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United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2024
Commission File Number 132-02847
INTER & Co, INC.
(Exact name of registrant as specified in its charter)
N/A
(Translation of Registrant’s executive offices)
Av Barbacena, 1.219, 22nd Floor
Belo Horizonte, Brazil, ZIP Code 30 190-131
Telephone: +55 (31) 2138-7978
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐ No ☒
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Unaudited condensed consolidated interim financial statements
As of for the twelve-months period ended
September 30, 2023
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent events |
|
|
|
|
|
|
|
|
Unaudited condensed consolidated interim balance sheets As of September 30, 2023 and December 31, 2022 (Amounts in thousands of Brazilian reais) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note |
|
09/30/2023 |
|
12/31/2022 |
Assets |
|
|
|
|
|
Cash and cash equivalents |
8 |
|
4,297,078 |
|
|
1,331,648 |
|
Amounts due from financial institutions |
9 |
|
3,474,244 |
|
|
4,258,856 |
|
Compulsory deposits at Central Bank of Brazil |
|
|
2,190,872 |
|
|
2,854,778 |
|
Securities |
10 |
|
14,908,297 |
|
|
12,448,565 |
|
Derivative financial assets |
11 |
|
9,389 |
|
|
— |
|
Loans and advances to customers, net of provisions for expected loss |
12 |
|
25,296,620 |
|
|
21,379,916 |
|
Non-current assets held for sale |
13 |
|
169,347 |
|
|
166,943 |
|
Equity accounted investees |
14 |
|
71,884 |
|
|
72,090 |
|
Property and equipment |
15 |
|
173,677 |
|
|
188,019 |
|
Intangible assets |
16 |
|
1,322,350 |
|
|
1,238,629 |
|
Deferred tax assets |
33.c |
|
1,071,248 |
|
|
978,148 |
|
Other assets |
17 |
|
2,093,833 |
|
|
1,425,508 |
|
Total assets |
|
|
55,078,840 |
|
|
46,343,100 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Liabilities with financial and similar institutions |
18 |
|
9,418,245 |
|
|
7,906,897 |
|
Liabilities with customers |
19 |
|
29,063,988 |
|
|
23,642,804 |
|
Securities issued |
20 |
|
7,462,565 |
|
|
6,202,165 |
|
Derivative financial liabilities |
11 |
|
21,059 |
|
|
37,768 |
|
Borrowing and onlending |
21 |
|
87,649 |
|
|
36,448 |
|
Income tax and social contribution |
|
|
274,478 |
|
|
114,493 |
|
Other tax liabilities |
|
|
58,368 |
|
|
52,372 |
|
Tax liabilities |
22 |
|
332,846 |
|
|
166,865 |
|
Provisions |
23 |
|
35,040 |
|
|
57,449 |
|
Deferred tax liabilities |
33.c |
|
28,895 |
|
|
30,073 |
|
Other liabilities |
24 |
|
1,260,327 |
|
|
1,173,527 |
|
Total liabilities |
|
|
47,710,614 |
|
|
39,253,996 |
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
Share capital |
25.a |
|
13 |
|
|
13 |
|
Reserves |
25.b. |
|
7,998,213 |
|
|
7,817,670 |
|
Other comprehensive income |
25.c |
|
(729,442) |
|
|
(825,301) |
|
Treasury shares |
25.g |
|
(8,417) |
|
|
— |
|
Equity attributable to owners of the Company |
|
|
7,260,367 |
|
|
6,992,382 |
|
Non-controlling interest |
25.f |
|
107,859 |
|
|
96,722 |
|
Total equity |
|
|
7,368,226 |
|
|
7,089,104 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
55,078,840 |
|
|
46,343,100 |
|
The notes are an integral part of these condensed consolidated interim financial statements.
2
|
|
|
|
|
|
|
Unaudited condensed consolidated interim income statements
For the quarters ended September 30, 2023 and 2022
(Amounts in thousands of Brazilian reais, except for earnings per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
Nine-month period |
|
Note |
|
09/30/2023 |
|
09/30/2022 |
|
09/30/2023 |
|
09/30/2022 |
Interest income |
26 |
|
1,106,935 |
|
|
788,343 |
|
|
3,270,967 |
|
|
1,931,815 |
|
Interest expenses |
26 |
|
(770,398) |
|
|
(579,678) |
|
|
(2,135,375) |
|
|
(1,381,490) |
|
Net interest income |
|
|
336,537 |
|
|
208,665 |
|
|
1,135,592 |
|
|
550,325 |
|
|
|
|
|
|
|
|
|
|
|
Revenues from services and commissions |
27 |
|
347,780 |
|
|
248,862 |
|
|
928,657 |
|
|
693,596 |
|
Expenses from services and commissions |
|
|
(32,271) |
|
|
(31,833) |
|
|
(99,672) |
|
|
(94,303) |
|
Net result from services and commissions |
|
|
315,509 |
|
|
217,029 |
|
|
828,986 |
|
|
599,293 |
|
|
|
|
|
|
|
|
|
|
|
Income from securities |
|
|
429,393 |
|
|
340,982 |
|
|
1,202,355 |
|
|
1,095,841 |
|
Net gains / (losses) from derivatives |
|
|
52,627 |
|
|
5,941 |
|
|
(5,753) |
|
|
13,920 |
|
Other revenues |
28 |
|
131,430 |
|
|
77,687 |
|
|
278,465 |
|
|
301,466 |
|
Net revenues |
|
|
1,265,496 |
|
|
850,304 |
|
|
3,439,645 |
|
|
2,560,845 |
|
|
|
|
|
|
|
|
|
|
|
Impairment losses on financial assets |
29 |
|
(407,899) |
|
|
(263,113) |
|
|
(1,157,140) |
|
|
(818,523) |
|
Other administrative expenses |
30 |
|
(456,949) |
|
|
(441,490) |
|
|
(1,331,766) |
|
|
(1,285,207) |
|
Personnel expenses |
31 |
|
(210,661) |
|
|
(176,232) |
|
|
(569,322) |
|
|
(493,818) |
|
Depreciation and amortization |
|
|
(40,561) |
|
|
(35,620) |
|
|
(119,268) |
|
|
(107,609) |
|
Income before taxes and interests in associates |
|
|
149,426 |
|
|
(66,151) |
|
|
262,149 |
|
|
(144,312) |
|
|
|
|
|
|
|
|
|
|
|
Income from equity interests in associates |
14 |
|
(4,071) |
|
|
(3,892) |
|
|
(30,597) |
|
|
(13,954) |
|
Profit (loss) before income tax |
|
|
145,355 |
|
|
(70,043) |
|
|
231,552 |
|
|
(158,266) |
|
|
|
|
|
|
|
|
|
|
|
Current income tax and social contribution |
|
|
(125,932) |
|
|
(11,165) |
|
|
(215,962) |
|
|
(96,428) |
|
Deferred income tax and social contribution |
|
|
84,738 |
|
|
51,613 |
|
|
176,960 |
|
|
211,802 |
|
Income tax benefit |
32 |
|
(41,194) |
|
|
40,448 |
|
|
(39,002) |
|
|
115,374 |
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
|
|
104,161 |
|
|
(29,595) |
|
|
192,550 |
|
|
(42,892) |
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) attributable to: |
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
|
91,292 |
|
|
(30,008) |
|
|
151,443 |
|
|
(43,326) |
|
Non-controlling interest |
|
|
12,870 |
|
|
413 |
|
|
41,107 |
|
|
434 |
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share |
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
25.e |
|
0.23 |
|
|
(0.07) |
|
|
0.38 |
|
|
(0.11) |
|
Diluted earnings (loss) per share |
25.e |
|
0.23 |
|
|
(0.07) |
|
|
0.38 |
|
|
(0.11) |
|
The notes are an integral part of these condensed consolidated interim financial statements.
3
|
|
|
|
|
|
|
Unaudited condensed consolidated interim statements of comprehensive income For the quarters ended September 30, 2023 and 2022 (Amounts in thousands of Brazilian reais) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
Nine-month period |
|
09/30/2023 |
|
09/30/2022 |
|
09/30/2023 |
|
09/30/2022 |
|
|
|
|
|
|
|
|
Profit (loss) for the period |
104,161 |
|
|
(29,595) |
|
|
192,550 |
|
|
(42,892) |
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
Items that are or may be reclassified subsequently to the income statement: |
|
|
|
|
|
|
|
Change in fair value - financial assets at FVOCI |
(98,003) |
|
|
94,465 |
|
|
177,437 |
|
|
(139,394) |
|
Related tax - financial assets FVOCI |
44,100 |
|
|
(59,715) |
|
|
(79,848) |
|
|
62,233 |
|
Net change in fair value - financial assets at FVOCI |
(53,903) |
|
|
34,750 |
|
|
97,589 |
|
|
(77,161) |
|
|
|
|
|
|
|
|
|
Hedge of net investments in operations abroad |
(4,351) |
|
|
(1,860) |
|
|
6,717 |
|
|
(8,692) |
|
Fair value change |
(7,909) |
|
|
(1,860) |
|
|
6,841 |
|
|
(8,692) |
|
Tax effect |
3,558 |
|
|
— |
|
|
(124) |
|
|
— |
|
|
|
|
|
|
|
|
|
Current translation adjustment in foreign entities |
11,039 |
|
|
1,860 |
|
|
(8,468) |
|
|
(1,979) |
|
|
|
|
|
|
|
|
|
Effects of corporate reorganization on non-controlling interest without change in control |
— |
|
|
(51,955) |
|
|
— |
|
|
(665,673) |
|
|
|
|
|
|
|
|
|
Others |
(3) |
|
|
— |
|
|
21 |
|
|
— |
|
Other comprehensive income that may be reclassified subsequently to the income statement |
(47,218) |
|
|
(17,205) |
|
|
95,859 |
|
|
(753,505) |
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the period |
56,943 |
|
|
(46,800) |
|
|
288,409 |
|
|
(796,397) |
|
Allocation of comprehensive income |
|
|
|
|
|
|
|
To owners of the company |
44,074 |
|
|
(47,213) |
|
|
247,302 |
|
|
(796,831) |
|
To non-controlling interest |
12,870 |
|
|
413 |
|
|
41,107 |
|
|
434 |
|
The notes are an integral part of these condensed consolidated interim financial statements.
4
|
|
|
|
|
|
|
Unaudited condensed consolidated interim statements of cash flows
For the quarters ended September 30, 2023 and 2022
(Amounts in thousands of Brazilian reais)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
09/30/2022 |
Operating activities |
|
|
|
|
Profit (loss) for the period |
|
192,550 |
|
|
(42,892) |
|
Adjustments to profit (loss) |
|
|
|
|
Depreciation and amortization |
|
119,268 |
|
|
107,609 |
|
Result of equity interests in associates |
|
30,597 |
|
|
13,954 |
|
Impairment losses on financial assets |
|
1,157,140 |
|
|
818,523 |
|
Expenses with provisions |
|
27,104 |
|
|
20,218 |
|
Deferred Income tax and social contribution |
|
215,962 |
|
|
96,428 |
|
Current income tax and social contribution |
|
(176,960) |
|
|
(211,802) |
|
Provisions/ (reversals) for loss of assets |
|
(20,646) |
|
|
23,363 |
|
Other capital gains (losses) |
|
(34,428) |
|
|
(63,565) |
|
Provision for performance income |
|
(104,840) |
|
|
(123,702) |
|
Result of foreign exchange variation |
|
(67,769) |
|
|
(73,733) |
|
|
|
|
|
|
(Increase)/ decrease in: |
|
|
|
|
Compulsory deposits at Central Bank of Brazil |
|
663,906 |
|
|
(286,755) |
|
Loans and advances to customers, net of provision for expected loss |
|
(5,073,844) |
|
|
(4,103,996) |
|
Amounts due from financial institutions |
|
784,612 |
|
|
(1,365,638) |
|
Securities |
|
443,693 |
|
|
(619,343) |
|
Derivative financial assets |
|
(9,389) |
|
|
86,367 |
|
Non-current assets held for sale |
|
(2,404) |
|
|
(35,910) |
|
Other assets |
|
(424,299) |
|
|
(119,103) |
|
Increase/ (decrease) in: |
|
|
|
|
Liabilities with financial institutions |
|
1,511,348 |
|
|
2,008,000 |
|
Liabilities with customers |
|
5,421,184 |
|
|
3,118,483 |
|
Securities issued |
|
1,260,400 |
|
|
3,344,826 |
|
Derivative financial liabilities |
|
(16,709) |
|
|
(26,198) |
|
Borrowing and onlending |
|
50,394 |
|
|
8,048 |
|
Tax liabilities |
|
130,814 |
|
|
26,197 |
|
Provisions |
|
(49,513) |
|
|
(13,846) |
|
Other liabilities |
|
112,543 |
|
|
(335,226) |
|
Income tax paid |
|
(180,795) |
|
|
(47,305) |
|
Net cash from operating activities |
|
5,959,919 |
|
|
2,203,002 |
|
|
|
|
|
|
Cash flow from investing activities |
|
|
|
|
Capital increase in afilliate |
|
11,564 |
|
|
— |
|
Acquisition of investments, net of cash acquired |
|
(14,426) |
|
|
(545,983) |
|
Acquisition of property and equipment |
|
(12,974) |
|
|
(33,330) |
|
Proceeds from sale of property and equipment |
|
— |
|
|
1,516 |
|
Acquisition of intangible assets |
|
(194,228) |
|
|
(108,813) |
|
Acquisition of financial assets at FVOCI |
|
(15,747,029) |
|
|
(7,306,475) |
|
Proceeds from sale of financial assets at FVOCI |
|
12,801,310 |
|
|
7,663,646 |
|
Acquisition of financial assets at FVTPL |
|
(590,236) |
|
|
(530,160) |
|
Proceeds from sale of financial assets at FVTPL |
|
730,119 |
|
|
99,393 |
|
Net cash used in investing activities |
|
(3,015,900) |
|
|
(760,206) |
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
Dividends and interest on shareholders' equity paid |
|
(19,704) |
|
|
— |
|
Repurchase of treasury shares |
|
(16,409) |
|
|
— |
|
Payment to shareholders of subsidiary |
|
— |
|
|
(1,178,665) |
|
Acquisition of fund's shares |
|
(10,245) |
|
|
— |
|
Net cash used in financing activities |
|
(46,358) |
|
|
(1,178,665) |
|
|
|
|
|
|
Increase in cash and cash equivalents |
|
2,897,661 |
|
|
264,131 |
|
Cash and cash equivalents at the beginning of the period |
|
1,331,648 |
|
|
500,446 |
|
Effect of the exchange rate variation on cash and cash equivalents |
|
67,769 |
|
|
73,733 |
|
Cash and cash equivalents at the end of the period |
|
4,297,078 |
|
|
838,310 |
|
The notes are an integral part of these condensed consolidated interim financial statements.
5
|
|
|
|
|
|
|
Unaudited condensed consolidated interim statements of changes in equity For the quarters ended September 30, 2023 and 2022 (Amounts in thousands of Brazilian reais) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
Reserves |
|
Other comprehensive income |
|
Retained earnings / accumulated losses |
|
Treasury shares |
|
Equity attributable to owners of the Company |
|
Non-controlling interest |
|
Total equity |
Balance as of January 1, 2022 |
|
13 |
|
|
2,728,396 |
|
|
(72,284) |
|
|
— |
|
|
— |
|
|
2,656,125 |
|
|
5,793,659 |
|
|
8,449,784 |
|
Profit (loss) for the nine-month period |
|
— |
|
|
— |
|
|
— |
|
|
(43,326) |
|
|
— |
|
|
(43,326) |
|
|
434 |
|
|
(42,892) |
|
Constitution/ reversion of reserves |
|
— |
|
|
(43,326) |
|
|
— |
|
|
43,326 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net change in fair value - financial assets at FVTOCI |
|
— |
|
|
— |
|
|
(77,161) |
|
|
— |
|
|
— |
|
|
(77,161) |
|
|
— |
|
|
(77,161) |
|
Foreign exchange differences on the translation of foreign operations |
|
— |
|
|
— |
|
|
(10,671) |
|
|
— |
|
|
— |
|
|
(10,671) |
|
|
— |
|
|
(10,671) |
|
Effects of corporate reorganization |
|
— |
|
|
5,185,116 |
|
|
(665,673) |
|
|
— |
|
|
— |
|
|
4,519,443 |
|
|
(5,698,108) |
|
|
(1,178,665) |
|
Balance as of September 30, 2022 |
|
13 |
|
|
7,870,186 |
|
|
(825,789) |
|
|
— |
|
|
— |
|
|
7,044,410 |
|
|
95,985 |
|
|
7,140,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2023 |
|
13 |
|
|
7,817,670 |
|
|
(825,301) |
|
|
— |
|
|
— |
|
|
6,992,382 |
|
|
96,722 |
|
|
7,089,104 |
|
Profit (loss) for the period |
|
— |
|
— |
|
— |
|
151,443 |
|
— |
|
151,443 |
|
41,107 |
|
192,550 |
|
Proposed allocations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constitution/ reversion of reserves |
|
— |
|
|
151,443 |
|
|
— |
|
|
(151,443) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Interest on equity / dividends |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(19,704) |
|
|
(19,704) |
|
Foreign exchange differences on the translation of foreign operations |
|
— |
|
|
— |
|
|
(8,468) |
|
|
— |
|
|
— |
|
|
(8,468) |
|
|
— |
|
|
(8,468) |
|
Gains and losses - Hedge |
|
— |
|
|
— |
|
|
6,717 |
|
|
— |
|
|
— |
|
|
6,717 |
|
|
— |
|
|
6,717 |
|
Net change in fair value - financial assets at FVOCI |
|
— |
|
|
— |
|
|
97,589 |
|
|
— |
|
|
— |
|
|
97,589 |
|
|
— |
|
|
97,589 |
|
Share-based payment transactions |
|
— |
|
|
(7,992) |
|
|
— |
|
|
— |
|
|
7,992 |
|
|
— |
|
|
— |
|
|
— |
|
Reflex reserve |
|
— |
|
|
37,092 |
|
|
— |
|
|
— |
|
|
— |
|
|
37,092 |
|
|
— |
|
|
37,092 |
|
Repurchase of treasury shares |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(16,409) |
|
|
(16,409) |
|
|
— |
|
|
(16,409) |
|
Others |
|
— |
|
|
— |
|
|
21 |
|
|
— |
|
|
— |
|
|
21 |
|
|
(10,266) |
|
|
(10,245) |
|
Balance as of September 30, 2023 |
|
13 |
|
|
7,998,213 |
|
|
(729,442) |
|
|
— |
|
|
(8,417) |
|
|
7,260,367 |
|
|
107,859 |
|
|
7,368,226 |
|
The notes are an integral part of these condensed consolidated interim financial statements.
6
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
Notes to the unaudited condensed consolidated interim financial statements
(Amounts in thousands of Brazilian reais)
1.Activity and structure of Inter & Co, Inc. and its subsidiaries
Inter & Co, Inc. (“Inter & Co” or “Company”, together with its consolidated subsidiaries, the “Group”), formerly Inter Platform Inc, is a Cayman Island exempted company with limited liability, incorporated on January 26, 2021. On May 7, 2021, Inter & Co, Inc., began a corporate reorganization involving two new non-operating companies with no material assets, liabilities or contingencies: the Company, and Inter Holding Financeira S.A. (HoldFin), located in Brazil. The Company and HoldFin have become the indirect and direct shareholders of Banco Inter S.A (“Inter” or “Banco Inter”), respectively, thus the ultimate shareholders of Inter and their voting and non-voting interest were the same before and after this corporate reorganization.
Inter & Co, Inc. is currently the entity which is registered with the U.S. Securities and Exchange Commission (“SEC”). The common shares are traded on the Nasdaq under the symbol “INTR” and its Brazilian Depositary Receipts (“BDRs”) are traded on B3 - Brasil, Bolsa, Balcão (“B3”), the Brazilian stock exchange, under the symbol “INBR32”.
Banco Inter was a publicly held company with equity securities listed on B3 since April 2018. On June 23, 2022, Inter & Co and Banco Inter completed a corporate reorganization as an immediate result of which Inter & Co became indirectly, through Inter Holding Financeira S.A. (“HoldFin”), the owner of all shares of Banco Inter S.A. The ultimate shareholders of Banco Inter were the same before and after this corporate reorganization, however our controlling shareholder received Class B common shares, which are entitled to 10 votes per share while all other shareholders received Class A common shares, which are entitled to 1 vote per share. Inter & Co accounted for this corporate reorganization as a reorganization of entities under common control, and the pre-reorganization historical value of Banco Inter’s consolidated assets and liabilities are reflected in these financial statements as described:
•The consolidated financial position of Inter & Co, Inc. as of September 30, 2023 and December 31, 2022.
