Inter & Co, Inc. (INTR) Form 6-K — Aug 20, 2026
Inter & Co filed a 6-K furnishing an August 2026 investor presentation on its private payroll lending business, delivered via a virtual session with JPM. The private payroll portfolio grew to R$2.8 billion in 2Q26 from R$0.2 billion a year earlier, serving roughly 629,000 clients with about 964,000 contracts at an average ticket of R$4,500 and a 33-month average term. Management sizes the runway at about 48 million CLT workers and a ~R$300 billion potential loan book versus a R$113 billion current TAM, with ~60% of contracts originated through Inter's super app and ~20% through WhatsApp.
Key figures
- Current TAM
- R$113 billion loan book
- Average Term
- 33 months (balance-weighted)
- Potential TAM
- ~R$300 billion loan book across 48 million CLT workers
- Average Ticket
- R$4.5k
- Cost Of Funding
- 14% p.y.
- Illustrative NIM
- 21.6%
- Illustrative ROA
- 3.2%
- Female Client Share
- 59%
- Average Monthly Rate
- 3% p.m.
- Contracts Per Client
- 1.5
- Contract Mix By Channel
- ~60% Inter Super App, ~20% WhatsApp, ~20% CTPS government app
- Illustrative All In ROE
- 32%
- Current TAMPenetration
- 2.5% of current TAM
- Illustrative Cost Of Risk
- 15% p.y.
- Single Contract Breakeven
- ~3 months
- Arpac Vs Inter Average Client
- 3.7x (gross ARPAC)
- Clients With FGTSWithdrawal
- 40% (255k customers)
- Private Payroll Clients2 Q26
- 629 thousand
- Brazilian Loan Market Jun2026
- R$1.3 trillion unsecured personal / R$2.7 trillion secured personal / R$2.6 trillion SME, corporate + rural (as presented)
- Illustrative Efficiency Ratio
- 10.0%
- Illustrative Risk Adjusted NIM
- 6.6%
- Private Payroll Contracts2 Q26
- 964 thousand
- Private Payroll Portfolio2 Q25
- R$0.2 billion
- Private Payroll Portfolio2 Q26
- R$2.8 billion
- Clients With Multiple Contracts
- 25%
- Top5 Bank Share Unsecured Personal
- 63% in 2026, down 14 p.p. from 77% in 2019
- Illustrative ROEBefore IOCCapital
- 29%
- Illustrative NIIPer BRL1bn Portfolio
- R$216 million
- Clients Opening Account After Contract
- 70%
- Illustrative Net Income Per BRL1bn Portfolio
- R$32 million
AI analysis
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