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Operating segments | 12 Months Ended
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Dec. 31, 2021
Disclosure of operating segments [abstract] |
Operating segments |
5 | Operating segments
The operations of the Group are divided into six reportable segments: banking; securities; insurance brokerage; marketplace; asset management; and service segment. The accounting policies applied in the financial information reported by operating segments are based on the accounting practices adopted in Brazil, and therefore differ from those described in the significant accounting policies in note 4. Banking and security segment are composed by financial institutions authorized to operate by Banco Central do Brasil. The significant differences that impact profit for the period of the segments relate to:
a. | Impairment losses on loans and advances to customers
For segment reporting purposes impairment losses on loans and advances to customers are obtained following the criteria for classification of loans and advances to customers, as set forth in CMN (National Monetary Council) - Resolution No. 2.682/99. The National Monetary Council is the major institution of Brazilian Financial System. The CMN is in charge of formulating monetary and credit policies, aiming to preserve Brazilian monetary stability, and to promote economic and social development.
b. | Expected credit loss on securities at FVOCI
For segment reporting purposes no expense is recognized for expected credit loss on securities at FVOCI.
c. | Deferral of financial charges
For segment reporting purposes commissions paid to correspondents for the origination of financial assets are recognized as an expense in the Income Statement at the time of origination of the transaction.
d. | Contract revenues
For segment reporting purposes performance-based amounts due following the sale of non-controlling interest are recognized only when the performance criterion are met. Profit by operating segment Each operating segment is composed of one or more legal entities. The measurement of profit by operating segment takes into account all revenues and expenses recognized by the companies that make up each segment. Transactions between segments are carried out under terms and rates compatible with those practiced with third parties, where applicable. The Group does not have any single customer accounting for more than 10% of its total net revenue.
e. | Banking segment
The banking segment comprises a wide range of banking products and services, such as checking accounts, cards, deposits, loans and advances and other services, which are available to the clients primarily by means of Inter’s mobile application (mobile app).
f. | Securities segment
This segment is primarily responsible for operations related to the acquisition, sale and custody of securities, the structuring and distribution of securities in the capital market and the provision of administration services to investment funds. Revenues consist primarily of administration fees and commissions charged to investors for the rendering of such services.
g. | Insurance brokerage segment
This segment offers insurance products underwritten by insurance companies with which Inter has an agreement (‘partner insurance companies’), including warranties, life, property and automobile insurance and pension products, as well as consortium products provided by a third party with whom Inter has a commercial agreement. The income from brokerage commissions are recognized when the performance obligation is fulfilled.
h. | Marketplace Segment
The Group provides a digital platform through which companies with which it has an agreement (‘partner companies’) offer goods and/or services to its customers. The Group acts as an agent in these transactions and recognizes commission income when the intermediation service is provided. The Group began to provide these services in 2019.
i. | Asset management segment
Primarily composed of the operations related to the management of fund portfolios and other assets (purchase, sale, risk management). Revenues are derived primarily from management commissions and fees charged to investors for the rendering of these services. The Group began to provide these services in 2019.
j. | Services segment
This segment provides services in the collection and management of personal information, development and licensing of customized computer programs, development and licensing of non-customized computer programs and technical support, maintenance and other information technology services and recognizes the revenues during the contract period to the extent that the service is rendered.
