Brazilian digital lender Banco Inter saw a year-on-year rise of 8% in net profits in the second quarter to 17.3mn reais (US$4.61mn) as a sharp increase in new client accounts fueled the expansion of its loan portfolio.
In a results release, Banco Inter said it ended the quarter with 741,467 digital accounts, up from 184,703 a year earlier.
The bank's lending rose 14.4% in the 12 months through June to 2.76bn reais.
The insurance brokerage unit ended June with 9,791 digital accounts, up from just 845 a year ago.
Written premiums were 15.6mn reais in the second quarter, up 17.7% from 2Q17.
In May, Banco Inter raised 722mn reais from an IPO on the São Paulo stock exchange. The bank is controlled by real estate group MRV, which is owned by the local Menin family.