EX-99.1 2 intercoinc_300923xen1.htm EX-99.1

| Unaudited interim condensed consolidated financial statements As of for the twelve-months period ended September 30, 2023

Contents
Management report | 2
Report of the independent auditors on the condensed consolidated interim financial statements | 4
Consolidated balance sheets | 6
Consolidated statements of income | 7
Consolidated statements of comprehensive income | 8
Consolidated statements of cash flows | 9
Consolidated statements of changes in equity | 10
Consolidated statements of added value | 11
Notes to the condensed consolidated interim financial statements | 12
| Note 1. | Activity and structure of Inter & Co, Inc. and its subsidiaries | 12
| Note 2 | Basis for preparation | 13
| Note 3 | Changes to significant accounting policies | 13
| Note 4 | Significant accounting policies | 14
| Note 5 | Operating segments | 16
| Note 6 | Financial risk management | 20
| Note 7 | Fair values of financial instruments | 25
| Note 8 | Cash and cash equivalents | 28
| Note 9 | Amounts due from financial institutions | 28
| Note 10 | Securities | 28
| Note 11 | Derivative financial instruments | 30
| Note 12 | Loans and advances to customers | 31
| Note 13 | Non-current assets held for sale | 35
| Note 14 | Equity accounted investees | 35
| Note 15 | Property and equipment | 35
| Note 16 | Intangible assets | 37
| Note 17 | Other assets | 38
| Note 18 | Liabilities with financial institutions | 38
| Note 19 | Liabilities with customers | 38
| Note 20 | Securities issued | 38
| Note 21 | Borrowing and onlending | 39
| Note 22 | Tax liabilities | 39
| Note 23 | Provisions and contingent liabilities | 39
| Note 24 | Other liabilities | 41
| Note 25 | Equity | 42
| Note 26 | Net interest income | 43
| Note 2 7 | Income from securities and derivatives | 44
| Note 2 8 | Revenues from services and commissions | 44
| Note 2 9 | Other revenues | 44
| Note 30 | Impairment losses on financial assets | 45
| Note 31 | Administrative expenses | 45
| Note 32 | Personnel expenses | 45
| Note 3 3 | Current and deferred income tax and social contribution | 45
| Note 3 4 | Share-based payment | 47
| Note 3 5 | Transactions with related parties | 51
| Note 36 | Other information | 52
| Note 37 | Subsequent events | 52

1

| Unaudited interim condensed consolidated financial statements As of for the twelve-months period ended September 30, 2023

Management report
Inter & Co, Inc.
Inter & Co, Inc (the Company and, together with its consolidated subsidiaries, the Group) is a holding company incorporated in the Cayman Island, with limited liability. In June 2022, the Company started trading its shares on Nasdaq, in New York, under the ticker symbol INTR, and its BDRs in B3 under ticker INBR32. Inter&Co is the parent company of the Inter Group and indirectly holds all of Banco Inter’s shares.
Inter
Inter provides e-commerce and financial services, these solutions are offered in a single digital ecosystem that includes a complete range of baking services, investments, credit, insurance and cross-border banking, as well as a marketplace that brings together the largest retailers in Brazil and in the United States.
Operating highlights
Customers
As of September 30, 2023, we surpassed the mark of 29.4 million customers and increased the activation rate by 165 bps when compared to December 31, 2022, reaching 52,7%.
Loan Portfolio
The balance of loan operations reached R$27.0 billion, representing a positive variation of 19% compared to December 31, 2022.
Funding
The total funding, which includes demand deposits, time deposits, savings deposits and securities issued, such as Real Estate Bills and Financial Bills, amounted to R$36.5 billion, representing a 22.4% increase compared to December 31, 2022.
Economic and financial highlights
Profit (loss) for the period
We recorded an accumulated profit of R$192.5 millionas of September 30, 2023, compared to a loss of R$42.9 million for the same period in 2022.
Revenues
The revenues as of September 30, 2023, reached R$5,674.7 million, recording an increase of R$1,638.1 million compared to the amount recorded in the same period in 2022.
Administrative expenses
Accumulated administrative and personnel expenses incurred as of September 30, 2023, totaled R$1,096.4 million, an decrease of R$9.0 million in relation to the same period of 2022.
Equity highlights
Total assets
Total assets reached R$55.1 billion as of September 30, 2023, a 18.9% growth compared to December 2022.
Shareholder’s equity
Shareholder’s equity totaled R$7.4 billion, a 3.9% growth compared to December 31, 2022.
2

| Unaudited interim condensed consolidated financial statements As of for the twelve-months period ended September 30, 2023

Relationship with the independent auditors
The Company also has a policy with requirements for contractual risk analysis which defines that the Board of Directors must evaluate the transparency, objectivity, governance aspects and the compromising of the independence of the contract, thus ensuring conformity between the parties involved. Additionally, it has an Audit Committee which, among its responsibilities and competencies, in addition to providing opinions and recommendations on the audit service provider, also evaluates the effectiveness of the independent and internal audits, including with regard to the verification of compliance with legal provisions and regulations applicable to Inter, as well as internal policies and codes.
Furthermore, Inter & Co, Inc. confirms that KPMG Auditores Independentes Ltda. has procedures, policies, and controls in place to ensure its independence, which include an evaluation of the work provided, covering any service other than the independent audit of Company's financial information. This evaluation is based on the applicable regulations and accepted principles that preserve the auditor's independence. The acceptance and performance of non-audit professional services on the financial Information by its independent auditors during the quarter ended September 30, 2023 did not affect the independence and objectivity in the conduct of the audit work performed at Inter & Co, Inc. Information related to independent auditors' fees is made available annually in the reference form.
Acknowledgment
We would like to thank our shareholders, customers and partners for their trust, as well as each of our employees who build our history daily.
Belo Horizonte, November 06, 2023.
The Management
3

4

5

| Consolidated interim balance sheets As of September 30, 2023 and December 31, 2022 (Amounts in thousands of Brazilian reais)

| Note |  | 09/30/2023 |  | 12/31/2022
Assets |  |  |  |  |
Cash and cash equivalents | 8 |  | 4,297,078 |  |  | 1,331,648 |
Amounts due from financial institutions | 9 |  | 3,474,244 |  |  | 4,258,856 |
Compulsory deposits at Central Bank of Brazil |  |  | 2,190,872 |  |  | 2,854,778 |
Securities | 10 |  | 14,908,297 |  |  | 12,448,565 |
Derivative financial assets | 11 |  | 9,389 |  |  | — |
Loans and advances to customers, net of provisions for expected loss | 12 |  | 25,296,620 |  |  | 21,379,916 |
Non-current assets held for sale | 13 |  | 169,347 |  |  | 166,943 |
Equity accounted investees | 14 |  | 71,884 |  |  | 72,090 |
Property and equipment | 15 |  | 173,677 |  |  | 188,019 |
Intangible assets | 16 |  | 1,322,350 |  |  | 1,238,629 |
Deferred tax assets | 33.c |  | 1,071,248 |  |  | 978,148 |
Other assets | 17 |  | 2,093,833 |  |  | 1,425,508 |
Total assets |  |  | 55,078,840 |  |  | 46,343,100 |
Liabilities |  |  |  |  |
Liabilities with financial and similar institutions | 18 |  | 9,418,245 |  |  | 7,906,897 |
Liabilities with customers | 19 |  | 29,063,988 |  |  | 23,642,804 |
Securities issued | 20 |  | 7,462,565 |  |  | 6,202,165 |
Derivative financial liabilities | 11 |  | 21,059 |  |  | 37,768 |
Borrowing and onlending | 21 |  | 87,649 |  |  | 36,448 |
Tax liabilities | 22 |  | 332,845 |  |  | 166,865 |
Provisions | 23 |  | 35,040 |  |  | 57,449 |
Deferred tax liabilities | 33.c |  | 28,895 |  |  | 30,073 |
Other liabilities | 24 |  | 1,260,329 |  |  | 1,173,527 |
Total liabilities |  |  | 47,710,613 |  |  | 39,253,996 |
Equity |  |  |  |  |
Share capital | 25.a |  | 13 |  |  | 13 |
Reserves | 25.b. |  | 7,998,214 |  |  | 7,817,670 |
Other comprehensive income | 25.c |  | (729,442) |  |  | (825,301) |
Treasury shares | 25.g |  | (8,417) |  |  | — |
Equity attributable to owners of the Company |  |  | 7,260,368 |  |  | 6,992,382 |
Non-controlling interest | 25.f |  | 107,859 |  |  | 96,722 |
Total equity |  |  | 7,368,227 |  |  | 7,089,104 |
Total liabilities and equity |  |  | 55,078,840 |  |  | 46,343,100 |

