Inter & Co appoints new CEO for Brazil operations

Inter & Co, Inc. (NASDAQ:INTR; B3:INBR32), a commercial banking company, has announced the appointment of Alexandre Riccio as the new CEO of its operations in Brazil. The announcement was made public through a Form 6-K filing with the Securities and Exchange Commission today.

Riccio, who has been with Inter & Co for over a decade, has contributed to the company's growth into a comprehensive Financial Super App, serving more than 32 million customers. He steps into his new role with a wealth of experience within the company, having most recently held the position of Senior Vice President of Retail Banking.

João Vitor Menin, Inter's Global CEO, expressed his confidence in Riccio's ability to drive growth, profitability, customer engagement, and revenue diversification in Brazil. Menin acknowledged Riccio's significant contributions to the company and welcomed him to his new position.

Before his tenure at Inter, Riccio was a management consultant at The Boston Consulting Group and led operations for Gerdau in the United States. He holds an MBA from Kellogg (NYSE:K) Business School and a civil engineering degree from UFMG.

Riccio expressed his pride in leading the Brazilian operations and is committed to advancing the company's long-term strategy, which focuses on its digital Financial Super App model. He aims to continue enhancing the digital transactional experience for Inter's customers.

The information is based on a press release statement filed with the SEC and reflects the latest corporate leadership change within Inter & Co, signaling the company's ongoing efforts to strengthen its position in the Brazilian financial market.

In other recent news, Airbus SE (OTC:EADSY) faced a cut in its FY24 EBIT guidance, which Stifel attributes to supply chain challenges and problematic projects in the Space division. Despite this setback, Stifel maintains a Buy rating on Airbus, indicating confidence in the company's long-term prospects.

Airbus also adjusted its FY24 aircraft delivery target and postponed its production rate target due to engine delivery issues, signaling broader concerns within the aerospace supply chain.

In the banking sector, Inter & Co Inc. received an upgrade from Citi from Neutral to Buy following strategic moves towards achieving a higher return on equity. The company also appointed a new Investor Relations Officer, Rafaela de Oliveira Vitória, in a strategic move to enhance communication with shareholders. Moreover, Inter & Co reported strong first-quarter growth, with significant client base growth and increased revenue.

Investment management firms Squadra Investimentos Gestão de Recursos Ltda. and Squadra Investments Gestão de Recursos Ltda. reported a substantial equity sale in Inter & Co, now holding around 9.97% of the company's Class A Common Shares. These are recent developments that provide insights into the ongoing activities and performance of these companies.

InvestingPro Insights

As Inter & Co, Inc. (NASDAQ:INTR; B3:INBR32) welcomes Alexandre Riccio to the helm of its Brazilian operations, the company's financial health and market performance provide a backdrop to the strategic leadership change. Inter & Co is currently trading with a market capitalization of approximately $2.76 billion, reflecting its significant presence in the financial sector.

The company's robust revenue growth, with a notable 34.01% increase over the last twelve months as of Q1 2024, underscores the success of its Financial Super App model and its expanding customer base, now serving over 32 million users.

Analyzing the company's performance metrics, we see a company that is trading at a high earnings multiple, with a P/E ratio of 26.25 and an adjusted P/E ratio for the last twelve months as of Q1 2024 standing at 31.29. This indicates high investor expectations for future earnings growth. Additionally, the company's price to book ratio of 1.77 suggests that the market values the company at a level reasonably close to its accounting value.

InvestingPro Tips highlight that Inter & Co is expected to see its net income grow this year and analysts are predicting sales growth in the current year. This is particularly relevant for investors looking at the company's potential for profitability and market expansion under the new CEO's leadership.

Still, it is worth noting that the company does not pay dividends, which may influence investment decisions for those seeking regular income from their holdings. For a deeper dive into Inter & Co's financials and additional InvestingPro Tips, investors can explore InvestingPro. There are 11 additional tips available, providing a comprehensive analysis of the company's financial health and prospects.

For those interested in gaining full access to these insights, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. These insights could be particularly valuable as Inter & Co navigates the Brazilian financial market with its new CEO at the helm.

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