Good morning, everyone, and welcome to Inter's Owners' Day. I'm Rafaela Vitória, Inter's Investor Relations Officer, and it's a pleasure to host you here today at Nasdaq. Thank you for joining us in a very busy week for Brazilian investors in New York City, and thanks to the audience online. Today, we'd like to take you on a journey through our growth roadmap. We'll talk about where we've been and where we are going, and exactly how we plan to get there. We hope to give you a deeper and updated perspective into our future. This is the agenda for today. In the first module, João, our Global Chief Executive Officer, will talk about the vision. We'll talk about the tremendous success of the 60-30-30 plan in the last three years, and our forward-looking into the next three years. Next, the financial strategy will be detailed by Santiago, our Chief Financial Officer.
He will tell about the Inter by Design model, how that gives us a competitive edge, and he will unveil our approach to future growth and profitability. The strategic framework is what leads everything you will see in part three, led by Alexandre, our Brazil CEO, alongside Priscila, Rodrigo, and myself. We'll talk about principality, deposits, credit growth, and unit economics, how we engage with our clients and create value. We'll take a quick pause for a coffee break and when we come back, we'll talk about the core enablers that makes our execution possible. Our advanced tech and AI, our solid risk management, enhanced credit underwriting, and most importantly, people who lead this transformation. João will come back for the closing remarks, and then we'll open for the Q&A. We'll take questions from the audience here, as well as from online.
You can send your questions to the email, the ir@inter.co. We are very excited to take you on this journey. João, the floor is yours.
Hello, hello. Good. Good morning again. It's a pleasure to be here to present you Owners' Day for Inter 2026. As Rafa just mentioned, we're going to have a very exciting agenda. I'm really happy to share with you what we're going to go over today. Before we start, I want you to watch a short video of Inter. Please, let's watch it.
Inter has never waited for the future. It's always been built from it. Imagined first, then realized. We are a living, intelligent, moving platform. An ecosystem that anticipates what people don't even know they'll need yet, and delivers everything in one place. Here, technology isn't a tool, it's instinct. It's the pulse that drives who we are. We transformed the system, and now we're creating a world where interactions between people generate more value, more possibilities, more life. Inter is more than a business model. We're shaping a culture that inspires innovation beyond borders. A connected ecosystem the world has never seen before. Surprising, scalable, unstoppable, unique. The third chapter of Inter begins. Smarter, simpler, more super. Because the best way to predict the future is to create it.
Great. Every time I watch this video, believe me, I have watched many times, I do get emotional. Let me explain why I get emotional. For those who don't know, I started in Inter back in 2004 as a intern. Back then, the company was a fraction of today. We were in the downtown of Belo, my hometown, in a 2,000 square foot office. We had back then maybe 50 employees, about BRL 1.5 million in book value, BRL 2 million in revenue. Fast-forward 2026, we see a company that's thousands of times bigger. What are the emotions that comes to my mind when I see this video, for instance? First, proud. I'm proud of what we have achieved. I couldn't imagine that back then when I joined, I would be here today overseeing this company.
I'm proud also of the execution that we're able to put since then. I do thank all the employees for helping me to do that and to join me on this amazing journey. Also, confidence. I do see that every time that Inter sets a target, sets the vision, we can execute. We have been doing that for a long time. We want to IPO, we will go there, we make it. We want to get the business more profitable, we will go there and we make it. Last, excitement. When I think what could this company turns out to be maybe 5, 10 years from now on, something even more amazing than today. This is just to share with you how I feel about leading Inter, building Inter, and be the one taking care of the vision of this company.
Let me share with you the agenda for my part. I'm gonna divide it in 2 different parts. First, I'm gonna cover the past 3 years. You all know that we unveiled 60-30-30 back in Belo Horizonte on January 2023. You're gonna see how we have been evolving, and I'm gonna recap some good things that we have already accomplished. Later, on the second part, I'm gonna take you to the future of Inter, how the company's prepared, how I'm steering the business in order to keep building value to our fellow owners. Quick recap. Let's talk about 60-30-30, our North, our North Star back then. We wanted to achieve 60 million clients, we wanted to reach a 30% efficiency ratio, and of course, as important as these 2 first metrics, we want to be profitable, and we were aiming for 30% ROE.
When you see three years on the road, we have pretty much been on track on all these three KPIs. On clients, almost double the number of clients that we have today. Not only that, on active clients, we are improving even faster. When you see about efficiency ratio, this is very important. When we designed the first digital bank in Brazil, one of the questions was, "Is this business sustainable? Can it be efficient?" We can see that the efficiency ratio is the one that we are best positioned so far. Last but not least, ROE. We know that for us to have a sustainable business going forward, we need to have a very good ROE. ROE that can surpass our cost of capital and can make us sustainable from a capital perspective. We're almost there. We have come a long way also.
We were -1.7 back then, and now we are above 15. We were able to add around 70% on that metric. As important as the numbers we achieved, it's what happened with 2 main stakeholders, our clients and our owners, shareholders. Our clients has always been a very important asset for us, an asset that myself, I do oversee personally. I like to see how they are behaving, how they are reacting, and how do they feel about using Inter. I do that on a daily basis through social media and other tools. They have been ranked us the number 1 app on Google Play and Apple Store. From a brand perspective, we were named the 7th strong brand in Brazil, and of course, on the financials, on the financial segment, the 2nd-best brand. Talking about our owners, our shareholders.
Since we unveiled 60-30-30 in Belo Horizonte on January 18th, our share almost tripled. That's a lot of value creation. Not only we were able to print a good returns, but everything that is around that is also important. It's a validation from you, the sell-side analyst, the buy-side industry, that Inter is executing the right things on the right direction. Now that I have showed you how we are on the achievements of 60-30-30, how our clients have been recognizing us, and also how the shareholders are supporting our growth and our performance, I want to explain why and how we were able to execute. Everything starts with the vision, which by the way, is the name of my session today. What was the vision back then? We invented, we designed the first ever financial super app in the Americas.
One that is 100% cloud-based, 100% digital, no brands at all, and also the Super App approach, the ability to put a lot of products in one single relationship. The Super App has a complete banking solutions, commerce and service, and also lastly, our global capabilities. Also, around that vision, we were able to perform and to execute in 3 key areas. First, on the marketplace. As I told you, I'm personally overseeing how we relate with our customers, how they are perceiving our business and how they are interacting. That said, we have always been printing a very good NPS, which today stand at 85 points. Also across the company, we have been improving the execution and the innovation across the board. A good example, it's our NIMs that Santiago will deep dive later on.
We have improved more than 200 basis points on our NIM due to a very good capital location and credit underwriting. Last, on our stakeholders, we have been implementing a lot of good things for our leadership. Thais is gonna share on the last session what we have been doing to make sure we have the right team, the right direction, the right alignment, and a strong commitment. We call this framework DAC, direction, alignment, and commitment. Personally, on the commitment side, I like to take a look what are the right incentives in place to make sure that we're focused to deliver what the plan that was where to go, the 60-30-30. Great. I wanna share here some achievements that we had so far, but also as important as the achievements, the opportunities ahead.
I like to say that Inter is always celebrating what we have achieved, but we're always trying to raise the bar and looking for the future. Where can we take this company later? What do we want to achieve? Where do we want to improve? This is the spirit that we have at Inter. Let's take a quick look here. On the achievements, as I told you, we doubled the number of clients since we launched 60-30-30. Priscila, our Chief Client Officer, will talk about that later on. We've not only improved the number of clients, but also the primacy with these clients are growing faster. We also were able to improve how we allocate our capital, which is a very important resource for a bank. As I just showed you, our NIMs are expanding.
We are capital neutral, and we are going to keep improving our ROE to make sure that we have no constraint on capital. Deposit franchise. I'm gonna take a break here because this is something also very personal for me. When I told you that I joined Inter in 2004, my first role was literally to go to the family and friends and ask them to deposit at Inter. By the way, Xande was a client.
Yeah
if I'm not mistaken, in 2007. We were friends.
At school.
Yes, at the school.
I have been looking that cautiously with a lot of focus since then. I do check our cost of funding and the quality of funding every single day through my Tableau report. I reach out to Xande, to Monica, to our treasurer, and talk to them about that. That said, I'm proud that Inter has the best funding in Brazil, not only on cost, but also on the quality, diversified in millions and millions of clients. Now let's talk about the opportunities. First, AI, which is the hot topic now. We have been using AI for a while, mostly on the back end. Gui, we're gonna show later on his session how we're using it, what we have ahead.
We also see AI playing a crucial role also with the relationship of our clients. Cross-sell. On Priscila's section, we're gonna see how the right engagement, the right principality drives upsell and cross-sell that help us on NIMs and also on the fee ratio. Last thing, credit penetration. We have two important sessions, Mauro and also Marlos, which will highlight to you how our credit engine is working and how we are protecting the balance sheet from a risk management perspective. Now that we have covered the past 3 years, let's talk about the future, the next 3, 4, or 5 years at Inter. I'm gonna start with this slide. I'd like you to bear with me because it's a very important one. When people ask me, "What is behind the hood?
What is on the back end that help Inter to perform, to grow, to innovate, and to gain primacy?" These are the three key pillars that matters. I'm gonna deep dive in each one of them. Our 3SA approach, which stands for single smart super app, our Inter Data Vault concept, and Seven, our latest unveil, our multi-agent platform. Let's start with 3SA. As I told you, we designed the first ever financial super app in the Americas. The 3SA concept is behind the scenes to make it possible. What does it stands for? Single, we have only one login for you to use on your checking account, on your brokerage account, with your Brazilian account, and also with your U.S. account. This is true for the Americans that use our app, for the Brazilians, and now also for the Argentinians.
One login to access all the products that we have. Also, it's smart. We have different types of apps with different interactions for every single client, so we can really help them to achieve and to get what they need at the time that they need. This creates more credit penetration, more collection capability, and more cross-sell. Last, the super app approach, which again, I'm really proud to be the one behind this innovation in Brazil. What does it really stands for? It stands for having 180 products around seven different verticals: credit, banking, investments, shopping, which Rodrigo will cover later on, also insurance, Loop, our loyalty program, and also our Global Account capabilities. Now let's talk about Inter Data Vault. Since we started with this approach, no brands, 100% of the interaction digital, we start collecting a lot of data, a lot of data signals.
Data signals from, as I just mentioned, transactional behaviors, forum posts or social media, from banking, shopping, investment, and insurance. All that start in our AWS partner. Gui also will talk how much of data we're bringing nowadays. We later use this data to improve credit underwrite, fraud prevention, cross-sell, and upsell. Now Seven. As you might know, we just released Seven to our customers, to our clients a few weeks ago. We have been running it on the back end for our testers, and now it's open for everyone. Back then, we used to have maybe twice a month a new version of our app released. Now we're aiming to have 1 new agent every 15 days being deployed at Seven. These agents will help our clients to cross-sell, upsell, get more credit, and so on. Pri and Gui will talk a little bit about that later on.
More touch points with the Three SA concept help us to bring more data signals that we store in our data vault. Therefore, we can use them to cross-sell more, interact more, and therefore we get more data, more information, and we get this flywheel keep going and going. Okay. Now that I have covered the foundation behind the future of Inter, I'm gonna talk about the balance of growth and profitability. As I told you, I have always been focused on growing Inter and also making it profitable. I do believe that this balance, it's what make us, myself as a controlling shareholder and my fellow owners, proud of the company that we're building. We need to have this sustainability approach in our mindsets.
As you are very familiar, we had back then the 60-30-30 North Star, which was very important to guide us. We were able to have all the team focused, connected with the drive to achieve the balance of growth and profitability. At Inter, we always want something more, something different. With this long term in our mind, with this right balance of growth and ROE, we're adding another layer on top of 60-30-30. I'm sure that you are curious about what I'm going to present here. It's a very good thing, a very challenging approach that will make 60-30-30 even better and help us to keep growing. I present you firsthand our new North Star that again, we're building on top of 60-30-30, that will guide Inter for the years to come.
We call it the Rule of 50. For those that are familiar with the Rule of 40 on most of the tech companies, you know what we're talking about. Here we're putting a notch above. We're taking it to 50. What does it stands for? Oops, sorry. What does it stands for? The right combination of growth and ROE. Santi will share with you later, size matters. We want to have profitability, ROE, sustainable capital formation, also we want to have size. We want to bring clients, we want to bring revenue. That said, this is how we're going to be guiding us for the next years. Santi will deep dive on that plan and show you how it will translate to unit economics, growth, and profitability. Great.