•The consolidated operating results and cash flows of Inter & Co, Inc. for the periods ended on September 30, 2023 and 2022.
• The recognition of non-controlling interest on June 23, 2022, relating to the transfer from non-controlling interest to equity of the Company of the Banco Inter shareholders that exchanged their Banco Inter shares to shares and/or BDRs of the Company and the payment to shareholders of Banco Inter who opted to receive cash in lieu of shares of the Company (instead of shares and BDRs of the Company).
In January 2022, Inter&Co Payments, Inc. (formerly USEND or Pronto Money Transfer, Inc), a remittance platform and global provider of digital accounts, was acquired to accelerate the global expansion plan.
The Group’s objective is to operate as a digital multi-service bank for individuals and companies, and among its main activities are real estate loans, payroll credit, credit for companies, rural loans, credit card operations, checking account, investments, insurance services, as well as a marketplace of non-financial services provided by means of its subsidiaries.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
2.Basis for preparation
a.Compliance statement
The unaudited condensed consolidated interim financial statements of the Group have been prepared in accordance with IAS 34 - Interim Financial Reporting as issued by the International Accounting Standards Board (IASB).
These unaudited condensed consolidated interim financial statements have been prepared using the basis for preparation and accounting policies consistent with those adopted in the preparation of the consolidated financial statements as of December 31, 2022 and 2021 and for each of the years in the three-year period ended December 31, 2022 (“latest annual financial statements”). They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS.
However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company’s financial position and performance since the latest annual financial statements.
These unaudited condensed consolidated interim financial statements were approved by the Board of Director’s meeting on January 16, 2024.
b.Functional and presentation currency
These unaudited condensed consolidated interim financial statements are presented in Brazilian reais (BRL or R$). The functional currency of the Group’s companies is shown in
note 4a. All balances were rounded to the nearest thousand, unless otherwise indicated.
c.Use of estimates and judgments
In preparing these unaudited condensed consolidated interim financial statements, Management has made judgments, estimates and assumptions that affect the application of the accounting policies of the Group and the reported amounts of assets, liabilities, revenues and expenses. Actual results may differ from such estimates. Estimates and assumptions are reviewed on an ongoing basis. Adjustments, if any, related to changes in estimates are recognized prospectively.
The significant judgments made by management during the application of the Group’s accounting policies and the main sources of estimation uncertainty are materially the same as those described in the latest annual financial statements.
3.Changes to significant accounting policies
New or revised accounting pronouncements adopted in 2023
The following new or revised standards have been issued by IASB, were effective for the period covered by these unaudited condensed consolidated interim financial statements and had no material impact.
•Definition of Accounting Estimates – Amendments to IAS 8
•Classification of Liabilities as Current or Non-Current – Amendments to IAS 1
•Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2
•Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12
•Insurance Contracts – IFRS 17
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
4.Significant accounting policies
The accounting policies applied in these unaudited condensed consolidated interim financial statements are the same as those applied in the latest annual financial statements, except for the changes in items a and b described below.
a.Basis for consolidation
Companies that Inter & Co controls are classified as subsidiaries. The Company controls an entity when it is exposed to, or has rights to the variable returns arising from its involvement with the entity and has the ability to use its power over such entity to affect the amount of their returns.
The subsidiaries are consolidated in full as from the date the Company gains control of their activities until the date on which control ceases to exist. With regard to the significant restrictions on the Group’s ability to access or use the assets and settle the Group's liabilities, only the regulatory restrictions, linked to the compulsory reserves maintained in compliance with the requirement of the Central Bank of Brazil, which restrict the ability of subsidiaries of Inter to transfer cash to other entities within the economic group. There are no other legal or contractual restrictions and no guarantees or other requirements that may restrict that dividends and other capital distributions are paid or that loans and advances are made or paid to (or by) other entities within the economic group.
The following table shows the subsidiaries in each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entity |
|
Branch of Activity |
|
Common shares and/or quotas |
|
Functional currency |
|
Country |
|
Share in the capital (%) |
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Direct subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
Inter&Co Securities LLC |
|
Holding Company |
|
— |
|
|
US$ |
|
USA |
|
100.00 |
% |
|
100.00 |
% |
Inter&Co Participações Ltda. |
|
Holding Company |
|
1,500,000 |
|
|
BRL |
|
Brazil |
|
100.00 |
% |
|
100.00 |
% |
INTRGLOBALEU Serviços Administrativos, LDA |
|
Holding Company |
|
— |
|
|
EUR |
|
Portugal |
|
100.00 |
% |
|
100.00 |
% |
Inter US Holding, Inc |
|
Holding Company |
|
50,000 |
|
|
US$ |
|
USA |
|
100.00 |
% |
|
— |
|
Inter Us Holding, LLC |
|
Holding Company |
|
100 |
|
|
US$ |
|
USA |
|
— |
% |
|
100.00 |
% |
Inter Holding Financeira S.A. |
|
Holding |
|
401,159,540 |
|
|
BRL |
|
Brasil |
|
100.00 |
% |
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Entity |
|
Branch of Activity |
|
Common shares and/or quotas |
|
Functional currency |
|
Country |
|
Share in the capital (%) |
|
09/30/2023 |
|
12/31/2022 |
Indirect subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
Banco Inter S.A. |
|
Multiple Bank |
|
1,297,308,713 |
|
|
BRL |
|
Brazil |
|
100.00 |
% |
|
100.00 |
% |
Inter Distribuidora de Títulos e Valores Mobiliários Ltda. (a) |
|
Distributor of securities |
|
25,000,000 |
|
|
BRL |
|
Brazil |
|
100.00 |
% |
|
98.30 |
% |
Inter Digital Corretora e Consultoria de Seguros Ltda. |
|
Insurance broker |
|
59,750 |
|
|
BRL |
|
Brazil |
|
60.00 |
% |
|
60.00 |
% |
Inter Marketplace Ltda. |
|
Marketplace |
|
5,000,000 |
|
|
BRL |
|
Brazil |
|
100.00 |
% |
|
100.00 |
% |
Inter Asset Holding S.A. |
|
Asset management |
|
7,000,000 |
|
|
BRL |
|
Brazil |
|
70.00 |
% |
|
70.00 |
% |
Inter Titulos Fundo de Investimento |
|
Investment Fund |
|
489,302 |
|
|
BRL |
|
Brazil |
|
98.30 |
% |
|
98.30 |
% |
BMA Inter Fundo De Investimento Em Direitos Creditórios Multissetorial |
|
Investment Fund |
|
5,000,000 |
|
|
BRL |
|
Brazil |
|
86.46 |
% |
|
90.70 |
% |
TBI Fundo De Investimento Renda Fixa Credito Privado |
|
Investment Fund |
|
388,157,511 |
|
|
BRL |
|
Brazil |
|
100.00 |
% |
|
100.00 |
% |
TBI Fundo De Investimento Crédito Privado Investimento Exterior |
|
Investment Fund |
|
443,689,064 |
|
|
BRL |
|
Brazil |
|
100.00 |
% |
|
100.00 |
% |
IG 30 Fundo de Investimento Renda Fixa Crédito Privado (c) |
|
Investment Fund |
|
144,796,772 |
|
|
BRL |
|
Brazil |
|
100.00 |
% |
|
— |
% |
Inter Simples Fundo de Investimento em Direitos Creditórios Multissetorial (c) |
|
Investment Fund |
|
6,147 |
|
|
BRL |
|
Brazil |
|
86.80 |
% |
|
— |
% |
IM Designs Desenvolvimento de Software Ltda. |
|
Provision of services |
|
50,000,000 |
|
|
BRL |
|
Brazil |
|
50.00 |
% |
|
50.00 |
% |
Acerto Cobrança e Informações Cadastrais S.A. |
|
Provision of services |
|
60,000,000,000 |
|
|
BRL |
|
Brazil |
|
60.00 |
% |
|
60.00 |
% |
Inter & Co Payments, Inc |
|
Provision of services |
|
16,000,000 |
|
|
US$ |
|
USA |
|
100.00 |
% |
|
100.00 |
% |
Inter Asset Gestão de Recursos Ltda |
|
Asset management |
|
30,680 |
|
|
BRL |
|
Brazil |
|
70.00 |
% |
|
70.00 |
% |
Inter Café Ltda. |
|
Provision of services |
|
10,000 |
|
|
BRL |
|
Brazil |
|
100.00 |
% |
|
100.00 |
% |
Inter Boutiques Ltda. |
|
Provision of services |
|
10,000 |
|
|
BRL |
|
Brazil |
|
100.00 |
% |
|
100.00 |
% |
Inter Food Ltda. |
|
Provision of services |
|
7,000,000 |
|
|
BRL |
|
Brazil |
|
70.00 |
% |
|
70.00 |
% |
Inter Viagens e Entretenimento Ltda. |
|
Provision of services |
|
1,000 |
|
|
BRL |
|
Brazil |
|
100.00 |
% |
|
100.00 |
% |
Inter Conectividade Ltda. (b) |
|
Provision of services |
|
33,533,805 |
|
|
BRL |
|
Brazil |
|
100.00 |
% |
|
— |
|
Inter US Management, LLC |
|
Provision of services |
|
100,000 |
|
|
US$ |
|
USA |
|
100.00 |
% |
|
— |
|
Inter US Finance, LLC |
|
Provision of services |
|
100,000 |
|
|
US$ |
|
USA |
|
100.00 |
% |
|
— |
|
(a) On February 15, 2023, Banco Inter S.A. acquired remaining shares of its subsidiary "Inter Distribuidora de Títulos e Valores Mobiliários Ltda", acquiring the remaining 416,667 shares at nominal value of R$1.00 each, fully subscribed and paid up.
(b) On April 1, 2023, the reorganization of entities under common control resulted in the spin off of the investment held by InterMarketplace LTDA into the newly formed entity, Conectividade Ltda.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
(c) In 2023, Inter&Co made an investment, acquiring a significant number of fund shares. As a result, the financial data related to these funds are now part of the consolidation basis of the company's financial statements.
Non-controlling interest
The Group recognizes the portion related to non-controlling interests in shareholders’ equity in the consolidated balance sheet. In transactions involving purchase of interests with non-controlling shareholders, the difference between the amount paid and the interest acquired is recorded in shareholders’ equity. Gains or losses on sales to non-controlling shareholders are also recorded in shareholders’ equity. The company owns 50% or more of the voting capital of all indirect subsidiaries.
Balances and transactions eliminated on consolidation
Intra-group balances and transactions, including any unrealized gains or losses arising from intra-group transactions, are eliminated in the consolidation process. Unrealized losses are eliminated only to the extent that there is no evidence of impairment.
b. Business combination
Business combinations are recorded using the acquisition method when the set of acquired activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a set of activities and assets is a business, Inter assesses whether the acquired set of assets and activities includes at least one input and one substantive process that together contribute significantly to the ability to generate outputs.
Inter has the option to apply a "concentration test" that allows for a simplified assessment of whether a set of acquired activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.
The consideration transferred is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill arising on the transaction is tested annually for impairment. Gains on a bargain purchase are recognized immediately in the income statement. Transaction costs are recorded in the income statement as incurred, except for costs related to the issue of debt or equity instruments. The consideration transferred does not include amounts relating to the payment of pre-existing relationships. These amounts are generally recognized in the income statement.
Any contingent consideration payable is measured at its acquisition-date fair value. If the contingent consideration is classified as an equity instrument, then it is not remeasured and settlement is recorded within equity. The remaining contingent consideration is remeasured at fair value at each reporting date and subsequent changes in fair value are recorded in the income statement.
Inter US Finance, LLC and Inter US Management, LLC
On January 24, 2023, through the holding company "Inter US Holding, Inc.,", 100% of the share capital of Inter US Finance, LLC and Inter US Management, LLC were acquired.
Inter US Finance, LLC and Inter US Management, LLC are companies with operations in Florida, Georgia, and Colorado, providing real estate-focused credit. The company holds licenses in all three operating states and obtains funding from investors. The business specializes in originating and distributing mortgages, enabling the development of other loan portfolios in the US. With this acquisition, Inter & Co customers are expected to have access to a wider range of financial services.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
i. Consideration transferred
The following table summarizes the amounts of consideration transferred:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands of Brazilian reais |
|
Inter US Finance, LLC |
|
Inter US Management, LLC |
Cash |
|
1,990 |
|
|
939 |
|
Share of Inter & Co |
|
— |
|
|
388 |
|
Total consideration transferred |
|
1,990 |
|
|
1,327 |
|
Identifiable assets acquired, liabilities assumed and goodwill
The fair value of identifiable assets and liabilities of Inter US Finance, LLC and Inter US Management, LLC. at the acquisition date is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands of Brazilian reais |
|
Inter US Finance, LLC |
|
Inter US Management, LLC |
Assets |
|
879 |
|
|
238 |
|
Cash and cash equivalents |
|
860 |
|
|
3 |
|
Other assets |
|
19 |
|
|
235 |
|
Liabilities |
|
(807) |
|
|
(25) |
|
Borrowing and onlending |
|
(807) |
|
|
— |
|
Other liabilities |
|
— |
|
|
(25) |
|
Total net fair value identifiable assets |
|
72 |
|
|
213 |
|
Total consideration transferred |
|
1,990 |
|
|
1,327 |
|
Goodwill on acquisition (a) |
|
1,918 |
|
|
1,114 |
|
(a)Inter contracted an independent valuation service to develop a study on the purchase price allocation (“PPA”) of the identifiable assets acquired, liabilities assumed and goodwill. However, as of the date of this condensed interim financial statements, the study is still in the preparation phase. The provisional amounts of goodwill resulting from the acquisition of Inter US Finance, LLC and Inter US Management, LLC are R$1,918 and R$1,114, respectively. These amounts represents the future economic benefits arising from the synergies generated by our expansion in US operations and by offering a broader range of financial services to our customers. We will continue to carefully evaluate the purchase price allocation and provide timely updates on any material changes to our financial statements.
ii. Acquisition costs
Inter incurred acquisition-related costs of 362 on attorney’s fees and due diligence costs. These costs were recorded as “Administrative expenses” in the income statement.
iii. Contribution to the Group’s results
In the nine month period ended September 30, 2023, Inter US Finance, LLC and Inter US Management, LLC, contributed with net revenue of R$3,894 and a loss of R$3,938 to the Group’s results. If the acquisitions had occurred on January 1, 2023, there would be no significant impact in the Group’s total net revenue and loss for the period since the acquisitions were completed at the beginning of the reporting period.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
5.Operating segments
Operating segments are disclosed based on internal information that is used by the chief operating decision maker to allocate resources and to assess performance. The chief operating decision-maker, responsible for allocating resources, evaluating the performance of the operating segments and responsible for making strategic decisions for the Group, is the CEO, together with the Board of Directors.
Profit by operating segment
Each operating segment is composed of one or more legal entities. The measurement of profit by operating segment takes into account all revenues and expenses recognized by the companies that make up each segment.
Transactions between segments are carried out under terms and rates compatible with those practiced with third parties, where applicable. The Group does not have any single customer accounting for more than 10% of its total net revenue.
a.Banking & Spending
This segment comprises a wide range of banking products and services, such as checking accounts, debit and credit cards, deposits, loans, advances to customers, debt collection services and other services, which are available to the customers primarily by means of Inter’s mobile application. The segment also comprises foreign exchange services and money remittances between countries, including the Global Account digital solution, including investment funds consolidated by the Group.
b.Investments
This segment is responsible for operations related to the acquisition, sale and custody of securities, the structuring and distribution of securities in the capital market and operations related to the management of fund portfolios and other assets (purchase, sale, risk management). Revenues consist primarily of administration fees and commissions charged to investors for the rendering of such services.
c.Insurance Brokerage
This segment offers insurance products underwritten by insurance companies with which Inter has an agreement (‘partner insurance companies’), including warranties, life, property and automobile insurance and pension products, as well as consortium products provided by a third party with whom Inter has a commercial agreement. The income from brokerage commissions is recognized in the income statement when services are provided, that is, when the performance obligation is fulfilled upon sale to the customer.
d.Inter Shop & Commerce Plus
This segment includes sales of goods and/or services with partner companies through our digital platform. The segment income basically comprises commissions received for sales and/or for the rendering of these services.
