel states.
The CFO says that this increase is largely a result of operational effects — and not necessarily a worsening of credit risk — and that the trend is downward over time. "In our opinion, it should go to single digits — but how quickly that will happen is difficult to predict."
According to the CFO, the portfolio's maturation is still expected to take some time, and until then, delinquency in this new segment may continue to rise as the bank accelerates growth in private payroll loans. "It should take a few more quarters [for this portfolio to mature], as we are in a very high investment cycle."
In the second quarter, Inter's private payroll loan portfolio increased from R$2.5 billion to R$2.8 billion. Although still expanding, the growth rate represented a slowdown compared to the previous quarter, when the portfolio saw a nominal increase of R$600 million.
Stel, however, states that the plan is to continue expanding this line of credit. “It’s still a product with a 30% ROE. With the risk involved, it’s extremely profitable. We will do more, as much as we can sell to our customer base.”
In the credit card segment, already a mature part of Inter's portfolio, the increase in delinquency is explained by the change in strategy, with greater exposure to customers who do not pay their bill in full — which generates more revenue.
The change, Stel explains, has been occurring over the last few years. Since 2024, for example, the mix of customers who pay their bill in full has fallen from 80% to 74% today, with the remaining 26% concentrated in financial products — installment plans and revolving credit, which accrue interest.
The credit card portfolio jumped from R$10 billion to R$16 billion during the period, and interest revenue from the product grew 64%, from approximately R$400 million to R$700 million.