Now that I have shared with you our new North Star, just to finalize our battle plan for the future. First, our execution focus. We want to keep being diligent with our deposit franchise, which I share with you is something important for me. Also, we want to improve credit penetration. I believe that after you see what Santiago will tell you on the fronts that we have and our credit engine that Mauro will show you'll be confident that we can keep growing credit penetration. Also principality. We know that every relationship with Inter matters, every client matters, and we have the opportunity to upsell and cross-sell. One important thing on principality. I like to say that our brand today is bigger than our transactional business. We have 9% of the Pix market share in Brazil.
On most of the credit portfolios, only 1.5%, 2% market share. We know that with the right deposit franchise, with the right engine behind, we can grow to something close to this 9% market share. Also important, what are going to help us and to enable us to keep pursuing this trajectory? We call it our core enablers. Tech and data. We do have the best data in the market. Again, we get the data from different signals every single day. We have the best tech. We started from the scratch, a digital bank, 100% cloud-based with 180 products. Also, we have the right risk management approach. You see on Mauro's presentation that we are overseeing all the risk from capital perspective, assets, liabilities, so we are growing fast but on a protected environment. Last, people.
Thais, our CHRO, will show you how we are approaching that important resource from different perspective. The right talent, the right direction, and also the commitment that we bring in place. Now that I have covered the past of Inter, the future of Inter, and that I have presented you Rule of 50, I'm gonna invite Santiago to the stage to share with you the economics behind that plan. Santiago, please join us.
Hello. Hello, hello. Hello. Good morning. Good morning. How are you doing? Good? We are excited to be presenting here the new plan. In the next 25 minutes, I'll be talking about three fronts specifically. First one, a very quick overview of the industry and how we fit in it with a different angle, which we think is important to connect to the financial components. The Inter by Design formula, the way we see our magic secret sauce on how to operate and produce alpha. Lastly, deep dive on the Rule of 50 that João already introduced. Let's kick it off. How was the industry 10 years ago? You're very familiar with it, but I'll pass it fast just to set the stage on where we want to go.
It was highly concentrated and oligopoly in all of its terms. Super terrible distribution. Going to a branch was known to be more painful than going to the dentist, no? At lunchtime. Highly overcharged consumers. That was a fact. All of the IPO pages, all the Brazilian fintechs had the same intro page. The good thing is that 3 waves came to change that. The first one, the best regulatory agenda globally that we know of with many different initiatives. Pix is the most iconic one, but now private payroll is very interesting. There's a clearing house of invoice discounting for SMBs that's coming, which is also very exciting. A really differentiated agenda that many other countries or central banks try to mimic, but very few did it so well as the Brazilian Central Bank did it. Kudos to them.
Mobile banking, this is a worldwide phenomenon. The cost of smartphones decreased exponentially, and now everyone has a smartphone in their pocket, therefore a branch. Banking doesn't need branches, as you know, and that makes it easier for the digitally native players like us. A massive inflow of capital, $25 billion between private and publics came to finance all of the different initiatives, and this led to a massive growth in accounts. All of this is known, it's important to connect with what's coming later. That number of accounts grew to 1.4 billion, and there are no longer fees for things that make no sense, right? No one charges for opening account, keeping an account open, transfer money from individual to individual. That is gone, therefore, the fee incomes in the industry went from roughly 40% to 20%.
We were instrumental in that phase with the launching of the first free digital account back in 2017. The not so good part of this disruption was a massive growth on the unsecured credit. It went from BRL 240 billion to over BRL 1 trillion by now. This is our debts that have more than 100% of APR. It's combination of credit cards and personal loans. We do operate on credit cards, a lot more on the transactional side. That's why we have so much transactors on our TPV.
The reality is that the consequence of this is that the cost for the Brazilian families went from roughly 20%-30% of disposable income to serve this debt, and this is despite the size of the debt not being that high, household banking over GDP, relative to what we see in other economies. The issue is that it's a very expensive one. We can see this from the TAM, and this is not the revenue TAM, this is the loans market. There's a BRL 6 trillion industry composed in three columns. This slide has a lot of information. On SMBs and corporate, that would operate very little yet, BRL 2.7 trillion, secure lending, BRL 2.6 trillion, and over BRL 1 trillion on unsecured. The path we took to attack that TAM, we think is differentiated versus what we see elsewhere.
We want to disrupt the middle column, the orange column. If we see that the market share that the first one has is 63%, there was around 20 percentage points that was disrupted already on credit cards and personal loans. The market share from the five incumbents in secured is still above 80. This is wide open for disruption. The question that comes is, well, what are the unit economics of those products? We will talk about that. The reality is that here there's a huge opportunity, and this as one of you investors, I'm not gonna say who, tells us these are products that we would sell to our families. We would recommend to someone, "Get a mortgage, get an FGTS loan, get a home equity loan, get a payroll loan." It makes sense.
We think that with our cost advantage, I'm gonna talk that in the second point, we have a lot of value to create for us and for the client, and that's the winning formula in our view. Which takes me to the second point, the formula, the Inter by Design, the way we call it. First component, sustainable revenue growth. The keyword there is sustainable. João touched upon it a bit. It means that it's for long, it's good for the client, it's good for us, it's diversified. Scalable distribution capabilities and unique cost efficiencies. Here, the keyword is unique due to a combination of the two cost advantages that we have. I have page for it. I'll walk you through it. The first one, sustainable lending. These are the interest rates in the industry as published in the Central Bank.
By the way, same as what we did in the 60-30-30 announcement, all of the numbers that are in the presentation, we're gonna provide an Excel with all of the links and sources that is gonna be downloadable from our investor relations website. You're gonna be able to trace where all of these numbers are coming from. This is central bank data on the stock of the interest rates of these products. Now, therefore, 14% in the stock is a bit lower than, for example, the new originations that are happening now. Anyway, the point is the orange products are the ones we service. We think that those are a lot more sustainable for the client and therefore for us as well.
Private payroll is obviously starting at higher because it's still rough around the edges in terms of operational recoveries and so on, but that's improving day by day. We'll touch upon that in Chanda's section in detail. The part that we think is not that sustainable, which is the 100% plus products. This is the sustainable component. This page has a lot of data, we like it a lot because it shows the beauty of our super app. On the left-hand side, we can see the number of quarters that it takes for a product to scale. I'm going to choose two extreme examples just to make the point. On savings deposits, it took us 30 quarters to reach 2 million clients. On a more recent product, Inter Loop, our loyalty program, was born with more than 2 million products.
What we see is an acceleration in the adoption. Obviously, we have more clients as we grow, but also the speed at which they are adopted as a consequence of the selling strategy that we have, knowing when to sell the product through hyper-personalization, makes the results be stronger and stronger through time. On this side, we show the market shares that we had when we announced the 60-30-30 in January 2023 versus today. What we see is that in many cases, the market share grew multiple times. Now, for example, Tesouro Direto, FGTS loans, home equity loans, and so on. Even in Pix, which started at a high level, we continue to grow.
We used to say that our target market share for the credit product was the Pix market share. We wanted to have the credit catch up to the transactional side. Fortunately, we see that already in home equity, for example, we passed that market share. It is a niche product, but it's a product that we like a lot. We have around 10% market share. We think it's a TAM that will grow significantly. Good progress on market shares as a consequence of product adoption and selling products that are sustainable with quality. Third component of the formula is the combination of two very strong cost advantages. We talked a lot about cost of funding, and we'll touch upon it later on Xande's section.
What I would share with you is since I joined Inter, I get the question: How much longer can this cost advantage last? If Selic goes to 15, what will happen with your deposit mix? This is not here to stay. 1 million times, the same question. You know, we're now in 2026, May, Selic at 14.5, was at 15 until very recently. The cost advantage is still there 'cause the clients use Inter for their day-to-day banking needs. They keep their money in their account, they use it to pay their daily needs, that's a very powerful cost advantage. Even more, with something that did change since the last Investor Day, is our cost to serve went down very strongly.
This is an all-in cost to serve or fully loaded, which means SG&A, divided active clients, no exclusions whatsoever. A fraction of what we see in the incumbent banks. Another question we get, when will the incumbents catch up? We don't see that yet. The other one is the difference versus the other fintechs. We're very close to them, in some cases even a bit better when we put the entire cost base. All of these three elements together, we get this combination, which we think is really powerful. Revenue growth, 30%+. We can see revenue on gross, net of cost of funding or net of cost of risk is 30%+ in whichever way you wanna see it, and if you choose different starting points, 30%+ consistency.
This is what we try to pursue, it's in the spirit of gaining critical masses, as João said, with size matters. That level of growth, which requires investing upfront in provisioning, CAC, and so on, still enabled us to have our ROE growing and passing the cost of capital. This, for us, is very important. We printed BRL 1.4 billion last 12 months. It was roughly BRL 400 million, which means the run rate is BRL 1.6 billion, ROE of 15.5%. We put this on the earnings presentation, the return on tangible equity, 19.5%. True that we have some CapEx there, but if we take out just the intangibles from the formula that one of the investors mentioned, it's 18% return on tangible equity.
On ROA, which is another way that we see it, we reach 1.6%, which is more than any of the five large incumbents, 1.6% ROA. Very powerful combination. 30% plus ROE, revenue growth with ROE expansion, which takes me to the third topic, the Rule of 50. First, I'm gonna address the 60-30-30 a bit more detail. The three numbers or six characters, the 60, 30, and 30, we are a lot more convinced that they are achievable and that we will achieve them now than when we announced them a while back. 60 million clients, it's a matter of time on how much we want to spend in CAC. 30% efficiency, we came a long way from the 75 to a 44%.
A lot more to come, particularly this year, that still has very little of AI embedded in those improvement. A lot more to come. 30% ROE as well. I will talk about marginal ROEs in a second. On top of this, we create the Rule of 50. The Rule of 50 has the beauty that it combines growth and profitability, and the reason why we wanted to present it is because that's how we think about the business and we make decisions. We wanted to have a metric that is consistent for the market with the way it is for us internally when we make strategic decisions at the company. On the base, we have the profitability or ROE. What you can see first is that this line grows, so we expect to continue to have incremental improvements of ROE quarter after quarter.
Obviously, life is not linear, so we have some buffer there, but we expect it to continue growing as it has been. We'll talk about what this final number will be as well. Second, the growth element, super important. Size matters, I'll cover it in the next page. 2 observations. First, the 60-30-30 was our North Star by the end of a period, which was a 5-year term. Here we have the Rule of 50. You see the 50% 4 times. We want to hit it here, we want to hit it here, and here. It's not an ambition of we want to get there. We have been operating at 46%, 45% in the last 2 years, and we're raising the bar this year where we have a pretty good visibility on our performance.
I'll touch a bit on growth and then a lot more on ROE and profitability. On growth, just a snapshot of where we got to where we are now. BRL 2.4 billion of net revenues this quarter, up from BRL 850, we tripled them. How did we get that? Asset growth was roughly 50%. NIM expansion, 30%. A lot of work there on capital allocation and making NIM expand. Fees, which is approximately 20%. The accounting with Resolution 4,966 makes that number look a bit lower than what it really was, but still 20%, at least on the books. On profitability, this is the last page that we had in the 60-30-30 announcement back in January 2023.
We closed the full day with this slide, which showed us the path to get to approximately 30%. It had three components: growth, which comprise of CAC, expected credit losses, and excess personnel for the size of the business that we had back then. The repricing, we used to talk about this a lot. We had a lot of loans issued when the Selic was at 2% on mortgages and payroll. A lot of excess capital. Our CET1 ratio was 44% back then, we had 3 times the level of capital that we needed. What did we achieve in 60% of the time? Because remember, this was a 5-year plan, no? End of 2027, we're in 2026. We achieved I'm gonna start in the middle.
Almost the entire repricing, so this diligence on putting our capital to work on ROE accretive ways, was very meaningful, and we repriced a big component of real estate and payroll. There's a bit more to come, but a majority of it already happened, and we canceled a debt that we had in a holding that was required to relisting in Nasdaq. On excess capital or growth, we delivered 6 points out of 11. Here we have a lot of the efficiencies improvement as well. The bridges are never perfect 'cause they require combining a few factors, but pretty good progress on capital efficiency. On growth, not so much. We still spend on CAC and unexpected credit losses. We still have more room for operational leverage with employees as well. That front was intentional.
We wanted to continue spending on growth as we see this opportunity to get more size and materiality. By going from where we are today to the future, we see our target ROE, again, as I mentioned, around 30%, 28. We keep the 28 as base with a range of 26%-30%. This is for 2029, right? It's a 3.5-year plan and not a 5-year. Why? Because we think that it's more prudent to model a bit shorter in the world that we're living now with many things that are moving faster. 4 components from 15.5%-28%. First one, credit underwriting. The stock of our loan book is running at 12%, and we are originating at 22%, right? The point is to take the loan book to 22%.