e. Others
Include eliminations between the aforementioned groups and the following companies: (i) Inter US Management; (ii) Inter US Finance; (iii) IM Design; (iv) Holding Fin; and (v) Inter&Co Inc.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
Segment information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
Banking & Spending |
|
Investments |
|
Insurance Brokerage |
|
Inter Shop & Commerce Plus |
|
Total of reportable segments |
|
Others |
|
Eliminations |
|
Consolidated |
Interest income |
3,257,024 |
|
|
14,857 |
|
|
— |
|
|
25,217 |
|
|
3,297,098 |
|
|
2,512 |
|
|
(28,643) |
|
|
3,270,967 |
|
Interest expenses |
(2,131,885) |
|
|
(28,381) |
|
|
— |
|
|
— |
|
|
(2,160,266) |
|
|
(9,928) |
|
|
34,819 |
|
|
(2,135,375) |
|
Net interest income |
1,125,139 |
|
|
(13,524) |
|
|
— |
|
|
25,217 |
|
|
1,136,832 |
|
|
(7,416) |
|
|
6,176 |
|
|
1,135,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from services and commissions |
643,107 |
|
|
66,496 |
|
|
87,090 |
|
|
125,969 |
|
|
922,662 |
|
|
5,995 |
|
|
— |
|
|
928,657 |
|
Expenses from services and commissions |
(99,496) |
|
|
(155) |
|
|
— |
|
|
(2) |
|
|
(99,653) |
|
|
(19) |
|
|
— |
|
|
(99,672) |
|
Net result from services and commissions |
543,611 |
|
|
66,341 |
|
|
87,090 |
|
|
125,967 |
|
|
823,009 |
|
|
5,976 |
|
|
— |
|
|
828,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from securities |
1,148,315 |
|
|
33,045 |
|
|
1,513 |
|
|
23,849 |
|
|
1,206,722 |
|
|
1,809 |
|
|
(6,176) |
|
|
1,202,355 |
|
Net gains / (losses) from derivatives |
(5,753) |
|
|
— |
|
|
— |
|
|
— |
|
|
(5,753) |
|
|
— |
|
|
— |
|
|
(5,753) |
|
Other revenues |
326,484 |
|
|
12,694 |
|
|
37,349 |
|
|
21,986 |
|
|
398,513 |
|
|
347,736 |
|
|
(467,784) |
|
|
278,465 |
|
Net revenues |
3,137,796 |
|
|
98,556 |
|
|
125,952 |
|
|
197,019 |
|
|
3,559,323 |
|
|
348,105 |
|
|
(467,784) |
|
|
3,439,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment losses on financial assets |
(1,151,127) |
|
|
— |
|
|
— |
|
|
(6,013) |
|
|
(1,157,140) |
|
|
— |
|
|
— |
|
|
(1,157,140) |
|
Other administrative expenses |
(1,133,308) |
|
|
(59,443) |
|
|
(45,206) |
|
|
(69,832) |
|
|
(1,307,789) |
|
|
(23,977) |
|
|
— |
|
|
(1,331,766) |
|
Personnel expenses |
(469,772) |
|
|
(49,314) |
|
|
(13,238) |
|
|
(26,700) |
|
|
(559,024) |
|
|
(10,298) |
|
|
— |
|
|
(569,322) |
|
Depreciation and amortization |
(108,752) |
|
|
(3,012) |
|
|
(626) |
|
|
(6,732) |
|
|
(119,122) |
|
|
(146) |
|
|
— |
|
|
(119,268) |
|
Income before taxes and interests in associates |
274,837 |
|
|
(13,213) |
|
|
66,882 |
|
|
87,742 |
|
|
416,248 |
|
|
313,684 |
|
|
(467,784) |
|
|
262,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from equity interests in associates |
(30,597) |
|
|
— |
|
|
— |
|
|
— |
|
|
(30,597) |
|
|
— |
|
|
— |
|
|
(30,597) |
|
Profit (loss) before income tax |
244,240 |
|
|
(13,213) |
|
|
66,882 |
|
|
87,742 |
|
|
385,651 |
|
— |
|
313,684 |
|
|
(467,784) |
|
|
231,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current income tax and social contribution |
(150,099) |
|
|
— |
|
|
(25,490) |
|
|
(38,356) |
|
|
(213,945) |
|
|
(2,017) |
|
|
— |
|
|
(215,962) |
|
Deferred income tax and social contribution |
164,845 |
|
|
7,194 |
|
|
2,767 |
|
|
2,154 |
|
|
176,960 |
|
|
— |
|
|
— |
|
|
176,960 |
|
|
14,747 |
|
|
7,194 |
|
|
(22,723) |
|
|
(36,201) |
|
|
(36,985) |
|
|
(2,017) |
|
|
— |
|
|
(39,002) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit / (loss) for the period |
258,986 |
|
|
(6,019) |
|
|
44,159 |
|
|
51,540 |
|
|
(67,582) |
|
|
311,667 |
|
|
— |
|
|
192,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
54,572,478 |
|
|
639,017 |
|
|
193,302 |
|
|
439,042 |
|
|
55,843,839 |
|
|
15,113,736 |
|
|
(15,878,735) |
|
|
55,078,840 |
|
Total liabilities |
47,664,585 |
|
|
401,384 |
|
|
93,542 |
|
|
194,260 |
|
|
48,353,771 |
|
|
322,785 |
|
|
(965,942) |
|
|
47,710,614 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2022 |
|
Banking & Spending |
|
Investments |
|
Insurance Brokerage |
|
Inter Shop & Commerce Plus |
|
Total of reportable segments |
|
Others |
|
Eliminations |
|
Consolidated |
Interest income |
1,940,819 |
|
|
3,101 |
|
|
25 |
|
|
4 |
|
|
1,943,949 |
|
|
— |
|
|
(12,134) |
|
|
1,931,815 |
|
Interest expenses |
(1,327,920) |
|
|
(12,181) |
|
|
(67) |
|
|
— |
|
|
(1,340,168) |
|
|
(53,460) |
|
|
12,138 |
|
|
(1,381,490) |
|
Net interest income |
612,899 |
|
|
(9,080) |
|
|
(42) |
|
|
4 |
|
|
603,781 |
|
|
(53,460) |
|
|
4 |
|
|
550,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from services and commissions |
342,265 |
|
|
70,945 |
|
|
56,424 |
|
|
218,661 |
|
|
688,295 |
|
|
5,301 |
|
|
(1,572) |
|
|
693,596 |
|
Expenses from services and commissions |
(95,871) |
|
|
— |
|
|
— |
|
|
(4) |
|
|
(95,875) |
|
|
1,572 |
|
|
1,572 |
|
|
(94,303) |
|
Net result from services and commissions |
246,394 |
|
|
70,945 |
|
|
56,424 |
|
|
218,657 |
|
|
592,420 |
|
|
6,873 |
|
|
— |
|
|
599,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from securities and derivatives |
1,167,481 |
|
|
18,103 |
|
|
977 |
|
|
10,108 |
|
|
1,196,669 |
|
|
1,170 |
|
|
(101,998) |
|
|
1,095,841 |
|
Net gains / (losses) from derivatives |
13,920 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
13,920 |
|
Other revenues |
379,648 |
|
|
21,670 |
|
|
38,394 |
|
|
43,106 |
|
|
482,818 |
|
|
(85,624) |
|
|
(95,728) |
|
|
301,466 |
|
Net revenues |
2,420,342 |
|
|
101,638 |
|
|
95,753 |
|
|
271,875 |
|
|
2,875,688 |
|
|
(131,041) |
|
|
(197,722) |
|
|
2,560,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment losses on financial assets |
(819,378) |
|
|
855 |
|
|
— |
|
|
— |
|
|
(818,523) |
|
|
— |
|
|
— |
|
|
(818,523) |
|
Other administrative expenses |
(1,175,736) |
|
|
(36,148) |
|
|
(16,677) |
|
|
(52,145) |
|
|
(1,280,706) |
|
|
(4,501) |
|
|
546 |
|
|
(1,285,207) |
|
Personnel expenses |
(458,927) |
|
|
(11,766) |
|
|
(5,542) |
|
|
(13,678) |
|
|
(489,913) |
|
|
(3,905) |
|
|
— |
|
|
(493,818) |
|
Tax expenses |
(130,450) |
|
|
(7,081) |
|
|
(10,018) |
|
|
(31,722) |
|
|
(179,271) |
|
|
(566) |
|
|
— |
|
|
(179,837) |
|
Depreciation and amortization |
(101,857) |
|
|
(2,041) |
|
|
(447) |
|
|
(3,176) |
|
|
(107,521) |
|
|
(88) |
|
|
— |
|
|
(107,609) |
|
Income before taxes and interests in associates |
(135,556) |
|
|
52,538 |
|
|
73,087 |
|
|
202,876 |
|
|
179,025 |
|
|
(139,535) |
|
|
(197,176) |
|
|
(144,312) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from equity interests in associates |
(13,954) |
|
|
— |
|
|
— |
|
|
— |
|
|
(13,954) |
|
|
— |
|
|
|
|
(13,954) |
|
Profit (loss) before income tax |
(149,510) |
|
|
52,538 |
|
|
73,087 |
|
|
202,876 |
|
|
165,071 |
|
|
(139,535) |
|
|
(197,176) |
|
|
(158,266) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current income tax and social contribution |
(5,709) |
|
|
(17,326) |
|
|
(24,853) |
|
|
(47,434) |
|
|
(95,322) |
|
|
(1,106) |
|
|
— |
|
|
(96,428) |
|
Deferred income tax and social contribution |
196,800 |
|
|
210 |
|
|
238 |
|
|
— |
|
|
197,248 |
|
|
14,554 |
|
|
— |
|
|
211,802 |
|
Income tax |
191,091 |
|
|
(17,116) |
|
|
(24,615) |
|
|
(47,434) |
|
|
101,926 |
|
|
13,448 |
|
|
— |
|
|
115,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit / (loss) for the period |
61,244 |
|
|
52,748 |
|
|
73,325 |
|
|
202,876 |
|
|
390,193 |
|
|
(124,981) |
|
|
(197,176) |
|
|
(42,892) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
46,473,673 |
|
|
464,654 |
|
|
148,411 |
|
|
490,752 |
|
|
47,577,490 |
|
|
23,212,728 |
|
|
(24,447,118) |
|
|
46,343,100 |
|
Total liabilities |
39,353,463 |
|
|
380,246 |
|
|
93,001 |
|
|
183,568 |
|
|
40,010,278 |
|
|
(126,401) |
|
|
(629,881) |
|
|
39,253,996 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
6.Financial risk management
Company’s risk management includes credit, market, liquidity and operational risks. Risk management activities are carried out by independent and specialized structures, in accordance with previously defined policies and strategies. In general, the activities and processes seek to identify, measure, and control the financial and non-financial risks to which Inter is subject to.
The model adopted by Inter & Co, Inc., involves a structure of areas and committees that seek to ensure:
•Segregation of function;
•Specific unit for risk management;
•Defined management process;
•Clear norms and competence structure;
•Defined limits and margins; and
•Reference to best management practices.
a.Credit risk
Credit risk is defined as the possibility of losses associated with the failure of the borrower or counterparty to meet their respective financial obligations on the agreed-upon terms and devaluation of a credit agreement arising from the increased risk of default by the borrower, among others.
The financial instruments subject to credit risk are submitted to careful credit evaluation prior to contracting, as well as throughout the term of the respective operations. The credit analyses are based on the borrower's (or counterparty's) economic and financial capacity behavior, including payment history and credit reputation, in addition to the terms and conditions of the respective credit operation, including terms, rates and guarantees.
Loans and advances to customers, as shown in
Note 12, are mainly represented by the following operations:
•Credit card: credit operations related to credit card limits, without attached guarantees;
•Business loans: working capital operations, receivables, discounts and loans in general, with or without attached guarantees;
•Real estate loans: loans and financing operations secured by real estate;
•Personal loans: loan and payroll card operations, personal loans with and without transfer guarantees; and
•Agribusiness loans: financing operations for costing, investment, commercialization and/or industrialization granted to rural producers, with or without attached guarantees.
Mitigation of Exposure
In order to maintain the exposures within the risk levels established by senior management, Inter adopts measures to mitigate credit risk. Exposure to credit risk is mitigated through the structuring of guarantees, adapting the risk level to be incurred to the characteristics of the collateral taken at the time of granting. Risk indicators are monitored on an on-going basis and proposal for alternatives forms of mitigation are assessed, whenever the exposure behavior to credit risk of any unit, region, product or segment requires it. Additionally, credit risk mitigation takes place through product repositioning and adjusting operational processes or operation approval levels.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
In addition to the activities described above, goods pledged in guarantee are subject to a technical assessment / valuation at least once every twelve months. In the case of personal guarantees, an analysis of the financial and economic circumstances of the guarantor is made considering their other debts with third parties, including tax, social security and labor debt.
Credit standards guide operational units and cover, among other aspects, the classification, requirement, selection, assessment, formalization, control and reinforcement of guarantees, aiming to ensure the adequacy and sufficiency of mitigating instruments throughout the cycle of the loan.
In 2023 there was no material changes to the nature of the credit risk exposures, how they arise or the Group’s objectives, policies and processes for managing them, although Inter continues to refine its internal risk management processes.
Measurement
The measurement of credit risk by Inter is carried out considering the following:
•At the time that credit is granted, an assessment of a customer’s financial condition is undertaken through the application of qualitative and quantitative methods and using information collected from the market, in order to support the adequacy of the risk exposure being proposed;
•The assessment is carried out at the counterparty level, considering information on guarantors where applicable. The exposure to the credit risk is also measured in extreme scenarios, using stress techniques and scenario analysis. The models applied to determine the rating of customers and loans are reviewed periodically in order to ensure they reflect the macroeconomic scenario and actual loss experience, as per information in note 12;
•The aging of late payments in portfolios is monitored in order to identify trends or changes in the behavior of non-performing loans and allow the adoption of mitigating measures when required;
•Expected credit loss reflects the risk level of loans and allows monitoring and control of the portfolio’s exposure level and the adoption of risk mitigation measures;
•The expected credit loss is a forecast of the risk levels of the credit portfolio. Its calculation is based on the historical payment behavior and the distribution of the portfolio by product and risk level. This is a key input to the process of pricing loans and advances to customers; and
•In addition to the monitoring and measurement of indicators under normal conditions, simulations of changes in business environment and economic scenario are also performed in order to predict the impact of such changes in levels of exposure to risks, provisions and balance of such portfolios and to support the process of reviewing the exposure limits and the credit risk policy.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
Guarantees of real estate loans and financing
The tables below present the credit exposure of real estate loans and advances to retail customers, broken down by loan-to-value. The loan-to-value is calculated by the ratio between the gross value of the exposure and the value of the guarantee. Gross amounts exclude any provision for impairment:
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Lower than 30% |
761,440 |
|
|
693,322 |
|
31 - 50% |
1,822,041 |
|
|
1,689,190 |
|
51 - 70% |
2,750,187 |
|
|
2,308,020 |
|
71 - 90% |
2,143,947 |
|
|
1,503,703 |
|
Higher than 90% |
50,195 |
|
|
57,577 |
|
|
7,527,810 |
|
|
6,251,812 |
|
a.Liquidity risk
Liquidity risk is the possibility of the Group not being able to meet its expected or unexpected financial obligations efficiently, including those obligations arising from guarantees provided or even unexpected customer redemptions. Thus, liquidity risks also include the possibility that Inter is unable to negotiate the sale of assets at market prices and, in turn, incur additional losses. There were no material changes in the nature of liquidity risk exposures as of September 30, 2023.
b.Analyses of financial instruments by remaining contractual term
The table below presents the projected future realizable value of Inter’s financial assets and liabilities by contractual term:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
Note |
|
Up to 3 months |
|
3 months Up to 1 year |
|
Above 1 year |
|
Total |
Financial assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
4,297,078 |
|
|
— |
|
|
— |
|
|
4,297,078 |
|
Amounts due from financial institutions |
|
|
3,474,244 |
|
|
— |
|
|
— |
|
|
3,474,244 |
|
Compulsory deposits at Central Bank of Brazil |
|
|
2,190,872 |
|
|
— |
|
|
— |
|
|
2,190,872 |
|
Securities |
|
|
478,410 |
|
|
172,499 |
|
|
14,257,388 |
|
|
14,908,297 |
|
Derivative financial assets |
|
|
9,389 |
|
|
— |
|
|
— |
|
|
9,389 |
|
Loans and advances to customers |
|
|
6,965,993 |
|
|
6,910,440 |
|
|
13,167,168 |
|
|
27,043,601 |
|
Other assets |
|
|
— |
|
|
— |
|
|
107,977 |
|
|
107,977 |
|
Total |
|
|
17,415,986 |
|
|
7,082,939 |
|
|
27,532,533 |
|
|
52,031,458 |
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
Liabilities with financial and similar institutions |
|
|
9,418,245 |
|
|
— |
|
|
— |
|
|
9,418,245 |
|
Liabilities with customers |
|
|
14,488,579 |
|
|
2,221,181 |
|
|
12,354,228 |
|
|
29,063,988 |
|
Securities issued |
|
|
1,260,814 |
|
|
2,447,535 |
|
|
3,754,216 |
|
|
7,462,565 |
|
Derivative financial liabilities |
|
|
7,466 |
|
|
5,416 |
|
|
8,177 |
|
|
21,059 |
|
Borrowing and onlending |
|
|
72,155 |
|
|
(3,185) |
|
|
18,679 |
|
|
87,649 |
|
Total |
|
|
25,247,259 |
|
|
4,670,947 |
|
|
16,135,300 |
|
|
46,053,506 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2022 |
|
Note |
|
Up to 3 months |
|
3 months Up to 1 year |
|
Above 1 year |
|
Total |
Financial assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
1,331,648 |
|
|
— |
|
|
— |
|
|
1,331,648 |
|
Amounts due from financial institutions |
|
|
4,258,856 |
|
|
— |
|
|
— |
|
|
4,258,856 |
|
Compulsory deposits at Central Bank of Brazil |
|
|
2,854,778 |
|
|
— |
|
|
— |
|
|
2,854,778 |
|
Securities |
|
|
666,788 |
|
|
272,489 |
|
|
11,509,288 |
|
|
12,448,565 |
|
Loans and advances to customers |
|
|
6,199,963 |
|
|
5,916,020 |
|
|
10,582,345 |
|
|
22,698,328 |
|
Other assets |
|
|
— |
|
|
— |
|
|
87,318 |
|
|
87,318 |
|
Total |
|
|
15,312,033 |
|
|
6,188,509 |
|
|
22,178,951 |
|
|
43,679,493 |
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
Liabilities with financial and similar institutions |
|
|
7,906,897 |
|
|
— |
|
|
— |
|
|
7,906,897 |
|
Liabilities with customers |
|
|
14,873,030 |
|
|
849,420 |
|
|
7,920,354 |
|
|
23,642,804 |
|
Securities issued |
|
|
1,149,070 |
|
|
421,032 |
|
|
4,632,063 |
|
|
6,202,165 |
|
Derivative financial instruments |
|
|
— |
|
|
— |
|
|
37,768 |
|
|
37,768 |
|
Borrowing and onlending |
|
|
4,987 |
|
|
4,138 |
|
|
27,323 |
|
|
36,448 |
|
Total |
|
|
23,933,984 |
|
|
1,274,590 |
|
|
12,617,508 |
|
|
37,826,082 |
|
|
|
|
|
|
|
|
|
|
|
c.Financial assets and liabilities using a current/non-current classification
The following table represents the Group's financial assets and liabilities, segregated into current (expected to be realized within 12 months of the reporting date) and non-current (expected to be realized more than 12 months after the reporting date), taking into account their contractual maturity at the date of these unaudited condensed consolidated interim financial statement:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
Note |
Current |
|
Non-current |
|
Total |
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
8 |
4,297,078 |
|
|
— |
|
|
4,297,078 |
|
Amounts due from financial institutions |
9 |
3,474,244 |
|
|
— |
|
|
3,474,244 |
|
Compulsory deposits at Central Bank of Brazil |
|
2,190,872 |
|
|
— |
|
|
2,190,872 |
|
Securities |
10 |
650,909 |
|
|
14,257,388 |
|
|
14,908,297 |
|
Derivative financial assets |
11 |
9,389 |
|
|
— |
|
|
9,389 |
|
Loans and advances to customers, net of provisions for expected loss |
12 |
12,277,314 |
|
|
13,019,306 |
|
|
25,296,620 |
|
Other assets |
17 |
— |
|
|
107,977 |
|
|
107,977 |
|
Total |
|
22,899,806 |
|
|
27,384,671 |
|
|
50,284,477 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Liabilities with financial institutions |
18 |
9,418,245 |
|
|
— |
|
|
9,418,245 |
|
Liabilities with customers |
19 |
16,709,760 |
|
|
12,354,228 |
|
|
29,063,988 |
|
Securities issued |
20 |
3,708,349 |
|
|
3,754,216 |
|
|
7,462,565 |
|
Derivative financial liabilities |
11 |
12,882 |
|
|
8,177 |
|
|
21,059 |
|
Borrowing and onlending |
21 |
68,970 |
|
|
18,679 |
|
|
87,649 |
|
Total |
|
29,918,206 |
|
|
16,135,300 |
|
|
46,053,506 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2022 |
|
Note |
Current |
|
Non-current |
|
Total |
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
8 |
1,331,648 |
|
|
— |
|
|
1,331,648 |
|
Amounts due from financial institutions |
9 |
4,258,856 |
|
|
— |
|
|
4,258,856 |
|
Compulsory deposits at Central Bank of Brazil |
|
2,854,778 |
|
|
— |
|
|
2,854,778 |
|
Securities |
10 |
939,277 |
|
|
11,509,288 |
|
|
12,448,565 |
|
Loans and advances to customers, net of provisions for expected loss |
12 |
11,159,852 |
|
|
10,220,064 |
|
|
21,379,916 |
|
Other assets |
17 |
— |
|
|
87,318 |
|
|
87,318 |
|
Total |
|
20,544,411 |
|
|
21,816,670 |
|
|
42,361,081 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Liabilities with financial institutions |
18 |
7,906,897 |
|
|
— |
|
|
7,906,897 |
|
Liabilities with customers |
19 |
15,722,450 |
|
|
7,920,354 |
|
|
23,642,804 |
|
Securities issued |
20 |
1,570,102 |
|
|
4,632,063 |
|
|
6,202,165 |
|
Derivative financial liabilities |
11 |
— |
|
|
37,768 |
|
|
37,768 |
|
Borrowing and onlending |
21 |
9,126 |
|
|
27,322 |
|
|
36,448 |
|
Total |
|
25,208,575 |
|
|
12,617,507 |
|
|
37,826,082 |
|
d.Market risk
Market risk is the possibility of losses resulting from fluctuations in the fair value of financial instruments held by the Inter&Co, including the risks of transactions subject to changes in foreign exchange rates, interest rates, stock prices and commodity prices.
At Inter&Co, market risk management has, among others, the objective of supporting the business areas, establishing processes and implementing tools necessary for the assessment and control of related risks, allowing the measurement and monitoring of risk levels, as defined by Senior Management.
The market risk policy is monitored by the Asset and Liability Committee. Market risk controls allow the analytical assessment of information and are in a constant process of improvements. The Inter&Co have improved the internal aspects of risk management and mitigation.
Measurement
Within the risk management process, Inter&Co classifies its operations, including derivative financial instruments, as follows:
•Trading book: considers all operations intended to be traded before their contractual maturity or intended to hedge the trading portfolio.
•Banking book: considers operations not classified in the trading portfolio, the main characteristic of which is the intention to hold the respective operations until maturity
In line with market practices, Inter&Co manages its risks dynamically, seeking to identify, measure, evaluate, monitor, report, control and mitigate the exposures to market risks of its own positions. One of the methods of assessing the positions subject to market risk is the Value at Risk (VaR) model. The methodology used to calculate VaR is the parametric model with a confidence level (CL) of 99% and a time horizon (TH) of twenty one days.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
We present below the 21-day VaR of the trading book:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R$ thousand |
|
09/30/2023 |
|
12/31/2022 |
Risk factor |
|
|
|
|
Price index coupons |
|
4,827 |
|
|
4,133 |
|
Pre fixed interest rate |
|
40 |
|
|
541 |
|
Foreign currency coupons |
|
93 |
|
|
883 |
|
Foreign currencies |
|
4,298 |
|
|
624 |
|
Share price |
|
— |
|
|
528 |
|
Subtotal |
|
9,258 |
|
|
6,709 |
|
|
|
|
|
|
Diversification effects (correlation) |
|
3,076 |
|
|
1,958 |
|
Value-at-Risk |
|
6,182 |
|
|
4,751 |
|
The VaR of the banking book:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R$ thousand |
|
09/30/2023 |
|
12/31/2022 |
Risk factor |
|
|
|
|
Price index coupons |
|
496,644 |
|
|
234,172 |
|
Interest rate coupons |
|
41,287 |
|
|
77,448 |
|
Pre fixed interest rate |
|
21,717 |
|
|
55,003 |
|
Others |
|
13,697 |
|
|
1,398 |
|
Subtotal |
|
573,345 |
|
|
368,021 |
|
|
|
|
|
|
Diversification effects (correlation) |
|
53,467 |
|
|
30,767 |
|
Value-at-Risk |
|
519,878 |
|
|
337,254 |
|
e.Sensitivity analysis
To determine the sensitivity of the positions to market movements, a sensitivity analysis was carried out in different scenarios, considering the relevant risk factors.