The notes are an integral part of these condensed consolidated interim financial statements.
6

| Consolidated interim income statements For the quarters ended September 30, 2023 and 2022 (Amounts in thousands of Brazilian reais)

|  |  | Three-month period |  | Nine-month period
| Note |  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022
Interest income | 26 |  | 1,106,935 |  |  | 788,343 |  |  | 3,270,967 |  |  | 1,931,815 |
Interest expenses | 26 |  | (770,398) |  |  | (579,678) |  |  | (2,135,375) |  |  | (1,381,490) |
Income from securities and derivatives | 27 |  | 482,020 |  |  | 346,923 |  |  | 1,196,602 |  |  | 1,109,761 |
Net interest income |  |  | 818,557 |  |  | 555,588 |  |  | 2,332,193 |  |  | 1,660,086 |
Revenues from services and commissions | 28 |  | 347,780 |  |  | 248,862 |  |  | 928,657 |  |  | 693,596 |
Expenses from services and commissions |  |  | (32,271) |  |  | (31,833) |  |  | (99,672) |  |  | (94,303) |
Other revenues | 29 |  | 131,430 |  |  | 77,687 |  |  | 278,465 |  |  | 301,466 |
Revenues |  |  | 1,265,496 |  |  | 850,304 |  |  | 3,439,643 |  |  | 2,560,845 |
Impairment losses on financial assets | 30 |  | (407,899) |  |  | (263,113) |  |  | (1,157,140) |  |  | (818,523) |
Net result of losses |  |  | 857,597 |  |  | 587,191 |  |  | 2,282,504 |  |  | 1,742,322 |
Other administrative expenses | 31 |  | (362,877) |  |  | (379,946) |  |  | (1,096,360) |  |  | (1,105,370) |
Personnel expenses | 32 |  | (210,661) |  |  | (176,232) |  |  | (569,322) |  |  | (493,818) |
Tax expenses |  |  | (94,072) |  |  | (61,544) |  |  | (235,406) |  |  | (179,837) |
Depreciation and amortization |  |  | (40,561) |  |  | (35,620) |  |  | (119,268) |  |  | (107,609) |
Income from equity interests in associates | 14 |  | (4,071) |  |  | (3,892) |  |  | (30,597) |  |  | (13,954) |
Profit / (loss) before income tax |  |  | 145,354 |  |  | (70,043) |  |  | 231,550 |  |  | (158,266) |
Income tax | 33 |  | (41,194) |  |  | 40,448 |  |  | (39,002) |  |  | 115,374 |
Profit / (loss) for the period |  |  | 104,161 |  |  | (29,595) |  |  | 192,549 |  |  | (42,892) |
Profit (loss) attributable to: |  |  |  |  |  |  |  |  |
Owners of the Company |  |  | 91,291 |  |  | (30,008) |  |  | 151,442 |  |  | (43,326) |
Non-controlling interest |  |  | 12,870 |  |  | 413 |  |  | 41,107 |  |  | 434 |
Earnings (loss) per share (in Brazilian Reais – BRL) |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share | 25.e |  | 0.2272 |  |  | (0.0744) |  |  | 0.3769 |  |  | (0.1074) |
Diluted earnings (loss) per share | 25.e |  | 0.2263 |  |  | (0.0744) |  |  | 0.3753 |  |  | (0.1074) |

The notes are an integral part of these condensed consolidated interim financial statements.
7

| Consolidated interim statements of comprehensive income For the quarters ended September 30, 2023 and 2022 (Amounts in thousands of Brazilian reais)

| Three-month period |  | Nine-month period
| 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022
Profit (loss) for the three-month period | 104,161 |  |  | (29,595) |  |  | 192,549 |  |  | (42,892) |
Fair value of financial assets | (98,003) |  |  | 94,465 |  |  | 177,437 |  |  | (139,394) |
Related tax - financial assets | 44,100 |  |  | (59,715) |  |  | (79,848) |  |  | 62,233 |
Financial assets at fair value through other comprehensive income | (53,903) |  |  | 34,750 |  |  | 97,589 |  |  | (77,161) |
Hedge of net investments in operations abroad | (4,351) |  |  | (1,860) |  |  | 6,717 |  |  | (8,692) |
Fair value change | (7,909) |  |  | (1,860) |  |  | 6,841 |  |  | (8,692) |
Tax effect | 3,558 |  |  | — |  |  | (124) |  |  | — |
Current translation adjustment in foreign entities | 11,039 |  |  | 1,860 |  |  | (8,468) |  |  | (1,979) |
Effects of corporate reorganization on non-controlling interest without change in control | — |  |  | (51,955) |  |  | — |  |  | (665,673) |
Others | (3) |  |  | — |  |  | 21 |  |  | — |
Total other comprehensive income that may be reclassified subsequently to the income statement | (47,218) |  |  | (17,205) |  |  | 95,859 |  |  | (753,505) |
Total comprehensive income for the quarters | 56,943 |  |  | (46,800) |  |  | 288,408 |  |  | (796,397) |
Allocation of comprehensive income |  |  |  |  |  |  |
To owners of the company | 44,073 |  |  | (47,213) |  |  | 247,301 |  |  | (796,831) |
To non-controlling interest | 12,870 |  |  | 413 |  |  | 41,107 |  |  | 434 |

The notes are an integral part of these condensed consolidated interim financial statements.
8

| Consolidated interim statements of cash flows For the quarters ended September 30, 2023 and 2022 (Amounts in thousands of Brazilian reais)

|  | 09/30/2023 |  | 09/30/2022
Operating activities |  |  |  |
Profit (loss) for the period |  | 192,549 |  |  | (42,892) |
Adjustments to profit (loss) |  |  |  |
Depreciation and amortization |  | 119,268 |  |  | 107,609 |
Result of equity interests in associates |  | 30,597 |  |  | 13,954 |
Impairment losses on financial assets |  | 1,157,140 |  |  | 818,523 |
Expenses with provisions |  | 27,104 |  |  | 20,218 |
Income tax and social contribution |  | 39,002 |  |  | (115,374) |
Provisions/ (reversals) for deferred assets |  | (20,646) |  |  | 23,363 |
Other capital gains (losses) |  | (34,428) |  |  | (63,565) |
Provision for performance income |  | (104,840) |  |  | (123,702) |
Result of foreign exchange variation |  | (67,769) |  |  | (73,733) |
(Increase)/ decrease in: |  |  |  |
Compulsory deposits at Central Bank of Brazil |  | 663,906 |  |  | (286,755) |
Loans and advances to customers |  | (5,073,844) |  |  | (4,103,996) |
Amounts due from financial institutions |  | 784,612 |  |  | (1,365,638) |
Securities |  | 443,693 |  |  | (619,343) |
Derivative financial assets |  | (9,389) |  |  | 86,367 |
Non-current assets held for sale |  | (2,404) |  |  | (35,910) |
Other assets |  | (424,299) |  |  | (119,103) |
Increase/ (decrease) in: |  |  |  |
Liabilities with financial institutions |  | 1,511,348 |  |  | 2,008,000 |
Liabilities with customers |  | 5,421,184 |  |  | 3,118,483 |
Securities issued |  | 1,260,400 |  |  | 3,344,826 |
Derivative financial liabilities |  | (16,709) |  |  | (26,198) |
Borrowing and onlending |  | 50,394 |  |  | 8,048 |
Tax liabilities |  | 130,813 |  |  | 26,197 |
Provisions |  | (49,513) |  |  | (13,846) |
Other liabilities |  | 112,545 |  |  | (335,226) |
Income tax paid |  | (180,795) |  |  | (47,305) |
Net cash from operating activities |  | 5,959,919 |  |  | 2,203,002 |
Cash flow from investing activities |  |  |  |
Capital increase in subsidiary |  | 11,564 |  |  | — |
Acquisition of investments, net of cash acquired |  | (14,426) |  |  | (545,983) |
Acquisition of property and equipment |  | (12,974) |  |  | (33,940) |
Proceeds from sale of property and equipment |  | — |  |  | 1,516 |
Net acquisition of property and equipment from subsidiaries |  | — |  |  | 610 |
Acquisition of intangible assets |  | (194,228) |  |  | (108,813) |
Acquisition of financial assets at FVOCI |  | (15,747,029) |  |  | (7,306,475) |
Proceeds from sale of financial assets at FVOCI |  | 12,801,310 |  |  | 7,663,646 |
Acquisition of financial assets at FVTPL |  | (590,236) |  |  | (530,160) |
Proceeds from sale of financial assets at FVTPL |  | 730,119 |  |  | 99,393 |
Net cash used in investing activities |  | (3,015,900) |  |  | (760,206) |
Cash flow from financing activities |  |  |  |
Dividends and interest on shareholders' equity paid |  | (19,704) |  |  | — |
Repurchase of treasury shares |  | (16,409) |  |  | — |
Resources from non-controlling interest, including capital increase |  | (10,245) |  |  | (1,178,665) |
Net cash from financing activities |  | (46,358) |  |  | (1,178,665) |
(Decrease)/ Increase in cash and cash equivalents |  | 2,897,661 |  |  | 264,131 |
Cash and cash equivalents at the beginning of the period |  | 1,331,648 |  |  | 500,446 |
Effect of the exchange rate variation on cash and cash equivalents |  | 67,769 |  |  | 73,733 |
Cash and cash equivalents at September 30 |  | 4,297,078 |  |  | 838,310 |