This is the largest ROE driver that we have going forward. We think that we have improved a lot here, and we have more to provide to the financial statements through more disciplined capital allocation. Second one is capital efficiency. We're under levered 9.6. We can take it to 11. The market is running at close to 13. That's natural, 1-2 percentage points of ROE expansion. Treasury optimization, we are still early stages on this path. We have hired a lot of people from treasury, many from your industry. We have a few low-hanging fruits to improve ROE from treasury as well. Last, cost efficiencies and revenue expansion. We have also opportunities here. This number may be understated 'cause it's difficult to quantify how much efficiency we can have from AI, but we have some sense here.
I'll break down this in 4 components. What do I mean by going from 12 to 22? The marginal ROE that we're putting our capital to work today is 19%, which is the sum of this. Every week, we have the report from treasury, portfolio by portfolio. We put all that together. We are originating at 19% ROE. The money that leaves the treasury to the credit book has a marginal ROE of 19%. Inside that 19%, we have short-term loans like supply chain finance, invoice discountable. We buy reserves of credit card from other places that are guaranteed by the flows. That's temporary allocation of capital in products that are CDI plus 50, CDI plus 75, 100 with a low ROE. They are NII accretive, like we like to say in our executive committee meetings.
Those will be transferred to the core book as long as we have credit demand to put that capital to work in there. In the meantime, we park the excess liquidity in things that are not super efficient from an ROE perspective, but are accretive to results. The plan to go to 22. Capital or leverage, it's quite straightforward. We're 9.6%. We wanna take it to around 11%. Not so much as a median of the large banks as we grow more, we want a bit more cushion. On treasury optimization, 2 notes. These are simple examples, allows us to picture. We still have inflation-linked notes at inflation plus 3.5%, which are low, not relative to the Selic. This is roughly 8%, 9%.
Just by the passing of time, a few of them will mature or will be closer to maturity. Then we have a point of ROE expansion there by doing nothing and letting time go by. On FIDCs, these are the SPVs in Brazil. I'm sure you're all familiar with them. We hired someone from your industry that created the private book to invest the excess liquidity, not at this ROE that is lower, but at higher levels. We already deployed BRL 1 billion. We wanna get to BRL 7 billion by 2029. Very low RWA if the structure of the subordination is well made. At least a point on ROE. These are not franchise-enhancing features, but ROE-enhancing features, and we will pursue them too.
On the last point of the prior page, we have two elements to say. We have a J-curve naturally on certain products that we started recently. We're investing to sustain the 30% ROE growth through the future, and that there's no way to avoid the initial investment that happens in them. SMBs and Inter Pag, Alexandre will talk a lot about that. On SMBs, we are very advanced on the transactional deposit side, not so much on the credit side. We're investing, acquiring the same and global as well. João mentioned it a bit. On AI from the financial lens, things that we know and things that we don't know. Things that we know, headcount with no growth. Thais will mention about that. We are running at 4,000 employees.
Same number of employees we had in the 60-30-30 despite the company being more than twice bigger in revenues. We likely will continue with that and maybe even lower. Hyper-personalization, we already see very tangible revenue or sales that have to do with the spaghetti chart of the product adoption. Seven, João also mentioned. Things that we don't know is when we look at the list of our top providers, I don't wanna mention names 'cause a few may be around, but big global tech companies that provide software as a service functions, those costs will go down. How to model that going forward, difficult to do with precision, but they're not going up, right? We see a lot of pitches from AI companies, we were in San Francisco two weeks ago, saying, "Test us.
We can do this for you, and we'll do it at a fraction of the cost. A lot to come here on the big vendors. Consulting fees, for example. We have over 30 law firms advising in São Paulo and Rio on different fronts. We can shrink that also a lot as we go along. No offense to the lawyers. Then the last one to close, to give a bit more precision, one of the feedbacks we got to 60-30-30 was it's a North Star what happens in the middle. No, that's the reason why we put the 50, Rule of 50 every year, so we give a bit of clarity on how that moves, no? Year by year.
We also provide this page, which shows an indication of the ROE in the near term, and I know I'm going to get the question what does near term mean, and in the medium term. The ending point is end of 2029, right? Or, which is the 2 to 3 percentage points of ROE expansion in the next 12 months or 4 quarters. We have pretty good visibility. It's more of the same. This is independently of the asset quality, independent of the J-curve, independent of AI. We see 3 to 4 percentage points of doing the same that we've been doing and maintaining the growth profile that we have been maintaining. The remaining in the medium term from now to the end of 2029 is not linear. There's a bit more percentage-wise here than here.
We acknowledge that, this is a year where the NIM expansion, the risk-adjusted NIM expansion will be more impacted by the scenario macro that we're living and that's the reason why it's not so linear. We have a better prospect on that going forward from 2027 onwards. To conclude, point number 1, huge opportunity to disrupt the secured lending market. That's wide open for disruption and we're there in the middle of the fairway, uniquely positioned to make that opportunity capitalized. Second, profitable growth. No one has the combination of cost of funding with cost to serve, scalable distribution, and sustainable revenue growth. Lastly, a Rule of 50 that has a commitment year after year from now to 2029, balancing growth with profitability by selling products that we would sell to our families. Thank you very much.
I'll pass it to Xande for the execution.
Hello, everyone. I hope everybody's as excited as I am with what we have learned and learned listening about Rule of 50 and everything we have ahead of us. My mission this morning is to get everybody absolutely convinced that we're ready to execute, that we have everything in place to deliver each piece of the plan. I'm Alexandre Riccio. If you hear Xande or Alex, that's me. I'm Brazil CEO at Inter. For this part I'm gonna have Priscila, Rodrigo, and Rafaela with me on stage. To talk about execution, we have simplified our business into three building blocks: principality, deposits, and credit penetration. These three blocks together build our monetization. That's exactly what we're gonna talk about. To start, I invite to the stage Priscila. Pri, please join me.
Hello, everyone. Good morning. My name is Priscila. It's a pleasure to be here today. I have been with Inter for more than 15 years, and it's amazing to see how much we have evolved since then. From day one, I have been obsessed with delivering a great customer experience while driving revenue growth and engagement. That's the reason why today I'll talk about principality and why this strategy is so important for our business plan. Before I start that, let's start with our foundation of growth. We have been very successful in adding more accounts. Since 2015, we have been able to grow from almost zero to more than 44 million clients. That's amazing. That's incredible. Again, scale alone does not create value. What really matter is engagement. That's exactly what we have been doing at Inter.
We have been able to activate more accounts, make our clients adopt more products, and of course making them use Inter as a primary financial relationship. That matters. We'll get there. How does this connect to the Rule of 50 that João and Xande just mentioned? Why is that so important for our business model? Well, deeper engagement leads to stronger principality, and stronger principality is equal to monetization. Let's take a look on their economics. As Chief Client Officer, I am highly focused on unit economics: CAC to LTV, RPAC, engagement metrics, churn, and of course principality. We have been very successful in adding more accounts. We grew in 2025, 20% our account base. In principality we were able to grow by 30%. This is very important. Me and my team are very highly committed with that.
Let's take a look on the economics in three ways. First, their RPAC is much higher. They're very engaged with us. It's actually twice as high as the average client. On the CSI, the Cross-Sell Index, it is also much higher. They adopt more products. It's much easier for them to go log in and buy more products. Of course, for lifetime value, principality matters. They stay longer with us. They don't churn. In fact, their churn is almost zero. Again, we can fulfill their needs in only one app. It's pretty simple as that. Well, principality is not just an engagement metric, it is a powerful economic engine. Why is that? Again, deeper engagement, deeper relations takes us to higher engagement and also a greater cross-sell and of course higher monetization and that's exactly what we have been building at Inter.
How do we do this at scale? How do we principally? We do it by our 3SA approach that João has mentioned earlier. Again, 3SA stands for single, smart, super app. Let's start with single. One app, one experience, everything combined in only one place. You can find everything that you need in only one place, from investments to your balance, everything that you need, credit, you'll find in our app. This is great for us. I'll tell you two things that is great. One, for cross-sell it's perfect. If a client comes in and check their balance, it's a great opportunity to sell investments or any other product. The second thing, it is great for lifetime value because it doesn't create friction. You don't have to go in multiple apps, you just have to come to Inter and find everything that you need.
Look at most competitors do, they have multiple apps for investments, for credit cards, for Global Accounts. Here at Inter they can find everything in only one place and again, that matters. Friction leads us to churn and we don't want that. Now let's jump into smart. By hyper-personalization we understand each client. We use AI to understand and adapt our app. In this room right now we have more than 100 apps running for sure and I know that many of you have Inter app, so I invite you all to log in, check your home screen and compare with the person sitting next to you. You'll see for sure different apps. I'm confident about that. That's very important.
It doesn't matter the size of our client, where they come from, their age, their income, we will adapt to their reality and that this matter for engagement and it matters for cross-sell as well. Seven we just launched and Gui will deep dive on that later on. It's our AI hyper-personalization that helps us. There's no need to search, we anticipate everything that the client needs. We prioritize. We help them to navigate and helps us to cross-sell it to engage more. With that I'll call Rodrigo over to the stage to talk about our super app. Thank you all.
Thank you, Priscila. Very impressive to see how smart we've got so far and also delivering hyper-personalized content as well as intelligent tools now with Seven, our new AI. Right, João? Single, being single is also very important because you don't have to download so many apps nowadays creating unnecessary friction in the end of the day, so that's quite interesting. For me it's very special to be here today because seven years ago when we launched the strategy, the concept of super app, Inter Shop was a key element on that and fast-forward that to today, we're delivering over $1 billion in terms of revenue of GMV and sales, so that's very interesting. Today what I want to share with you is why our super app is very important to diversify, monetize and engage.
We have over 180 different products, financial and non-financial products all spread out across the 7 different business verticals that we have. No other digital bank has this depth of offers that we do, that puts us in a very, very strong position and very unique to deliver a one-stop ecosystem. The transactional products are the key engine to deliver day-to-day engagement as Pri's mentioned about engagement a lot. Let me give an example. Loop, our loyalty program. Loop you can earn points as in loyalty program you can redeem those points. What becomes interesting is that, for instance, when you think about shopping you can shop at Inter Shop, earn those points and redeem for future purchases.
When we think about credit card spending you're also earning points. What is great is that you can redeem those points to pay your credit card statement which is something very new. My favorite, you can also redeem points to get dollars into your Global Account checking account, like most of you have a Global Account today, I hope, and you can use that on an everyday basis. This really creates an engagement piece where we feel that it's less transactional and it's more rewarding. That's quite important because it creates a daily routine to our clients. When we understand this relationship and we see that Loop is really driving engagement, we see that today clients that use Loop, they have 2.3 times more product usage than no Loop clients. Bear in mind with me with that.
That creates a very, very long flywheel for everything that we do. Most important, in fact, we have 18 million clients today who are looped in already with our offer, and we just started that less than 3 years ago, we're growing very fast. Just getting started. Not only Loop, but across different verticals we can see principally playing through different mechanisms. Let me give you some examples here. On the left side here when we see frequency of use, we have Global Account and we also have shopping. Let me explain a little bit more. With Global Account you have trips and you have remittances that are driving, you know, daily routines across. We're gonna talk a bit more how many transactions we are making across the board with Global Account through fast rails. Shopping.
We're creating day-to-day new routine for our clients, new lifestyles with credit attached to it. In fact, we have 1.6 transactions per second happen going through our Inter Shop, which is delivering a lot of things. If you look on the right side of you, the long-term relationships. When we think about investments, we're creating from the piggy bank to the international investments a focus that is democratizing investment in a way, but we're also delivering sticky balances where the custody of wealth, it is very, very hard to move from one institution to the other. The other part, last one, insurance. When we think about insurance, we're also generating our insurance brokerage franchise, generating cross-sell to protect all these assets that I've mentioned.
In the end of the day, guys, what we're seeing here is that it's not only one product, transactional product over the other, but it's a combination of all these products together that generates, you know, the engagement, and we see on the bottom lots of millions of clients that are already using and being, and organize that. After talking about diversification and about engagement, I want to finish talking about monetization, right, Santi? Otherwise, we can't meet the rule of 50, correct? And when we think about our fee revenue from all these products that I mentioned, today it represents more than 20% of Inter's total revenue, so this is why having a Super App is very, very important, and we are just getting started.
With that, I resume the first module here with Pri, and I would love to call Xande to talk a little bit more about deposits and credit. Thank you very much for your time today.