•Scenario I: Parallel shocks of 1 basis point in the coupon rates of the price index, dollar coupon, interest rate and fixed rate, considering the worst losses resulting by risk factor and, consequently, not considering the correlation between macroeconomic variables .
•Scenario II: 25% shock on the price index coupon, dollar coupon, interest rate and prefixed rate, considering the worst resulting losses per risk factor and, consequently, not considering the correlation between macroeconomic variables
•Scenario III: 50% shock on price index, dollar coupon, interest rate and fixed rate coupon rates, considering the worst resulting losses by risk factor and, consequently, not considering the correlation between macroeconomic variables.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
The table below shows the results of the above scenarios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exposures - R$ thousand |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking and Trading book |
|
|
|
Scenarios |
|
09/30/2023 |
Risk factor |
|
Risk of variation in: |
|
Rate variation in scenario 1 |
|
Scenario I |
|
Rate variation in scenario 2 |
|
Scenario II |
|
Rate variation in scenario 3 |
|
Scenario III |
IPCA coupon |
|
Price index coupon |
|
increase |
|
(4,046) |
|
|
increase |
|
(512,831) |
|
|
increase |
|
(955,548) |
|
IGP-M coupon |
|
Price index coupon |
|
increase |
|
(17) |
|
|
increase |
|
(2,003) |
|
|
increase |
|
(3,848) |
|
Pre-fixed rate |
|
Pre-fixed rate |
|
increase |
|
(1,671) |
|
|
increase |
|
(439,281) |
|
|
increase |
|
(837,480) |
|
TR coupon |
|
Interest rate coupon |
|
increase |
|
(900) |
|
|
increase |
|
(193,964) |
|
|
increase |
|
(343,490) |
|
USD coupon |
|
Price index coupon |
|
decrease |
|
(5) |
|
|
decrease |
|
(489) |
|
|
decrease |
|
(988) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exposures - R$ thousand |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking and Trading book |
|
|
|
Scenarios |
|
12/31/2022 |
Risk factor |
|
Risk of variation in: |
|
Rate variation in scenario 1 |
|
Scenario I |
|
Rate variation in scenario 2 |
|
Scenario II |
|
Rate variation in scenario 3 |
|
Scenario III |
IPCA coupon |
|
Price index coupon |
|
increase |
|
(3,085) |
|
|
increase |
|
(421,495) |
|
|
increase |
|
(784,028) |
|
IGP-M coupon |
|
Price index coupon |
|
increase |
|
(21) |
|
|
increase |
|
(2,949) |
|
|
increase |
|
(5,542) |
|
Pre-fixed rate |
|
Pre-fixed rate |
|
increase |
|
(470) |
|
|
increase |
|
(162,809) |
|
|
increase |
|
(338,073) |
|
TR coupon |
|
Interest rate coupon |
|
increase |
|
(850) |
|
|
increase |
|
(188,954) |
|
|
increase |
|
(334,415) |
|
f.Operational risk
Operational risk is defined as the possibility of losses resulting from failure, deficiency or inadequacy of any internal processes involving people, systems or from external and unexpected events. This definition includes possible losses from fraud, labor risk, as well as legal risks associated with regulatory or even contractual aspects. In line with best governance practices, Inter&co has an area dedicated to managing and monitoring operational risk, with defined policies and controls implemented according to the nature and complexity of the products, services and activities.
7.Fair values of financial instruments
a.Financial instruments – Classification and fair values
Financial Instruments are classified into the following categories:
•Amortized cost;
•Fair value through other comprehensive income (FVOCI); and
•Fair value through profit or loss (FVTPL).
The fair value of a financial asset or liability is measured using one of three approaches below, weighting the levels of the fair value hierarchy as follows:
•Level I – instruments with prices traded in the active market;
•Level II – using financial valuation techniques, weighing data and market variables; and
•Level III – uses meaningful variables that are not based on market data.
The following table sets forth the breakdown of financial assets and liabilities according to the accounting classification. It also shows the carrying amounts and fair values of financial assets and liabilities, including their levels in the fair value hierarchy. It does not include information on the fair value of financial assets and liabilities, when the carrying amount is a reasonable approximation of the fair value.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
Fair value |
|
Fair value through profit or loss |
|
Fair value through other comprehensive income |
|
Amortized cost |
|
Total |
|
Level 1 |
|
Level 2 |
|
Level 3 (*) |
|
Total |
As of September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
— |
|
|
— |
|
|
4,297,078 |
|
|
4,297,078 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Amounts due from financial institutions |
— |
|
|
— |
|
|
3,474,244 |
|
|
3,474,244 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Compulsory deposits at Central Bank of Brazil |
— |
|
|
— |
|
|
2,190,872 |
|
|
2,190,872 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Securities |
1,069,515 |
|
|
12,704,526 |
|
|
1,134,256 |
|
|
14,908,297 |
|
|
12,228,668 |
|
|
1,545,373 |
|
|
— |
|
|
13,774,041 |
|
Fair value through other comprehensive income - FVOCI |
— |
|
|
12,704,526 |
|
|
— |
|
|
12,704,526 |
|
|
11,807,593 |
|
|
896,933 |
|
|
— |
|
|
12,704,526 |
|
Financial treasury bills (LFT) |
— |
|
|
7,583,071 |
|
|
— |
|
|
7,583,071 |
|
|
7,583,071 |
|
|
— |
|
|
— |
|
|
7,583,071 |
|
National treasury bills (LTN) |
— |
|
|
449,351 |
|
|
— |
|
|
449,351 |
|
|
449,351 |
|
|
— |
|
|
— |
|
|
449,351 |
|
National treasury notes (NTN) |
— |
|
|
3,775,171 |
|
|
— |
|
|
3,775,171 |
|
|
3,775,171 |
|
|
— |
|
|
— |
|
|
3,775,171 |
|
Debentures |
— |
|
|
552,899 |
|
|
— |
|
|
552,899 |
|
|
— |
|
|
552,899 |
|
|
— |
|
|
552,899 |
|
Certificates of real estate receivables |
— |
|
|
148,403 |
|
|
— |
|
|
148,403 |
|
|
— |
|
|
148,403 |
|
|
— |
|
|
148,403 |
|
Financial bills |
— |
|
|
14,989 |
|
|
— |
|
|
14,989 |
|
|
— |
|
|
14,989 |
|
|
— |
|
|
14,989 |
|
Commercial promissory notes |
— |
|
|
180,642 |
|
|
— |
|
|
180,642 |
|
|
— |
|
|
180,642 |
|
|
— |
|
|
180,642 |
|
Fair value through profit or loss - FVTPL |
1,069,515 |
|
|
— |
|
|
— |
|
|
1,069,515 |
|
|
421,075 |
|
|
648,440 |
|
|
— |
|
|
1,069,515 |
|
Financial treasury bills (LFT) |
414,967 |
|
|
— |
|
|
— |
|
|
414,967 |
|
|
414,967 |
|
|
— |
|
|
— |
|
|
414,967 |
|
Investment fund quotas |
359,244 |
|
|
— |
|
|
— |
|
|
359,244 |
|
|
5,516 |
|
|
353,728 |
|
|
— |
|
|
359,244 |
|
Certificates of real estate receivables |
59,217 |
|
|
— |
|
|
— |
|
|
59,217 |
|
|
— |
|
|
59,217 |
|
|
— |
|
|
59,217 |
|
Certificates of agricultural receivables |
70,316 |
|
|
— |
|
|
— |
|
|
70,316 |
|
|
— |
|
|
70,316 |
|
|
— |
|
|
70,316 |
|
Debentures |
119,670 |
|
|
— |
|
|
— |
|
|
119,670 |
|
|
— |
|
|
119,670 |
|
|
— |
|
|
119,670 |
|
Financial bills |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Bank deposit certificates |
22,191 |
|
|
— |
|
|
— |
|
|
22,191 |
|
|
— |
|
|
22,191 |
|
|
— |
|
|
22,191 |
|
Commercial promissory notes |
3,278 |
|
|
— |
|
|
— |
|
|
3,278 |
|
|
— |
|
|
3,278 |
|
|
— |
|
|
3,278 |
|
Agribusiness credit bills (LCA) |
15,892 |
|
|
— |
|
|
— |
|
|
15,892 |
|
|
— |
|
|
15,892 |
|
|
— |
|
|
15,892 |
|
Real estate credit bills (LCI) |
4,309 |
|
|
— |
|
|
— |
|
|
4,309 |
|
|
161 |
|
|
4,148 |
|
|
— |
|
|
4,309 |
|
Others |
431 |
|
|
— |
|
|
— |
|
|
431 |
|
|
431 |
|
|
— |
|
|
— |
|
|
431 |
|
Amortized cost |
— |
|
|
— |
|
|
1,134,256 |
|
|
1,134,256 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Debentures |
— |
|
|
— |
|
|
45,916 |
|
|
45,916 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
National treasury notes (NTN) |
— |
|
|
— |
|
|
658,012 |
|
|
658,012 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Rural product bill |
— |
|
|
— |
|
|
430,328 |
|
|
430,328 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Derivative financial assets |
9,389 |
|
|
— |
|
|
— |
|
|
9,389 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Loans and advances to customers, net of provisions for expected loss |
— |
|
|
— |
|
|
25,296,620 |
|
|
25,296,620 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other assets |
107,977 |
|
|
— |
|
|
— |
|
|
107,977 |
|
|
— |
|
|
— |
|
|
107,977 |
|
|
107,977 |
|
Total |
1,186,881 |
|
|
12,704,526 |
|
|
36,393,070 |
|
|
50,284,477 |
|
|
12,228,668 |
|
|
1,545,373 |
|
|
107,977 |
|
|
13,882,018 |
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities with financial institutions |
— |
|
|
— |
|
|
9,418,245 |
|
|
9,418,245 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Liabilities with customers |
— |
|
|
— |
|
|
29,063,988 |
|
|
29,063,988 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Securities issued |
— |
|
|
— |
|
|
7,462,565 |
|
|
7,462,565 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Derivative financial liabilities |
21,059 |
|
|
— |
|
|
— |
|
|
21,059 |
|
|
— |
|
|
21,059 |
|
|
— |
|
|
21,059 |
|
Borrowing and onlending |
— |
|
|
— |
|
|
87,649 |
|
|
87,649 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total |
21,059 |
|
|
— |
|
|
46,032,447 |
|
|
46,053,506 |
|
|
— |
|
|
21,059 |
|
|
— |
|
|
21,059 |
|
(*) The financial assets classified as “Level 3” consists substantially of amounts relating to the variable portion of the sale of 40% of the subsidiary Inter Digital Corretora e Consultoria de Seguros Ltda. (“Inter Seguros”) to Wiz Soluções e Corretagem de Seguros S.A. (“Wiz”) on May 8, 2019. The purchase and sale contract included cash consideration of R$45,000 and contingent consideration based on Inter Seguros’ EBITDA measured in 2024, 2023, 2022 and 2021.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
Fair value |
|
Fair value through profit or loss |
|
Fair value through other comprehensive income |
|
Amortized cost |
|
Total |
|
Level 1 |
|
Level 2 |
|
Level 3 (*) |
|
Total |
As of December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
— |
|
|
— |
|
|
1,331,648 |
|
|
1,331,648 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Amounts due from financial institutions |
— |
|
|
— |
|
|
4,258,856 |
|
|
4,258,856 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Compulsory deposits at Central Bank of Brazil |
— |
|
|
— |
|
|
2,854,778 |
|
|
2,854,778 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Securities |
1,458,664 |
|
|
9,699,546 |
|
|
1,290,355 |
|
|
12,448,565 |
|
|
9,545,890 |
|
|
1,612,320 |
|
|
— |
|
|
11,158,210 |
|
Fair value through other comprehensive income - FVOCI |
— |
|
|
9,699,546 |
|
|
— |
|
|
9,699,546 |
|
|
9,112,343 |
|
|
587,203 |
|
|
— |
|
|
9,699,546 |
|
Financial treasury bills (LFT) |
— |
|
|
4,652,445 |
|
|
— |
|
|
4,652,445 |
|
|
4,652,445 |
|
|
— |
|
|
— |
|
|
4,652,445 |
|
National treasury bills (LTN) |
— |
|
|
589,496 |
|
|
— |
|
|
589,496 |
|
|
589,496 |
|
|
— |
|
|
— |
|
|
589,496 |
|
National treasury notes (NTN) |
— |
|
|
3,541,780 |
|
|
— |
|
|
3,541,780 |
|
|
3,541,780 |
|
|
— |
|
|
— |
|
|
3,541,780 |
|
Debentures |
— |
|
|
684,153 |
|
|
— |
|
|
684,153 |
|
|
328,622 |
|
|
355,531 |
|
|
— |
|
|
684,153 |
|
Certificates of real estate receivables |
— |
|
|
203,350 |
|
|
— |
|
|
203,350 |
|
|
— |
|
|
203,350 |
|
|
— |
|
|
203,350 |
|
Financial bills |
— |
|
|
5,771 |
|
|
— |
|
|
5,771 |
|
|
— |
|
|
5,771 |
|
|
— |
|
|
5,771 |
|
Commercial promissory notes |
— |
|
|
22,551 |
|
|
— |
|
|
22,551 |
|
|
— |
|
|
22,551 |
|
|
— |
|
|
22,551 |
|
Fair value through profit or loss - FVTPL |
1,458,664 |
|
|
— |
|
|
— |
|
|
1,458,664 |
|
|
433,547 |
|
|
1,025,117 |
|
|
— |
|
|
1,458,664 |
|
Financial treasury bills (LFT) |
37,131 |
|
|
— |
|
|
— |
|
|
37,131 |
|
|
37,131 |
|
|
— |
|
|
— |
|
|
37,131 |
|
Investment fund quotas |
529,903 |
|
|
— |
|
|
— |
|
|
529,903 |
|
|
341,185 |
|
|
188,718 |
|
|
— |
|
|
529,903 |
|
Certificates of real estate receivables |
44,453 |
|
|
— |
|
|
— |
|
|
44,453 |
|
|
— |
|
|
44,453 |
|
|
— |
|
|
44,453 |
|
Certificates of agricultural receivables |
237,750 |
|
|
— |
|
|
— |
|
|
237,750 |
|
|
— |
|
|
237,750 |
|
|
— |
|
|
237,750 |
|
Debentures |
435,755 |
|
|
— |
|
|
— |
|
|
435,755 |
|
|
51,099 |
|
|
384,656 |
|
|
— |
|
|
435,755 |
|
Financial bills |
101,467 |
|
|
— |
|
|
— |
|
|
101,467 |
|
|
— |
|
|
101,467 |
|
|
— |
|
|
101,467 |
|
Bank deposit certificates |
44,638 |
|
|
— |
|
|
— |
|
|
44,638 |
|
|
3,523 |
|
|
41,115 |
|
|
— |
|
|
44,638 |
|
Commercial promissory notes |
5,157 |
|
|
— |
|
|
— |
|
|
5,157 |
|
|
— |
|
|
5,157 |
|
|
— |
|
|
5,157 |
|
Agribusiness credit bills (LCA) |
20,413 |
|
|
— |
|
|
— |
|
|
20,413 |
|
|
— |
|
|
20,413 |
|
|
— |
|
|
20,413 |
|
Real estate credit bills (LCI) |
1,613 |
|
|
— |
|
|
— |
|
|
1,613 |
|
|
225 |
|
|
1,388 |
|
|
— |
|
|
1,613 |
|
Others |
384 |
|
|
— |
|
|
— |
|
|
384 |
|
|
384 |
|
|
— |
|
|
— |
|
|
384 |
|
Amortized cost |
— |
|
|
— |
|
|
1,290,355 |
|
|
1,290,355 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Debentures |
— |
|
|
— |
|
|
112,914 |
|
|
112,914 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
National treasury notes (NTN) |
— |
|
|
— |
|
|
645,373 |
|
|
645,373 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Rural product bill |
— |
|
|
— |
|
|
532,068 |
|
|
532,068 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Loans and advances to customers, net of provisions for expected loss |
— |
|
|
— |
|
|
21,379,916 |
|
|
21,379,916 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other assets |
87,318 |
|
|
— |
|
|
— |
|
|
87,318 |
|
|
— |
|
|
— |
|
|
87,318 |
|
|
87,318 |
|
Total |
1,545,982 |
|
|
9,699,546 |
|
|
31,115,553 |
|
|
42,361,081 |
|
|
9,545,890 |
|
|
1,612,320 |
|
|
87,318 |
|
|
11,245,528 |
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities with financial institutions |
— |
|
|
— |
|
|
7,906,897 |
|
|
7,906,897 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Liabilities with customers |
— |
|
|
— |
|
|
23,642,804 |
|
|
23,642,804 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Securities issued |
— |
|
|
— |
|
|
6,202,165 |
|
|
6,202,165 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Derivative financial liabilities |
37,768 |
|
|
— |
|
|
— |
|
|
37,768 |
|
|
— |
|
|
37,768 |
|
|
— |
|
|
37,768 |
|
Borrowing and onlending |
— |
|
|
— |
|
|
36,448 |
|
|
36,448 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total |
37,768 |
|
|
— |
|
|
37,788,314 |
|
|
37,826,082 |
|
|
— |
|
|
37,768 |
|
|
— |
|
|
37,768 |
|
(*) The financial assets classified as “Level 3” consists substantially of amounts relating to the variable portion of the sale of 40% of the subsidiary Inter Digital Corretora e Consultoria de Seguros Ltda. (“Inter Seguros”) to Wiz Soluções e Corretagem de Seguros S.A. (“Wiz”) on May 8, 2019. The purchase and sale contract included cash consideration of R$45,000 and contingent consideration based on Inter Seguros’ EBITDA measured in 2024, 2023, 2022 and 2021.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
Level 2
The methodology used for the measurement of financial assets and liabilities classified as “Level 2” (derivative financial instruments and securities) is the discounted present value technique, using the market rates disclosed by ANBIMA - “Brazilian Association of Financial and Capital Market Entities”, IBGE – “Brazilian Institute of Geography and Statistics” and B3.
Reconciliation of Level 3 fair value
The following table shows a reconciliation from the opening balances to the closing balances for Level 3 fair value
|
|
|
|
|
|
|
|
|
|
|
Others assets |
Financial assets at fair value through profit or loss |
|
|
Balance at January 1, 2023 |
|
87,318 |
|
Total gains or losses (realized / unrealized) |
|
20,659 |
|
Balance at September 30, 2023 |
|
107,977 |
|
During the period ended September 30, 2023 and December 31, 2022, there were no changes in the measurement method of financial assets and liabilities that entailed reclassification of financial assets and liabilities among the different levels of the fair value hierarchy.
8.Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Cash and cash equivalents in national currency |
|
558,278 |
|
|
388,622 |
|
Cash and cash equivalents in foreign currency |
|
570,838 |
|
|
223,528 |
|
Reverse repurchase agreements (a) |
|
3,167,962 |
|
|
719,498 |
|
Total |
|
4,297,078 |
|
|
1,331,648 |
|
(a) Refers to operations (substantially interbank deposit investments) whose maturity, on the investment date, was equal to or less than 90 days and present an insignificant risk of change in fair value.