The notes are an integral part of these condensed consolidated interim financial statements.
9

| Consolidated interim statements of changes in equity For the quarters ended September 30, 2023 and 2022 (Amounts in thousands of Brazilian reais)

|  | Share capital |  | Reserves |  | Other comprehensive income |  | Retained earnings / accumulated losses |  | Treasury shares |  | Equity attributable to owners of the Company |  | Non-controlling interest |  | Total equity
Balance at January 1, 2022 - Inter & Co, Inc. |  | 13 |  |  | 2,728,396 |  |  | (72,284) |  |  | — |  |  | — |  |  | 2,656,125 |  |  | 5,793,659 |  |  | 8,449,784 |
Profit (loss) for the three-month period |  | — |  |  | — |  |  | — |  |  | (43,326) |  |  | — |  |  | (43,326) |  |  | 434 |  |  | (42,892) |
Proposed allocations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Constitution/ reversion of reserves |  | — |  |  | (43,326) |  |  | — |  |  | 43,326 |  |  | — |  |  | — |  |  | — |  |  | — |
Net change in fair value - financial assets at FVTOCI |  | — |  |  | — |  |  | (77,161) |  |  | — |  |  | — |  |  | (77,161) |  |  | — |  |  | (77,161) |
Share-based payment transactions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Exchange rate change adjustment |  | — |  |  | — |  |  | (1,979) |  |  | — |  |  | — |  |  | (1,979) |  |  | — |  |  | (1,979) |
Gains and losses - Hedge |  | — |  |  | — |  |  | (8,692) |  |  | — |  |  | — |  |  | (8,692) |  |  | — |  |  | (8,692) |
Resources from non-controlling interest, including capital decrease |  | — |  |  | 5,185,116 |  |  | (665,673) |  |  | — |  |  | — |  |  | 4,519,443 |  |  | (5,698,108) |  |  | (1,178,665) |
Balance at September 30, 2022 - Inter & Co, Inc. |  | 13 |  |  | 7,870,186 |  |  | (825,789) |  |  | — |  |  | — |  |  | 7,044,410 |  |  | 95,985 |  |  | 7,140,395 |
Balance at January 1, 2023 - Inter & Co, Inc. |  | 13 |  |  | 7,817,670 |  |  | (825,301) |  |  | — |  |  | — |  |  | 6,992,382 |  |  | 96,722 |  |  | 7,089,104 |
Profit (loss) for the period |  | — |  | — |  | — |  | 151,442 |  | — |  | 151,442 |  | 41,107 |  | 192,549 |
Proposed allocations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Constitution/ reversion of reserves |  | — |  |  | 151,442 |  |  | — |  |  | (151,442) |  |  | — |  |  | — |  |  | — |  |  | — |
Interest on equity / dividends |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (19,704) |  |  | (19,704) |
Exchange rate change adjustment |  | — |  |  | — |  |  | (8,468) |  |  | — |  |  | — |  |  | (8,468) |  |  | — |  |  | (8,468) |
Gains and losses - Hedge |  | — |  |  | — |  |  | 6,717 |  |  | — |  |  | — |  |  | 6,717 |  |  | — |  |  | 6,717 |
Net change in fair value - financial assets at FVOCI |  | — |  |  | — |  |  | 97,589 |  |  | — |  |  | — |  |  | 97,589 |  |  | — |  |  | 97,589 |
Share-based payment transactions |  | — |  |  | (7,992) |  |  | — |  |  | — |  |  | 7,992 |  |  | — |  |  | — |  |  | — |
Reflex reserve |  | — |  |  | 37,094 |  |  | — |  |  | — |  |  | — |  |  | 37,094 |  |  | — |  |  | 37,094 |
(-) Repurchase of treasury shares |  | — |  |  | — |  |  | — |  |  | — |  |  | (16,409) |  |  | (16,409) |  |  | — |  |  | (16,409) |
Others |  | — |  |  | — |  |  | 21 |  |  | — |  |  | — |  |  | 21 |  |  | (10,266) |  |  | (10,245) |
Balance at September 30, 2023 - Inter & Co, Inc. |  | 13 |  |  | 7,998,214 |  |  | (729,442) |  |  | — |  |  | (8,417) |  |  | 7,260,368 |  |  | 107,859 |  |  | 7,368,227 |

The notes are an integral part of these condensed consolidated interim financial statements.
10

| Consolidated interim statements of added value For the quarters ended September 30, 2023 and 2022 (Amounts in thousands of Brazilian reais)

|  |  | Three-month period |  | Nine-month period
| Note |  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022
Revenues |  |  | 1,627,995 |  |  | 1,166,869 |  |  | 4,417,879 |  |  | 3,123,812 |
Interest income |  |  | 1,588,955 |  |  | 1,135,266 |  |  | 4,467,569 |  |  | 3,041,576 |
Provision of services, net |  |  | 315,509 |  |  | 217,029 |  |  | 828,985 |  |  | 599,293 |
Impairment losses on financial assets | 30 |  | (407,899) |  |  | (263,113) |  |  | (1,157,140) |  |  | (818,523) |
Other revenues | 29 |  | 131,430 |  |  | 77,687 |  |  | 278,465 |  |  | 301,466 |
Expenses |  |  | (770,398) |  |  | (579,678) |  |  | (2,135,375) |  |  | (1,381,490) |
Interest | 26 |  | (770,398) |  |  | (579,678) |  |  | (2,135,375) |  |  | (1,381,490) |
Input from third parties |  |  | (350,459) |  |  | (366,190) |  |  | (1,059,587) |  |  | (1,070,660) |
Materials, energy and others |  |  | (66,823) |  |  | (78,694) |  |  | (195,359) |  |  | (308,371) |
Third-party services |  |  | (70,414) |  |  | (73,945) |  |  | (201,122) |  |  | (146,032) |
Telecommunications and data processing |  |  | (190,301) |  |  | (190,128) |  |  | (599,043) |  |  | (518,014) |
Publicity and advertising |  |  | (22,921) |  |  | (23,423) |  |  | (64,063) |  |  | (98,243) |
Gross added value |  |  | 507,138 |  |  | 221,001 |  |  | 1,222,917 |  |  | 671,662 |
Deduction |  |  | (40,561) |  |  | (35,620) |  |  | (119,268) |  |  | (107,609) |
Depreciation and amortization |  |  | (40,561) |  |  | (35,620) |  |  | (119,268) |  |  | (107,609) |
Net added value produced by the company |  |  | 466,577 |  |  | 185,381 |  |  | 1,103,649 |  |  | 564,053 |
Added value received in transfer |  |  | (4,071) |  |  | (3,892) |  |  | (30,597) |  |  | (13,954) |
Income from equity interests in affiliates | 14 |  | (4,071) |  |  | (3,892) |  |  | (30,597) |  |  | (13,954) |
Total added value to distribute |  |  | 462,506 |  |  | 181,489 |  |  | 1,073,052 |  |  | 550,099 |
Distribution of added value |  |  | 462,506 |  |  | 181,489 |  |  | 1,073,052 |  |  | 550,099 |
Personnel and tax |  |  | 189,069 |  |  | 151,494 |  |  | 502,578 |  |  | 425,940 |
Remuneration |  |  | 100,174 |  |  | 105,337 |  |  | 314,692 |  |  | 296,921 |
Benefits |  |  | 82,648 |  |  | 39,492 |  |  | 168,988 |  |  | 110,018 |
FGTS |  |  | 6,247 |  |  | 6,665 |  |  | 18,898 |  |  | 19,001 |
Taxes, contributions and fees |  |  | 156,878 |  |  | 48,241 |  |  | 341,153 |  |  | 134,457 |
Federal |  |  | 144,037 |  |  | 36,422 |  |  | 304,917 |  |  | 102,231 |
Municipal |  |  | 12,307 |  |  | 11,196 |  |  | 35,006 |  |  | 30,900 |
State |  |  | 534 |  |  | 623 |  |  | 1,230 |  |  | 1,326 |
Rent |  |  | 12,398 |  |  | 11,349 |  |  | 36,772 |  |  | 32,594 |
Profit (losses) retained/reversed in the period |  |  | 91,291 |  |  | (30,008) |  |  | 151,442 |  |  | (43,326) |
Non-controlling interest |  |  | 12,870 |  |  | 413 |  |  | 41,107 |  |  | 434 |

