Inter & Co, Inc. (NASDAQ:INTR) Q1 2024 Earnings Conference Call May 9, 2024 1:00 PM ET
Company Participants
João Vitor Menin - Chief Executive Officer
Alexandre Riccio - Senior Vice President, Retail Banking
Santiago Stel - Senior Vice President, Finance & Risks
Conference Call Participants
Tito Labarta - Goldman Sachs
Thiago Batista - UBS
Pedro Leduc - Itau BBA
Neha Agarwala - HSBC
Flavio Yoshida - Bank of America
Yuri Fernandes - JPMorgan
Ricardo Buchpiguel - BTG
Operator
Good afternoon and thank you for standing by. Welcome to Inter & Co's First Quarter Earnings Conference Call. Today's speakers are João Vitor Menin Inter's CEO; Alexandre Riccio, Senior Vice President of Retail Banking; and Santiago Stel, Senior Vice President of Finance and Risk.
Please be advised that today's conference is being recorded and a replay will be available at the company's IR website. At this time, all participants are in listen only mode. After the prepared remarks, there will be a question-and-answer session. [Operator Instructions]
Throughout this conference call, we will be presenting non-IFRS financial information. These are important financial measures for the company, but are non-financial measures as defined by IFRS.
Reconciliations of the company's non-IFRS financial information to the IFRS financial information are available in Inter & Co 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. Hello everyone. Thanks for joining us for our first Q earnings release. As we generally, do I will start with a quick overview of our strategy to then pass it to Alexandre and Santi to cover the rest of the presentation. I will then close with a final remark and open it for Q&A session.
Jumping to Page 5, I will start with a quick update on this quarter performance and how this connects to our North Star, which is the 60/30/30 plan. I'm glad to say that we reached almost 32 million clients this quarter. This increase in number of clients came together with an increase in our activation rate. We reached 55%, an improvement of 86 bps just this quarter.
On efficiency ratio, we continue making great progress quarter-by-quarter. It stands today at 47.7%, which implies a strong improvement of 3.6 percentage points again just this quarter.