Thank you, Rodrigo. It's great to hear about 3SA, Seven, and principality. We see that Inter is all about the ecosystem. It's not about a single product. It's not about a single service. It's really a very robust ecosystem, 180 products being potentialized by technology, whether it's 3SA with the app, whether it's Seven conversational environments. That's what it's all about. We know that great banks are built on great deposits. That's why it's so important for João, that's why he looks at this all the time. That's why I look at this all the time. That's why we want to keep having a very strong funding and deposit franchise. To talk about our deposit franchise, I'll go through three dimensions: our transaction platform, our deposit base, and through some key aspects of our value proposition. To start, I'm gonna talk about transactions.
When I think about transactions, it reminds me of 2016 when we started looking and we were ready to launch the digital banking scale. Believe me, we had at that point 30,000 transactions monthly. Fast-forward 10 years, today we have 1 billion financial transactions every month. That's our running rate. We did bring a lot of transactions. What do we get by getting transactions? You get flow. You get a lot of flow. You get true retail relationships. We become the bank and the platform of the day-to-day of these clients. Flow brings float. Float expands revenue, we see Inter with a cost of funding of 64% of CDI. Where is this coming from? From money in the clients' accounts that's parked there, and this money has zero cost. That's what's is dragging this cost to 64% of CDI.
Very important, this transactionality is improving. Why is it improving? Because our platform is improving. Back in the day, what was the advantage? Free checking accounts. Free transactions. What are the advantages today? If you're an SME, we have all the suite of APIs, so you can connect through your ERP through many different ways and do all your transactions. If you're an individual, you have the best Pix in the country. If we look at Central Bank ratings, we've been forever with a double A score in Pix. We've been evolving the platform to deliver great in-app experience, but also experiences at Seven, experience through WhatsApp. We are with the client where the client is. Result of this is another spaghetti chart.
We like spaghettis and we've been growing transactionality, relationships are coming faster and more intense as we move, as we can see on the darker spaghettis over there. With this flow, we see that it's not only about the money on the accounts, it's also about helping clients save, helping clients deposit. That's what we see in the growth of our deposit base. We're at BRL 74 billion, number 1 Q26 numbers, with a CAGR of about 30%, strong growth. Important to mention here that BRL 74 billion is, I'm gonna say, only what we have in Inter's balance sheet, in the bank's balance sheet. We're approaching BRL 200 billion in AUC. What is this?
The flow of money that we get in the platform, and as we help people diversify, doesn't go only into CDs and LCIs, which is a letter of credit. It goes into their diversification. They may be buying CDs from other banks, they may be buying Tesouro Direto from Inter, and many other products. We keep on growing the base of funding, but we also use this excess capacity to monetize in products like investments. We're proud about this. This is a very well-diversified deposit base. It's all retail, about 60% individuals, 40% in businesses. It's sticky. We say that these are true core deposits. For those who don't know what a core deposit is, it's a deposit that comes from a sticky relationship, a long-lasting relationship.
What comes with a deposit like this is that it stays with you for a long time. When is this important? If you have a growing credit base, which is exactly what we have because you need to have consistency and you need to have abundance. We have an 80% loan to deposit, which is really good to support the lending activities. Finally, our value proposition. Through this, say 10 years since we launched the digital account, we've built a lot of trust. Where do we see this? Super high NPS. João talked about it already. This year we were positioned as the second-best bank in Brazil, according to Forbes. Last year we got many, many different rankings of strong brands.
We do have one of the strongest brands in the country when we think about retail banks within not only retail banks, but also with retail brands in general. Also very important when we think about investments and its links to deposits, it's the variety of products. Today, we have 32 different investment products, investment classes and subclasses, so people can truly diversify with Inter. What this gets us to is our crown jewel. We're confident we have the best deposit franchise in the country today, and what this is bringing is a very low cost of funding, as I mentioned. It brings a lot of data, both from transactions and from the deposit business, as people are giving all this information that can be used for credit underwriting, but also for cross-sell and a lot of different activities that we do at Inter.
It brings us the lending power. As I mentioned, the 80%, consistently at an 80% loans to deposit ratio, which is a number that we're able to adjust as we need. If we wanted to have a 75, we would do it. We're comfortable with 80% loan to deposit. Finally, all this together brings in the stickiness that we need in a deposit base. With this, I move next to credit penetration, which is something that became extremely important to us, primarily in the last 6 to 7 years. That's why we have dedicated a lot of focus on getting all the capabilities, these capabilities allowed us to keep on growing in this business. To start, I'll talk about something that Santi and João talked about, which is size matters. We do have today a base of 44 million clients.
This is a strong base. We have 25 million active clients, the credit underwriting and penetration journey is not starting. We're already at 9 million active clients, 9 million clients that have an active credit product. We do see this growth in number of clients also close to 30%. At 28%, 3Q22 when we launched 60-30-30, we had 3.7 million. Active clients with credit. Today we are approaching this 9 million mark. We know that we have a lot of room to grow as we see that our share of wallet in the clients of the 44 million base is still low. Giving us a lot of room to keep improving as we're able to cross-sell, this is something that AI is gonna help a lot.
As most of you know, our credit strategy is based on the secured and unsecured strategy. Two-thirds of our portfolio is secured, one-third of our portfolio is unsecured. Marlos is gonna deep dive a little bit more on this. We have a variety of products. Today I'm gonna focus a little bit more time into three of them: private payroll loans, real estate loans, and credit cards, as they are the key drivers of results in the short term. Private payroll loans, this is a large opportunity. It proves that it is possible to do secured lending in scale in retail banking. This is a product that after one year we already have a portfolio of BRL 2.5 billion, very close to 600,000 clients engaged with the product.
We have a 2.4%-2.5% market share, and we've been underwriting with our style, which is like move forward with caution, executing and growing as much as we can given our credit appetite, very consistent. The market is growing. End of March, already past BRL 100 billion. We do see this market going beyond BRL 200 billion as we move forward. It's truly a product where it's on Inter by Design, so it's sustainable. It has a lower interest rate than personal loans. That's why we believe we need to keep expanding our portfolio on it. Where do we wanna go? We wanna double our market share by 2029, so we're gonna keep on investing on the product, and we believe we have what it takes to get there. The distribution's there.
We're doing a lot of credit underwriting through the app, through the CTPS, which is the government website, which this app is actually a smaller part of our underwriting. We recently launched WhatsApp, which already started as a very powerful distribution channel. We can distribute. We don't have any product conflict, meaning that we're not gonna cannibalize other credit lines to expand on private payroll loans. We have the track record. This is important as on a very similar product, that was the FGTS loans, we have more than 3.3 million clients. These are clients that come back. In the FGTS, for example, we're talking about 5 to 6 contracts on average per client, it's not like a one-shot relationship.
People come, they do one, they come, they do again, and we believe the same thing is gonna happen with the private payroll loans. Finally, we do have the structural advantages that allow us to keep on growing in credit, which are certainly mentioned, cost to serve and cost of funding. These are two very important aspects. Little bit more juice on what we get from the private payroll clients. First, a lot of cross-selling. 50% more products per client if a client is a private payroll client. This is once again not a single product relationship. These are deep relationships. RPAC does get a lot higher than the average client. We go from 57 to like a 4x that number at 232, and we operate at a high ROE. This is especially important for us.
Every credit product that we're underwriting today, we have a clear strategy on. Private payroll loans, we know that it's, again, it's a core strategy product. It's a high maturity product. We need to underwrite at a high ROE. We are underwriting at 30 plus percent ROE on a marginal basis, and it's really something that's within the culture now. We've been making sure it's on everyone's mindset, and we're delivering on it. Moving to mortgages and home equity, which are the real estate-backed lending products. These products we believe we need to keep on growing on them for a few reasons. We've done them for the last 20 years. That's when we started them. We know that these products are about special moments in our clients' lives.
They may be buying their home, which is a once in a lifetime event. They may be reorganizing their finances, and we can help them with home equity. Also, a very important moment in a client's life. They may be building a business and they need cash. We can do that also through home equity, and we can do it profitably. Result for now for us recently is that we've been growing a lot. 4 times the market it was our growth in mortgages last year. 2 times the market was our growth in home equity last year, despite the fact that in home equity specifically is a product that we already have a very good penetration in the market share, around 10%. In these 2 products we're talking about a gigantic market, almost BRL 1.4 trillion, which makes it the single largest credit business in Brazil.
We will keep on growing on it. How much do we wanna grow? We want to expand 2x our market share in the combined products in the next, until 2029. Why do we believe this is possible? For one, the market is changing when we think about mortgages. What's the change? It used to be based on poupança, which are the Brazilian savings accounts. The balance of poupança is consistently declining. Why is that? People are learning that there are better investment alternatives, so this balance declines. What's becomes the solution for mortgage lending and home equity lending in Brazil? Market-based pricing, market-based funding, which is exactly where we do it, which is exactly what we operate.
We believe this is a trend that's going to continue important, it's going to help. This is a tailwind that's external, but we don't limit ourselves to that. The main gain comes from internal improvements. These are coming from our operating areas that can do all the underwriting process much faster than we could, using a lot of AI to do the processes quicker, and also all the underwriting, the credit underwriting part. Mauro and his team were able to move us to today about 90% automated decisions. This is super fast and this drives demand. Just to give everyone an idea, about 18 months ago, we would have BRL 1 billion demand per month.
Now we have BRL 3.5 billion to BRL 4 billion demand every month on the top of the funnel for the product. The result is we can mine all these proposals and underwrite at a much faster rate than we were underwriting before. Why does this matter? Again, these are very high cross-selling products. We are more than 2 times as the average client in terms of cross-selling. These are super high RPACs as these are usually large tickets, BRL 400,000-600,000 is the average ticket that we operate in these products. Last but extremely important, we operate at a very high ROE in this product. Back in the past, as it was this earmarked, savings-based product, it did used to have a lower ROE, but we're able to find a model that's extremely high ROE and we have more than 25% going on.
Finally, our third hero product. Here I'd like to talk about two aspects of credit cards. One is growth, the second one is profitability. Very aligned also with Rule of 50. Why are credit cards so important and why do we want to grow it? We do know that it's linked to profitability, to principality, which is, which was, Pri's and Rodrigo's explanation. Credit cards are one of the main drivers of principality. This makes them important to us. We've been able to deliver it lately. 23% CAGR in TPV since the launch of 60-30-30. Credit portfolio growing in the ballpark of 30%. In the important, the most important fact is, are we comfortable growing credit cards? The answer is yes. Where do we see it? In another spaghetti chart.
What do we see here that I'd like everybody to take home is whether the cohort delinquency changes a bit up or down, we can control it. It's not by accident what's going on, it's by design. Mauro and his team can predict where the delinquency is going to go. They can adjust. Sometimes we test, we see a little bit higher, and in a few days or, not in a few days, but in less than a month, they can already predict where things are going, and they can bring it back. The result of this is comfort growing and comfort knowing that we're going to be able to absorb losses. Most importantly, we will bring profitability. This is on the transaction piece. The second piece is the profitability. How do we work on the profitability of credit cards?
We work in two different ways, which basically two different mindsets. One mindset is more internal, the second mindset is more external. Internally, what are we looking at? Increasing Inter's earning, the Inter's earning portfolio. How do we do this? Doing what we call reshaping. What's reshaping? Reshaping is changing the format of the portfolio, and we can see it in the first chart really clearly. The shape was 80% transactors. The shape, after two years of doing this reshaping is 75% transactors. What changed? A lot more Inter's earning. What does this bring? More margins, and with more margins, we get a better EBT. In the last 24 months, we're able to increase this, the EBT of the P&L of the cards product by 14 percentage points. This is now a profitable product for Inter.
It wasn't when we launched 60-30-30. The second piece is on clients. We want clients to pay the lowest interest rate possible. Santi talked about our strategy of going to the secured lending products. We want to move them when possible to lower interest rate products, and the same thing happens on credit cards. How do we do this reshaping, and how do we help clients at the same time that we're helping margins? If the client is a transactor and he's going through hardship, he's not gonna be able to pay his statement in full, Mauro tries to predict that this is happening, and we offer collection products. We went last year from 5 to 9 different collection products, meaning different offerings that people can engage with and move to installments.
If the client's already into revolving or delinquent, we do the same thing. We try to bring them over to installments, and what that brings is a lower interest rate. We show they're revolving from 16% to 9%, which is much better. Not only that, also this brings predictability. In Brazil, to clients, it's a lot more important to have a predictable payment than to have a super low interest rate when we think about short-term, when we think about retail. That's exactly what we do with the installments. We tell people, "Hey, if before on revolve you don't know how much you wanna pay," when we put them on an installment plan, they know exactly what they have to pay, and this is important to the client and important to us as it's a key driver of profitability.
With this, we finish the building blocks of execution. Once again, 3SA, strong deposit base bringing all this flow, and credit penetration, which is gonna keep on moving the needle. To take this to, like, the IR or the investor's language, I invite Rafa to the stage to talk about the monetization and unit economics.