The notes are an integral part of these condensed consolidated interim financial statements.
11

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

Notes to the condensed consolidated interim financial statements
(Amounts in thousands of Brazilian reais)
1.Activity and structure of Inter & Co, Inc. and its subsidiaries
Inter & Co, Inc. (“Inter & Co”), formerly Inter Platform Inc, is a Cayman Island exempted company with limited liability, incorporated on January 26, 2021. On May 7, 2021, Inter & Co, Inc. (the Company and, together with its consolidated subsidiaries, the “Group”) completed the first stage of its corporate reorganization (“Reorganization”) involving two new non-operating companies with no material assets, liabilities or contingencies: the Company, located in the Cayman Islands, and Inter Holding Financeira S.A. (HoldFin), located in Brazil. In this first stage of reorganization, the Company and HoldFin have become the indirect and direct shareholders of Banco Inter S.A (“Inter” or “Banco Inter”), respectively, thus the ultimate shareholders of Inter and their voting and non-voting interest were the same before and after this corporate reorganization.
Inter & Co, Inc. is currently the entity which is registered with the U.S. Securities and Exchange Commission (“SEC”). The common shares are traded on the Nasdaq under the symbol “INTR” and its Brazilian Depositary Receipts (“BDRs”) are traded on B3 - Brasil, Bolsa, Balcão (“B3”), the Brazilian stock exchange, under the symbol “INBR32”.
Banco Inter was a publicly held company with equity securities listed on B3 since April 2018. On June 23, 2022, Inter & Co and Banco Inter completed a corporate reorganization as an immediate result of which Inter & Co became indirectly, through Inter Holding Financeira S.A. (“HoldFin”), the owner of all shares of Banco Inter S.A. Thus, the shareholders of Banco Inter became shareholders of Inter&Co or received cash out. However our controlling shareholder received Class B common shares, which are entitled to 10 votes per share while all other shareholders received Class A common shares, which are entitled to 1 vote per share. Inter & Co accounted for this corporate reorganization as a reorganization of entities under common control, and the pre-reorganization historical values of Banco Inter’s consolidated assets and liabilities are reflected in these condensed consolidated interim financial statements, with no fair value adjustments. As a result, these audited condensed consolidated interim financial statements reflect:
•The financial position of Inter & Co, Inc. at September 30, 2023 and December 31, 2022.
•The recognition of non-controlling interest on June 23, 2022, relating to the transfer from non-controlling interest to equity of the Company, in which the shareholders of Banco Inter S.A. opted to exchange their shares or BDRs of Inter & Co, Inc. or opted to receive cash instead of shares or BDRs of the Company.
The Group provides financial and e-commerce services to more than 29.4 million customers. Functionalities are offered in the same digital ecosystem that includes a complete range of banking, investment, credit, insurance and cross-border services, in addition to a marketplace that brings together the best retailers in Brazil and the United States.
In January 2022, Inter&Co Payments, Inc. (formerly USEND or Pronto Money Transfer, Inc), a remittance platform and global provider of digital accounts, was acquired to accelerate the global expansion plan. As a result, global products were segmented into two categories: (i) Brazilian; and (ii) US residents. This new initiative contributes to the expansion of the app to the United States, offering a global account for Brazilian customers.
The operations are conducted within the context of the set of companies in the Group, working in the market in an integrated way.
12

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

2.Basis for preparation
a.Compliance statement
The condensed consolidated interim financial statements of the Group have been prepared in accordance with IAS 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB).
These condensed consolidated interim financial statements have been prepared using the basis for preparation and accounting policies consistent with those adopted in the preparation of the consolidated financial statements of Inter & Co, Inc. as of December 31, 2022, and therefore they are intended only to provide an update on the content of the latest financial statements and should be read together, as set forth in IAS 34.
The information of the notes that has not been significantly changed or that has not presented new disclosures in relation to December 31, 2022 has not been fully repeated in these condensed consolidated interim financial statements. However, information has been included to explain the main events and transactions occurred, allowing an understanding of the changes in the financial position and in the performance of the Group’s operations since the publication of the consolidated financial statements as of December 31, 2022.
These condensed consolidated interim financial statements were approved by the Board of Director’s meeting on November 06, 2023.
b.Functional and presentation currency
These condensed consolidated interim financial information are presented in Brazilian reais (BRL or R$). The functional currency of the Group companies is shown in note 4a. All balances were rounded to the nearest thousand, unless otherwise indicated.
c.Use of estimates and judgments
In preparing these condensed consolidated interim financial statements, Management has made judgments, estimates and assumptions that affect the application of the accounting policies of the Group and the reported amounts of assets, liabilities, revenues and expenses. Actual results may differ from such estimates. Estimates and assumptions are reviewed on an ongoing basis. Adjustments, if any, related to changes in estimates are recognized prospectively.
d.Judgments
The significant judgments made by management during the application of the Group’s accounting policies and the main sources of estimation uncertainty were materially the same as those described in the last annual financial statements.
3.Changes to significant accounting policies
New or revised accounting pronouncements adopted in 2023
The following new or revised standards have been issued by IASB, were effective for the period covered by these condensed consolidated interim financial statements, and had no material impact.
•Definition of Accounting Estimates – Amendments to IAS 8
•Classification of Liabilities as Current or Non-Current – Amendments to IAS 1
•Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2
•Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12.
•Insurance Contracts – IFRS 17
13

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

4.Significant accounting policies
The accounting policies applied in these condensed consolidated interim financial statements are the same as those applied in the consolidated financial statements of Inter & Co, Inc. for the year ended December 31, 2022, except for the changes in items a and b described below.
a.Basis for consolidation
Companies that Inter controls are classified as subsidiaries. The Company controls an entity when it is exposed to, or has rights to the variable returns arising from its involvement with the entity and has the ability to use its power over such entity to affect the amount of their returns.
The subsidiaries are consolidated in full as from the date the Company gains control of their activities until the date on which control ceases to exist. With regard to the significant restrictions on the Group’s ability to access or use the assets and settle the Group's liabilities, only the regulatory restrictions, linked to the compulsory reserves maintained in compliance with the requirement of the Central Bank of Brazil, which restrict the ability of subsidiaries of Inter to transfer cash to other entities within the economic group. There are no other legal or contractual restrictions and no guarantees or other requirements that may restrict that dividends and other capital distributions are paid or that loans and advances are made or paid to (or by) other entities within the economic group.
The following table shows the subsidiaries in each period:

