Inter & Co, Inc. (NASDAQ:INTR) Q3 2023 Earnings Conference Call November 6, 2023 11:00 AM ET

Company Participants

João Vitor Menin - CEO

Alexandre Riccio - SVP, Retail Banking

Santiago Stel - SVP, Finance and Risks

Conference Call Participants

Flavio Yoshida - Bank of America

Rafael Frade - Citi

Neha Agarwala - HSBC

Yuri Fernandes - JPMorgan

Eduardo Rosman - BTG

Pedro Leduc - Itau BBA

Thiago Batista - UBS

Operator

Good afternoon, and thank you for standing by. Welcome to the Inter & Co's Third Quarter Earnings Conference Call. Today's speakers are Joao Vitor Menin, Inter's CEO; Alexandre Riccio, Senior Vice President of Retail Banking; and Santiago Stel, Senior Vice President of Finance and Risks.

Please be advised that today's conference is being recorded and a replay will be available at the company's IR website. [Operator Instructions]

Throughout this conference call, we will be presenting non-IFRS financial information. These are important financial measures for the company but are not financial measures as defined by IFRS. Reconciliations of the company's non-IFRS financial information to the IFRS financial information are available in Inter's earnings release and earnings presentation appendix. Today's discussion might include forward-looking statements which are not guarantees of future performance. Please refer to the forward-looking statements disclosure in the company's earnings release and earnings presentation.

Now I would like to yield the floor to Mr. João Vitor Menin. Sir, the floor is yours.

João Vitor Menin

Thank you, operator. Good afternoon, everyone. I'm pleased to announce another record-breaking quarter in our history. We believe that we have successfully entered a virtual cycle that lead us into a sustainable, growing and profitable business model. Once again, we can affirm that our results are no longer a glimpse as we said a few quarters ago, but a clear testament of our long-term profitability potential.

When I reflect on the states in our history, I see 3 clear phases. The first, which was until 2021, focus on growth, creating the full ecosystem of products and gaining market share while creating deep primary relationships with our customers. The second, which took place during 2022 when we had our platform in place and started to prioritize monetization, building the foundations for a business model that was built to last.

Now in the third phase, with the foundations in place, we started 2023 with strong momentum. We continued improving our profitability while reaccelerating our growth profile. As I mentioned before, we have entered a virtuous cycle as we can see on this slide, driven by our innovative DNA in the center. We built a best-in-class financial Super App, delivering the broadest digital offering with a top-notch UX that continuously attracts new clients. As these clients engage more deeply with us, we are generating higher revenues that yields growing profits, making it a sustainable business model. This dynamic then restarts to the beginning by reinforcing our innovative DNA and the cycle keeps moving on and on.