Inter’s CFO says cost control boosted RoE by 800bp in 2023

Banco Inter reported return on equity of 8.5% in the fourth quarter of 2023 but is now targeting a return on equity of 30% by 2028, CFO Santiago Stel tells Euromoney.

Santiago Stel, chief financial officer at Brazilian digital bank Inter, believes that several factors have contributed to the bank’s addition of around two percentage points of extra return on equity consistently during the four quarters of last year.

“But the most meaningful – or the most visible – was on the cost side,” he tells Euromoney. “The efficiency ratio moved the most.

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