Entity |  | Branch of Activity |  | Common shares and/or quotas |  | Functional currency |  | Country |  | Share in the capital (%)
|  |  |  | 09/30/2023 |  | 12/31/2022
Direct subsidiaries |  |  |  |  |  |  |  |  |  |  |  |
Inter&Co Securities LLC |  | Holding Company |  | — |  |  | US$ |  | USA |  | 100.00 | % |  | 100.00 | %
Inter&Co Participações Ltda. |  | Holding Company |  | 1,500,000 |  |  | BRL |  | Brazil |  | 100.00 | % |  | 100.00 | %
INTRGLOBALEU Serviços Administrativos, LDA |  | Holding Company |  | — |  |  | EUR |  | Portugal |  | 100.00 | % |  | 100.00 | %
Inter US Holding, LLC (c) |  | Holding Company |  | 50,000 |  |  | US$ |  | USA |  | 100.00 | % |  | — |
Inter Holding Financeira S.A. |  | Holding |  | 401,159,540 |  |  | BRL |  | Brasil |  | 100.00 | % |  | 100.00 | %
Entity |  | Branch of Activity |  | Common shares and/or quotas |  | Functional currency |  | Country |  | Share in the capital (%)
| 09/30/2023 |  | 12/31/2022
Indirect subsidiaries |  |  |  |  |  |  |  |  |  |  |  |
Inter Holding Financeira S.A. |  | Holding Company |  | 401,159,540 |  |  | BRL |  | Brazil |  | 100.00 | % |  | 100.00 | %
Banco Inter S.A. |  | Multiple Bank |  | 1,297,308,713 |  |  | BRL |  | Brazil |  | 100.00 | % |  | 100.00 | %
Inter Distribuidora de Títulos e Valores Mobiliários Ltda. (a) |  | TVM Distributor |  | 25,000,000 |  |  | BRL |  | Brazil |  | 100.00 | % |  | 98.30 | %
Inter Digital Corretora e Consultoria de Seguros Ltda. |  | Insurance broker |  | 59,750 |  |  | BRL |  | Brazil |  | 60.00 | % |  | 60.00 | %
Inter Marketplace Ltda. |  | Marketplace |  | 5,000,000 |  |  | BRL |  | Brazil |  | 100.00 | % |  | 100.00 | %
Inter Asset Holding S.A. |  | Asset management |  | 7,000,000 |  |  | BRL |  | Brazil |  | 70.00 | % |  | 70.00 | %
Inter Titulos Fundo de Investimento |  | Investment Fund |  | 489,302 |  |  | BRL |  | Brazil |  | 98.30 | % |  | 98.30 | %
BMA Inter Fundo De Investimento Em Direitos Creditórios Multissetorial |  | Investment Fund |  | 5,000,000 |  |  | BRL |  | Brazil |  | 86.46 | % |  | 90.70 | %
TBI Fundo De Investimento Renda Fixa Credito Privado |  | Investment Fund |  | 388,157,511 |  |  | BRL |  | Brazil |  | 100.00 | % |  | 100.00 | %
TBI Fundo De Investimento Crédito Privado Investimento Exterior |  | Investment Fund |  | 443,689,064 |  |  | BRL |  | Brazil |  | 100.00 | % |  | 100.00 | %
IG 30 Fundo de Investimento Renda Fixa Crédito Privado |  | Investment Fund |  | 144,796,772 |  |  | BRL |  | Brazil |  | 100.00 | % |  | — | %
Inter Simples Fundo de Investimento em Direitos Creditórios Multissetorial |  | Investment Fund |  | 6,147 |  |  | BRL |  | Brazil |  | 86.80 | % |  | — | %
IM Designs Desenvolvimento de Software Ltda. |  | Provision of services |  | 50,000,000 |  |  | BRL |  | Brazil |  | 50.00 | % |  | 50.00 | %
Acerto Cobrança e Informações Cadastrais S.A. |  | Provision of services |  | 60,000,000,000 |  |  | BRL |  | Brazil |  | 60.00 | % |  | 60.00 | %
Inter & Co Payments, Inc |  | Provision of services |  | 16,000,000 |  |  | US$ |  | USA |  | 100.00 | % |  | 100.00 | %
Inter Asset Gestão de Recursos Ltda |  | Asset management |  | 30,680 |  |  | BRL |  | Brazil |  | 70.00 | % |  | 70.00 | %
Inter Café Ltda. |  | Provision of services |  | 10,000 |  |  | BRL |  | Brazil |  | 100.00 | % |  | 100.00 | %
Inter Boutiques Ltda. |  | Provision of services |  | 10,000 |  |  | BRL |  | Brazil |  | 100.00 | % |  | 100.00 | %
Inter Food Ltda. |  | Provision of services |  | 7,000,000 |  |  | BRL |  | Brazil |  | 70.00 | % |  | 70.00 | %
Inter Viagens e Entretenimento Ltda. |  | Provision of services |  | 1,000 |  |  | BRL |  | Brazil |  | 100.00 | % |  | 100.00 | %
Inter Conectividade Ltda. (b) |  | Provision of services |  | 33,533,805 |  |  | BRL |  | Brazil |  | 100.00 | % |  | — |
Inter US Management LLC (c) |  | Provision of services |  | 100,000 |  |  | US$ |  | USA |  | 100.00 | % |  | — |
Inter US Finance LLC (c) |  | Provision of services |  | 100,000 |  |  | US$ |  | USA |  | 100.00 | % |  | — |

(a) On February 15, 2023, Banco Inter S.A. completed the acquisition of the remaining shares of its subsidiary "Inter Distribuidora de Títulos e Valores Mobiliários Ltda", acquiring the remaining 416,667 shares at nominal value of R$1.00 each, fully subscribed and paid up.
(b) On April 1, 2023, the partial spin-off of the investment held in Inter Marketplace Ltda. to a new company, forming Inter Conectividade Ltda., which was later incorporated by Inter Marketplace Ltda.
(c) Inter US Holding, Inc.” (formerly known as Inter Mortgage Holding, Inc.), Inter US Finance, LLC (formerly known as YellowFi Mortgage, LLC), and Inter US Management, LLC (formerly known as YellowFI Management, LLC), had their corporate name updated on April 26, 2023.
14

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

Non-controlling interest
The Group recognizes the portion related to non-controlling interests in shareholders’ equity in the consolidated balance sheet. In transactions involving purchase of interests with non-controlling shareholders, the difference between the amount paid and the interest acquired is recorded in shareholders’ equity. Gains or losses on sales to non-controlling shareholders are also recorded in shareholders’ equity. The company owns 50% or more of the voting capital of all indirect subsidiaries.
Balances and transactions eliminated on consolidation
Intra-group balances and transactions, including any unrealized gains or losses arising from intra-group transactions, are eliminated in the consolidation process. Unrealized losses are eliminated only to the extent that there is no evidence of impairment.
b. Business combination
Business combinations are recorded using the acquisition method when the set of acquired activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a set of activities and assets is a business, Inter assesses whether the acquired set of assets and activities includes at least one input and one substantive process that together contribute significantly to the ability to generate outputs.
Inter has the option to apply a "concentration test" that allows for a simplified assessment of whether a set of acquired activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.
The consideration transferred is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill arising on the transaction is tested annually for impairment. Gains on an bargain purchase are recognized immediately in the income statement. Transaction costs are recorded in the income statement as incurred, except for costs related to the issue of debt or equity instruments. The consideration transferred does not include amounts relating to the payment of pre-existing relationships. These amounts are generally recognized in the income statement.
Any contingent consideration payable is measured at its acquisition-date fair value. If the contingent consideration is classified as an equity instrument, then it is not remeasured and settlement is recorded within equity. The remaining contingent consideration is remeasured at fair value at each reporting date and subsequent changes in fair value are recorded in the income statement.
Inter US Finance, LLC and Inter US Management, LLC
On January 24, 2023, through the holding company "Inter Mortgage Holding, Inc.," (formerly known as Inter Mortgage Holding, Inc.), 100% of the share capital of Inter US Finance LLC (formerly known as YellowFi Mortgage, LLC) and Inter US Management LLC were acquired (formerly known as YellowFi Management, LLC).
Inter US Finance, LLC, is a company based is a US-based mortgage company with operations in Florida, Georgia, and Colorado, providing real estate-focused credit. The company holds licenses in all three operating states and obtains funding from investors. The business specializes in originating and distributing mortgages, enabling the development of other loan portfolios in the US. With this acquisition, Inter & Co customers will have access to a wider range of financial services.
15

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

i. Consideration transferred
The following table summarizes the amounts of consideration transferred:

In thousands of Brazilian reais |  | Inter US Finance, LLC |  | Inter US Management, LLC
Cash |  | 1,990 |  |  | 939 |
Share based compensation |  | — |  |  | 388 |
Total consideration transferred |  | 1,990 |  |  | 1,327 |

Identifiable assets acquired, liabilities assumed and goodwill
The book value of identifiable assets and liabilities of Inter US Finance, LLC and Inter US Management, LLC. at the acquisition date is as follows:

In thousands of Brazilian reais |  | Inter US Finance, LLC |  | Inter US Management, LLC
Assets |  | 879 |  |  | 238 |
Cash and cash equivalents |  | 860 |  |  | 3 |
Other assets |  | 19 |  |  | 235 |
Liabilities |  | (807) |  |  | (25) |
Borrowing and onlending |  | (807) |  |  | — |
Other liabilities |  | — |  |  | (25) |
Total net identifiable assets at fair value |  | 72 |  |  | 213 |
Goodwill on acquisition (a) |  | 1,918 |  |  | 1,114 |
Total consideration transferred |  | 1,990 |  |  | 1,327 |

(a)Inter contracted an independent valuation service to develop a study on the allocation of the purchase price (“PPA”) of the identifiable assets acquired, liabilities assumed and goodwill. However, as of the date of this quarterly publication of financial information, the study is still in the preparation phase. The preliminary goodwill resulting from the acquisition of Inter US Finance, LLC and Inter US Management, LLC is R$1,918 and R$1,114, respectively. This amount represents the future economic benefits arising from the synergies generated by our expansion in US operations and by offering a broader range of financial services to our customers. Although the PPA study is not yet complete, we believe that the preliminary goodwill amounts are fair and substantially reflect the growth potential of our US business. We will continue to carefully evaluate the purchase price allocation and provide timely updates on any material changes to our financial statements.
ii. Acquisition costs
Inter incurred acquisition-related costs of R$362 on attorney’s fees and due diligence costs. These costs were recorded as “Administrative expenses” in the income statement.
5.Operating segments
Operating segments are disclosed based on internal information that is used by the chief operating decision maker to allocate resources and to assess performance. The chief operating decision-maker, responsible for allocating resources, evaluating the performance of the operating segments and responsible for making strategic decisions for the Group, is the CEO, together with the Board of Directors.
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.
16