Thank you, Xande. After hearing about our priorities in execution, principality, deposits, credit, I want to walk you through our unit economics. This is really important. This is how we monetize. How do we monetize? Pri talked about our client growth. We started with a few thousand clients back in 2015 to over 44 million clients today. This is not just about adding numbers. We are adding engaged clients, and this engagement is already reflected in our ARPAC composition. Our diversified ARPAC is distributed in fee-based revenue, liquidity from deposits, and interest from credit, which I will comment in a moment. We already have a diversified revenue per client. This diversification goes beyond the ARPAC composition. A lot of investors ask me, "Rafa, what's Inter's client profile?" This is where our diversified approach really makes a difference. It goes beyond.
We serve clients from childhood to retirement with a diversified revenue profile in each group, starting with the young ones, clients under 17. ARPAC today stands at BRL 3, mostly from transactional deposits and debit cards, but this is where we are building early financial habits, promoting financial education, and creating loyalty. Most of the time, this is their first bank account and has the potential to be their primary relationship through life. The kids account is a very popular product at Inter. We've opened over 5 million accounts, kids accounts so far. Today, they stand at 2 million. Some of them have turned 18, and that's where ARPAC jumps to BRL 30. Here we can see credit playing an important role, starting primarily with consumer credit, with credit cards and Pix finance, but adding to the diversification of the revenue profile.
As clients age, ARPAC continues to increase and becomes even more diversified among credit products. Santi mentioned our sustainable approach to credit growth, this we can see in clients in the older cohorts with public payroll, mortgages, and home equity making a difference in client, in revenue diversification. When we look at the ARPAC growing through life stages, this is a steepening curve. When we compare that to our current client distribution skewed to the left side, we can see a significant potential for revenue to increase in the next years as clients age. Milestones such as savings with Meu Porquinho, getting married and buying a house with mortgage, or traveling abroad using a Global Account will be interesting opportunities to continue to increase cross-sell. Cross-sell is another component of ARPAC growth in the future.
When we look at the incremental ARPAC per vertical, we can see that these clients already generate higher revenue compared to the average revenue at Inter. Investments, shopping, insurance, and global, all of those clients already have a higher ARPAC coming from those verticals. The most interesting element of revenue expansion in the next years we see in credit. As Xande mentioned, the credit opportunity is quite significant. ARPAC for a credit client is already 3 times higher than the ARPAC of an average client. Not only that, we are also growing the number of clients with a credit product. That number grew from 3.7 million in 2022 to currently 8.7 million, as Xande mentioned. We are increasing the credit penetration. At the same time, we are earning more from these clients.
Last, I want to conclude with three key messages about revenue growth. The first one is the strong RPAC composition. Diversification is the name of the game, with cross-sell opportunities and revenue potential to grow through life stages as clients age. Second is the credit opportunity. We already presented credit growth in the last few years, more accelerated than our client growth. Just last year, we grew credit by 36% in our portfolio. We still have an under-penetrated client base with credit products, so the potential is quite significant. Last, we are already seizing it. You can see another spaghetti chart. Alexandre Riccio likes his spaghetti, carb loading for the runs. RPAC is accelerating faster with the more recent cohorts. We are already seizing the opportunity. We can already see the early results of our strategy.
Execution is already connected to the Rule of 50 strategy. With this, we conclude part 3. We'd like to invite you for a quick break, a 7-minute break, and after that, we'll come back with our core enablers, tech and AI, credit underwriting, risk management, and people. See you in 7 minutes.
I like your picture. I keep it with your letter. Gone up in blueprint. It sure looks good on you. When you smile for the camera. I know I love you better. Hey, it will come back to you. Hey, it will come back to you. There in the shutter flash you see it all repeat. It's your favorite movie. It will come back to you. Hey, it will come back to you. There in the shutter flash you see it all repeat. It's your favorite movie. It will come back to you. Hey, it will come back to you. There in the shutter flash you see it all repeat. It's your favorite movie. It will come back to you. Hey, it will come back to you. There in the shutter flash you see it all repeat. It's your favorite movie.
Excuse me. We have another event next door. If we can keep a low voice, it would be appreciated.
They read in books of old. The legends and the myths. Achilles and his gold. Hercules and his gifts. Spider-Man's control. Batman, furious fists. Clearly I don't see myself upon that list. She said, where'd you wanna go? How much you wanna risk? I'm not looking for somebody with some superhuman gifts. Some superhero. Some fairytale bliss. Just something I can turn to. Somebody I can kiss. I want something just like this. Do you, do you? Do you, do you? Do you, do you? Oh, I want something just like this. Do you, do you? Do you, do you? Do you, do you? Oh, I want something just like this. I want something just like this. They read in books of old. The legends and the myths. The testaments they told. The moon and its eclipse. Superman unrolls. A suit before he lifts.
I'm not the kind of person that it fits. She said, where'd you wanna go? How much you wanna risk? I'm not looking for somebody.
Some superhuman gifts, some superhero, some fairytale bliss. Just something I can turn to, somebody I can miss. I want something just like this. I want something just like this. Oh, I want something just like this. Don't you want to go? Now, don't you want to risk? I'm not looking for somebody with some superhuman gifts, some superhero, some fairytale bliss. Just something I can turn to, somebody I can kiss. I want something just like this. Oh, I want something just like this. Oh, I want something just like this.
Hello, everyone. If you could please take your seats back, we'll start. Hello, everyone. Let's restart. Hello, everyone. Let's please restart. Hello, everyone. Let's please restart. Okay. We are going to start with our core enablers. We also have people online, we'd like to be very mindful of everyone's time, and we also want to stop at noon as planned. Thank you so much. To start with our core enablers, the capabilities that will help us execute, I call to the stage Guilherme Ximenes, to talk about tech and AI.
Thank you, Rafa. Good morning, everyone.
Good morning.
It's great to be back here. I'm Guilherme Ximenes, the CIO at Inter. I was here in 2024 on our Tech Day, and I presented to you how we were building a robust solution using technology and data. Today, I'll show what we delivered and how technology and data is a key enabler to our long-term plan and the Rule of 50 that João and Santi just presented. We have evolved a lot. I'll walk you through today the evolution of three pillars. 1, our technology, how we are growing our data advantages, and 3, how we are scaling AI across Inter and to our clients. Let's go to the first one, tech. We have always fought around standardization and reusability to facilitate scale. Now, we're building what we're calling the platformization of our tech. Think of it like building a car.
You have the chassis, the drivetrain, the core components of a car. You standardize it and reuse it. This way, you can extend it to new models and expand to new geographies. That's exactly what we're doing with our technology. We're not only reinforcing standardization, but we're also making our features more reusable, from banking statements to member get member, from credit cards to investing. This way, we can extend it to more products and expand our products to more geographies. This is something that compounds over time and creates a competitive advantage. We are launching products faster and easier, and that's the tech machine that builds the machine, in this case, the 3SA that João and Pri presented. It's 1 code base, 1 platform, efficient, scalable, and now going global. Going to our second pillar and how we're growing our data advantages.
We increased the average data points per client 180% from 2024 to today, going from 500 to 1,400. We have 7 business verticals, and to give you a sense of this scale, let's take the banking vertical. We do 18 million daily Pix transactions. That's 35,000 transactions per minute, and each one of them tells a different story. You have the destination of that money, what is the amount that is being made, what is the time, what is the frequency, and so on. On the credit vertical, our robust data platform allows Mauro to run 600 million predictions for credit analysis per month. On a Global Account, we have 6.5 geolocation triggers to offer gift cards and promotions to our clients that helps them save money.
The forum, our social network that our clients are using it to express themselves in many ways. It's a social platform, and it's a unique and rich source of data that help us to better understand our clients. All of this data is stored on our Inter Data Vault. It's data from hundreds of sources running on top of hundreds of data pipelines to bring quality, real-time speed when needed, and governance in each layer of our data stack. This help us to build better underwriting models, better cross-selling, and better experiences. Inter Data Vault is key to the next pillar of AI. As everybody knows, what makes a good AI model, is a good data foundation. Now going to the third pillar and how we are scaling AI across Inter.
In 2024, I presented a blueprint of our generative AI platform that is now live right here. It's live for the past 12 months. We have connected it to more than 20 enterprise-grade LLM models through the hyperscalers of AWS, Microsoft, and Google that give us direct access to the frontier models of Anthropic, xAI, Gemini, and OpenAI. With this platform, we have deployed hundreds of agents in productions of all types, quality checkers on our tech pipelines, wikis and Q&As around our internal processes, and the one that I'm personally involved, which is the revolutionizing our software development life cycle from end to end. Think about the idea and building the business plan with AI, building the product requirement document to the code generation, deploying it to production and monitoring it, creating a positive feedback loop that reinforces that process.
I want to pause here for a second because it's really important, the software development life cycle. If we master this process, which we will, it unlocks great value. Adding to that, we have surpassed 1 trillion tokens consumed, placing us among a small group of global companies operating AI at this scale. 400 billion tokens are used on day-to-day tasks across our business areas, and 600 billion tokens are driven by our software engineers building software using Cursor, which is a AI top-notch software development tool. This is no longer experimentation at Inter. This is AI at enterprise scale, truly AI at enterprise scale. Now going to the outside to the customer-facing AI. João presented Seven. We built Seven. It's a platform that it's still on its early days and has huge potential.
It's not only user interface, as you can see here, but it's the agentic platform that we're building beneath it. From 2025 in the beginning, we launched our conversational AI that was helping our customers with frequently asked questions, FAQs, and questions around our products. We ended up 2025 with transaction AI, doing Pix through text, buying gift cards, making installments with your U.S. credit card, and also hiring loans. This last one is very interesting because it is a complex product, and we are seeing AI helping our customers to better understand that, and we are seeing conversion rates increase, bringing more revenue to that vertical. In summary and as expected, AI is going everywhere to everything all at once. Again, another technology wave, and I love surfing technology waves. We are scaling AI everywhere.
In 2024, we had 80 AI models in production. Today, we have 550. On our pipelines, we have 600 user cases across this chart here that goes over all Inter. That's going to bring more revenue to our business, more partnership with our customers, more efficiency to our operations, and more profitability to our shareholders. Now I'll hand over to Mauro, who will show how he's leveraging our technology and data to build better underwriting models and processes in the credit landscape. Thank you. Mauro, the floor is yours.
Thanks, Gui. Good morning, everyone. It's a privilege to be here to share with you the work we have been doing on Inter's credit platform. I am Mauro Rangel, and I have been working in credit cycle for almost 20 years. A lot of credit cycles. Our entire credit chapter is divided into three pillars of investments: governance, underwriting, and collections. Let's start with a big change we made in our process. In the past, each product line operated its own pricing logic. It was fully centralized. Now we have built a interconnected framework with clear roles and responsibilities. Credit underwrites and manage collections. The treasurer sets pricing guideline based on cost of risk, cost of funding, and targeting ROEs, providing a holistic view, and Risk monitors the portfolio health and risk limits. The results is better profitabilities and faster decision-making.
The second pillar is our underwriting engine. The challenge we face was not a lack of data. Inter is a multi-vertical and multi-product platform. Over 40 million daily transactions and more than 13 external data sources feeding our models. The challenge was fragmentation. We have fundamentally changed that. Now, our underwriting engine is built around the 360 credit signals. We have a unique single and longitudinal client view. On top of that, we overlay 2 intelligence layers. The first 1, unstructured data. We convert documents, interactions into credit signals. The second 1, the real-time data. This go far beyond the traditional credit data structure. It didn't stop improving the data. We also improve the model themselves.
Our credit models now operate in a continuous feedback loop, meaning they monitor the client behavior, observe new information, and reassess the risk. That is not a static scorecard. It's a learning system. One of the outputs of all this intelligence is our hyper-personalized pricing model. In the past, between 2023 and 2025, we operate with 100 comprising combinations. Now, starting 2026, powered by AI, we have moved to 100,000 of combinations, producing a specific price for each individual client. More precise in pricing means more client served, more credit penetration, and more revenue. The products we have deployed this new pricing model are showing a net income 10% higher, and we are just getting started.
The third and last pillar is our collection. We are investing heavily here to make our collection engine one of the most sophisticated in the industry. Everything we build for underwriting has been full deployed in collections. The same data structure, the same behavior intelligence, and the same AI capabilities. Now we have smarter decisioning, hyper-personalized journey, and we have deployed a AI agent that negotiates and guide the client to resolution. The results speaks for itself. In 2022, 7% of our recovered volume came through digital channels. This number in 2026 is 9%. Why does it matter? In digital channel, we recover more, faster, at a lower cost, maintaining the client relationship. Everything I described here today is not a collection of point-in-time improvements.
