New Street Research - BANCO INTER - INTR US (INTR) New Street: INTR US (Neutral, TP: $4.3, +57%) Inter Q3 22 Quick Take - Slowing loans, higher yields; Rising funding costs in contrast to NU

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New Street Research

Eduardo Henrique Gomes ...

Soomit Datta

EUR 8824.00 For Business Accounts Only

New Street: INTR US (Neutral, TP: $4.3, +57%) Inter Q3 22 Quick Take - Slowing loans, higher yields; Rising funding costs in contrast to NU

Inter reported Q3s yesterday after close. Total revenue was ahead of us by 4%, despite lower loan book expansion, being offset by higher yields. Income from securities was weaker given exposure to inflation-linked bonds.

09/11/2022 1 EN

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BANCO INTER - INTR US

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Analysts

Eduardo Henrique Gomes

Soomit Datta

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New Street: INTR US (Buy, TP: $4.3, +23%) Inter Q2 22 Quick Take - NII miss on revenue and higher funding costs

Inter & Co (formerly Banco Inter) released Q2s after close. Numbers came in light of consensus based on lower financial income and fee income, whilst funding costs were also ahead (and rising as % CDI).

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New Street: INTR US (Neutral, TP: $4.3, +57%) Inter Q3 22 Quick Take - Slowing loans, higher yields; Rising funding costs in contrast to NU

New Street: INTR US (Buy, TP: $4.3, +23%) Inter Q2 22 Quick Take - NII miss on revenue and higher funding costs

Alphabet (GOOGL, Buy, $200 target) All engines firing, but some risk to 2Q Search consensus

AI monetization and how the Search market expands

T-Mobile 1Q25 Results Review & Model Update: Adds in-line; EBITDA strong

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