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

Transactions between segments are carried out under terms and rates compatible with those practiced with third parties, where applicable.
a.Banking & Spending
This segment comprises a wide range of banking products and services, such as checking accounts, debit and credit cards, deposits, loans, advances to customers, debt collection services and other services, which are available to the customers primarily by means of Inter’s mobile application. The segment also comprises foreign exchange services and money remittances between countries, including the Global Account digital solution, including investment funds consolidated by the Group.
b.Investments
This segment is responsible for operations related to the acquisition, sale and custody of securities, the structuring and distribution of securities in the capital market and operations related to the management of fund portfolios and other assets (purchase, sale, risk management). Revenues consist primarily of administration fees and commissions charged to investors for the rendering of such services.
c.Insurance Brokerage
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 is recognized in the income statement when services are provided, that is, when the performance obligation is fulfilled upon sale to the customer.
d.Inter Shop & Commerce Plus
This segment includes sales of goods and/or services with partner companies through our digital platform. The segment income comprises basically commissions received for sales and/or for the rendering of these services.
e. Others
Include eliminations between the aforementioned groups and the following companies: (i) Inter US Management; (ii) Inter US Finance; (iii) IM Design; (iv) Holding Fin; and (v) Inter&Co Inc.
17

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

Segment information

| 09/30/2023
| Banking & Spending |  | Investments |  | Insurance Brokerage |  | Inter Shop & Commerce Plus |  | Others |  | Consolidated
Interest income | 3,257,024 |  |  | 14,857 |  |  | — |  |  | 25,217 |  |  | (26,131) |  |  | 3,270,967 |
Interest expenses | (2,131,885) |  |  | (28,381) |  |  | — |  |  | — |  |  | 24,891 |  |  | (2,135,375) |
Income from securities and derivatives | 1,142,562 |  |  | 33,045 |  |  | 1,513 |  |  | 23,849 |  |  | (4,367) |  |  | 1,196,602 |
Net interest income | 2,267,701 |  |  | 19,521 |  |  | 1,513 |  |  | 49,066 |  |  | (5,607) |  |  | 2,332,193 |
Revenues from services and commissions | 643,107 |  |  | 66,496 |  |  | 87,090 |  |  | 125,969 |  |  | 5,995 |  |  | 928,657 |
Expenses from services and commissions | (99,496) |  |  | (155) |  |  | — |  |  | (2) |  |  | (19) |  |  | (99,672) |
Other revenues | 326,484 |  |  | 12,694 |  |  | 37,349 |  |  | 21,986 |  |  | (120,048) |  |  | 278,465 |
Revenues | 3,137,796 |  |  | 98,556 |  |  | 125,952 |  |  | 197,019 |  |  | (119,679) |  |  | 3,439,643 |
Impairment losses on financial assets | (1,151,127) |  |  | — |  |  | — |  |  | (6,013) |  |  | — |  |  | (1,157,140) |
Net result of losses | 1,986,669 |  |  | 98,556 |  |  | 125,952 |  |  | 191,006 |  |  | (119,679) |  |  | 2,282,504 |
Other administrative expenses | (956,943) |  |  | (51,138) |  |  | (33,610) |  |  | (44,364) |  |  | (10,305) |  |  | (1,096,360) |
Personnel expenses | (469,772) |  |  | (49,314) |  |  | (13,238) |  |  | (26,700) |  |  | (10,298) |  |  | (569,322) |
Tax expenses | (176,365) |  |  | (8,305) |  |  | (11,596) |  |  | (25,468) |  |  | (13,672) |  |  | (235,406) |
Depreciation and amortization | (108,752) |  |  | (3,012) |  |  | (626) |  |  | (6,732) |  |  | (146) |  |  | (119,268) |
Income from equity interests in associates | (30,597) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (30,597) |
Profit / (loss) before income tax | 244,240 |  |  | (13,213) |  |  | 66,882 |  |  | 87,742 |  |  | (154,100) |  |  | 231,550 |
Income tax | 14,746 |  |  | 7,194 |  |  | (22,723) |  |  | (36,202) |  |  | (2,017) |  |  | (39,002) |
Profit / (loss) for the period | 258,986 |  |  | (6,019) |  |  | 44,159 |  |  | 51,540 |  |  | (156,117) |  |  | 192,549 |
Total assets | 54,572,478 |  |  | 639,017 |  |  | 193,302 |  |  | 439,042 |  |  | (764,999) |  |  | 55,078,840 |
Total liabilities | 47,664,585 |  |  | 401,384 |  |  | 93,542 |  |  | 194,260 |  |  | (643,158) |  |  | 47,710,613 |
Total equity | 6,907,893 |  |  | 237,633 |  |  | 99,760 |  |  | 244,782 |  |  | (121,841) |  |  | 7,368,227 |

18

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

| 09/30/2022
| Banking & Spending |  | Investments |  | Insurance Brokerage |  | Inter Shop & Commerce Plus |  | Others |  | Consolidated
Interest income | 1,940,819 |  |  | 3,101 |  |  | 25 |  |  | 4 |  |  | (12,134) |  |  | 1,931,815 |
Interest expenses | (1,327,920) |  |  | (12,181) |  |  | (67) |  |  | — |  |  | (41,322) |  |  | (1,381,490) |
Income from securities and derivatives | 1,181,401 |  |  | 18,103 |  |  | 977 |  |  | 10,108 |  |  | (100,828) |  |  | 1,109,761 |
Net interest income | 1,794,300 |  |  | 9,023 |  |  | 935 |  |  | 10,112 |  |  | (154,284) |  |  | 1,660,086 |
Revenues from services and commissions | 342,265 |  |  | 70,945 |  |  | 56,424 |  |  | 218,661 |  |  | 5,301 |  |  | 693,596 |
Expenses from services and commissions | (95,871) |  |  | — |  |  | — |  |  | (4) |  |  | 1,572 |  |  | (94,303) |
Other revenues | 379,648 |  |  | 21,670 |  |  | 38,394 |  |  | 43,106 |  |  | (181,352) |  |  | 301,466 |
Revenues | 2,420,342 |  |  | 101,638 |  |  | 95,753 |  |  | 271,875 |  |  | (328,763) |  |  | 2,560,845 |
Impairment losses on financial assets | (819,378) |  |  | 855 |  |  | — |  |  | — |  |  | — |  |  | (818,523) |
Net result of losses | 1,600,964 |  |  | 102,493 |  |  | 95,753 |  |  | 271,875 |  |  | (328,763) |  |  | 1,742,322 |
Other administrative expenses | (1,045,286) |  |  | (29,067) |  |  | (6,659) |  |  | (20,423) |  |  | (3,935) |  |  | (1,105,370) |
Personnel expenses | (458,927) |  |  | (11,766) |  |  | (5,542) |  |  | (13,678) |  |  | (3,905) |  |  | (493,818) |
Tax expenses | (130,450) |  |  | (7,081) |  |  | (10,018) |  |  | (31,722) |  |  | (566) |  |  | (179,837) |
Depreciation and amortization | (101,857) |  |  | (2,041) |  |  | (447) |  |  | (3,176) |  |  | (88) |  |  | (107,609) |
Income from equity interests in associates | (13,954) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13,954) |
Profit / (loss) before income tax | (149,510) |  |  | 52,538 |  |  | 73,087 |  |  | 202,876 |  |  | (337,257) |  |  | (158,266) |
Income tax | 191,091 |  |  | (17,116) |  |  | (24,615) |  |  | (47,434) |  |  | 13,448 |  |  | 115,374 |
Profit / (loss) for the period | 41,581 |  |  | 35,422 |  |  | 48,472 |  |  | 155,442 |  |  | (323,809) |  |  | (42,892) |
Total assets | 47,516,376 |  |  | 464,654 |  |  | 148,411 |  |  | 490,752 |  |  | (2,277,093) |  |  | 46,343,100 |
Total liabilities | 39,356,904 |  |  | 380,246 |  |  | 93,001 |  |  | 183,568 |  |  | (759,723) |  |  | 39,253,996 |
Total equity | 8,159,472 |  |  | 84,408 |  |  | 55,410 |  |  | 307,184 |  |  | (1,517,370) |  |  | 7,089,104 |

19

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

6.Financial risk management
Risk management at Inter includes credit, market, liquidity and operational risks. Risk management activities are carried out by independent and specialized structures, in accordance with previously defined policies and strategies. In general, the activities and processes seek to identify, measure, and control the financial and non-financial risks to which Inter is subject.
The model adopted by Inter&co, Inc., involves a structure of areas and committees that seek to ensure:
•Segregation of function;
•Specific unit for risk management;
•Defined policies and standards;
•Decisions at various hierarchical levels; and
•Statutory and non-statutory committees.
a.Credit risk
Credit risk is defined as the possibility of losses associated with the failure of the borrower or counterparty to meet their respective financial obligations in the agreed-upon terms, the devaluation of a credit agreement arising from the increased risk of default by the borrower, among others.
The financial instruments subject to credit risk are submitted to careful credit evaluation prior to contracting, as well as throughout the term of the respective operations. The credit analyses are based on the borrower's (or counterparty's) economic and financial capacity behavior, including payment history, credit reputation, in addition to the terms and conditions of the respective credit operation, including terms, rates and guarantees.
Loans and advances to customers, as shown in Note 12, are mainly represented by the following operations:
•Credit card: credit operations related to credit card limits, without attached guarantees;
•Business loans: working capital operations, receivables, discounts and loans in general, with or without attached guarantees;
•Real estate loans: loans and financing operations secured by real estate;
•Personal loans: loan and payroll card operations, personal loans with and without transfer guarantees; and
•Agribusiness loans: financing operations for costing, investment, commercialization and/or industrialization granted to rural producers, with or without attached guarantees.
20

