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Inter & Co Closed Q2 2025 with 13.9% ROE, US$ 57.8 Million Profit, and 39.3 Million Clients in the Quarter, Surpassing 40 Million in August.
The shift of Inter & Co to a “big bank” profile became evident in Q2 2025. In addition to increasing profit by 53% year-over-year, the institution delivered 13.9% ROE and improved efficiency, indicating that growth and monetization are progressing together. The quarter marks another step in the maturation of Brazilian digital banks, which are now being challenged to deliver returns on capital and risk discipline.
The bank ended June with 39.3 million clients and, in August, crossed the 40 million mark, the result of consistent expansion of the super app and a broader product mix. The quarter’s data also shows progress in the portfolio, without losing sight of quality.
For investors and clients, the message is clear, the phase of “growing at any cost” is in the past. Inter aims to capture value with efficiency, control of delinquency, and a denser offering within the app, from cards to mortgage credit, along with marketplace services.
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Inter’s ROE in Q2 2025: What 13.9% Says About Efficiency and Returns
Double-Digit ROE is a game changer for any digital bank. In Q2 2025, Inter reported 13.9%, supported by a 1.1 p.p. advancement in efficiency, which reached 47.1%. Practically speaking, this means more revenue converted into results and less “leakage” in operating expenses per unit of revenue.
The efficiency gain was accompanied by greater funding discipline and revenue diversification, with the super app attracting and engaging users on multiple fronts. The combination of scale with streamlined processes tends to maintain ROE at a healthy level even in less favorable cycles.
Another relevant point is that returns grew alongside profits, and not just due to a reduced capital base. The profit of US$ 57.8 million (R$ 315 million) reinforces the path of recurring profitability desired by the market.
40 Million Clients: Growth with Monetization in the Super App
The base reached 39.3 million at the end of June and surpassed 40 million in August, validating Inter’s ability to convert audience into relationships. The bank highlights engagement in the app and cross-sell in account products, cards, and credit, which are pillars for raising ARPAC over the quarters.
Growing while maintaining monetization is the current challenge. Inter points to levers such as an integrated marketplace, more rational cashback, and higher value-added financial services. This architecture increases revenue per client without inflating acquisition costs.
For the end user, the message is pragmatic: more targeted offers aligned with profiles, with fewer “gifts” and more useful products, something typical of the phase of growing profitably in digital banks.
Credit and Portfolio Quality: Expansion with NPL Under Control
The gross credit portfolio grew 8% in the quarter and 22% in 12 months, reaching US$ 7.3 billion (R$ 40.2 billion), a pace twice that of the Brazilian market, according to the bank. The highlight came from lines such as private payroll loans, mortgages, and credit tied to FGTS.
On the risk side, NPL 90+ remained stable at 4.6% in the quarter, excluding early card receivables, with an improvement of 0.5 p.p. year-over-year. In a cycle still sensitive for financial retail, keeping delinquency in check preserves margin and capital.
The quality reading is important because it supports the thesis of growth with returns. With finer risk pricing and proprietary scoring, the bank seeks to expand without “stretching the limits” on the more sensitive lines of unsecured credit.
Inter vs. Nubank vs. XP: Who Leads in Profit, ROE, and Scale
In the same Q2 2025, Nubank reported US$ 637 million in profit, US$ 3.7 billion in revenue, and 28% annualized ROE, with ~123 million clients. The purple bank remains a reference in scale and profitability in the Latin American digital ecosystem.
On the investment side, XP Inc. delivered 24.4% ROAE and R$ 1.372 trillion in client assets in Q2 2025. Considering the combined metric of client assets + AuM + AuA, the total reached R$ 1.9 trillion, which helps to understand the power of the model based on advice and a broad shelf.
The comparison reveals distinct models: Inter integrates a full bank and super app; Nubank monetizes scale with credit and services; XP focuses on investments and financial services anchored in a platform. In common, the focus of the current cycle is on ROE, efficiency, and portfolio quality.
What do you think? Does Inter already deliver big bank performance, or is there still room for improvement in profitability and services? Leave your opinion in the comments.
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