SAO PAULO, Sept 24 (Reuters) - Brazil online bank Banco Inter SA said in a securities filing on Monday that it has reached 1 million clients, more than doubling its size since the end of 2017.
Banco Inter, a mortgage lender that has reinvented itself as an online bank, has lured customers with a no-fee checking account. At the end of December, Banco Inter had 380,000 clients.
Banco Inter’s stock, composed of common and preferred shares, has soared 60.4 percent since the company’s initial public offering on the Sao Paulo stock exchange B3 on April 26. On Monday afternoon, the bank’s units were trading at 29.60 reais ($7.23), up 2.6 percent.
Banco Inter was the first IPO by a Brazilian retail bank in nearly a decade. Banco Inter told investors it could challenge Brazil’s four largest banks by using technology instead of brick and mortar branches.
In June, Inter’s total assets were 4.6 billion reais ($1.1 billion), up 22 percent from the previous quarter. ($1 = 4.0930 reais)
Reporting by Carolina Mandl; Editing by Lisa Shumaker