At Inter, the loan portfolio reaches R$ 50 billion. The plan is to maintain a growth rate of 30%.

Inter's first-quarter results showed a strong balance in the main source of revenue for a bank. The gross loan portfolio reached R$ 50 billion, a growth of 33% in 12 months.

According to CFO Santiago Stel, Inter sees room to maintain portfolio growth close to 30% per year, even with a robust base.

“If there’s a balance sheet of R$ 50 billion, a 30% growth rate on a critical mass of that magnitude is no small feat,” Stel tells NeoFeed . “Since we want to maintain our risk profile and policy, we believe 30% is a target number for us to achieve.”

Part of this growth came from credit cards, whose portfolio reached R$ 15.6 billion, an increase of approximately 27% in 12 months. Within this portfolio, Inter increased the share of interest-generating transactions from 21% to 25%, comprised of clients who do not pay the full amount of their bill or who finance purchases and balances with the bank.

According to the company, the strategy is part of a reshaping of its credit card portfolio, seeking greater profitability—even though this also increases portfolio risk. Stel believes the current level remains healthy and there is room for the bank to increase the share of interest-bearing operations in its credit card portfolio.

“I would say that a 70/30 ratio would be closer to our sweet spot . But we don't want this growth to be artificial. It has to be natural,” says the CFO.

Another area that has boosted Inter's portfolio is private payroll loans, which reached R$ 2.5 billion in the first quarter, an increase of R$ 600 million compared to the previous quarter.

Since it still represents a small percentage of the portfolio, Stel believes this is the credit area that should grow the most in the coming quarters, at least proportionally. However, according to the CFO, caution is still required due to the product's low track record.

“There are some unknowns that we need to clarify in order to answer with more confidence what the growth profile should be,” says Stel. “We are quite comfortable with this growth of R$ 600 million, given the information we have today about the product.”

Considering also the credit destined for public employees, payroll loans saw a total growth of 40% in Inter's portfolio, while mortgage financing rose 42% and home equity loans, 43%.

Despite strong portfolio growth, risk indicators also worsened somewhat in the quarter. Delinquency rates above 90 days rose from 4.7% in the previous quarter to 5.1% — the highest level since the third quarter of 2024 — while the cost of risk increased from 5.3% to 5.6%. Excluding the effect of private payroll loans, a line item where provisions are made at the start of the operation, the cost of risk went from 5.0% to 5.1%.

Stel said the decline comes after the bank reduced its default rates throughout last year, amid a more conservative stance in its loan portfolio.

"There is now a marginal increase, which is partly due to our risk appetite, because we are originating more credit cards and private payroll loans, and because the market is a bit more stressed," he says.

At the bottom line, net income was R$ 395 million in the first quarter of 2026, 37.6% higher than that recorded in the same period last year - the result was slightly below the Bloomberg market consensus of R$ 401 million.

With this result, the annualized ROE reached 15.5%, an increase of 265 basis points year-on-year and 40 basis points compared to the previous quarter.

Long-term plan

The bank ended the quarter with 44 million customers, of which 25.8 million were active, raising the activation rate to 58.6%. The customer base is one of the metrics monitored in the 60-30-30 plan, presented by Inter about three years ago, with targets for 2027. The plan projected 60 million customers, an efficiency ratio close to 30%, and an ROE of approximately 30%.

In the first quarter, the efficiency ratio fell to 43.8%, while the annualized ROE stood at 15.5%. According to Stel, the bank is close to the trajectory projected for the third year of the plan, although some metrics are more advanced than others.

“This is a five-year plan. There are still two years left,” says the CFO. “If we were to do a linear interpolation, we are currently very much in line. Some metrics are slightly above, such as customers, and others slightly below, such as ROE, but not far from what the interpolated number would be in the third year.”

Stel avoided saying whether the goals will be maintained on the same terms and stated that Inter will provide an update on the plan at Owner's Day, scheduled for Monday, May 11, in New York.

“In January 2023, the Selic rate was at 13.75%. In 12 months, it was at 15%. All the macroeconomic variables became completely different.”

On Nasdaq, Inter's stock has fallen 7.5% this year, compared to a 16.5% increase over the past 12 months. The bank's market capitalization is US$3.5 billion.