9.Amounts due from financial institutions
a.Breakdown of amounts due from financial institutions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Interbank deposit investments |
|
2,126,047 |
|
|
2,383,526 |
|
Interbank onlending |
|
134,486 |
|
|
31,805 |
|
Loans to financial institutions |
|
1,215,142 |
|
|
1,845,665 |
|
Expected loss |
|
(1,431) |
|
|
(2,140) |
|
Total |
|
3,474,244 |
|
|
4,258,856 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
10.Securities
a.Breakdown of securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Fair value through other comprehensive income - FVOCI |
|
|
|
|
Financial treasury bills (LFT) |
|
7,583,071 |
|
|
4,652,445 |
|
National treasury notes (NTN) |
|
3,775,171 |
|
|
3,541,780 |
|
Debentures |
|
552,899 |
|
|
684,153 |
|
National treasury bills (LTN) |
|
449,351 |
|
|
589,496 |
|
Commercial promissory notes |
|
180,642 |
|
|
22,551 |
|
Certificates of real estate receivables |
|
148,403 |
|
|
203,350 |
|
Certificates of agricultural receivables |
|
14,989 |
|
|
— |
|
Financial bills |
|
— |
|
|
5,771 |
|
Subtotal |
|
12,704,526 |
|
|
9,699,546 |
|
|
|
|
|
|
Amortized cost |
|
|
|
|
National treasury notes (NTN) |
|
658,012 |
|
|
645,373 |
|
Rural product bill |
|
430,328 |
|
|
532,068 |
|
Debentures |
|
45,916 |
|
|
112,914 |
|
Subtotal |
|
1,134,256 |
|
|
1,290,355 |
|
|
|
|
|
|
Fair value through profit or loss - FVTPL |
|
|
|
|
Financial treasury bills (LFT) |
|
414,967 |
|
|
37,131 |
|
Investment fund quotas |
|
359,244 |
|
|
529,903 |
|
Debentures |
|
119,670 |
|
|
435,755 |
|
Certificates of agricultural receivables |
|
70,316 |
|
|
237,750 |
|
Certificates of real estate receivables |
|
59,217 |
|
|
44,453 |
|
Bank deposit certificates |
|
22,191 |
|
|
44,638 |
|
Agribusiness credit bills (LCA) |
|
15,892 |
|
|
20,413 |
|
Real estate credit bills (LCI) |
|
4,309 |
|
|
1,613 |
|
Commercial promissory notes |
|
3,278 |
|
|
5,157 |
|
National treasury notes (NTN) |
|
431 |
|
|
384 |
|
Financial bills |
|
— |
|
|
101,467 |
|
Subtotal |
|
1,069,515 |
|
|
1,458,664 |
|
|
|
|
|
|
Total |
|
14,908,297 |
|
|
12,448,565 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
b.Breakdown of the carrying amount of securities by maturity, net of losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
|
Up to 3 months |
|
3 months to 1 year |
|
1 year to 3 years |
|
From 3 to 5 years |
|
Above 5 years |
|
Carrying amount |
|
Carrying amount |
Fair value through other comprehensive income - FVOCI |
4,965 |
|
|
3,892 |
|
|
1,088,576 |
|
|
4,132,727 |
|
|
7,474,366 |
|
|
12,704,526 |
|
|
9,699,546 |
|
Financial treasury bills (LFT) |
— |
|
|
— |
|
|
432,322 |
|
|
2,415,725 |
|
|
4,735,024 |
|
|
7,583,071 |
|
|
4,652,445 |
|
National treasury notes (NTN) |
— |
|
|
— |
|
|
177,934 |
|
|
1,227,104 |
|
|
2,370,133 |
|
|
3,775,171 |
|
|
3,541,780 |
|
Debentures |
4,965 |
|
|
3,892 |
|
|
63,175 |
|
|
249,490 |
|
|
231,377 |
|
|
552,899 |
|
|
684,153 |
|
National treasury bills (LTN) |
— |
|
|
— |
|
|
261,622 |
|
|
187,729 |
|
|
— |
|
|
449,351 |
|
|
589,496 |
|
Commercial promissory notes |
— |
|
|
— |
|
|
153,523 |
|
|
27,119 |
|
|
— |
|
|
180,642 |
|
|
22,551 |
|
Certificates of real estate receivables |
— |
|
|
— |
|
|
— |
|
|
10,571 |
|
|
137,832 |
|
|
148,403 |
|
|
203,350 |
|
Certificates of agricultural receivables |
— |
|
|
— |
|
|
— |
|
|
14,989 |
|
|
— |
|
|
14,989 |
|
|
— |
|
Financial bills |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
110,766 |
|
|
136,594 |
|
|
202,382 |
|
|
16,221 |
|
|
668,293 |
|
|
1,134,256 |
|
|
1,290,355 |
|
National treasury notes (NTN) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
658,012 |
|
|
658,012 |
|
|
645,373 |
|
Rural product bill |
110,766 |
|
|
111,871 |
|
|
181,189 |
|
|
16,221 |
|
|
10,281 |
|
|
430,328 |
|
|
532,068 |
|
Debentures |
— |
|
|
24,723 |
|
|
21,193 |
|
|
— |
|
|
— |
|
|
45,916 |
|
|
112,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value through profit or loss - FVTPL |
362,679 |
|
|
32,013 |
|
|
370,646 |
|
|
180,018 |
|
|
124,159 |
|
|
1,069,515 |
|
|
1,458,664 |
|
Financial treasury bills (LFT) |
— |
|
|
14,068 |
|
|
307,862 |
|
|
84,982 |
|
|
8,055 |
|
|
414,967 |
|
|
37,131 |
|
Investment fund quotas |
359,244 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
359,244 |
|
|
529,903 |
|
Debentures |
1,376 |
|
|
11,432 |
|
|
25,485 |
|
|
31,270 |
|
|
50,107 |
|
|
119,670 |
|
|
435,755 |
|
Certificates of agricultural receivables |
26 |
|
|
11 |
|
|
2,465 |
|
|
42,465 |
|
|
25,349 |
|
|
70,316 |
|
|
237,750 |
|
Certificates of real estate receivables |
17 |
|
|
23 |
|
|
7,072 |
|
|
11,945 |
|
|
40,160 |
|
|
59,217 |
|
|
44,453 |
|
Bank deposit certificates |
1,367 |
|
|
3,457 |
|
|
12,189 |
|
|
5,123 |
|
|
55 |
|
|
22,191 |
|
|
44,638 |
|
Agribusiness credit bills (LCA) |
294 |
|
|
2,384 |
|
|
9,967 |
|
|
3,245 |
|
|
2 |
|
|
15,892 |
|
|
20,413 |
|
Real estate credit bills (LCI) |
355 |
|
|
638 |
|
|
2,328 |
|
|
988 |
|
|
— |
|
|
4,309 |
|
|
1,613 |
|
Commercial promissory notes |
— |
|
|
— |
|
|
3,278 |
|
|
— |
|
|
— |
|
|
3,278 |
|
|
5,157 |
|
National treasury notes (NTN) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
431 |
|
|
431 |
|
|
384 |
|
Financial bills |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
101,467 |
|
Total |
478,410 |
|
|
172,499 |
|
|
1,661,604 |
|
|
4,328,966 |
|
|
8,266,818 |
|
|
14,908,297 |
|
|
12,448,565 |
|
c.Income from securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
Nine-month period |
|
|
09/30/2023 |
|
09/30/2022 |
|
09/30/2023 |
|
09/30/2022 |
Fair value through other comprehensive income |
|
333,051 |
|
|
217,655 |
|
|
917,204 |
|
|
818,805 |
|
Fair value through profit or loss |
|
52,227 |
|
|
45,468 |
|
|
146,866 |
|
|
128,446 |
|
Amortized cost |
|
32,609 |
|
|
77,859 |
|
|
126,779 |
|
|
148,590 |
|
Income from securities |
|
417,887 |
|
|
340,982 |
|
|
1,190,849 |
|
|
1,095,841 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
11.Derivative financial instruments
Inter engages in operations involving financial derivative instruments in the Group's risk management, as well as to meet the demands of its customers. These operations involve swaps, indices, and terms derivatives.
a.Derivative financial instruments – adjustment to fair value by maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional |
|
Amortized cost |
|
Fair value |
|
Up to 3 months |
|
3 months to 1 year |
|
1 year to 3 years |
|
Above 3 years |
|
09/30/2023 |
|
12/31/2022 |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward derivatives |
16,833 |
|
|
9,389 |
|
|
9,389 |
|
|
7,499 |
|
|
1,890 |
|
|
— |
|
|
— |
|
|
9,389 |
|
|
— |
|
Total assets |
16,833 |
|
|
9,389 |
|
|
9,389 |
|
|
7,499 |
|
|
1,890 |
|
|
— |
|
|
— |
|
|
9,389 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap derivatives |
52,000 |
|
|
(17,395) |
|
|
(17,395) |
|
|
(3,969) |
|
|
(5,248) |
|
|
(8,177) |
|
|
— |
|
|
(17,394) |
|
|
(37,502) |
|
Forward derivatives |
16,703 |
|
|
(3,664) |
|
|
(3,664) |
|
|
(3,497) |
|
|
(168) |
|
|
— |
|
|
— |
|
|
(3,665) |
|
|
(266) |
|
Future derivatives |
5,349,550 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total liabilities |
5,418,253 |
|
|
(21,059) |
|
|
(21,059) |
|
|
(7,466) |
|
— |
|
(5,416) |
|
|
(8,177) |
|
|
— |
|
|
(21,059) |
|
|
(37,768) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net effect |
5,435,086 |
|
|
(11,670) |
|
|
(11,670) |
|
|
33 |
|
|
(3,526) |
|
|
(8,177) |
|
|
— |
|
|
(11,670) |
|
|
(37,768) |
|
b.Forward, future and swap contracts – notional value
Below is the notional value of all derivatives by maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Up to 3 months |
|
3 months to 1 year |
|
1 year to 3 years |
|
Above 3 years |
|
09/30/2023 |
|
12/31/2022 |
Long position |
15,651 |
|
|
5,887 |
|
|
— |
|
|
— |
|
|
21,538 |
|
|
10,314 |
|
Forward derivatives |
15,651 |
|
|
5,887 |
|
|
— |
|
|
— |
|
|
21,538 |
|
|
— |
|
Future derivatives |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
10,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short position |
699,646 |
|
|
972,771 |
|
|
1,754,628 |
|
|
1,986,503 |
|
|
5,413,548 |
|
|
681,478 |
|
Swap derivatives |
11,500 |
|
|
16,000 |
|
|
24,500 |
|
|
— |
|
|
52,000 |
|
|
78,000 |
|
Forward derivatives |
9,895 |
|
|
2,103 |
|
|
— |
|
|
— |
|
|
11,998 |
|
|
— |
|
Future derivatives |
678,251 |
|
|
954,668 |
|
|
1,730,128 |
|
|
1,986,503 |
|
|
5,349,550 |
|
|
603,478 |
|
Total |
715,297 |
|
|
978,658 |
|
|
1,754,628 |
|
|
1,986,503 |
|
|
5,435,086 |
|
|
691,792 |
|
Swap derivatives: The swaps were carried out with the purpose of mitigating the market risk associated with the mismatch between the indexes of the mortgage loan portfolio and the indexes of the funding portfolio. As of September 30, 2023, Inter had swap contracts in which one leg is indexed to CDI and the other leg is indexed IGP-M, with deposit of guarantee margin and recognized at their fair value.
Forward derivatives: Forward derivatives are carried out both to mitigate the market risks arising from Inter's exposure and to meet specific customer demands. Forward derivatives consider the purchase or sale of a certain asset based on a previously agreed price, with settlement at a future date.
Futures derivatives: Futures derivatives are entered into with the aim of mitigating (i) the risks arising from exposures linked to the exchange rate, including investments abroad, as well as (ii) the risks arising from the mismatch of interest rates on asset positions and funding rates.
Transactions involving derivative financial instruments (futures, currency forwards and swaps) are held in custody at B3 S.A.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
c.Hedge accounting - fair value
Inter applies hedge accounting for certain of its loans and advances to customers. Inter’s swaps are classified as hedging instruments in a Fair Value Hedge hedging the risks related to a portion of the real estate portfolio which is indexed to inflation rates. The hedged contracts from the real estate portfolio are measured at fair value in relation to the specific risk of being hedged.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Hedge instruments |
|
3,832,167 |
|
|
133,789 |
|
Future DI (a) |
|
2,924,261 |
|
|
— |
|
IPCA (c) |
|
594,634 |
|
|
— |
|
Future dollar (b) |
|
225,342 |
|
|
— |
|
Swap (c) |
|
87,930 |
|
|
133,789 |
|
|
|
|
|
|
Hedge object |
|
3,879,275 |
|
|
132,981 |
|
Loans (a) |
|
2,917,451 |
|
|
— |
|
Investment abroad (b) |
|
279,700 |
|
|
— |
|
Real estate loans (c) |
|
682,124 |
|
|
132,981 |
|
(a) Refers to loan portfolios, including advance FGTS withdrawals and public payroll loans;
(b) Used to protect investments in subsidiaries abroad;
(c) Refers to the real estate loan portfolio .
12.Loans and advances to customers
a.Breakdown of balance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Credit card |
8,650,139 |
|
|
31.99 |
% |
|
6,870,564 |
|
|
30.27 |
% |
Real estate loans |
7,527,810 |
|
|
27.84 |
% |
|
6,251,812 |
|
|
27.54 |
% |
Personal loans |
6,663,058 |
|
|
24.64 |
% |
|
5,463,783 |
|
|
24.07 |
% |
Business loans |
3,438,526 |
|
|
12.71 |
% |
|
3,392,500 |
|
|
14.95 |
% |
Agribusiness loans |
764,068 |
|
|
2.82 |
% |
|
719,669 |
|
|
3.17 |
% |
Total |
27,043,601 |
|
|
100.00 |
% |
|
22,698,328 |
|
|
100.00 |
% |
|
|
|
|
|
|
|
|
Provision for expected loss (a) |
(1,746,981) |
|
|
|
|
(1,318,412) |
|
|
|
|
|
|
|
|
|
|
|
Net balance |
25,296,620 |
|
|
|
|
21,379,916 |
|
|
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
b.Concentration of the portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
|
Balance |
|
% of Loans and advances to customers |
|
Balance |
|
% of Loans and advances to customers |
Largest debtor |
301,360 |
|
|
1.11 |
% |
|
344,660 |
|
|
1.52 |
% |
10 largest debtors |
1,249,598 |
|
|
4.62 |
% |
|
1,431,237 |
|
|
6.31 |
% |
20 largest debtors |
1,774,703 |
|
|
6.56 |
% |
|
1,980,249 |
|
|
8.72 |
% |
50 largest debtors |
2,725,247 |
|
|
10.08 |
% |
|
2,734,599 |
|
|
12.05 |
% |
100 largest debtors |
3,609,197 |
|
|
13.35 |
% |
|
3,758,241 |
|
|
16.56 |
% |
c.Breakdown by maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Overdue by 1 day or more |
|
3,272,155 |
|
|
2,817,985 |
|
To fall due in up to 3 months |
|
3,693,838 |
|
|
3,381,978 |
|
To fall due between 3 to 12 months |
|
6,910,440 |
|
|
5,916,020 |
|
To fall due in more than 12 months |
|
13,167,168 |
|
|
10,582,345 |
|
Total |
|
27,043,601 |
|
|
22,698,328 |
|
d.Concentration by economic sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Financial activities |
|
1,715,974 |
|
|
2,427,341 |
|
Construction |
|
1,699,388 |
|
|
1,392,607 |
|
Industries |
|
1,307,863 |
|
|
1,359,184 |
|
Administrative activities |
|
1,250,998 |
|
|
893,914 |
|
Trade |
|
1,201,380 |
|
|
1,041,875 |
|
Agriculture |
|
134,652 |
|
|
178,403 |
|
Other segments |
|
1,380,087 |
|
|
1,781,575 |
|
Business clients |
|
8,690,342 |
|
|
9,074,899 |
|
Individual clients |
|
18,353,259 |
|
|
13,623,429 |
|
Total |
|
27,043,601 |
|
|
22,698,328 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
e.Analysis of changes in loans and advances to customers by stage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stage 1 |
|
Opening balance at 01/01/2023 |
|
Transfer to Stage 2 |
|
Transfer to Stage 3 |
|
Transfer from Stage 2 |
|
Transfer from Stage 3 |
|
Settled contracts |
|
Write-off for loss |
|
Constitution/ (reversal) |
|
Carrying amount 09/30/2023 |
Ending balance at |
Carrying amount 12/31/2022 |
Credit card |
|
5,893,995 |
|
|
(742,022) |
|
|
(172) |
|
|
66,526 |
|
|
82 |
|
|
(2,434,809) |
|
|
— |
|
|
4,551,359 |
|
|
7,334,959 |
|
|
5,893,995 |
|
Real estate loans |
|
5,843,066 |
|
|
(991,857) |
|
|
(254) |
|
|
575,345 |
|
|
63,552 |
|
|
(514,602) |
|
|
— |
|
|
1,957,676 |
|
|
6,932,926 |
|
|
5,843,066 |
|
Personal loans |
|
4,941,344 |
|
|
(211,050) |
|
|
— |
|
|
36,963 |
|
|
1,750 |
|
|
(557,608) |
|
|
— |
|
|
1,801,187 |
|
|
6,012,586 |
|
|
4,941,344 |
|
Business loans |
|
3,378,982 |
|
|
(44,973) |
|
|
— |
|
|
23,158 |
|
|
— |
|
|
(5,847,002) |
|
|
— |
|
|
5,907,390 |
|
|
3,417,555 |
|
|
3,378,982 |
|
Agribusiness loans |
|
718,115 |
|
|
(5,191) |
|
|
— |
|
|
— |
|
|
— |
|
|
(399,314) |
|
|
— |
|
|
447,100 |
|
|
760,710 |
|
|
718,115 |
|
Total |
|
20,775,502 |
|
|
(1,995,093) |
|
|
(426) |
|
|
701,992 |
|
|
65,384 |
|
|
(9,753,335) |
|
|
— |
|
|
14,664,712 |
|
|
24,458,736 |
|
|
20,775,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stage 2 |
|
Opening balance at 01/01/2023 |
|
Transfer to Stage 1 |
|
Transfer to Stage 3 |
|
Transfer from Stage 1 |
|
Transfer from Stage 3 |
|
Settled contracts |
|
Write-off for loss |
|
Constitution/ (reversal) |
|
Carrying amount 09/30/2023 |
|
Carrying amount 12/31/2022 |
Credit card |
|
335,422 |
|
|
(66,526) |
|
|
(1,130,714) |
|
|
742,022 |
|
|
— |
|
|
(988,714) |
|
|
— |
|
|
1,537,806 |
|
|
429,296 |
|
|
335,422 |
|
Real estate loans |
|
280,633 |
|
|
(575,345) |
|
|
(357,015) |
|
|
991,857 |
|
|
173,535 |
|
|
(34,350) |
|
|
— |
|
|
(12,358) |
|
|
466,957 |
|
|
280,633 |
|
Personal loans |
|
290,510 |
|
|
(36,963) |
|
|
(285,709) |
|
|
211,050 |
|
|
7,736 |
|
|
(171,955) |
|
|
— |
|
|
338,448 |
|
|
353,117 |
|
|
290,510 |
|
Business loans |
|
10,476 |
|
|
(23,158) |
|
|
(22,797) |
|
|
44,973 |
|
|
347 |
|
|
(1,725) |
|
|
— |
|
|
(1,727) |
|
|
6,389 |
|
|
10,476 |
|
Agribusiness loans |
|
— |
|
|
— |
|
|
— |
|
|
5,191 |
|
|
— |
|
|
(1,712) |
|
|
— |
|
|
(121) |
|
|
3,358 |
|
|
— |
|
Total |
|
917,041 |
|
|
(701,992) |
|
|
(1,796,235) |
|
|
1,995,093 |
|
|
181,618 |
|
|
(1,198,456) |
|
|
— |
|
|
1,862,048 |
|
|
1,259,117 |
|
|
917,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stage 3 |
|
Opening balance at 01/01/2023 |
|
Transfer to Stage 1 |
|
Transfer to Stage 2 |
|
Transfer from Stage 1 |
|
Transfer from Stage 2 |
|
Settled contracts |
|
Write-off for loss |
|
Constitution/ (reversal) |
|
Carrying amount 09/30/2023 |
|
Carrying amount 12/31/2022 |