It's a platform designed to compound, ones that gets better as it grows, because every new client, every new transaction, every new data point makes our models smarter, our price more precise, and our collection more effective. The outcomes. Our loan portfolio has grown 2.4x with controlled asset quality metrics. The NPL has moved, it's a consequence of the part is a consequence of the private payroll loan. It's important to see at the same time our risk-adjusted NIM expanded from 3.9 to 5.6. We have improved collection, we have improved credit underwriting, but none of this stands alone. It's supported by a solid independent risk teams. I have to say that Marlos has been a key partner on credit side. Now I would like to invite our global CRO to take you beyond credit risk.
Thank you for your time. Thank you very much.
Thank you. Hello, everyone. I'm Marlos Araujo, the Chief Risk Officer for Inter, also known as the bad cop. I have more than 25 years of experience in financial industry, mainly in Bradesco and also for Banrisul, and specifically in risk management about 10 years. I do firmly believe that risk management can contribute a lot to the business in order to produce a more controlled environment, and this controlled environment can give room for innovation and also sustainable growth. Let's talk more about our risk management capabilities here in Inter. Risk management in Inter is designed to support our sustainable growth within a healthy risk position. The key instruments to do that, this are already in place and working really well. First, a robust governance. Second, a full infrastructure. Third but not least, well-designed processes.
This all combine with a culture of simplicity and transparency within a secure and data-driven environment. All these elements are together in order to protect our balance sheet. Let's talk a little more about our balance sheet, and first, our asset side. On the asset side, first, what I'd like to point out is that most of our assets are secured. What I mean, about 65% of our whole asset portfolio is composed of secure credit through time. This is not only by lucky, but it's by intention. Consistently, we maintain our portfolio with this kind of composition. Moving on to the unsecured portfolio, which is also an important part of our balance sheet. It's about 35% of our balance sheet. We must say that we have been keeping this consistently and intentionally well-provisioned.
We have been keeping about 130% of the total portfolio provision when we consider just the portfolio that is on stage 3. Dynamically, the transfer that we made from stage 1 to, and 2 to stage 3 is also well-provisioned as we can see that the provision is in line with the transfers that we made. It's our policy to keep it this way, to keep it secure and well-provisioned. I'm gonna talk a little bit more about the other side of our balance sheet, which is our liability side. As pointed out by Alexandre, we have seen that we have one of the best cost of funding, the lowest cost of funding in the industry. From a risk perspective, this is not the most important thing. The most important thing is that it's sustainable.
Our strategy has been able to produce a highly diversified funding base, which we see on the left-hand side of the slide. This interconnection has been able to give us a very comfortable liquidity position. Our liquidity position now is almost twice the minimum regulatory requirement level and above roughly 20 percentage points above market peers. This is really important to sustain our growth strategy in the future. On the whole, considering the whole picture, we can see that both assets and deposits have grown steady, fast and balanced. This is really important to keep us on track for the future that is to come. To conclude this topic, I'd like to pinpoint 2 important features and consequences of the strategy we've maintained. First, we've been able to produce a structurally stronger balance sheet.
We have a higher proportion of interest-earning assets compared to interest-bearing liabilities. Even when we compare this to market peers. Which is really important, we have a higher flexibility to reprice and to review our exposure due to its shorter maturity. This is important because we can produce and maintain consistent results over time. Now moving on to our equity position, which is our ultimate strength. As Santi has already mentioned, we've been able to put our capital to work over time, becoming more efficiently, more efficient and more profitable. We still have a large room to grow.
As we can see, we have not only capital capacity at the bank level, represented by Tier 1 and Tier 2 capital, but also at the holding level, where we keep capital because it's economically more efficient, but we can easily move it to the bank. Not only those 2 opportunities, we have also potential to issue new subordinated debt. This all together can produce almost a new loan portfolio that it's almost the size of the one that we have today. We can almost double our loan portfolio instantly. On top of that, as we grow and our return on equity increases, we approach self-funding with capital neutrality.
Our demand for capital now just grows a little faster than our capital accumulation rate, which means that we're gonna probably reach capital neutrality and also retain capital buffer to seize opportunities that may appear. Given that, we have this whole picture for the company and also risk management, which not only make us more resilient and capable of facing changing economic environment, challenging competitive landscape within a global regulatory framework. This all together, this embedded risk capability, as João mentioned, can help us deliver and support safe growth through new growth opportunities, support consistent return, ease the achievement of the Rule of 50, also flawless execution, boosting principality and deposit and credit growth. I firmly believe that this whole picture make us a unique opportunity to the future. Now, this is the Inter by Design applied to risk management.
Now I'd like to thank you all. Thank you for the audience. Thank you for the attention, and invite Thais to join the stage. Thank you.
Thank you, Marlos. Thank you. Good morning. Hello, everyone. I'm very glad to be here today to talk about how we build a high-performance organization to generate more value for all the stakeholders. I'm Thais, CHRO at Inter, and I have been working here for almost 10 years. During this time, I have had the opportunity to lead and drive several projects to support Inter's growth. For example, our evolution in 2023 into the 60-30-30 journey. Of course, I'm very proud of everything that you have built until here. I'm the last speaker this morning, but probably my topic is the most important one, and I will explain why. I'm responsible, and I will talk today about the strategy that makes everything possible, the people strategy.
This means understanding the capabilities that we need, attracting the right people from marketing, engage them, and in addition, retain the high performers. Today, we will see why we are confident that our people are ready to deliver the Rule of 50. Since 2022, we have evolved our structure to be faster and more aligned with our ambition. I would like to highlight 3 important changes that we made during this period. First, we created a global CEO position, and now João leads the company with a global vision. We also created a CEO Brazil role to have more focus in our core business. Finally, we reinforced 2 key areas in our global structure: legal and compliance and risk. It's important to say that this strategy, it's not only for our C-level. We have applied the same approach across all levels of Inter.
Since 2022, we have brought more than 15 new officers from the market. It's a continuous strategy for us year after year. Why do they want to be part of Inter? I know the answer. Because we have a strong culture and exceptional ability to execute everything. They clearly see our potential and then our upside opportunity. For this reason, for us, bringing new talent from the market's not enough. We strongly believe in this combination. Top tier external experience with our homegrown talent. This is our competitive advantage, and it works. Besides build the best team, we are efficient. We doubled our active client per employee if you compare 2022 to 2025. With a strong focus on our results, we also increased our revenue per employee by more than 120%. From a reskilling perspective, we have a 3 priorities to continue do that.
First, hiring for the skills the future demands. Second, developing our team skills to lead in the AI world. Finally, deploying our human capabilities where they can create more value for Inter. This is the way that we connect with our purpose, to create a world where interactions between people generate more value. Supported by five strong culture pillars. Client centricity, as you could see during this whole presentation, and especially Xande, Pri, and Rodrigo's presentation. Operational excellence, our discipline to execute our plan. Driven by innovation is our DNA, and was clear in all the words that João said today, and the way that he leads the company. Winning mentality was clear when Xande presented the new plan. We have grit. Finally, enterprise thinking. We work as a team. A good example about that is our 3SA.
All the avenues in one place to create the best experience for our clients. How ensure that everyone, all the employees, will achieve this plan? In this last page, I will show the DAC, as João mentioned before, the framework that connected everything that I presented until here. Direction, our purpose, plus the Rule of 50, our new North Star. Alignment, having the right team work in a coordinated way, supported by the right incentives. Commitment, strong culture to accelerate our execution. If you have a clear direction, right people, and strong culture, you have more results, more resource to invest in people, to attract more talent from the market to have more results. We really believe in this virtual cycle, and believe that this drives the attraction, engagement, and retain the high performance team.
That's the way we believe it's the best way to build a sustainable business for the future. I will close my session, reinforcing our commitment to keep build a high performance organization to generate more value for all the stakeholders, including you, that trust in us. I would like to say thank you for the audience. Now I will invite João to his closing remarks. Thank you.
Hello? Hello? Good. We're about to close the session and move to Q&A. As they say, normally we save the best for the last. Indeed, when we see Thais explaining about our team, and not only that, the vision, the direction, and the alignment that we have toward our goals, it makes me really confident that the best for Inter is yet to come. We have achieved a lot, Rule of 50 is going to be also a very important milestone on Inter's history. Before we move to Q&A, I'd like to leave you with 7 key takeaways from this session. Let me just go quickly through all of them. First, our innovative DNA.
If someone asked me, "What is the trademark of Inter?" I would definitely say that we have a innovative DNA that help us to be focused, push the bar, and keep executing and being ahead of the competition. The 60-30-30 plan. It showed us that when we have the right direction and the right commitment through the right incentives, we can execute towards our goals and deliver value for our stakeholders. It was a very important lesson learned for our team. The tools that we have, and the team is indeed the most important one, as you could see on Thais's presentation. Fourth one, our tech, our vision. The combination of our 3SA approach, our Inter Data Vault, and everything that we deploy in terms of AI through Seven will help us to increase monetization, profitability, and therefore keep building a sustainable franchise. Fifth, the right battle plan.
We know what we need, we know what we're going to drive, and we're going to execute. We're going to keep increasing deposits. This will help us with principalities, but also with monetization. In order to keep increasing deposits, we need to keep having the best deposit franchise. 6, improving unit economics. For us to achieve the Rule of 50, as we have been on track to achieve 60-30-30, we need to have the best unit economics. We need to keep improving our RPAC and also our margins, putting our capital to work wisely. Last, the Rule of 50. We believe that being focused, diligent, and executing will bring to our shareholders the best combination of growth and ROE. This is key to keep building a sustainable business model forward. Thank you very much for your attention. Thanks for being here.
Now we're gonna jump to the Q&A session.
Oops. Do we still need this?
Thank you, João. Thank you, everyone. We are taking questions online through our email, ir@inter.co, and we'll also take questions from the audience. I'll start the first one, came online. João, this one is for you. The first question is, what do you think were the lessons learned with the 60-30-30, and how they connect to the new Rule of 50?
Actually, indeed, it's a very good question. I don't know who had that, but thanks for the question. Sorry, who? I see someone raising their No? Okay. The lessons learned are quite simple, half of them. We have learned that when you have, as we explained here, the right direction, the right alignment, and most important, the commitment from the team, we can execute our goals. We know that 60-30-30 was ambitious goal. Also, the same applies for Rule of 50. When we talk about the commitment of the team, we need 2 things. First, we need a very talented team that we have. Also, the incentives need to be right.
What we did at 60-30-30, I was able, with the right incentives and with the support of HR, to cascade all these directions, the right KPIs throughout the team. Not only the senior leadership, but also to our superintendents and the other employees working at Inter. With that clear direction, with the good execution, we're able to deliver growth on number of clients, but without the cost of losing profitability and jeopardizing our efficiency ratio. It was a very coordinated thing, which by the way, amplifies the concept of enterprise thinking. I'm sure that using the same approach, the same framework, the right incentives, and having the right team, the Rule of 50 also will be achievable and at the end of the day will generate value to our shareholders.
Thank you. Questions? Yuri, here. Thank you, Yuri.
Hi. Can you hear me?
Just speak and we will turn on.
Thank you, guys, and congrats on the Investor Day. I have just a clarification regarding the new guidance, the 28% ROE. When we check the full note, there is a 35% cost-to-income implied on that. I'm just checking if that's correct, because I think the guidance is 60-30-30. I know it's not 2030 yet, but maybe I was expecting a little bit of better efficiency within the guidance. Why the cost-to-income is 35 and not 30? Also regarding the guidance, why are you forecasting a little bit more challenging near term and most of the improvements in the mid term? If you can also comment, I think it's the growth. You are having higher provision on private payroll.
Also, if you can explain a little bit the difference in the timeline, also I think it's important for investors. Thank you, congrats again.
Thank you, Yuri. I'll take that one. It's all good.
On the 1st, the Rule of 50 is built, as we try to explain, on top of the 60-30-30. The way that we want to be questioned or analyzed or evaluated is by the combination of growth and profitability, and the ROE has, you know, incorporates all of the metrics that go behind that. Given that we want to keep the ROE as high as the growth as high as possible, we expect more investment. Now, potentially the efficiency ratio could be a bit above 30. We, as we mentioned, there are a lot of opportunities on AI that we still don't know how much they will impact, there is a potential to be closer to 30 or even below, another 35.
It's difficult to model them with precision today to be able to say that. For example, on employees, I mentioned the assuming keeping them flat. We continue to compensate talent better and bring new talent and that has made it grow beyond inflation. Again, that's a moving target. The 35 is a conservative number to have in the assumptions. The second question was the more conservative year of 2026. We do see the macro in Brazil a bit weaker. We are driving the outcome in terms of asset quality by taking more risk with private payroll. We talked about it in the earnings call. We are working on the reshaping. Alexandre mentioned that as well.