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

Guarantees of real estate loans and financing
The tables below present the amount of loans and financing secured by property, broken down by loan-to-value. The loan-to-value is calculated by the ratio between the gross value of the exposure and the value of the guarantee. Gross amounts exclude any provision for impairment:

| 09/30/2023 |  | 12/31/2022
Lower than 30% | 761,440 |  |  | 693,322 |
31 - 50% | 1,822,041 |  |  | 1,689,190 |
51 - 70% | 2,750,187 |  |  | 2,308,020 |
71 - 90% | 2,143,947 |  |  | 1,503,703 |
Higher than 90% | 50,195 |  |  | 57,577 |
| 7,527,810 |  |  | 6,251,812 |

b.Liquidity risk
Liquidity risk is the possibility of the Group not being able to meet its expected or unexpected financial obligations efficiently, including those obligations arising from guarantees provided or even unexpected customer redemptions. Thus, liquidity risks also include the possibility that Inter is unable to negotiate the sale of assets at market prices and, in turn, incur additional losses. There were no material changes in the nature of liquidity risk exposures as of September 30, 2023.
c.Analyses of financial instruments by remaining contractual term
The table below presents the projected future realizable value of Inter’s financial assets and liabilities by contractual term:

| 09/30/2023
| Note |  | Up to 3 months |  | 3 months Up to 1 year |  | Above 1 year |  | Total
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 8 |  | 4,297,078 |  |  | — |  |  | — |  |  | 4,297,078 |
Amounts due from financial institutions | 9 |  | 3,474,244 |  |  | — |  |  | — |  |  | 3,474,244 |
Compulsory deposits at Central Bank of Brazil |  |  | 2,190,872 |  |  | — |  |  | — |  |  | 2,190,872 |
Securities | 10 |  | 478,410 |  |  | 172,499 |  |  | 14,257,388 |  |  | 14,908,297 |
Derivative financial assets | 11 |  | 9,389 |  |  | — |  |  | — |  |  | 9,389 |
Loans and advances to customers | 12.e |  | 6,965,993 |  |  | 6,910,440 |  |  | 13,167,168 |  |  | 27,043,601 |
Other assets | 17 |  | — |  |  | — |  |  | 107,977 |  |  | 107,977 |
Total |  |  | 17,415,986 |  |  | 7,082,939 |  |  | 27,532,533 |  |  | 52,031,458 |
Financial liabilities |  |  |  |  |  |  |  |  |
Liabilities with financial and similar institutions | 18 |  | 9,418,245 |  |  | — |  |  | — |  |  | 9,418,245 |
Liabilities with customers | 19 |  | 14,488,579 |  |  | 2,221,181 |  |  | 12,354,228 |  |  | 29,063,988 |
Securities issued | 20 |  | 1,260,814 |  |  | 2,447,535 |  |  | 3,754,216 |  |  | 7,462,565 |
Derivative financial liabilities | 11 |  | 7,466 |  |  | 5,416 |  |  | 8,177 |  |  | 21,059 |
Borrowing and onlending | 21 |  | 10,945 |  |  | 58,025 |  |  | 18,679 |  |  | 87,649 |
Total |  |  | 25,186,049 |  |  | 4,732,157 |  |  | 16,135,300 |  |  | 46,053,506 |

21

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

| 12/31/2022
| Note |  | Up to 3 months |  | 3 months Up to 1 year |  | Above 1 year |  | Total
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 8 |  | 1,331,648 |  |  | — |  |  | — |  |  | 1,331,648 |
Amounts due from financial institutions | 9 |  | 4,258,856 |  |  | — |  |  | — |  |  | 4,258,856 |
Compulsory deposits at Central Bank of Brazil |  |  | 2,854,778 |  |  | — |  |  | — |  |  | 2,854,778 |
Securities | 10 |  | 666,788 |  |  | 272,489 |  |  | 11,509,288 |  |  | 12,448,565 |
Loans and advances to customers | 12.e |  | 6,199,963 |  |  | 5,916,020 |  |  | 10,582,345 |  |  | 22,698,328 |
Other assets | 17 |  | — |  |  | — |  |  | 87,318 |  |  | 87,318 |
Total |  |  | 15,312,033 |  |  | 6,188,509 |  |  | 22,178,951 |  |  | 43,679,493 |
Financial liabilities |  |  |  |  |  |  |  |  |
Liabilities with financial and similar institutions | 18 |  | 7,906,897 |  |  | — |  |  | — |  |  | 7,906,897 |
Liabilities with customers | 19 |  | 14,873,030 |  |  | 849,420 |  |  | 7,920,354 |  |  | 23,642,804 |
Securities issued | 20 |  | 1,149,070 |  |  | 421,032 |  |  | 4,632,063 |  |  | 6,202,165 |
Derivative financial instruments | 11 |  | — |  |  | — |  |  | 37,768 |  |  | 37,768 |
Borrowing and onlending | 21 |  | 4,987 |  |  | 4,138 |  |  | 27,323 |  |  | 36,448 |
Total |  |  | 23,933,984 |  |  | 1,274,590 |  |  | 12,617,508 |  |  | 37,826,082 |

d.Financial assets and liabilities using a current/non-current classification
The following table represents the Group's financial assets and liabilities, segregated into current and non-current, taking into account their contractual maturity at the date of the condensed consolidated interim financial information:

|  | 09/30/2023
| Note | Current |  | Non-current |  | Total
Assets |  |  |  |  |  |
Cash and cash equivalents | 8 | 4,297,078 |  |  | — |  |  | 4,297,078 |
Amounts due from financial institutions | 9 | 3,474,244 |  |  | — |  |  | 3,474,244 |
Compulsory deposits at Central Bank of Brazil |  | 2,190,872 |  |  | — |  |  | 2,190,872 |
Securities | 10 | 650,909 |  |  | 14,257,388 |  |  | 14,908,297 |
Derivative financial assets | 11 | 9,389 |  |  | — |  |  | 9,389 |
Loans and advances to customers, net of provisions for expected loss | 12 | 12,277,314 |  |  | 13,019,306 |  |  | 25,296,620 |
Other assets | 17 | — |  |  | 107,977 |  |  | 107,977 |
Total |  | 22,899,806 |  |  | 27,384,671 |  |  | 50,284,477 |
Liabilities |  |  |  |  |  |
Liabilities with financial institutions | 18 | 9,418,245 |  |  | — |  |  | 9,418,245 |
Liabilities with customers | 19 | 16,709,760 |  |  | 12,354,228 |  |  | 29,063,988 |
Securities issued | 20 | 3,708,349 |  |  | 3,754,216 |  |  | 7,462,565 |
Derivative financial liabilities | 11 | 12,882 |  |  | 8,177 |  |  | 21,059 |
Borrowing and onlending | 21 | 68,970 |  |  | 18,679 |  |  | 87,649 |
Total |  | 29,918,206 |  |  | 16,135,300 |  |  | 46,053,506 |