Credit card |
|
641,147 |
|
|
(82) |
|
|
— |
|
|
172 |
|
|
1,130,714 |
|
|
(250,876) |
|
|
(655,521) |
|
|
20,330 |
|
|
885,884 |
|
|
641,147 |
|
Real estate loans |
|
128,113 |
|
|
(63,552) |
|
|
(173,535) |
|
|
254 |
|
|
357,015 |
|
|
(98,849) |
|
|
(18,318) |
|
|
(3,201) |
|
|
127,927 |
|
|
128,113 |
|
Personal loans |
|
231,929 |
|
|
(1,750) |
|
|
(7,736) |
|
|
— |
|
|
285,709 |
|
|
(90,515) |
|
|
(134,966) |
|
|
14,684 |
|
|
297,355 |
|
|
231,929 |
|
Business loans |
|
3,042 |
|
|
— |
|
|
(347) |
|
|
— |
|
|
22,797 |
|
|
(809) |
|
|
(2,726) |
|
|
(7,375) |
|
|
14,582 |
|
|
3,042 |
|
Agribusiness loans |
|
1,554 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,554) |
|
|
— |
|
|
— |
|
|
1,554 |
|
Total |
|
1,005,785 |
|
|
(65,384) |
|
|
(181,618) |
|
|
426 |
|
|
1,796,235 |
|
|
(441,049) |
|
|
(813,085) |
|
|
24,438 |
|
|
1,325,748 |
|
|
1,005,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
Opening balance at 01/01/2023 |
|
Settled contracts |
|
Write-off for loss |
|
Constitution/ (reversal) |
|
Carrying amount 09/30/2023 |
|
Carrying amount 12/31/2022 |
Credit card |
|
|
|
|
|
|
|
|
|
6,870,564 |
|
|
(3,674,399) |
|
|
(655,521) |
|
|
6,109,495 |
|
|
8,650,139 |
|
|
6,870,564 |
|
Real estate loans |
|
|
|
|
|
|
|
|
|
6,251,812 |
|
|
(647,801) |
|
|
(18,318) |
|
|
1,942,117 |
|
|
7,527,810 |
|
|
6,251,812 |
|
Personal loans |
|
|
|
|
|
|
|
|
|
5,463,783 |
|
|
(820,078) |
|
|
(134,966) |
|
|
2,154,319 |
|
|
6,663,058 |
|
|
5,463,783 |
|
Business loans |
|
|
|
|
|
|
|
|
|
3,392,500 |
|
|
(5,849,536) |
|
|
(2,726) |
|
|
5,898,288 |
|
|
3,438,526 |
|
|
3,392,500 |
|
Agribusiness loans |
|
|
|
|
|
|
|
|
|
719,669 |
|
|
(401,026) |
|
|
(1,554) |
|
|
446,979 |
|
|
764,068 |
|
|
719,669 |
|
Total |
|
|
|
|
|
|
|
|
|
22,698,328 |
|
|
(11,392,840) |
|
|
(813,085) |
|
|
16,551,198 |
|
|
27,043,601 |
|
|
22,698,328 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
f.Analysis of changes in expected losses by stage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stage 1 |
|
Opening balance at 01/01/2023 |
|
Transfer to Stage 2 |
|
Transfer to Stage 3 |
|
Transfer from Stage 2 |
|
Transfer from Stage 3 |
|
Write-off for loss |
|
Constitution/ (Reversal) |
|
Carrying amount 09/30/2023 |
|
Carrying amount 12/31/2022 |
Credit card |
|
296,909 |
|
|
(243,134) |
|
|
(52) |
|
|
21,446 |
|
|
53 |
|
|
— |
|
|
289,193 |
|
|
364,415 |
|
|
296,909 |
|
Real estate loans |
|
66,484 |
|
|
(65,723) |
|
|
(50) |
|
|
25,679 |
|
|
7,554 |
|
|
— |
|
|
7,978 |
|
|
41,922 |
|
|
66,484 |
|
Personal loans |
|
98,516 |
|
|
(43,021) |
|
|
— |
|
|
2,311 |
|
|
864 |
|
|
— |
|
|
16,910 |
|
|
75,580 |
|
|
98,516 |
|
Business loans |
|
12,099 |
|
|
(2,080) |
|
|
— |
|
|
131 |
|
|
— |
|
|
— |
|
|
2,153 |
|
|
12,303 |
|
|
12,099 |
|
Agribusiness loans |
|
11,606 |
|
|
(677) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
603 |
|
|
11,532 |
|
|
11,606 |
|
|
|
485,614 |
|
|
(354,635) |
|
|
(102) |
|
|
49,567 |
|
|
8,471 |
|
|
— |
|
|
316,837 |
|
|
505,752 |
|
|
485,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stage 2 |
|
Opening balance at 01/01/2023 |
|
Transfer to Stage 1 |
|
Transfer to Stage 3 |
|
Transfer from Stage 1 |
|
Transfer from Stage 3 |
|
Write-off for loss |
|
Constitution/ (Reversal) |
|
Carrying amount 09/30/2023 |
|
Carrying amount 12/31/2022 |
Credit card |
|
174,466 |
|
|
(21,446) |
|
|
(705,634) |
|
|
243,134 |
|
|
— |
|
|
— |
|
|
538,650 |
|
|
229,170 |
|
|
174,466 |
|
Real estate loans |
|
16,939 |
|
|
(25,679) |
|
|
(52,921) |
|
|
65,723 |
|
|
14,621 |
|
|
— |
|
|
15,511 |
|
|
34,194 |
|
|
16,939 |
|
Personal loans |
|
90,088 |
|
|
(2,311) |
|
|
(143,397) |
|
|
43,021 |
|
|
2,183 |
|
|
— |
|
|
106,343 |
|
|
95,927 |
|
|
90,088 |
|
Business loans |
|
899 |
|
|
(131) |
|
|
(3,317) |
|
|
2,080 |
|
|
31 |
|
|
— |
|
|
1,348 |
|
|
910 |
|
|
899 |
|
Agribusiness loans |
|
— |
|
|
— |
|
|
— |
|
|
677 |
|
|
— |
|
|
— |
|
|
(7) |
|
|
670 |
|
|
— |
|
|
|
282,392 |
|
|
(49,567) |
|
|
(905,269) |
|
|
354,635 |
|
|
16,835 |
|
|
— |
|
|
661,845 |
|
|
360,871 |
|
|
282,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stage 3 |
|
Opening balance at 01/01/2023 |
|
Transfer to Stage 1 |
|
Transfer to Stage 2 |
|
Transfer from Stage 1 |
|
Transfer from Stage 2 |
|
Write-off for loss |
|
Constitution/ (Reversal) |
|
Carrying amount 09/30/2023 |
|
Carrying amount 12/31/2022 |
Credit card |
|
402,826 |
|
|
(53) |
|
|
— |
|
|
52 |
|
|
705,634 |
|
|
(655,521) |
|
|
173,022 |
|
|
625,960 |
|
|
402,826 |
|
Real estate loans |
|
19,127 |
|
|
(7,554) |
|
|
(14,621) |
|
|
50 |
|
|
52,921 |
|
|
(18,318) |
|
|
11,926 |
|
|
43,531 |
|
|
19,127 |
|
Personal loans |
|
127,149 |
|
|
(864) |
|
|
(2,183) |
|
|
— |
|
|
143,397 |
|
|
(134,966) |
|
|
75,509 |
|
|
208,042 |
|
|
127,149 |
|
Business loans |
|
328 |
|
|
— |
|
|
(31) |
|
|
— |
|
|
3,317 |
|
|
(2,726) |
|
|
1,937 |
|
|
2,825 |
|
|
328 |
|
Agribusiness loans |
|
976 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,554) |
|
|
578 |
|
|
— |
|
|
976 |
|
|
|
550,406 |
|
|
(8,471) |
|
|
(16,835) |
|
|
102 |
|
|
905,269 |
|
|
(813,085) |
|
|
262,972 |
|
|
880,358 |
|
|
550,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
Opening balance at 01/01/2023 |
|
Write-off for loss |
|
Constitution/ (Reversal) |
|
Carrying amount 09/30/2023 |
|
Carrying amount 12/31/2022 |
Credit card |
|
|
|
|
|
|
|
|
|
874,201 |
|
|
(655,521) |
|
|
1,000,865 |
|
|
1,219,545 |
|
|
874,201 |
|
Real estate loans |
|
|
|
|
|
|
|
|
|
102,550 |
|
|
(18,318) |
|
|
35,415 |
|
|
119,647 |
|
|
102,550 |
|
Personal loans |
|
|
|
|
|
|
|
|
|
315,753 |
|
|
(134,966) |
|
|
198,762 |
|
|
379,549 |
|
|
315,753 |
|
Business loans |
|
|
|
|
|
|
|
|
|
13,326 |
|
|
(2,726) |
|
|
5,438 |
|
|
16,038 |
|
|
13,326 |
|
Agribusiness loans |
|
|
|
|
|
|
|
|
|
12,582 |
|
|
(1,554) |
|
|
1,174 |
|
|
12,202 |
|
|
12,582 |
|
|
|
|
|
|
|
|
|
|
|
1,318,412 |
|
|
(813,085) |
|
|
1,241,654 |
|
|
1,746,981 |
|
|
1,318,412 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
13.Non-current assets held for sale
The balance of non-current assets held for sale comprises assets originally received as collateral for loans and advances to customers, which were repossessed. The amount of real estate held for sale on September 30, 2023 was R$ 169,347 (December 31, 2022: R$ 166,943).
14.Equity accounted investees
a.Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% in share capital |
|
Equity accounted investees |
Investees |
|
09/30/2023 |
|
12/31/2022 |
|
09/30/2023 |
|
12/31/2022 |
Granito Soluções em Pagamento S.A. (a) |
|
50.0 |
% |
|
45.0 |
% |
|
60,589 |
|
|
62,582 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
60,589 |
|
|
62,582 |
|
Total |
|
|
|
|
|
71,884 |
|
|
72,090 |
|
(a) On May 4, 2023, Banco Inter S.A. concluded the acquisition of additional 5% of the share capital of Granito Instituição de Pagamento S.A. (“Granito”), held by minority shareholders, for the amount of R$ 10 million (“Acquisition paid in cash”). The acquisition was accounted for using the equity method.
b. Loss from equity interests in associates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
Nine-month period |
Investees |
|
09/30/2023 |
|
09/30/2022 |
|
09/30/2023 |
|
09/30/2022 |
Granito Soluções em Pagamento S.A. |
|
(4,071) |
|
|
(3,892) |
|
|
(30,597) |
|
|
(13,954) |
|
Total |
|
(4,071) |
|
|
(3,892) |
|
|
(30,597) |
|
|
(13,954) |
|
15.Property and equipment
a.Breakdown of property and equipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
Annual depreciation rate |
|
Historical cost |
|
Accumulated depreciation |
|
Book value |
Right-of-use assets - buildings and equipment |
4% to 10% |
|
125,176 |
|
|
(9,007) |
|
|
116,169 |
|
Buildings |
4% |
|
38,435 |
|
|
(29,776) |
|
|
8,659 |
|
Furniture and equipment |
10% |
|
33,987 |
|
|
(2,658) |
|
|
31,329 |
|
Data processing systems |
20% |
|
16,015 |
|
|
(475) |
|
|
15,540 |
|
Construction in progress |
— |
|
1,980 |
|
|
— |
|
|
1,980 |
|
Total |
|
|
215,593 |
|
|
(41,916) |
|
|
173,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2022 |
|
Annual depreciation rate |
|
Historical cost |
|
Accumulated depreciation |
|
Book value |
Right-of-use assets - buildings and equipment |
4% to 10% |
|
144,387 |
|
|
(7,616) |
|
|
136,771 |
|
Buildings |
4% |
|
37,446 |
|
|
(25,149) |
|
|
12,297 |
|
Furniture and equipment |
10% |
|
23,601 |
|
|
(2,069) |
|
|
21,532 |
|
Data processing systems |
20% |
|
15,636 |
|
|
(11) |
|
|
15,625 |
|
Construction in progress |
— |
|
1,794 |
|
|
— |
|
|
1,794 |
|
Total |
|
|
222,864 |
|
|
(34,845) |
|
|
188,019 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
b.Changes in property and equipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 12/31/2022 |
|
Addition |
|
|
|
Transfer |
|
Lease termination of the non-renewed contracts/ write-off |
|
Exchange rate changes |
|
Balance at 09/30/2023 |
Historical cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use assets - buildings and equipment |
|
144,387 |
|
|
— |
|
|
|
|
— |
|
|
(19,211) |
|
|
— |
|
|
125,176 |
|
Buildings |
|
37,446 |
|
|
978 |
|
|
|
|
11 |
|
|
— |
|
|
— |
|
|
38,435 |
|
Furniture and equipment |
|
23,601 |
|
|
11,431 |
|
|
|
|
(11) |
|
|
(614) |
|
|
(420) |
|
|
33,987 |
|
Data processing systems |
|
15,636 |
|
|
379 |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
16,015 |
|
Construction in progress |
|
1,794 |
|
|
186 |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
1,980 |
|
Total |
|
222,864 |
|
|
12,974 |
|
|
|
|
— |
|
|
(19,825) |
|
|
(420) |
|
|
215,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use assets - buildings and equipment |
|
(7,616) |
|
|
(1,391) |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
(9,007) |
|
Buildings |
|
(25,149) |
|
|
(4,627) |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
(29,776) |
|
Furniture and equipment |
|
(2,069) |
|
|
(1,174) |
|
|
|
|
303 |
|
|
91 |
|
|
191 |
|
|
(2,658) |
|
Data processing systems |
|
(11) |
|
|
(164) |
|
|
|
|
(303) |
|
|
3 |
|
|
— |
|
|
(475) |
|
Total Accumulated depreciation |
|
(34,845) |
|
|
(7,356) |
|
|
|
|
— |
|
|
94 |
|
|
191 |
|
|
(41,916) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
188,019 |
|
|
5,618 |
|
|
|
|
— |
|
|
(19,731) |
|
|
(229) |
|
|
173,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 12/31/2021 |
|
Addition |
|
Business Combination |
|
Transfer |
|
Lease termination of the non-renewed contracts/ write-off |
|
Balance at 09/30/2022 |
Historical cost |
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use assets - buildings and equipment |
|
131,064 |
|
|
21,983 |
|
|
— |
|
|
— |
|
|
— |
|
|
153,047 |
|
Buildings |
|
27,608 |
|
|
8,705 |
|
|
— |
|
|
806 |
|
|
(1,337) |
|
|
35,782 |
|
Furniture and equipment |
|
14,012 |
|
|
2,873 |
|
|
6,464 |
|
|
(408) |
|
|
(193) |
|
|
22,748 |
|
Data processing systems |
|
14,390 |
|
|
379 |
|
|
— |
|
|
— |
|
|
(13) |
|
|
14,756 |
|
Total |
|
187,074 |
|
|
33,940 |
|
|
6,464 |
|
|
398 |
|
|
(1,543) |
|
|
226,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use assets - buildings and equipment |
|
(3,741) |
|
|
(3,693) |
|
|
— |
|
|
— |
|
|
— |
|
|
(7,434) |
|
Buildings |
|
(14,721) |
|
|
(3,998) |
|
|
— |
|
|
(5,005) |
|
|
13 |
|
|
(23,711) |
|
Furniture and equipment |
|
(5,064) |
|
|
(264) |
|
|
(498) |
|
|
4,541 |
|
|
14 |
|
|
(1,271) |
|
Data processing systems |
|
(72) |
|
|
(6) |
|
|
— |
|
|
66 |
|
|
— |
|
|
(12) |
|
Total |
|
(23,598) |
|
|
(7,961) |
|
|
(498) |
|
|
(398) |
|
|
27 |
|
|
(32,428) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
163,476 |
|
|
25,979 |
|
|
5,966 |
|
|
— |
|
|
(1,516) |
|
|
193,905 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
16.Intangible assets
a.Breakdown of intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
|
Annual amortization rate |
|
Historical cost |
|
(Accumulated amortization) |
|
Book value |
|
Historical cost |
|
(Accumulated amortization) |
|
Book value |
Intangible assets in progress |
— |
|
289,285 |
|
|
— |
|
|
289,285 |
|
|
279,675 |
|
|
— |
|
|
279,675 |
|
Development costs |
20% |
|
308,001 |
|
|
(104,427) |
|
|
203,574 |
|
|
234,400 |
|
|
(48,835) |
|
|
185,565 |
|
Software |
10% |
|
447,461 |
|
|
(260,768) |
|
|
186,693 |
|
|
336,495 |
|
|
(204,278) |
|
|
132,217 |
|
Customer portfolio |
20% |
|
13,965 |
|
|
(6,902) |
|
|
7,063 |
|
|
13,965 |
|
|
(5,589) |
|
|
8,376 |
|
Goodwill |
— |
|
635,735 |
|
|
— |
|
|
635,735 |
|
|
632,796 |
|
|
— |
|
|
632,796 |
|
Total |
|
|
1,694,447 |
|
|
(372,097) |
|
|
1,322,350 |
|
|
1,497,331 |
|
|
(258,702) |
|
|
1,238,629 |
|
b.Changes in intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2022 |
|
Addition |
|
Write-offs |
|
Transfers |
|
Business Combination |
|
Amortization |
|
09/30/2023 |
Intangible assets in progress |
279,675 |
|
|
131,526 |
|
|
— |
|
|
(121,916) |
|
|
— |
|
|
— |
|
|
289,285 |
|
Development costs |
185,565 |
|
|
— |
|
|
— |
|
|
73,601 |
|
|
— |
|
|
(55,592) |
|
|
203,574 |
|
Software |
132,217 |
|
|
62,651 |
|
|
— |
|
|
48,315 |
|
|
— |
|
|
(56,490) |
|
|
186,693 |
|
Customer portfolio |
8,376 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,313) |
|
|
7,063 |
|
Goodwill |
632,796 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,939 |
|
|
— |
|
|
635,735 |
|
Total |
1,238,629 |
|
|
194,177 |
|
|
— |
|
|
— |
|
|
2,939 |
|
|
(113,395) |
|
|
1,322,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2021 |
|
Addition |
|
Write-offs |
|
Transfers |
|
Business Combination |
|
Amortization |
|
09/30/2022 |
Intangible assets in progress |
177,979 |
|
|
129,439 |
|
|
(7,506) |
|
|
(80,759) |
|
|
— |
|
|
— |
|
|
219,153 |
|
Development costs (b) |
115,417 |
|
|
30 |
|
|
(253) |
|
|
81,879 |
|
|
— |
|
|
(23,275) |
|
|
173,798 |
|
Software |
47,150 |
|
|
79,447 |
|
|
(2,008) |
|
|
(1,120) |
|
|
155,623 |
|
|
(73,368) |
|
|
205,724 |
|
Customer portfolio (b) |
10,329 |
|
|
— |
|
|
(103) |
|
|
— |
|
|
— |
|
|
(1,383) |
|
|
8,843 |
|
Goodwill (a) (b) |
78,037 |
|
|
— |
|
|
— |
|
|
— |
|
|
554,759 |
|
|
— |
|
|
632,796 |
|
Total |
428,912 |
|
|
208,916 |
|
|
(9,870) |
|
|
— |
|
|
710,382 |
|
|
(98,026) |
|
|
1,240,314 |
|
(a) Refers to the acquisition of Inter & Co Payments, Inc.
(b) The balance of December 31, 2021, previously presented, was adjusted after the conclusion of the PPA of the group companies. We updated the following accounting balances: customer portfolio, going from R$5,602 to R$10,329; work in progress intangible, going from R$ 171,633 to R$ 177,979; and goodwill, decreasing from R$ 90,702 to R$ 78,037. Accordingly, the preliminary goodwill was reallocated to the opening balances of the transaction.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
17.Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Prepaid expenses (a) |
359,261 |
|
|
321,830 |
|
Taxes and contributions to be offset against future amounts payable |
322,945 |
|
|
176,513 |
|
Commissions and bonus receivable (b) |
190,906 |
|
|
113,546 |
|
Accounts receivable from customers |
184,741 |
|
|
— |
|
Early settlement of credit operations |
148,836 |
|
|
23,328 |
|
Premium or discount on transfer of financial assets |
132,117 |
|
|
71,460 |
|
Sundry debtors (c) |
116,694 |
|
|
91,627 |
|
Amount receivable from the sale of investments |
107,977 |
|
|
87,318 |
|
Pending settlements |
103,184 |
|
|
277,953 |
|
Transactions amount to be received |
57,625 |
|
|
122,859 |
|
Unbilled services provided |
53,049 |
|
|
31,870 |
|
Agreements on sales of properties receivable |
48,308 |
|
|
38,467 |
|
Advances to third parties |
37,744 |
|
|
23,911 |
|
Others |
230,446 |
|
|
44,826 |
|
Total |
2,093,833 |
|
|
1,425,508 |
|
(a) Refer substantially to the cost of acquisition of digital account customers and expenses on portability to process.
(b) Refers mainly to bonus receivable from the commercial agreement signed with Mastercard, Liberty and Sompo.
(c) Refers mainly to portability amounts to be processed, credit card amounts to be processed, negotiation and intermediation of amounts and debtors by judicial deposit.