We also said that the cost of risk will be cruising closer to 6% or around 6% for the remaining of the year, which implies an increase. We also showed the cost of risk without private payroll. 50 basis points of that is private payroll. If you compare it without private payroll, it's 5.5, which is 50 basis points increase relative to before. That's roughly BRL 270 million, BRL 280 million of EBT cost. When we compare that to the additional revenue that, for example, only the credit cards has, it's marginal. Credit cards, the interest income of credit cards this past quarter was BRL 700 million, and the same quarter of the prior year was BRL 400 million.
Just on credit cards is a delta of BRL 300 million per quarter, which is more than compensates a single quarter what that additional EBT. In all, I'm adding more color on the asset quality, which has been a topic. We are quite happy with the evolution of the NIM and the risk-adjusted NIM. We're solving for risk-adjusted NIM. We mentioned this in the call a lot. It will still grow. If you see the calendar year 2025 risk-adjusted NIM versus what we expect to have this year, even with the curve at the beginning, it will be 5% higher risk-adjusted NIM. On top of that, we'll have a loan growth growing north of 25%. Therefore, revenues are gonna be end up above 30%, which is what we expect for this year.
Thank you. Next, Tito. Thank you.
Thanks, Rafa. Congrats to Jovita, Xande, Santi. Following up a little bit on that question, because as you mentioned, asset quality has become a little bit top of mind right now. When you think about the growth from here, and maybe by products, right? Because there's some issues still with private payroll loans and how that will evolve given the macro. You know, maybe unsecured grows a little bit less in the short term. How are you thinking about the different products given the credit cycle? Eventually, how will that cost of risk, I know it's hard to predict, but does it stay at 6%? Could that come down as we get through the credit cycle? The kind of evolution that you think how that can evolve. Thank you.
There are 3 products that have been growing at 40%. Actually, 2 slightly above and 1 slightly below, which are home equity, mortgages, and our version of personal loans, which has mainly private payroll with a bit of public payroll as well. Those going forward will grow closer to 30, no? With some upside, in some cases, private payroll, we don't know. Mortgages, there's a dynamic with the incumbents stepping down because poupança is not growing, so therefore they're all competitive, and there we can thrive. Credit cards growing a bit closer to 20%, the loan balance or the receivable balance. Within that, the revenue grows more than that as a consequence of the strategy that Alexandre mentioned.
Therefore the growth of the NII, which is what matters the most, at least for modeling purposes, will be closer to 35% when you put all that to combined together.
The credit, the provisioning of the risk part of it?
Cost of risk I mentioned going to 6. The extent, how long we'll stay at 6, we don't see. We think the year is going to end up probably better. We see the 2nd and the 3rd quarter as the toughest ones. Hopefully, we can still start seeing down. Again, what makes us happy is the NIM will end up very close to 10%, and cost of risk in the entire year of 2026 versus the entire year of 2025 is going to be also above close to 5% cost of risk calendar year versus calendar year, which is positive for us.
Thank you. I have another one online. This is for you, Xande. Can you elaborate a little bit more on the credit card reshaping and how do you see the credit card growing?
When we look back in 2023, the vision we had for credit cards was of an engagement product. When we think about profitability of it was if we got to neutrality, it would already be good. As we evolved, especially in the last 18-24 months, we saw a big opportunity to bring profitability and help clients at the same time. That's when we started investing on the reshaping process. How did the reshaping process come about? We went from 5, I'm gonna say only 5 collection products, which led to a fact that we had disproportionately high volume of revolvers and clients that were in default in the credit card portfolio. We developed the other 4 collection products to try to get them to on-time payments.
That's what we how we invested on getting the reshaping going. All these 9 products are up and running since the end of last year. We've been focusing a lot on growth strategies to keep on growing the interest earning. We're getting to a place very similar to where we want to be. Right now, we're at 25% interest earning. We don't see this getting to 40%, nothing like that, maybe closer to 30%. We see that as great. Again, profitable portfolio and happy clients as they pay less interest and they have more predictable payments every month.
Thank you. Another question here from Cody. Go ahead.
Thank you. Congrats on the event. I wanted to ask about your loan strategy today. I think you said 2/3 secure, 1/3 unsecured. Whether that leaves you vulnerable to the rate cycle in Brazil, evidently, as you're sitting on longer term. Normally, the secure products are longer term assets, with not a lot of repricing capability. Does that just permanently leave you vulnerable to the rate cycle in Brazil, which is, you know, a rollercoaster? Second, it leaves you also exposed to regulatory risk, as many of these secure products are highly regulated or increasingly will become more regulated. I think it's just a matter of time before the government starts regulating the private payroll product as well as the way they regulate the public product.
Third, I think the value of data, you're investing a lot of data and maybe the value of data isn't that valuable, if you will, when you're doing secure products. The guarantee is probably more valuable than the data itself. I guess the question is, with that backdrop, why not lean in more on risk and more maybe balance the portfolio more on towards more unsecured? Also, you know, the risk adjust risk return profile would look, you know, hopefully you would compensate that with better margins, better returns on equity as you take on more risk.
Okay. Let me start here and feel free to jump in.
to help me, Sandro and Xande. Let me talk about first the strategy that we have behind Inter, Jorge. As we have been showing here on the presentation, we have always been trying to both have more secured lending portfolio and also a diversified lending portfolio. When you ask us about all the regulatory change that we see most on the secured portfolios, we are kind of protected because we are not a niche player on, for instance, FGTS, private payroll, mortgage or home equity. This is the first approach that we have in terms of risk management to avoid this kind of change. Also, in terms of the balance between secured and unsecured, we do know that having the unsecured portfolio will probably bring us more revenue upfront.
As Santi was exploring on his presentation, we want to have more of the sustainable lending portfolio moving forward. As we could see here, I believe on Xande's presentation, the ROE that you can print having 2 key differentiated elements, cost of fund, cost to serve, and also the cost to distribute these products lead us to something between 25%-30% ROE on a secured portfolio. Last but not least, we're talking about addressable market of trillions, BRL 2.7 trillion-3 trillion.
on that segment.
Right.
With all that combined, we can keep producing for our size the returns that we want close to 30%, very good disciplines towards our balance sheet and our P&L. That's the overall vision, the overall strategy that we're putting behind Inter. Also, connecting to data, you see that, as Xande mentioned, we have slightly improving the reshape of the credit card portfolio. That said, trying to use the data to help us to bring more revenue, a better risk reward compared to the delinquents that we see. We are also having that as an important step to help us on the monetization.
To complement on the regulatory risk, Jorge, we are quite aligned with the central bank and the authorities because that slide that I showed of the cost of funding or the impact that it has in disposable income, we have discussed it them with them multiple times. The design of the private payroll and now with the invoice discounting clearing house called duplicata escritural are precisely to shift away from those expensive products. By design, we have an alignment. There have been some regulatory-
caps and INSS and private payroll is there on the horizon. Generally, we operate below the cap, so our cost advantages allow us to operate below them. We were below the INSS, and in terms of private payroll we'll see, but we are originating at 3.6. We think that that rate should go down when the, you know, product is cleaned up in terms of collection and the improvements that are coming. On interest rate, another point we learned from the past, when we show that ROE breach of the 60-30-30, the famous closing page, the repricing was precisely that. Longer loans originated at a rate environment would change dramatically.
We are hedging the longer rates from fixed to float or from inflation to float, which end ups hedging the liability side as well on the Selic. Which is why one of your points in your last report on monetization, which I take the opportunity to comment. We view the opportunity monetization on net RPAC, which complicates the metric 'cause others show RPAC. We show both since we're small, we adapt to others. Net RPAC shows that increasing monetization isolating the interest rate environment as well. Credit penetration is right Xande the lever to improve that a lot more and we have a strategy to do so.
Yeah, Jorge. When we look at the credit growth and where we wanna go, we're comfortable growing secured and unsecured. It's not like we're gonna go to secured and we're gonna forget about unsecured. It's all about growing sustainably. We say move forward with caution means to say that we're gonna grow credit cards, we're gonna grow other unsecured as fast as possible with a lot of control, so with our approach. This can be short-term. We believe this is more like a 20%-ish growth in that portfolio, maybe 25 this year given the macro that Santi said. It's still a very good growth. The future, as models improve, we could even see more of that. As João mentioned also, we'll keep growing along with reshaping, making it this portfolio a profitable one. Yeah.
Thank you.
Thank you. Next question from Mario.
Thank you. Thanks for the presentation. Very detailed. I'm gonna ask though something that you didn't talk about, João, and it's the U.S. strategy. I do think, right, you spend a lot of time here in the U.S. and you have these aspirations of having like a presence in the U.S. Can you tell us a little bit how much of the investments that you're making today are in developing the U.S. franchise, and how do you see this evolving, and how big can this be for you over the next few years?
Okay, Mario, that's a great question. Actually, we're debating a few weeks ago with our research analyst about our expansion strategy, and it came to me that maybe it's not really clear how we are moving forward with it. It's a very good opportunity for me to try to clarify that. If you recall, we bought 3 years ago, USEND, a company specialized in remittance. Remittance from U.S. to Brazil and from Brazil to U.S. What that indicate us? Our approach for expansion is kind of different from what you have been hearing from other competitors. We don't want to come to United States and start to competing for retail clients within the U.S. We believe that is a very competitive market. The economics are not good. It's a very big investment on that front, and that's not our approach.
What we're planning to do and we're executing as we speak, we have built in U.S. a very strong foundation from a regulatory standpoint of view and also from product offering. Today we have already debit card, credit card, loyalty, gift cards, remittance, mortgage, and a full broker-dealer offering. With that in place, we like to call this strategy an inside-out, an outside-in approach. We want to have this foundation U.S. to serve millions of clients across the globe. How did we start? Of course, with Brazilians. We have a lot of Brazilians already using our product in Brazil. What was the adoption base of it? Incredible. As I think we showed here, we have almost 6 million clients using our Global Account today. They are putting deposits in United States. They are using our mortgage platform. They are investing in our broker-dealer here.
They are using our shop capabilities here. They are sending money back and forth. With that in place, Mario, we can have as an outcome retail clients, mostly Latin Americans and expatriates using our product here. It's a very clear strategy around how we want to leverage on the foundation that we're building here in U.S. We believe that this is something unique. We don't see other players trying to compete on this arena. At the end of the day, what do we put in place to help us to succeed? Again, the 3SA approach, the Super App approach, and data. We can offer today for our Brazilians, already for Argentinians, and later to other geographies, a full experience in one single app with one single login, with one single credentials.
You just log in your account, you travel to U.S., you are living in U.S., you are doing business in U.S., you want to get paid. You want to buy what? I don't know. SpaceX stock on the IPO. It's easy. 2 taps and you are there. This is the concept behind. I do see that we're gonna have a very successful go-to-market to other geographies as we did in Brazil.
Thank you, João. next question I think is from Leduc. Thank you.
Okay, thank you very much for the presentation, Santi. Very numerical, so that helps a lot. Very good. Here on the 50 Rule, you know, of revenue growth plus ROE. From the chart you showed, maybe it's just a chart. No, it is, it looks to be like showing upward, accelerating maybe in the near term, that's You also gave the ROE guidance there. What lines of revenue growth do you feel more comfortable with accelerating, if that's really what is implied? I'm sorry if it's not. Okay. The second question would be completely different, part of capital allocation. You know, you're reaching self-funded growth, no? As Marlos pointed out. If from here you could maybe, I don't know, buy back, do more dividend distribution, or you wanna prefer to keep the balance sheet stronger.
Thank you.
Thank you, Leduc, for the question. I'm gonna start and maybe, Santi, you pick the capital. When we think about Rule of 50, there are a few pieces, right? Growth in revenues and ROE growth. Growth we've been able to deliver, like, I'm gonna say forever. At least since 2018, we've been delivering growth in revenue above 30%, so it's something we know how to do. We're comfortable in doing it as we look forward. What we didn't have there is a high ROE. Actually, João said we were in, like, about 0 ROE when we launched 60-30-30. We built the capabilities, as Santi said, we learned from the past. We hedged our portfolios to guarantee the profitability, and we're delivering the ROE already at the 15.5% level.
We'll keep doing this, as Santi said. We have the guidance for ROE, the plan is to continue growing revenues and continue growing ROE. Where is the growth gonna come from? A lot from the credit portfolio, we are comfortable maintaining the growth that we have been delivering. Last year was a very strong year at 36%. The size of this growth obviously depends a little bit on the competitive scenario, we're confident we're gonna be continuing to grow above 30%. We will also focus on fee. Fee was a little bit below 25 last year, at 23. We wanted to keep very close to the 25% level.
