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Inter & Co. Inc. is a holding company whose main operating business is Banco Inter, a licensed Brazilian bank. Individuals and small businesses use the Inter app for everyday banking, payments and borrowing. Their accounts also give them access to other financial services and shopping, while customer deposits supply much of the funding for the bank’s loans and investments.
Banking generates most revenue. Inter earns interest from borrowers and income from securities, notably Brazilian government bonds, while paying interest on its funding. It also receives fees when customers use Inter-issued debit and credit cards. Smaller businesses earn fees from investment services and commissions from distributing partner insurers’ policies and selling partners’ goods and services through Inter Shop.
The business depends on retaining deposits, borrowers repaying loans and the difference between asset returns and funding costs. Real-estate lending accounts for a substantial part of its credit portfolio. Brazilian capital and compulsory-reserve rules limit how much it can lend and invest. At the holding-company level, cash to meet expenses depends on payments from subsidiaries.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Nu Holdings’ Nubank competes with Inter for Brazilian consumers and small businesses using mobile accounts, deposits, cards, loans and investments. Nubank’s Brazilian customer activity is worth watching for the competition Inter faces in turning app users into regular banking customers.
PicS N.V.’s PicPay competes with Inter for Brazilian consumers using apps to pay, bank, borrow, invest and shop. PicPay’s wallet and banking revenue is the clearest place to watch: these services are the foundation of its growth, much as the digital account anchors Inter’s broader offering.
AGI Inc competes with Inter to lend against salaries and benefits and provide related banking services to Brazilian workers and benefit recipients. AGI’s lending to private-sector workers is especially relevant to Inter’s push into private payroll loans, where Inter sees opportunities to sell more products and improve margins.
Itaú Unibanco competes with Inter for Brazilian retail customers buying loans, cards, investments and insurance. Its individual-loan business offers a concrete gauge of that rivalry: Itaú was Brazil’s largest privately owned bank in individual loans at December 31, 2025, with a 10.7% share.
Banco Bradesco competes with Inter for deposits, loans and card business from Brazilian individuals and companies. Its historically strong presence among middle- and low-income customers makes that customer group particularly relevant when watching Inter’s consumer banking competition.
Santander Brasil competes with Inter for Brazilian individuals and small businesses buying banking and credit services. Its combination of digital platforms, remote service and physical stores is worth watching against Inter’s app-based accounts and lending.
PagSeguro Digital’s PagBank competes with Inter for Brazilian individuals and businesses using digital banking, cards, investments and app-based financial services. PagBank’s combination of merchant payment acceptance and banking is worth watching alongside Inter’s accounts and Inter Pag card-payment services.
XP Inc. competes with Inter for Brazilian investors’ money through platforms offering securities and other financial products. Watch the additional assets XP attracts from existing clients: these help drive its revenue and provide a useful comparison for Inter’s investment assets under custody.
StoneCo competes with Inter to provide Brazilian small businesses with banking, payment and credit services. Its Stone offering combines merchant payments and banking in one solution, making adoption by small businesses a useful watchpoint for Inter’s business accounts, Inter Pag and lending.
Housing Starts (Sep)
U.S. housing reports track homebuilding and sales, which can affect Inter’s U.S. mortgage borrowers’ ability to repay and the value it can recover from property collateral.
Expected1.31MLast release1.275M
If it comes in above expectations
If the reading is above the 1.31M estimate, it is above the previous 1.275M. More homebuilding and sales than expected may support property-market conditions and collateral values, helping Inter’s U.S. mortgage borrowers and recovery on those loans; weaker activity may put them under more pressure.
If it comes in below expectations
Less homebuilding and sales than expected may weaken property-market conditions and collateral values, putting Inter’s U.S. mortgage borrowers and recovery on those loans under more pressure; stronger activity may ease it.
Banco Bradesco S.A. earningsBBD
Bradesco’s report will show whether Brazilian consumers are still borrowing and using cards, a useful read on the retail-banking market where it competes with Inter.
Look for growth in Bradesco’s individual lending and card business, alongside what it says about activity among middle- and lower-income customers. Growth in both would suggest demand remains supportive in the retail market Inter is pursuing; weakness would mean more pressure on Inter to grow loans and payment income.
Inter & Co. Inc. earningsThis company
Inter & Co earns most of its revenue from banking, and this report will show whether loan and card income can outpace the cost of deposits and credit losses.
Read net interest income and service and commission revenue alongside interest expense and impairment losses on financial assets. If the income lines grow faster, loans, card use and other customer activity are bringing in more than deposits and credit losses consume. If funding expense and impairments rise faster, revenue growth is translating less into profit and Inter’s credit expansion is harder to sustain.