18.Liabilities with financial institutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Payables with credit card network |
|
6,410,380 |
|
|
5,228,314 |
|
Securities sold under agreements to repurchase |
|
1,600,988 |
|
|
1,902,873 |
|
Interbank deposits |
|
1,356,437 |
|
|
732,528 |
|
Others |
|
50,440 |
|
|
43,182 |
|
Total |
|
9,418,245 |
|
|
7,906,897 |
|
19.Liabilities with customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Time deposits (a) |
|
25,572,336 |
|
|
10,517,060 |
|
Demand deposits |
|
1,813,779 |
|
|
11,566,826 |
|
Savings deposits |
|
1,350,713 |
|
|
1,307,055 |
|
Creditors by resources to release |
|
327,160 |
|
|
251,863 |
|
Total |
|
29,063,988 |
|
|
23,642,804 |
|
(a) The variation in balances between the periods is due to the launch of the “Conta com Pontos" product.
20.Securities issued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Real estate credit bills |
|
7,226,685 |
|
|
5,794,144 |
|
Financial Bills |
|
158,116 |
|
|
67,014 |
|
Agribusiness credit bills |
|
77,764 |
|
|
341,007 |
|
Total |
|
7,462,565 |
|
|
6,202,165 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
21.Borrowing and onlending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Onlending obligations – Caixa Econômica Federal (a) |
|
20,868 |
|
|
22,231 |
|
Onlending obligations – BNDES (b) |
|
5,567 |
|
|
8,139 |
|
Others |
|
61,214 |
|
|
6,078 |
|
Total |
|
87,649 |
|
|
36,448 |
|
(a) Refers to on-lending operations for real estate loans taken out with Caixa Econômica Federal (at rates of between 4.5% and 6% p.a.);
(b) Refers to Working Capital operations with BNDES (at a fixed rate of up to 6.87% p.a.).
22.Tax liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Income tax and social contribution |
|
274,478 |
|
|
114,493 |
|
PIS/COFINS |
|
22,095 |
|
|
20,542 |
|
INSS/FGTS |
|
13,604 |
|
|
14,842 |
|
Tax on financial transactions |
|
14,577 |
|
|
9,354 |
|
Others |
|
8,092 |
|
|
7,634 |
|
Total |
|
332,846 |
|
|
166,865 |
|
23.Provisions and contingent liabilities
a.Provisions
The Group's legal entities, in the normal course of their activities, are parties to tax, social security, labor and civil lawsuits. The respective provisions were made taking into account the laws in force, the opinion of legal advisors, the nature and complexity of the cases, case law, past loss experience and other relevant criteria that allow the most adequate estimate.
i.Labor lawsuits
These are lawsuits filed seeking to obtain indemnities of a labor nature. Amounts provisioned are related to processes in which alleged labor rights are discussed, such as overtime and salary equalization. On an individual basis, amounts provided for labor lawsuits are not significant.
ii.Civil lawsuits
The majority of lawsuits refer to indemnities for material and moral damages related to the Group’s products, such as payroll deductible loans, in addition to declaratory and remedial actions, compliance with the limit of a 30% deduction from a borrower's salary, presentation of documents and adjustment actions.
Changes in provisions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor |
|
Civil |
|
Total |
Balance at December 31, 2022 |
3,788 |
|
|
24,330 |
|
|
28,118 |
|
Constitution/increase in provision |
676 |
|
|
15,965 |
|
|
27,104 |
|
Payments |
(239) |
|
|
(13,501) |
|
|
(20,182) |
|
Balance at September 30, 2023 |
4,225 |
|
|
30,068 |
|
|
35,040 |
|
|
|
|
|
|
|
Balance at December 31, 2021 |
3,312 |
|
|
18,370 |
|
|
21,682 |
|
Constitution/increase in provision |
1,071 |
|
|
19,147 |
|
|
20,218 |
|
Payments |
(560) |
|
|
(14,782) |
|
|
(15,342) |
|
Balance at September 30, 2022 |
3,823 |
|
|
22,735 |
|
|
26,558 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
b.Contingent tax liabilities classified as possible losses
The main proceedings with this classification are:
i.Income tax and social contribution on net income – IRPJ and CSLL
On August 30, 2013, a tax assessment notice was issued (referring to some expenses considered as non-deductible) requiring the payment of amounts of income tax and social contribution related to the calendar years 2008 to 2009. As of September 30, 2023, these amounted to R$35,619 (R$29,963 on December 31, 2022).
ii.COFINS
The Company is discussing its COFINS obligations from 1999 to 2008 in court, due to the Federal Revenue Service's understanding that financial revenues should be included in the calculation basis of this contribution. Inter has a Federal Supreme Court decision, dated December 19, 2005, granting the right to collect COFINS based only on the revenue from services rendered, instead of the total revenue that would include financial revenues.
In 2005, Inter obtained a favorable final and unappealable decision from the Federal Supreme Court, granting it the right to pay COFINS based only on the revenue from services rendered, instead of the total revenue that would include financial revenues.
During the period from 1999 to 2006, Inter made judicial deposits and/or made the payment of the obligation. In 2006, through a favorable decision by the Supreme Federal Court and the express consent of the Federal Revenue Service, Inter's judicial deposit was released. Additionally, the authorization to use the credits, for amounts previously overpaid, against current obligations, was homologated without challenge by the Federal Revenue Service on May 11, 2006. Subsequently, the Federal Revenue Service challenged the procedures adopted by Inter, applying the understanding that financial revenues should be included in the COFINS calculation basis.
After the enactment of Law 12.973/14, Inter modified its procedures to include financial revenues in the COFINS calculation basis and, therefore, all the taxable events involved in Inter’s discussions are prior to this law.
Currently, the application of the res judicial (final and unappealable ruling) is being discussed in a lawsuit that ensured Inter the right not to pay COFINS on financial revenues.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Process type |
|
09/30/2023 |
|
12/31/2022 |
Action for the annulment of a tax debt |
|
35,685 |
|
|
29,626 |
|
Tax assessment notice |
|
23,692 |
|
|
17,896 |
|
Clearing Statement |
|
1,243 |
|
|
3,496 |
|
Collection Letter |
|
— |
|
|
1,254 |
|
Total |
|
60,620 |
|
|
52,272 |
|
c.Others
There were other provisions amounting to R$ 29,331 as of September 30, 2023.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
24.Other liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Payments to be processed (a) |
|
750,406 |
|
|
648,887 |
|
Provisions for salaries, vacations and other labor charges |
|
151,379 |
|
|
77,383 |
|
Lease liabilities (Note 24.a) |
|
127,676 |
|
|
146,705 |
|
Digital customer portfolio - Inter & Co. Payments, Inc. |
|
— |
|
|
89,518 |
|
Pending settlements (b) |
|
73,657 |
|
|
31,352 |
|
Contract liabilities (c) |
|
42,679 |
|
|
45,364 |
|
Agreements |
|
39,120 |
|
|
33,736 |
|
Other liabilities |
|
75,410 |
|
|
100,582 |
|
Total |
|
1,260,327 |
|
|
1,173,527 |
|
(a) The balance is substantially composed of: credit operation installments to be transferred, payment orders to be settled, suppliers to be paid, liabilities from business combinations and fees to be paid;
(b) Refer to customer operations intended for carrying out business with fixed income securities, shares, commodities and financial assets, which will be settled within a maximum period of D+5;
(c) The balance consists of amounts received, not yet recognized in the income statement arising from the exclusive contract for insurance products signed between the subsidiary Inter Digital Corretora and Consultoria de Seguros Ltda. (“Inter Seguros”) and Liberty Seguros.
a.Lease liabilities
The changes in lease liabilities as of September 30, 2023 and year ended December 31, 2022 are as follows:
|
|
|
|
|
|
Balance at January 1, 2023 |
146,705 |
|
New contracts |
3,023 |
|
Payments |
(28,548) |
|
Accrued interest |
6,496 |
|
Ending balance at September 30, 2023 |
127,676 |
|
|
|
Balance at January 1, 2022 |
137,085 |
|
New contracts |
1,225 |
|
Payments |
(38,882) |
|
Accrued interest |
47,277 |
|
Ending balance at December 31, 2022 |
146,705 |
|
Lease maturity
The maturity of the lease liabilities as of September 30, 2023 and year ended December 31, 2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2023 |
|
12/31/2022 |
Up to 1 year |
4,389 |
|
|
2,890 |
|
From 1 year to 5 years |
15,789 |
|
|
26,009 |
|
Above 5 years |
107,498 |
|
|
117,806 |
|
Total |
127,676 |
|
|
146,705 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
25. Equity
a.Share capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date |
|
Class A |
|
Class B |
|
Total |
12/31/2022 |
|
284,765,936 |
|
117,037,105 |
|
401,803,041 |
09/30/2023 |
|
284,836,041 |
|
117,037,105 |
|
401,873,146 |
At September 30, 2023, Inter & Co, Inc.'s authorized share capital is US$50,000 divided into 20,000,000,000 shares with par value of US$0.0000025 each, of which (i) 10,000,000,000 class A shares, (ii) 5,000,000,000 class B shares and (iii) 5,000,000,000 shares with rights approved by the Company's Board of Directors, regardless of class, of which 284,836,041 issued as class A shares and 117,037,105 issued as class B shares. The share capital comprising shares issued refers to the authorized capital. The paid-up share capital of Inter & Co. Inc was R$13 at September 30, 2023 (December 31, 2022: R$13).
The special rights granted to holders of Class A and Class B shares in this unaudited condensed consolidated interim financial statement are the same as those applied in the consolidated financial statements of Inter & Co, Inc. for the year ended December 31, 2022.
b.Reserve
As of September 30, 2023, the reserves amounted to R$7,998,213. In the year ended December 31, 2022, Inter & Co, Inc. concluded the final stage of its corporate reorganization, as mentioned in
Note 1. Accordingly, the reserve amount of R$7,817,670 refers to the transfer from non-controlling interest to equity of Inter & Co, Inc of the Banco Inter shareholders that exchanged their shares of Banco Inter for shares and/or BDRs to the equity of Inter & Co, Inc. The reflex reserve is mainly composed by equity-settled share-based payment from Banco Inter and Usend.
c.Other comprehensive income
As of September 30, 2023, Inter & Co, Inc’s other comprehensive income amounted to R$(729,442), (December 31, 2022: R$(825,301)), which comprises the fair value of financial assets at FVOCI and exchange rate change adjustments of subsidiary abroad and taxes.
d.Dividends and interest on equity
As of September 30, 2023, and for the year ended December 31, 2022, Inter & Co, Inc. did not announce the payment of dividends to its shareholders. As of September 30, 2023, Inter Food, Banco Inter and Inter Holding Financeira S.A paid interest on equity in the amounts of R$19,704, R$50,000 and R$25,781, In the year ended December 31, 2022, Banco Inter paid interest on equity to controlling shareholders in the amount of R$38,056. Inter Digital and Inter Food paid dividends to non-controlling shareholders in the amount of R$25,812 and R$12,030, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
09/30/2023 |
|
12/31/2022 |
Banco Inter |
|
50,000 |
|
|
38,056 |
|
Inter Holding Fin |
|
25,781 |
|
|
— |
|
Inter Digital (a) |
|
— |
|
|
25,812 |
|
Inter Food (a) |
|
19,704 |
|
|
12,030 |
|
Total |
|
95,485 |
|
|
75,898 |
|
(a) Amount paid to non-controlling shareholders.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
e.Basic and diluted earnings (loss) per share
Basic and diluted earnings/(loss) per share is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
Nine-month period |
|
|
09/30/2023 |
|
09/30/2022 |
|
09/30/2023 |
|
09/30/2022 |
Profit (loss) attributable to Owners of the company (In thousands of Reais) |
|
91,292 |
|
|
(30,008) |
|
|
151,443 |
|
|
(43,326) |
|
Average number of shares outstanding |
|
401,789,293 |
|
|
403,575,106 |
|
|
401,789,293 |
|
|
403,575,106 |
|
Basic earnings (loss) per share (R$) |
|
0.23 |
|
|
(0.07) |
|
|
0.38 |
|
|
(0.11) |
|
Diluted earnings (loss) per share (R$) |
|
0.23 |
|
|
(0.07) |
|
|
0.38 |
|
|
(0.11) |
|
Basic and diluted earnings (loss) per share are presented based on the two classes of shares, A and B, and are calculated by dividing the profit (loss) attributable to the parent company by the weighted average number of shares of each class outstanding in the periods.
On September 30, 2023, Inter&Co reported dilutive effects for the purpose of calculating diluted earnings per share. These effects were due to share-based payments with a weighted average quantity of 1,689,692.
f.Non-controlling interest
As of September 30, 2023, the balance of non-controlling interests is R$107,859 (December 31, 2022: R$96,722).
g.Treasury shares
As of September 30, 2023, Inter & Co, Inc., has R$(8,417) of treasury shares, consisting of 82,526 class A shares (December 31, 2022: R$ 0).
26.Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
Nine-month period |
|
|
09/30/2023 |
|
09/30/2022 |
|
09/30/2023 |
|
09/30/2022 |
Interest income |
|
|
|
|
|
|
|
|
Loans and advances to customers |
|
951,968 |
|
|
700,508 |
|
|
2,893,959 |
|
|
1,774,688 |
|
Amounts due from financial institutions |
|
147,490 |
|
|
78,400 |
|
|
359,709 |
|
|
140,353 |
|
Income from cash and cash equivalents in foreign currency |
|
21,664 |
|
|
9,435 |
|
|
30,939 |
|
|
12,937 |
|
Others |
|
(14,187) |
|
|
— |
|
|
(13,640) |
|
|
3,837 |
|
Total |
|
1,106,935 |
|
|
788,343 |
|
|
3,270,967 |
|
|
1,931,815 |
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
|
|
|
|
|
|
Deposits from customers |
|
(448,514) |
|
|
(308,850) |
|
|
(1,185,068) |
|
|
(739,541) |
|
Securities issued |
|
(247,243) |
|
|
(168,229) |
|
|
(779,356) |
|
|
(477,383) |
|
Securities acquired with agreements to resell |
|
(42,409) |
|
|
(28,848) |
|
|
(88,791) |
|
|
(52,090) |
|
Saving |
|
(24,012) |
|
|
(21,620) |
|
|
(69,761) |
|
|
(59,188) |
|
Borrowing and onlending (a) |
|
— |
|
|
(52,131) |
|
|
— |
|
|
(53,288) |
|
Others |
|
(8,220) |
|
|
— |
|
|
(12,399) |
|
|
— |
|
Total |
|
(770,398) |
|
|
(579,678) |
|
|
(2,135,375) |
|
|
(1,381,490) |
|
(a) Refers to the interest expense of debentures issued for cash-out payments made to shareholders who opted to redeem their shares after the migration to the Nasdaq.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
27.Revenues from services and commissions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
Nine-month period |
|
|
09/30/2023 |
|
09/30/2022 |
|
09/30/2023 |
|
09/30/2022 |
Income from exchange |
|
214,415 |
|
|
161,418 |
|
|
574,952 |
|
|
437,870 |
|
Revenues from commissions and intermediation |
|
130,699 |
|
|
115,414 |
|
|
351,460 |
|
|
364,687 |
|
Income from bank fees |
|
24,030 |
|
|
16,837 |
|
|
60,446 |
|
|
45,246 |
|
Revenues from services and commissions |
|
12,131 |
|
|
5,690 |
|
|
40,655 |
|
|
18,019 |
|
Resource management |
|
20,522 |
|
|
5,731 |
|
|
47,654 |
|
|
24,912 |
|
Exchange brokerage and securities |
|
326 |
|
|
16,676 |
|
|
11,476 |
|
|
33,408 |
|
Other |
|
20,957 |
|
|
3,516 |
|
|
49,161 |
|
|
13,666 |
|
Cashback expenses (a) |
|
(48,391) |
|
|
(76,420) |
|
|
(173,664) |
|
|
(244,212) |
|
Inter Loop (b) |
|
(26,910) |
|
|
— |
|
|
(33,484) |
|
|
— |
|
Revenues |
|
347,780 |
|
|
248,862 |
|
|
928,657 |
|
|
693,596 |
|
(a) Refers to amounts paid to customers as an incentive to purchase or use products. This balance is deducted directly from revenue from services and commissions.
(b) This is a loyalty and rewards program offered by Banco Inter. Through this program, bank customers accumulate points in their transactions and financial operations and can exchange them for benefits, discounts, products or services.
28.Other revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
Nine-month period |
|
|
09/30/2023 |
|
09/30/2022 |
|
09/30/2023 |
|
09/30/2022 |
Performance fees (a) |
|
48,645 |
|
|
30,764 |
|
|
104,840 |
|
|
123,702 |
|
Foreign exchange |
|
26,659 |
|
|
31,137 |
|
|
67,769 |
|
|
73,733 |
|
Capital gains |
|
25,341 |
|
|
2,651 |
|
|
34,428 |
|
|
63,565 |
|
Others |
|
30,785 |
|
|
13,135 |
|
|
71,428 |
|
|
40,466 |
|
Total |
|
131,430 |
|
|
77,687 |
|
|
278,465 |
|
|
301,466 |
|
(a) Consists substantially of the result of the commercial agreement between Inter and Mastercard, B3 and Liberty, which offers performance bonuses as the established goals are met.
29.Impairment losses on financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
Nine-month period |
|
|
09/30/2023 |
|
09/30/2022 |
|
09/30/2023 |
|
09/30/2022 |
Loss on impairment adjustment of loans and advances to customers |
|
(461,835) |
|
|
(275,013) |
|
|
(1,241,654) |
|
|
(848,610) |
|
Recovery of written-off credits |
|
40,180 |
|
|
13,533 |
|
|
86,453 |
|
|
29,253 |
|
Others |
|
13,756 |
|
|
(1,633) |
|
|
(1,939) |
|
|
834 |
|
Total |
|
(407,899) |
|
|
(263,113) |
|
|
(1,157,140) |
|
|
(818,523) |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
30.Administrative expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
Nine-month period |
|
|
09/30/2023 |
|
09/30/2022 |
|
09/30/2023 |
|
09/30/2022 |
Data processing and information technology |
|
(190,301) |
|
|
(190,128) |
|
|
(599,043) |
|
|
(518,014) |
|
Third party services |
|
(48,707) |
|
|
(40,439) |
|
|
(156,545) |
|
|
(99,858) |
|
Advertisement and marketing |
|
(22,921) |
|
|
(23,423) |
|
|
(64,063) |
|
|
(98,243) |
|
Rent, condominium fee and property maintenance |
|
(16,649) |
|
|
(15,267) |
|
|
(49,078) |
|
|
(44,414) |
|
Bank expenses |
|
(12,817) |
|
|
(29,458) |
|
|
(37,909) |
|
|
(88,449) |
|
Provisions for contingencies |
|
(10,463) |
|
|
(9,453) |
|
|
(27,104) |
|
|
(20,218) |
|
Tax expenses |
|
(94,072) |
|
|
(61,544) |
|
|
(235,406) |
|
|
(179,837) |
|
Others |
|
(61,019) |
|
|
(71,778) |
|
|
(162,618) |
|
|
(236,174) |
|
Total |
|
(456,949) |
|
|
(441,490) |
|
|
(1,331,766) |
|
|
(1,285,207) |
|
31.Personnel expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
Nine-month period |
|
|
09/30/2023 |
|
09/30/2022 |
|
09/30/2023 |
|
09/30/2022 |
Salaries |
|
(99,216) |
|
|
(104,987) |
|
|
(308,371) |
|
|
(295,709) |
|
Benefits |
|
(82,648) |
|
|
(39,492) |
|
|
(168,988) |
|
|
(110,018) |
|
Social security charges |
|
(27,839) |
|
|
(31,451) |
|
|
(85,642) |
|
|
(86,928) |
|
Others |
|
(958) |
|
|
(302) |
|
|
(6,321) |
|
|
(1,163) |
|
Total |
|
(210,661) |
|
|
(176,232) |
|
|
(569,322) |
|
|
(493,818) |
|
32.Current and deferred income tax and social contribution
a.Amounts recognized in profit or loss for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
Nine-month period |
|
|
09/30/2023 |
|
09/30/2022 |
|
09/30/2023 |
|
09/30/2022 |
Current income tax and social contribution expenses |
|
|
|
|
|
|
|
|
Current year |
|
(125,932) |
|
|
(11,165) |
|
|
(215,962) |
|
|
(96,428) |
|
Deferred income tax and social contribution benefits (expenses) |
|
|
|
|
|
|
|
|
Provision for impairment losses on loans and advances |
|
66,930 |
|
|
48,837 |
|
|
143,436 |
|
|
186,370 |
|
Provision for contingencies |
|
1,764 |
|
|
1,375 |
|
|
3,069 |
|
|
2,364 |
|
Adjustment of financial assets to fair value |
|
27,633 |
|
|
(16,641) |
|
|
(3,504) |
|
|
(5,694) |
|
Other temporary differences |
|
50,015 |
|
|
5,142 |
|
|
49,601 |
|
|
24,976 |
|
Hedge transactions |
|
(22,100) |
|
|
(9,073) |
|
|
6,623 |
|
|
(8,740) |
|
Tax losses carried forward |
|
(39,504) |
|
|
21,973 |
|
|
(22,265) |
|
|
12,526 |
|
Total deferred income tax and social contribution |
|
84,738 |
|
|
51,613 |
|
|
176,960 |
|
|
211,802 |
|
Total income tax |
|
(41,194) |
|
|
40,448 |
|
|
(39,002) |
|
|
115,374 |
|
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
b.Reconciliation of effective rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
Nine-month period |
|
|
09/30/2023 |
|
09/30/2022 |
|
09/30/2023 |
|
09/30/2022 |
|
|
Income tax |
|
Income tax |
|
Income tax |
|
Income tax |
Profit before tax |
|
|
|
145,354 |
|
|
|
(70,043) |
|
|
|
231,550 |
|
|
|
(158,266) |
Tax average (a) |
|
45 |
% |
|
(65,410) |
|
45 |
% |
|
31,520 |
|
45 |
% |
|
(104,198) |
|
45 |
% |
|
71,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on capital distribution |
|
|
|
22,500 |
|
|
|
|
— |
|
|
|
|
22,500 |
|
|
|
|
17,126 |
|
Non-taxable income (non-deductible expenses) net |
|
|
|
3,731 |
|
|
|
|
(38,252) |
|
|
|
|
4,007 |
|
|
|
|
(5,598) |
|
Tax incentives |
|
|
|
— |
|
|
|
|
5,665 |
|
|
|
|
— |
|
|
|
|
1,590 |
|
Subsidiaries not subject to real profit taxation |
|
|
|
(2,015) |
|
|
|
|
39,541 |
|
|
|
|
19,492 |
|
|
|
|
27,789 |
|
Others |
|
|
|
— |
|
|
|
|
1,974 |
|
|
|
|
19,197 |
|
|
|
|
3,247 |
|
Total income tax benefit |
|
|
|
(41,194) |
|
|
|
|
40,448 |
|
|
|
|
(39,002) |
|
|
|
|
115,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
|
|
(28)% |
|
|
|
(58)% |
|
|
|
(17)% |
|
|
|
(73)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deferred income tax and social contribution |
|
|
|
84,738 |
|
|
|
|
51,613 |
|
|
|
|
176,960 |
|
|
|
|
211,802 |
|
Total income tax and social contribution expenses |
|
|
|
(125,932) |
|
|
|
|
(11,165) |
|
|
|
|
(215,962) |
|
|
|
|
(96,428) |
|
(a) The result from Banco Inter represents the greatest impact on the total amount of taxes, so we present the tax rate of 45%, which is the nominal rate currently in force for banks under Brazilian legislation.