k. | Other
Comprises other activities. Segment information: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total of | ​ | ​ | ​ | Adjustments | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Insurance | ​ | ​ | ​ | Asset | ​ | ​ | ​ | reportable | ​ | ​ | ​ | and | ​ | ​
​ | ​ | Banking | ​ | Securities | ​ | Brokerage | ​ | Marketplace | ​ | Management | ​ | Services | ​ | segments | ​ | Other | ​ | Eliminations | ​ | Consolidated
Interest income calculated using the effective interest method |  | 1,398,269 |  | 875 |  | — |  | — |  | — |  | — |  | 1,399,144 |  | 43,447 |  | (7,163) |  | 1,435,428
Interest expenses |  | (539,913) |  | (8,012) |  | — |  | — |  | — |  | (29) |  | (547,954) |  | — |  | 4,712 |  | (543,242)
Net interest income |  | 858,356 |  | (7,137) |  | — |  | — |  | — |  | (29) |  | 851,190 |  | 43,447 |  | (2,451) |  | 892,186
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues from services and commissions |  | 238,957 |  | 45,490 |  | 51,670 |  | 180,528 |  | 14,460 |  | 13,518 |  | 544,623 |  | (2,054) |  | — |  | 542,569
Expenses from services and commissions |  | (100,297) |  | — |  | — |  | — |  | — |  | — |  | (100,297) |  | — |  | — |  | (100,297)
Net result from services and commissions |  | 138,660 |  | 45,490 |  | 51,670 |  | 180,528 |  | 14,460 |  | 13,518 |  | 444,326 |  | (2,054) |  | — |  | 442,272
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from securities |  | 766,196 |  | 12,716 |  | 5,427 |  | 371 |  | 140 |  | 75 |  | 784,925 |  | 15,308 |  | (54,620) |  | 745,613
Net gains / (losses) on derivatives |  | (56,006) |  | — |  | — |  | — |  | — |  | — |  | (56,006) |  | 7,676 |  | — |  | (48,330)
Other revenues |  | 348,927 |  | 21,914 |  | 53 |  | 2,862 |  | 8,270 |  | 736 |  | 382,762 |  | 15 |  | (192,694) |  | 190,082
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues |  | 2,056,133 |  | 72,983 |  | 57,150 |  | 183,761 |  | 22,870 |  | 14,300 |  | 2,407,197 |  | 64,392 |  | (249,765) |  | 2,221,823
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impairment losses on financial assets |  | (448,802) |  | — |  | — |  | — |  | — |  | — |  | (448,802) |  | 29 |  | (146,808) |  | (595,581)
Personnel expenses |  | (405,312) |  | (7,983) |  | (6,615) |  | (9,804) |  | (2,334) |  | (11,280) |  | (443,328) |  | — |  | — |  | (443,328)
Depreciation and amortization |  | (101,758) |  | (567) |  | (338) |  | (2,637) |  | (64) |  | (354) |  | (105,718) |  | — |  | 11,467 |  | (94,251)
Other administrative expenses |  | (1,200,323) |  | (29,921) |  | 25,354 |  | (26,802) |  | (3,783) |  | (8,616) |  | (1,244,091) |  | (12,615) |  | (54,255) |  | (1,310,961)
Income from equity interests in affiliates |  | (8,764) |  | — |  | — |  | — |  | — |  | — |  | (8,764) |  | — |  | — |  | (8,764)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Profit / (loss) before taxes |  | (108,826) |  | 34,512 |  | 75,551 |  | 144,518 |  | 16,689 |  | (5,950) |  | 156,494 |  | 51,806 |  | (439,360) |  | (231,062)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current income tax and social contribution |  | — |  | (12,372) |  | (10,791) |  | (25,970) |  | (1,581) |  | (271) |  | (50,985) |  | (1,456) |  | — |  | (52,441)
Deferred income tax and social contribution |  | 143,440 |  | (918) |  | — |  | — |  | — |  | 2,071 |  | 144,593 |  | — |  | 83,841 |  | 228,434
Profit for the period |  | 34,614 |  | 21,222 |  | 64,760 |  | 118,548 |  | 15,108 |  | (4,149) |  | 250,102 |  | 50,350 |  | (355,519) |  | (55,068)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets |  | 36,433,641 |  | 368,211 |  | 124,670 |  | 232,470 |  | 11,178 |  | 25,006 |  | 37,195,176 |  | 6,224,913 |  | (6,793,752) |  | 36,626,337
Total liabilities |  | 27,945,001 |  | 317,646 |  | 69,890 |  | 90,756 |  | 3,097 |  | 2,386 |  | 28,428,776 |  | 16,266 |  | (268,488) |  | 28,176,554
Total shareholders' equity |  | 8,488,640 |  | 50,565 |  | 54,780 |  | 141,714 |  | 8,081 |  | 22,620 |  | 8,766,400 |  | 6,208,647 |  | (6,525,263) |  | 8,449,784
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2020
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | Total of |  | ​ |  | Adjustments |  | ​