Last year, we grew a little bit less than what we expected with a component of the new Resolution 4,966 that decreased the volume of fee income that we could recognize upfront. There is a normalization factor to go there, but we also want to keep on growing on fee, trying to aim for this 25%. Many different sources of growth to bring revenues from in the fee side. Our AI that everybody talked about, Seven, is part of helping that. We have the context to bring clients these products, and we'll keep growing every vertical. There are things coming up. João talked about global insurance. We have several products that are being launched in the short term, several products that are already performing and are going well.
Cards will keep being a booster of growth in that side of the revenue base. Exciting times to come and we'll be delivering this Rule of 50, Leduc.
Great. Leduc, before Santi complements, I would like to touch base on the question that you did about buybacks and these type of things. As I have showed today, and I hope you have figured out, I mean, Inter is about growth, innovation, move forward. Again, look what we transformed this company into on the past 10 years. Look what you can Imagine what we can transform this company on the next 10 years. Going global, having more products, deploying AI, growing our credit portfolio from a market share of 1.5%-2% to the same market share that we have at Pix, 9% or 10% or 11%. This is a business that will demand this organic capital formation. We want it to be a growth business. We don't want it to be a bond that just produce yield.
We are not thinking about reducing the pace of growth, stop innovating, stop thinking about new projects, new markets, new geography.
This is actually the opposite of the spirit that we have at Inter. The good news is, having this self, this self-sustainable business model from a capital perspective help us to keep this vision alive despite of the macro. It doesn't matter if the cost of equity is low or high, we can fuel our own growth, our own vision, our own expectation. This is the most interesting about Inter. We will be able to have the balance of keep growing, innovating because we are producing ROE on the other side. That's exactly what we wanted to show with the rule of 50. To balance these two things, we will generate thus more value.
We have room to grow. If you were a gigantic business, what is the upside? You end up something big. You already have whatever, 25%, 30% market share. In our case,
the room to grow is really, really big. That's where we're going to deploy our future earnings.
First, on the comment of the building blocks, we intentionally try to break it down so that when we have discussions and the follow-ups, everyone can question whichever piece and then assign the execution risk or the certainty to each block and have more detail and helpful conversation. That was the intention behind it, despite some resistance from lawyers. In terms of capital, it's kind of a moving target depending on the loan growth. Obviously, we were able to grow last year 36% calendar year loan growth when we were expecting 25%-30%, hoping to be at the high end of the 30%, we ended up being more as a consequence of private payroll than other opportunities. It is a moving target.
The ROTE that we mentioned before helps a bit more factor the capital base, 'cause when you look at the Patrimônio de Referência or regulatory reference capital, it grows more proportionately with the ROT and the ROE, which is higher. That's another factor. Same as we have improved on the ALM front, also with the advisory of Marlos, we have begun getting a bit more sophisticated on Tier 1s, Tier 2s in Brazil. They're actually pretty favorable, old style, type of instruments with, spreads over Selic that are very tight, and those help extend also the maturity of the funding, you know, to the point of Jorge, which have also helped.
We're making progress there, and we still have a lot more to do in terms of optimizing our RWA strategically through some opportunities we have, FIDC is being one of them. That's an evolution then. Buybacks, dividends, that's a board decision eventually. In the meantime, the management is trying to seize those opportunities to operate more efficiently.
Thank you, Santi. Next question, I think is from Neha.
Thank you so much for taking my question. You mentioned the 60-30-30 remains a North Star for the company. On the Rule of 50, you said you have a lot of clarity on this year's pipeline and high conviction on achieving the Rule of 50. For the coming 3 years, 2027, 2028, 2029, what is the level of conviction that you have in terms of achieving the Rule of 50? Should we see that as a bit more ambitious and where you want to be rather than where you will be? My second question is on your positioning. You mentioned that you're focused more on secured lending products, whereas a lot of your competitors are focused on unsecured. Does that give you a bit more opening with the higher income segment?
How do you see Inter's position with as you try to move up market or be a little bit above the mass market segment? How do you see Inter's position in that segment? Lastly, on the credit card reshaping portfolio, you're taking more risk there. You're saying that the risk-adjusted margins are as you expect and going up. Have you been able to deploy AI in any way to improve the risk? You've been able to differentiate pricing, but how about controlling risk, improving collection with the use of AI? Is that something that you're able to do to improve the risk profile of the credit card book?
Okay. Santi will take the first one, I will take the second one, and Alexandre will take the third question.
I'll take the easy one. In terms of Rule of 50 is net revenues plus ROE. Net revenues, we see growing north of 30%. It's a continuation of what we had. We see a loan book around 25, and the NIM is going to grow 10% relative to the prior calendar year. NIM 2.0, which now we simplified, we have only one NIM, goes from 9 to something very close to 10%, 2025 versus 2026. There we have around 10% more of NII coming. A bit of operational leverage as well, continuing with the curve. We actually are pretty happy with the improvement in the efficiency ratio. We had this quarter of 170 bips.
The visibility for year 1 at least, which as a former banker, we always said the 1st year, the 1st quarter after the IPO, you had to hit it. The 1st year of the plan, after we announced the plan, we have very high conviction of being at 50, which is 10% more than the 45, 46 that we operated in the prior 2 years. Confident there. We will have to go year by year pursuing it. We think that with the strategy that we mentioned on the part of the TAM, which is open for disruption, with our cost advantages and with our clients still having very long credit proactive client, it's a big opportunity to monetize them and drive the continuation of that revenue growth. Great, Santi.
Neha, on that distinction between secured and unsecured, it's actually a very good question because what we have been seeing in Brazil for the past 20 years or so is that despite of who is in charge, which government is in charge, we do see Brazil trying to optimize how they build a good legal framework in order to provide sustainable credit for the whole population, not only for the high income, as you mentioned. Let's see, for instance, mortgage and home equity. You have that for both the high end and also for the low income. Why did that market share grow? Because the legal framework was in place. Fast-forward, you see what happened with the payroll lending in Brazil, which to date about
700 billion-BRL 800 billion portfolio. They put a very good legal framework, a good way for you to pledge your income, to collect it, and it skyrocketed. Today, on the private, on the payroll lending, you have most of the affordable clients using it than the high income. Fast-forward, we have, for instance, FGTS that started a few years ago, now private payroll lending. These two products also connected with the mass market, not with the high income. When you think that Inter has millions and millions of clients and we are not focused toward the high-income segments, you see that the trend from the government is playing toward reducing the debt service on the population, we have a lot of opportunity to keep growing a secured portfolio at scale.
We see that we have, as Santi mentioned, the key advantage, cost of funding, cost to distribute is very important. Also the regulatory agenda is helping us. It's almost like a tailwind for where we want to operate on the secured credit portfolio. This really connects with what Santi showed on his presentation. First, it's by design, and also that's the right trend happening in Brazil. We're very comfortable and keep growing a lot, fast, secured, and on high income, middle income, and low income segments.
Sanjiv?
Touching a little bit on João's point, the platform is super complete. We look at credit, we have the unsecured, we have the secured lending. The product variety that we have allows it for Inter to be interesting for the lowest income person to the highest income person. If you have to invest a large amount of money, we have investment products that we wield a very higher than typical market yields in products without fine print because many people and many companies are growing based on the fine print. If it's more than BRL 10,000, your yield gets lower. We don't have that, which makes us attractive to the high income people. Also low-income people can invest at the same high yield product, just to mention one example.
Moving to AI on credit underwriting, it's truly something we do end to end. It starts with AI, and it ends with AI. In the underwriting product part of the business, a lot of AI models is what's guaranteeing continuous improvement in underwriting for onboarding, underwriting for behavior. Very consistent improvement. That what explains the control we can deliver on the spaghetti charts, on the cohorts of delinquency. We do have next generation models coming up. It's a constant evolution. We should be deploying foundation models soon in the credit underwriting process. We also use a lot of AI in collections. To understand propensity, to prioritize the efforts that you're gonna do to collect, to understand who you're gonna collect digitally, who do you have to call. All this comes from AI modeling.
Last also, Mauro mentioned that we have like GenAI to have conversations with clients and optimize collections. Why does this matter? We figure that people feel more comfortable talking to a machine than talking to another person when you're talking about being delinquent because nobody wants to say that they're delinquent. AI in this position gets people super comfortable to talk, discuss, tell about what's going on to them, and that's what explains that 70%-90% improvement that Mauro talked about. It's all about AI. End-to-end AI.
Thank you, Xande. I have one that came online for you, Santi. You showed in the ROE bridge 2 to 3 percentage points, I assume, of growth increase in the near term. How that relates to consensus expectations, and what's your view on some recent revision we've seen?
We're very confident on continuing with the performance trend that we've had in the past few quarters. Again, this is something that I tried to mention before. The evolution that we had in the ROE, in the ROA, and the ROTE is something we're very proud, and we like that continuous improvement. For this year, we see the evolution of that continuous improvement despite the environment. We see, as I mentioned, the NIM expanding close to 10%, risk-adjusted NIM growing 5%, more operational leverage, and we will be positioned to start the 2027 year actually in a position of strength in all of those fronts.
The consensus, we don't give guidance, but the consensus is around BRL 1,800 or so, slightly higher, at least until the last week, and we feel very comfortable on hitting that. This number of the first quarter was BRL 400 million, so run rate is BRL 1.6 billion. On top of that, we have the continuous improvement quarter after quarter.
Thank you. We have time for one more question, I think from Marshall.
Thank you. Santi, can we just go through on private payroll the cost the income statement is bearing today from the scaling? I just wanna better understand the sequencing of the profitability sort of like maximization curve from private payroll. Today, in provisions
I, where are we versus where we should be? Over time, like as we, as a portfolio
I can add from a business economics and, and then you. First, it's a product that is in transition. As I mentioned, it's rough around the edges. It will improve with several layers that are coming. With the delinquency now being in mid-teens, that product has a close to 2 quarters, 4 to 6 months depending on, to break even, you know. With the cost of risk that we have to do at the beginning and the expenses that it has. Therefore, the cohorts that were originated from March when the product started up until October are already, you know, above the water, and then the other ones are not. We're able to I don't want to get into the business.
I want to let Xande to accelerate through several other initiatives so the cohorts, the more recent cohorts are bigger, right? WhatsApp distribution and so on, which is an investment that we're intentionally doing. I'll pass it to Xande before I step on the business side.
Marshall, I think the interesting part on private payroll loans is it's a profitable product, yes, there can be a little drag in profitability as compared to doing nothing. Where is it? If we look at the portfolio end of first quarter, it's a BRL 2.5 billion portfolio that would bring us close to say BRL 100 million if it was in Treasury's margin before overhead. We're getting a margin of around BRL 30 million already in the portfolio. It's profitable, it's coming, there is a cost on this J curve that we mentioned. We're comfortable with the J curve, as the portfolio matures in size, it's gonna be more just profit. I hope it's a problem that we sustain for some time. The product being profitable, running beyond 30% in ROE and growing a lot.
This is exactly what we want, we are ready and we want to keep in this J curve in many cohorts for as long as possible.
Marshall, let me be crystal clear about private payroll. I just answered a few minutes ago that we want to be on secured credit portfolios that grow fast a lot with a good debt service, where we have distinctive capabilities, good cost of funding, good distribution channel, and good cost to serve. The private payroll is a perfect example of that. Is it perfect already? No. As Santi mentioned, the government is doing the best they can to make sure that all these small nuance are fixed, then we have a smooth collection process. It's perfect for Inter. We're gonna keep growing, of course, on a cautious pace. We also are trying to get the best clients, the best ROE, the best risk reward because it's not 100% secured. We do have some issues.
We are very constructive on this portfolio, and I wish we could have more of these new products available for Inter. With private payroll loans, we were able to reactivate, as Pri like to say, 20% of the clients that were inactive at Inter. This returned to Inter because they were applying for a private payroll loan. When you think about cross-sell, upsell, the ROE perspective on a steady running base with all the issues on collection in place, it's really a very good portfolio, and we are attacking it as Xande mentioned.
No, yeah. I was asking the question because mathematically there is going to be a quarter or two quarters where the profitability of that product is going to step up as.
Yeah
like based on the duration and just back end products.
Yeah. It's already above the water, and it's picking up as the older cohorts wait more.
Yeah.
We had the opportunity to accelerate originations with WhatsApp and therefore that.
Yeah
that got a bit flatter than what we thought it would be because we're growing more the loan book.
Yes.
Thank you for your questions. In respect of time, we'll end now, but we invite you to stay for lunch and mingle with the team. Thank you, Santi, João, and Xande, and hope you have enjoyed.