c.Changes in the balances of deferred taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2022 |
|
Constitution |
|
Realization |
|
09/30/2023 |
Composition of the deferred tax assets |
|
|
|
|
|
|
|
|
Provision for impairment losses on loans and advances |
|
407,766 |
|
|
569,610 |
|
|
(426,174) |
|
|
551,202 |
|
Adjustment of financial assets to fair value |
|
292,262 |
|
|
78,810 |
|
|
(162,161) |
|
|
208,911 |
|
Tax losses carried forward |
|
202,184 |
|
|
38,912 |
|
|
(63,887) |
|
|
177,209 |
|
Other temporary differences |
|
33,668 |
|
|
92,660 |
|
|
(45,493) |
|
|
80,835 |
|
Hedge operations |
|
19,897 |
|
|
117,655 |
|
|
(111,032) |
|
|
26,520 |
|
Provision for contingencies |
|
12,664 |
|
|
13,989 |
|
|
(10,919) |
|
|
15,734 |
|
Expected loss on financial instruments |
|
9,707 |
|
|
— |
|
|
1,130 |
|
|
10,837 |
|
Subtotal |
|
978,148 |
|
|
911,636 |
|
|
(818,536) |
|
|
1,071,248 |
|
|
|
|
|
|
|
|
|
|
Composition of the deferred tax liabilities |
|
|
|
|
|
|
|
|
Fair value of assets identified in the business combination |
|
(30,073) |
|
|
(2,608) |
|
|
3,910 |
|
|
(28,771) |
|
Fair value Hedge Accounting |
|
— |
|
|
(124) |
|
|
— |
|
|
(124) |
|
Subtotal |
|
(30,073) |
|
|
(2,732) |
|
|
3,910 |
|
|
(28,895) |
|
|
|
|
|
|
|
|
|
|
Total deferred tax assets/ (liabilities) (a) |
|
948,075 |
|
|
908,904 |
|
|
(814,626) |
|
|
1,042,353 |
|
(a) The accounting records of these tax credits are based on the expectation of generating future taxable income and supported by technical studies and income projections.
|
|
|
|
|
|
|
Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2021 |
|
Constitution |
|
Realization |
|
09/30/2022 |
Composition of the deferred tax assets |
|
|
|
|
|
|
|
|
Provision for impairment losses on loans and advances |
|
295,799 |
|
|
247,707 |
|
|
(124,883) |
|
|
418,623 |
|
Provision for contingencies |
|
9,720 |
|
|
2,696 |
|
|
(330) |
|
|
12,086 |
|
Adjustment of financial assets to fair value |
|
184,886 |
|
|
132,302 |
|
|
(83,290) |
|
|
233,898 |
|
Other temporary differences |
|
62,939 |
|
|
50,046 |
|
|
(42,572) |
|
|
70,413 |
|
Tax losses carried forward |
|
95,574 |
|
|
76,592 |
|
|
(64,066) |
|
|
108,100 |
|
Provision for loss of non-current assets held for sale |
|
8,990 |
|
|
— |
|
|
(8,990) |
|
|
— |
|
Provision for expected loss on financial instruments |
|
6,436 |
|
|
802 |
|
|
— |
|
|
7,238 |
|
Hedge operations |
|
31,181 |
|
|
13,295 |
|
|
(22,036) |
|
|
22,440 |
|
Subtotal |
|
695,525 |
|
|
523,440 |
|
|
(346,167) |
|
|
872,798 |
|
|
|
|
|
|
|
|
|
|
Composition of the deferred tax liabilities |
|
|
|
|
|
|
|
|
Commission deferral |
|
(3,869) |
|
|
— |
|
|
3,869 |
|
|
— |
|
Temporary differences |
|
(21,820) |
|
|
— |
|
|
21,820 |
|
|
— |
|
Others |
|
(63,546) |
|
|
— |
|
|
63,546 |
|
|
— |
|
Subtotal |
|
(89,235) |
|
|
— |
|
|
89,235 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total deferred tax assets/ (liabilities) (a) |
|
606,290 |
|
|
523,440 |
|
|
(256,932) |
|
|
872,798 |
|
(a) The accounting records of these tax credits are based on the expectation of generating future taxable income and supported by technical studies and income projections.
33.Share-based payment
a.Share-based compensation agreements
a.1) Stock option plan - Banco Inter S.A.
Between February 2018 and January 2022, Banco Inter S.A. established stock option programs through which Inter managers and executives were granted options for the acquisition of Banco Inter S.A. Shares.
The Extraordinary General Meeting of Inter&Co, Inc. held on January 4, 2023 approved the migration of share-based payment plans, with the assumption by Inter&Co of the obligations of Banco Inter S.A. arising from the active plans and the respective programs. As a result of the corporate reorganization, the number of options held by each beneficiary was proportionally changed. Thus, for every 6 options to purchase common shares or preferred shares of Banco Inter S.A, the beneficiaries will have 1 option to purchase a Class A share of Inter&Co. In addition, the repricing of the exercise price of the options granted in 2022, which had not yet been granted, was approved. On the occasion of the repricing, the fair value of the options granted and not exercised was recalculated, and an additional amount of R$15,990 of incremental expense was calculated, to be appropriated until the final vesting period.
The main characteristics of the plans are described below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant Date |
|
Final strike date |
|
Options (shares INTR) |
|
Vesting |
|
Average strike price |
|
Participants |
02/15/2018 |
|
02/15/2025 |
|
5,452,464 |
|
Up to 5 years |
|
R$1.80 |
|
Officers, managers and key employees |
09/07/2020 |
|
09/07/2027 |
|
3,182,250 |
|
Up to 5 years |
|
R$21.50 |
|
Officers, managers and key employees |
01/31/2022 |
|
12/31/2028 |
|
3,250,000 |
|
Up to 5 years |
|
R$15.50 |
|
Officers, managers and key employees |
|
|
|
|
|
|
Inter & Co, Inc. |
Condensed consolidated interim financial statements as of March 31, 2023 |
Changes in the options of each plan for the period ended September 30, 2023 and supplementary information are shown below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant Date |
|
12/31/2022 |
|
Granted |
|
Expired/Cancelled |
|
Exercised |
|
09/30/2023 |
2018 |
|
135,599 |
|
|
— |
|
|
— |
|
|
19,800 |
|
|
115,799 |
|
2020 |
|
2,829,225 |
|
|
— |
|
|
297,938 |
|
|
675 |
|
|
2,530,612 |
|
2022 |
|
2,838,500 |
|
|
50,000 |
|
|
60,500 |
|
|
1,875 |
|
|
2,826,125 |
|
Total |
|
5,803,324 |
|
|
50,000 |
|
|
358,438 |
|
|
22,350 |
|
|
5,472,536 |
|
Weighted average price of the shares |
|
R$ |
18.15 |
|
|
R$ |
15.50 |
|
|
R$ |
20.49 |
|
|
R$ |
3.54 |
|
|
R$ |
17.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant Date |
|
12/31/2021 |
|
Granted |
|
Expired/Cancelled |
|
Exercised |
|
12/31/2022 |
2018 |
|
2,458,065 |
|
|
— |
|
|
10,800 |
|
|
2,311,666 |
|
|
135,599 |
|
2020 |
|
2,965,350 |
|
|
— |
|
|
48,600 |
|
|
87,525 |
|
|
2,829,225 |
|
2022 |
|
— |
|
|
2,903,500 |
|
|
65,000 |
|
|
— |
|
|
2,838,500 |
|
Total |
|
5,423,415 |
|
|
2,903,500 |
|
|
124,400 |
|
|
2,399,191 |
|
|
5,803,324 |
|
Weighted average price of the shares |
R$ |
14.34 |
|
|
R$ |
15.50 |
|
|
R$ |
16.69 |
|
|
R$ |
2.31 |
|
|
R$ |
18.15 |
|
The fair values of the period of 2018 and 2020 plans were estimated based on the Black & Scholes option valuation model considering the terms and conditions under which the options were granted, and the respective compensation expense is recognized during the vesting period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2020 |
Strike price |
|
1.80 |
|
|
21.50 |
|
Risk-free rate |
|
9.97 |
% |
|
9.98 |
% |
Duration of the strike (years) |
|
7 |
|
7 |
Expected annualized volatility |
|
64.28 |
% |
|
64.28 |
% |
Fair value of the option at the grant/share date: |
|
0.05 |
|
|
0.05 |
|
For the 2022 program, the fair value was estimated based on the Binomial model:
|
|
|
|
|
|
|
|
|
|
|
2022 |
Strike price |
|
15.50 |
|
Risk-free rate |
|
11.45 |
% |
Duration of the strike (years) |
|
7 |
Expected annualized volatility |
|
38.81 |
% |
Weighted fair value of the option at the grant/share date: |
|
4.08 |
|
In the period ended September 30, 2023, costs amounting to R$27,039 (September 30, 2022: R$42,475) were recognized in employee benefit expenses, appropriated to Inter’s statements of income.
|
|
|
|
|
|
Inter & Co, Inc. |
Condensed consolidated interim financial statements as of March 31, 2023 |
a.2) Share-based payment related to Inter & Co Payments, Inc., acquisition
In the context of the acquisition of Inter&Co Payments by Inter, it was established that part of the payment to key executives of the acquired entity would be made by migrating the share-based payment plan of Inter & Co Payments, Inc., with stock options for class A shares and restricted class A shares of Inter & Co, in addition to the granting of shares issued by the Company. Considering the characteristics of the contract signed between the parties, the expense associated with the options granted are treated as a compensation expense which will be expensed over the term of the vested options and based on continued employment of such key executives.
Inter has the right to repurchase the restricted shares if these key executives cease to provide services to the Company within the term of the acquisition contract. Nevertheless, all shares will remain subject to other transfer restrictions established in the contract and in the applicable legislation.
The main characteristics of these stock-based payments are described below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant Date |
|
Options |
|
Vesting |
|
Average strike price |
|
Participants |
|
Final exercise date |
2022 |
|
489,386 |
|
Up 3 years |
|
R$5.31 per class A (a) |
|
Key Executives |
|
12/30/2024 |
(a) According to the contract signed between the parties, the corresponding amount is USD 1.92.
Stock options exercised:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant Date |
|
Shares |
|
Participants |
|
Final exercise date |
2022 |
|
643,500 |
|
Key Executives |
|
12/30/2024 |
Changes in Inter & Co Payments, Inc.’s granted instruments for September 30, 2023 and supplementary information are shown below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant Date |
|
12/31/2022 |
|
Granted Options |
|
Expired/Cancelled |
|
Exercised |
|
09/30/2023 |
2022 |
|
489,386 |
|
|
— |
|
|
— |
|
|
— |
|
|
489,386 |
|
Total |
|
489,386 |
|
|
— |
|
|
— |
|
|
— |
|
|
489,386 |
|
Weighted average price of the shares |
R$ |
5.31 |
|
|
R$ |
— |
|
|
R$ |
— |
|
|
R$ |
— |
|
|
R$ |
5.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant Date |
|
12/31/2022 |
|
Granted Shares |
|
Expired/Cancelled |
|
Options exercised |
|
09/30/2023 |
2022 |
|
643,500 |
|
|
— |
|
|
— |
|
|
160,875 |
|
|
482,625 |
|
Total |
643,500 |
|
|
— |
|
|
— |
|
|
160,875 |
|
|
482,625 |
|
In the period ended September 30, 2023, the amount of R$25,190 (September 30, 2022: R$1,228) was recognized as employee benefit expenses in the statement of income the Company.
a.3) Restricted shares agreement (RSU) - Inter.
The Extraordinary General Meeting of Inter&Co, Inc. held on January 4, 2023 approved the creation of the Omnibus Incentive Plan, which aims to promote the interests of the Company and its shareholders, strengthening the Company's ability to attract, retain and motivate employees who are expected to make contributions to the Company and to provide these people with incentives to align their interests with those of the Company’s shareholders.
The Omnibus Incentive Plan is managed by the Board of Directors of Inter&Co, Inc., which has the authority to approve program grants to the Company's employees.
|
|
|
|
|
|
Inter & Co, Inc. |
Condensed consolidated interim financial statements as of March 31, 2023 |
Accordingly, on June 1, 2023, the granting of restricted share units (RSU) under the Omnibus Incentive Plan was approved. A total of 2,140,500 restricted shares were granted, with a vesting period of: (i) 25% on December 1, 2023, (ii) 25% on December 1, 2024, (iii) 25% on December 1, 2025, and (iv) 25% in December 2026, to all or selected executives and employees of the Company and/or its direct or indirect subsidiaries. The fair value of the share on the grant date is R$14.15. See table below:
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Grant Date |
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Concession Date |
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Options |
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Vesting |
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Participants |
06/01/2023 |
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06/01/2023 |
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2,140,500 |
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4 years |
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Officers, managers and key employees |
In the period ended September 30, 2023, the amount of R$5,852 was recognized as employee benefit expenses in the statement of income the Company.
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Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
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34.Transactions with related parties
Transactions with related parties are defined and controlled in accordance with the Related-Party Policy approved by Inter’s Board of Directors. The policy defines and ensures transactions involving Inter and its shareholders or direct or indirect related parties. Transactions related to subsidiaries are eliminated in the consolidation process, not affecting the unaudited condensed consolidated interim financial statements. Related-party transactions were undertaken as follows:
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Parent Company (a) |
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Associates (b) |
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Key management personnel (c) |
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Other related parties (d) |
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Total |
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09/30/2023 |
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12/31/2022 |
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09/30/2023 |
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12/31/2022 |
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09/30/2023 |
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12/31/2022 |
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09/30/2023 |
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12/31/2022 |
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09/30/2023 |
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12/31/2022 |
Assets |
9,659 |
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4,397 |
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690,009 |
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572,115 |
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16,059 |
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16,063 |
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974,653 |
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1,860,959 |
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1,690,380 |
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2,453,534 |
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Loans and advances to customers |
9,659 |
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4,397 |
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— |
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4 |
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16,059 |
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16,063 |
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485,425 |
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632,408 |
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511,143 |
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652,872 |
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Amounts due from financial institutions |
— |
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— |
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690,009 |
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572,111 |
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— |
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— |
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489,228 |
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1,228,551 |
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1,179,237 |
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— |
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1,800,662 |
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Liabilities |
(7,792) |
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(24,736) |
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(18) |
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(7) |
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(18,130) |
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(15,031) |
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(89,461) |
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(122,576) |
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(115,401) |
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(162,350) |
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Liabilities with customers - Demand deposits |
(493) |
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(1,350) |
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(9) |
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(7) |
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(897) |
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(981) |
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(5,332) |
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(10,324) |
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(6,731) |
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(12,662) |
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Liabilities with customers - Term deposits |
(7,299) |
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(23,386) |
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(9) |
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— |
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(17,233) |
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(14,050) |
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(84,129) |
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(112,252) |
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(108,670) |
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(149,688) |
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Parent Company (a) |
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Associates (b) |
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Key management personnel (c) |
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Other related parties (d) |
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Total |
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09/30/2023 |
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09/30/2022 |
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09/30/2023 |
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09/30/2022 |
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09/30/2023 |
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09/30/2022 |
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09/30/2023 |
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09/30/2022 |
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09/30/2023 |
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09/30/2022 |
Loss for the period |
(1,709) |
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(12,527) |
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— |
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(9,788) |
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(871) |
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(11,043) |
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(2,169) |
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(154,115) |
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(4,749) |
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(187,473) |
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Interest income |
— |
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— |
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— |
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10,893 |
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1,018 |
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— |
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7,547 |
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— |
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8,565 |
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10,893 |
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Interest expenses |
(1,708) |
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(12,527) |
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— |
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(6,003) |
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(1,889) |
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(10,297) |
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(7,154) |
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(148,899) |
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(10,751) |
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(177,726) |
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Other administrative expenses |
(1) |
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— |
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— |
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(14,678) |
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— |
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(746) |
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(2,562) |
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(5,216) |
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(2,563) |
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(20,640) |
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(a) Inter & Co is directly controlled by Costellis International Limited, SBLA Holdings and Hottaire;
(b) Entities with significant influence by Inter & Co;
(c) Directors and members of the Board of Directors of Inter & Co; and
(d) Any immediate family members of key management personnel or companies controlled by them, including: companies which are controlled by immediate family members of the controlling shareholder of Inter & Co; companies over which the controlling shareholder or his/hers immediate family members have significant influence; other investors that have significant influence over Inter & Co and their close family members.
Compensation of key management personnel
The global compensation of key management personnel for the nine-month period ended on September 30, 2023, approved in the Group’s Ordinary General Meeting, was R$ 99,791.
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Notes to the unaudited condensed consolidated interim financial statements
As of September 30, 2023
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35.Subsequent events
a) On August 7, 2023, Banco Inter (“Inter”) and Banco BMG S.A. (“BMG”), sole shareholders of Granito Instituição de Pagamento S.A. (“Granito”), approved a capital increase in the amount of R$100 million (one hundred million reais), of which R$50 million (fifty million reais) will be subscribed and paid by Inter and R$50 million (fifty million reais) will be subscribed and paid in by BMG. The subscription and payment of Granito's capital increase will only occur after approval of the capital increase by the Central Bank of Brazil, pursuant to BCB Resolution No. 80 of March 25, 2021.
On November 7, 2023, the transfer of resources to Granito took place, after approval by the Central Bank.
b) In January 2024, a plaintiff filed before the US district court for the Southern Florida a putative class action pursuant to the Telephone Consumer Protection Act against Inter&Co Payments, claiming damages as a result of text messages allegedly sent to the plaintiff and other customers allegedly registered in the National Do Not Call Registry. The amount at issue has not been specified in the complaint and we intend to defend ourselves against all claims.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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INTER & Co, INC. |
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By: |
/s/ Santiago Horacio Stel |
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Name: |
Santiago Horacio Stel |
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Title: |
Senior Vice President of Finance and Risks |
Date: January 16, 2024