​ | ​ | ​ | ​ | ​ | ​ | Insurance | ​ | ​ | ​ | Asset | ​ | ​ | ​ | reportable | ​ | ​ | ​ | and | ​ | ​
​ | ​ | Banking | ​ | Securities | ​ | Brokerage | ​ | Marketplace | ​ | Management | ​ | Services | ​ | segments | ​ | Other | ​ | Eliminations | ​ | Consolidated
Interest income calculated using the effective interest method |  | 912,455 |  | 1 |  | 546 |  | — |  | — |  | — |  | 913,002 |  | 31,506 |  | (1,700) |  | 942,808
Interest expenses |  | (154,088) |  | — |  | — |  | — |  | (53) |  | — |  | (154,141) |  | (28,949) |  | (1,245) |  | (184,335)
​ |  | 758,367 |  | 1 |  | 546 |  | — |  | (53) |  | — |  | 758,861 |  | 2,557 |  | (2,945) |  | 758,473
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues from services and commissions |  | 154,985 |  | 21,894 |  | 34,072 |  | 33,574 |  | 12,972 |  | — |  | 257,497 |  | (352) |  | — |  | 257,145
Expenses from services and commissions |  | (71,611) |  | — |  | — |  | — |  | — |  | — |  | (71,611) |  | — |  | — |  | (71,611)
Net result from services and commissions |  | 83,374 |  | 21,894 |  | 34,072 |  | 33,574 |  | 12,972 |  | — |  | 185,886 |  | (352) |  | — |  | 185,534
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from securities |  | 9,760 |  | 1,044 |  | — |  | 82 |  | 94 |  | — |  | 10,980 |  | 1,080 |  | — |  | 12,060
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net gains / (losses) on derivatives |  | (54,418) |  | — |  | — |  | — |  | — |  | — |  | (54,418) |  | — |  | — |  | (54,418)
Other revenues |  | 150,770 |  | — |  | — |  | — |  | — |  | — |  | 150,770 |  | — |  | (40,888) |  | 109,882
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues |  | 947,853 |  | 22,939 |  | 34,618 |  | 33,656 |  | 13,013 |  | — |  | 1,052,079 |  | 3,285 |  | (40,888) |  | 1,011,531
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 109,216 |  | 109,216
Impairment losses on financial assets |  | (174,551) |  | — |  | — |  | — |  | — |  | — |  | (174,551) |  | — |  | (39,137) |  | (213,688)
Personnel expenses |  | (213,633) |  | (3,727) |  | (5,517) |  | (4,168) |  | (2,051) |  | — |  | (229,096) |  | — |  | — |  | (229,096)
Depreciation and amortization |  | (41,860) |  | (257) |  | (131) |  | — |  | (93) |  | — |  | (42,341) |  | — |  | (1,318) |  | (43,659)
Other administrative expenses |  | (614,688) |  | (22,712) |  | 5,072 |  | (5,975) |  | (5,703) |  | — |  | (644,006) |  | (1,724) |  | 4,403 |  | (641,327)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Profit / (loss) before taxes |  | (96,879) |  | (3,757) |  | 34,042 |  | 23,513 |  | 5,166 |  | — |  | (37,915) |  | 1,561 |  | 29,331 |  | (7,023)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current income tax and social contribution |  | — |  | — |  | (4,808) |  | (6,958) |  | (1,400) |  | — |  | (13,166) |  | — |  | — |  | (13,166)
Deferred income tax and social contribution |  | 66,329 |  | 1,503 |  | — |  | — |  | — |  | — |  | 67,832 |  | — |  | (16,957) |  | 50,875
Profit for the period |  | (30,550) |  | (2,254) |  | 29,234 |  | 16,555 |  | 3,766 |  | — |  | 16,751 |  | 1,561 |  | 12,374 |  | 30,686
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets |  | 19,743,678 |  | 75,899 |  | 81,289 |  | 69,382 |  | 9,982 |  | — |  | 19,980,230 |  | 425,360 |  | (483,977) |  | 19,921,613
Total liabilities |  | 16,440,990 |  | 46,596 |  | 45,771 |  | 47,957 |  | 2,419 |  | — |  | 16,583,733 |  | 65,491 |  | (51,826) |  | 16,597,398
Total shareholders´ equity |  | 3,302,688 |  | 29,303 |  | 35,517 |  | 21,426 |  | 7,563 |  | — |  | 3,396,497 |  | 420,794 |  | (493,076) |  | 3,324,215
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total of | ​ | ​ | ​ | Adjustments | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Insurance | ​ | ​ | ​ | Asset | ​ | ​ | ​ | reportable | ​ | ​ | ​ | and | ​ | ​
​ | ​ | Banking | ​ | Securities | ​ | Brokerage | ​ | Marketplace | ​ | management | ​ | Services | ​ | segments | ​ | Other | ​ | Eliminations | ​ | Consolidated
Revenues from interest |  | 775,501 |  | 2 |  | 205 |  | 15 |  | 278 |  | — |  | 776,001 |  | 170 |  | (656) |  | 775,515
