UBS says the impact of higher interest rates on Inter is more than double the average for other banks

NS Banco Inter (binary 11), which until recently was one of the most important features bag, suffered greatly from the rising interest rate curve, refers to ups In a report obtained by Money Times.

According to Swiss bank calculations, for every 100 basis points (base point) in the cost of equity, the Inter valuation is reduced by 25%, while the impact of Actual BTG (BPAC11) 17% and other banks 10%.

“We believe this increase is one of the most important factors related to the bank’s recent weakness,” he says.

Only in this Monday session, Inter stock fell 13.4%. In the last 30 days, shares are at 30%.

early, Inter released the operational preview. The bank reached the 14 million customer mark in the third quarter of 2021. The amount represents a growth of 16% in the quarterly comparison and 94% over the same period in 2020.

The company’s super-app exceeded 422 million logins in the third quarter, with Inter Shop registering R$946 million in GMV (gross merchandise volume), a 151% jump year-over-year. Intershop recorded more than 6 million sales in this period, in addition to 438,000 customers, with a total of 2.4 million active customers in the past 12 months.

In terms of banking and credit services, Inter added 2 million accounts in the first quarter, an increase of 7.5% on a quarterly comparison and 56% year over year. The company dealt with 11.6 billion Brazilian riyals in cards in this period, and the number of cards used was 4.8 million Brazilian riyals. The origin of the credit amounted to R$ 5.5 billion.

According to UBS, the numbers have been positive. “The bank’s overall expansion was good, although it failed our expectations in some sectors (such as investment). In terms of asset quality, the numbers presented show a good performance, without any indication of exceptional allocations,” he says.

UBS’s rating is neutral, with a target price of R$81.

I s Bradesco BBI They reaffirmed Inter’s buy recommendation after the data was released.

The brokerage firm estimated a target price of R$81 per unit of the financial institution.