Interest expenses |  | (248,359) |  | — |  | — |  | — |  | — |  | — |  | (248,359) |  | (4,889) |  | (3,469) |  | (256,717)
Net interest income |  | 527,142 |  | 2 |  | 205 |  | 15 |  | 278 |  | — |  | 527,642 |  | (4,718) |  | (4,125) |  | 518,798
Revenues from services and commissions |  | 94,116 |  | 17,471 |  | 18,870 |  | — |  | — |  | — |  | 130,457 |  | — |  | — |  | 130,457
Expenses from services and commissions |  | (59,367) |  | — |  | — |  | — |  | — |  | — |  | (59,367) |  | — |  | 2,740 |  | (56,627)
Net result from services and commissions |  | 34,749 |  | 17,471 |  | 18,870 |  | — |  | — |  | — |  | 71,090 |  | — |  | 2,740 |  | 73,830
Revenues from securities |  | 51,856 |  | 2,039 |  | — |  | — |  | — |  | — |  | 53,895 |  | 10,690 |  | (2,067) |  | 62,518
Income from derivative financial instruments |  | 4,235 |  | — |  | — |  | — |  | — |  | — |  | 4,235 |  | — |  | — |  | 4,235
Other revenues |  | 113,317 |  | — |  | — |  | — |  | — |  | — |  | 113,317 |  | 389 |  | (60,863) |  | 52,843
Revenues |  | 731,299 |  | 19,512 |  | 19,075 |  | 15 |  | 278 |  | — |  | 770,179 |  | 6,361 |  | (62,930) |  | 712,224
Result from impairment losses on financial assets |  | (107,065) |  | — |  | — |  | — |  | — |  | — |  | (107,065) |  | — |  | (31,505) |  | (138,570)
Personnel expenses | ​ | (162,192) |  | (2,153) |  | (4,441) |  | — |  | (412) |  | — |  | (169,198) | ​ | — | ​ | — | ​ | (169,198)
Depreciation and amortization |  | (13,841) |  | (144) |  | (67) |  | — |  | (1) |  | — |  | (14,053) |  | — |  | (3,410) |  | (17,463)
Other expenses |  | (373,846) |  | (6,126) |  | (733) |  | (211) |  | (75) |  | — |  | (380,991) |  | (956) |  | (4,362) |  | (386,309)
Income before taxes |  | 74,355 |  | 11,089 |  | 13,834 |  | (196) |  | (210) |  | — |  | 98,872 |  | 5,405 |  | (103,592) |  | 684
Current income tax and social contribution |  | — |  | (3,552) |  | (2,307) |  | — |  | — |  | — |  | (5,859) |  | — |  | — |  | (5,859)
Deferred income tax and social contribution |  | 4,525 |  | (341) |  | — |  | 66 |  | 71 |  | — |  | 4,321 |  | — |  | 31,224 |  | 35,545
Profit for the period |  | 78,880 |  | 7,196 |  | 11,527 |  | (130) |  | (139) |  | — |  | 97,334 |  | 5,405 |  | (72,368) |  | 30,370
Total Assets |  | 10,062,373 |  | 43,317 |  | 11,094 |  | 4,884 |  | 4,980 |  | — |  | 10,126,648 |  | 56,198 |  | (105,760) |  | 10,077,086
Total Liabilities |  | 7,861,356 |  | 11,725 |  | 4,813 |  | 14 |  | 118 |  | — |  | 7,878,026 |  | 792 |  | 36,330 |  | 7,915,148
Total shareholders’ equity |  | 2,201,017 |  | 31,592 |  | 6,281 |  | 4,870 |  | 4,862 |  | — |  | 2,248,622 |  | 55,406 |  | (142,090) |  | 2,161,938
​ Reconciliation of the management income by segment with the consolidated results according to IFRS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Profit for the period |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2019
Total of reportable segments |  | 250,103 |  | 16,751 |  | 97,334
Others |  | 50,348 |  | 1,561 |  | 5,405
Adjustments and Eliminations |  | (355,519) |  | 12,374 |  | (72,368)
Total consolidated profit for the period |  | (55,068) |  | 30,686 |  | 30,370
​ | ​ | ​ | ​ | ​ | ​ | ​
Assets |  |  |  |  |  |
Total of reportable segments |  | 37,195,176 |  | 19,980,230 |  | —
Others |  | 6,224,913 |  | 425,360 |  | —
Adjustments and Eliminations |  | (6,793,752) |  | (483,977) |  | —
Total consolidated assets |  | 36,626,337 |  | 19,921,613 |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​
liabilities |  |  |  |  |  |
Total of reportable segments |  | 28,428,776 |  | 16,583,733 |  | —
Others |  | 16,266 |  | 65,491 |  | —
Adjustments and Eliminations |  | (268,488) |  | (51,826) |  | —
Total consolidated liabilities |  | 28,176,554 |  | 16,597,398 |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Shareholders’ equity |  |  |  |  |  |
Total of reportable segments |  | 8,766,400 |  | 3,396,497 |  | —
Others |  | 6,208,647 |  | 420,794 |  | —
Adjustments and Eliminations |  | (6,525,263) |  | (493,076) |  | —
Total consolidated shareholders´ equity |  | 8,449,784 |  | 3,324,215 |  | —
​

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