22

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

|  | 12/31/2022
| Note | Current |  | Non-current |  | Total
Assets |  |  |  |  |  |
Cash and cash equivalents | 8 | 1,331,648 |  |  | — |  |  | 1,331,648 |
Amounts due from financial institutions | 9 | 4,258,856 |  |  | — |  |  | 4,258,856 |
Compulsory deposits at Central Bank of Brazil |  | 2,854,778 |  |  | — |  |  | 2,854,778 |
Securities | 10 | 939,277 |  |  | 11,509,288 |  |  | 12,448,565 |
Loans and advances to customers, net of provisions for expected loss | 12 | 11,159,852 |  |  | 10,220,064 |  |  | 21,379,916 |
Other assets | 17 | — |  |  | 87,318 |  |  | 87,318 |
Total |  | 20,544,411 |  |  | 21,816,670 |  |  | 42,361,081 |
Liabilities |  |  |  |  |  |
Liabilities with financial institutions | 18 | 7,906,897 |  |  | — |  |  | 7,906,897 |
Liabilities with customers | 19 | 15,722,450 |  |  | 7,920,354 |  |  | 23,642,804 |
Securities issued | 20 | 1,570,102 |  |  | 4,632,063 |  |  | 6,202,165 |
Derivative financial liabilities | 11 | — |  |  | 37,768 |  |  | 37,768 |
Borrowing and onlending | 21 | 9,126 |  |  | 27,322 |  |  | 36,448 |
Total |  | 25,208,575 |  |  | 12,617,507 |  |  | 37,826,082 |

e.Market risk
Market risk is the possibility of losses resulting from fluctuations in the fair value of financial instruments held by the Institution and its subsidiaries, including the risks of transactions subject to changes in foreign exchange rates, interest rates, stock prices and commodity prices.
At Inter&Co, market risk management has, among others, the objective of supporting the business areas, establishing processes and implementing tools necessary for the assessment and control of related risks, allowing the measurement and monitoring of risk levels, as defined by Senior Management.
The market risk policy is monitored by the Asset and Liability Committee. Market risk controls allow the analytical assessment of information and are in a constant process of improvements. The Institution and its subsidiaries have improved the internal aspects of risk management and mitigation.
Measurement
Within the risk management process, Inter&Co classifies its operations, including derivative financial instruments, as follows:
•Trading book: considers all operations intended to be traded before their contractual maturity or intended to hedge the trading portfolio.
•Banking book: considers operations not classified in the trading portfolio, the main characteristic of which is the intention to hold the respective operations until maturity
In line with market practices, Inter&Co manages its risks dynamically, seeking to identify, measure, evaluate, monitor, report, control and mitigate the exposures to market risks of its own positions. One of the methods of assessing the positions subject to market risk is the Value at Risk (VaR) model. The methodology used to calculate the VaR is the parametric model with a confidence level (CL) of 99% and a time horizon (TH) of twenty one days.
23

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

We present below the 21-day VaR of the trading book:

R$ thousand |  | 09/30/2023 |  | 12/31/2022
Risk factor |  |  |  |
Price index coupons |  | 4,827 |  |  | 4,133 |
Pre fixed interest rate |  | 40 |  |  | 541 |
Foreign currency coupons |  | 93 |  |  | 883 |
Foreign currencies |  | 4,298 |  |  | 624 |
Share price |  | — |  |  | 528 |
Subtotal |  | 9,258 |  |  | 6,709 |
Diversification effects (correlation) |  | 3,076 |  |  | 1,958 |
Value-at-Risk |  | 6,182 |  |  | 4,751 |

The VaR of the banking book:

R$ thousand |  | 09/30/2023 |  | 12/31/2022
Risk factor |  |  |  |
Price index coupons |  | 496,644 |  |  | 234,172 |
Interest rate coupons |  | 41,287 |  |  | 77,448 |
Pre fixed interest rate |  | 21,717 |  |  | 55,003 |
Others |  | 13,697 |  |  | 1,398 |
Subtotal |  | 573,345 |  |  | 368,021 |
Diversification effects (correlation) |  | 53,467 |  |  | 30,767 |
Value-at-Risk |  | 519,878 |  |  | 337,254 |

f.Sensitivity analysis
To determine the sensitivity of the positions to market movements, a sensitivity analysis was carried out in different scenarios, considering the relevant risk factors.
•Scenario I: Parallel shocks of 1 basis point in the coupon rate s of the price index, dollar coupon, interest rate and fixed rate, considering the worst losses resulting by risk factor and, consequently, not considering the correlation between the macroeconomic variables .
•Scenario II: 25% shock on the price index coupon, dollar coupon, interest rate and prefixed rate, considering the worst resulting losses per risk factor and, consequently, not considering the correlation between macroeconomic variables
•Scenario III: 50% shock on price index, dollar coupon, interest rate and fixed rate coupon rates, considering the worst resulting losses by risk factor and, consequen tly, not considering the correlation between macroeconomic variables.
24

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

The table below shows the results of the above scenarios:

Exposures - R$ thousand |  |  |  |  |  |  |  |  |  |  |  |
Banking and Trading book |  | Scenarios |  | 09/30/2023
Risk factor |  | Rate variation in scenario 1 |  | Scenario I |  | Rate variation in scenario 2 |  | Scenario II |  | Rate variation in scenario 3 |  | Scenario III
IPCA coupon |  | increase |  | (4,046) |  |  | increase |  | (512,831) |  |  | increase |  | (955,548) |
IGP-M coupon |  | increase |  | (17) |  |  | increase |  | (2,003) |  |  | increase |  | (3,848) |
Pre-fixed rate |  | increase |  | (1,671) |  |  | increase |  | (439,281) |  |  | increase |  | (837,480) |
TR coupon |  | increase |  | (900) |  |  | increase |  | (193,964) |  |  | increase |  | (343,490) |
Others |  | decrease |  | (5) |  |  | decrease |  | (489) |  |  | decrease |  | (988) |

Exposures - R$ thousand |  |  |  |  |  |  |  |  |  |  |  |
Banking and Trading book |  | Scenarios |  | 12/31/2022
Risk factor |  | Rate variation in scenario 1 |  | Scenario I |  | Rate variation in scenario 2 |  | Scenario II |  | Rate variation in scenario 3 |  | Scenario III
IPCA coupon |  | increase |  | (3,085) |  |  | increase |  | (421,495) |  |  | increase |  | (784,028) |
IGP-M coupon |  | increase |  | (21) |  |  | increase |  | (2,949) |  |  | increase |  | (5,542) |
Pre-fixed rate |  | increase |  | (470) |  |  | increase |  | (162,809) |  |  | increase |  | (338,073) |
TR coupon |  | increase |  | (850) |  |  | increase |  | (188,954) |  |  | increase |  | (334,415) |

g.Operational risk
Operational risk is defined as the possibility of losses resulting from failure, deficiency or inadequacy of any internal processes involving people, systems or from external and unexpected events. This definition includes possible losses from fraud, labor risk, as well as legal risks associated with regulatory or even contractual aspects. In line with best governance practices, Inter has an area dedicated to managing and monitoring operational risk, with defined policies and controls implemented according to the nature and complexity of the products, services and activities.
7.Fair values of financial instruments
a.Financial instruments – Classification and fair values
Financial Instruments are classified into the following categories:
•Amortized cost;
•Fair value through other comprehensive income (FVOCI); and
•Fair value through profit or loss (FVTPL).
The fair value of a financial asset or liability is measured using one of three approaches below, weighting the levels of the fair value hierarchy as follows:
•Level I – instruments with prices traded in the active market;
•Level II – using financial valuation techniques, weighing data and market variables; and
•Level III – uses meaningful variables that are not based on market data.
The following table sets forth the breakdown of financial assets and liabilities according to the accounting classification. It also shows the carrying amounts and fair values of financial assets and liabilities, including their levels in the fair value hierarchy. It does not include information on the fair value of financial assets and liabilities, when the carrying amount is a reasonable approximation of the fair value.
25

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

| Book value |  | Fair value
| Fair value through profit or loss |  | Fair value through other comprehensive income |  | Amortized cost |  | Total |  | Level 1 |  | Level 2 |  | Level 3 (*) |  | Total
As of September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | — |  |  | 4,297,078 |  |  | 4,297,078 |  |  | — |  |  | — |  |  | — |  |  | — |
Amounts due from financial institutions | — |  |  | — |  |  | 3,474,244 |  |  | 3,474,244 |  |  | — |  |  | — |  |  | — |  |  | — |
Compulsory deposits at Central Bank of Brazil | — |  |  | — |  |  | 2,190,872 |  |  | 2,190,872 |  |  | — |  |  | — |  |  | — |  |  | — |
Securities | 1,069,515 |  |  | 12,704,526 |  |  | 1,134,256 |  |  | 14,908,297 |  |  | 12,228,668 |  |  | 1,545,373 |  |  | — |  |  | 13,774,041 |
Fair value through other comprehensive income - FVOCI | — |  |  | 12,704,526 |  |  | — |  |  | 12,704,526 |  |  | 11,807,593 |  |  | 896,933 |  |  | — |  |  | 12,704,526 |
Financial treasury bills (LFT) | — |  |  | 7,583,071 |  |  | — |  |  | 7,583,071 |  |  | 7,583,071 |  |  | — |  |  | — |  |  | 7,583,071 |
National treasury bills (LTN) | — |  |  | 449,351 |  |  | — |  |  | 449,351 |  |  | 449,351 |  |  | — |  |  | — |  |  | 449,351 |
National treasury notes (NTN) | — |  |  | 3,775,171 |  |  | — |  |  | 3,775,171 |  |  | 3,775,171 |  |  | — |  |  | — |  |  | 3,775,171 |
Debentures | — |  |  | 552,899 |  |  | — |  |  | 552,899 |  |  | — |  |  | 552,899 |  |  | — |  |  | 552,899 |
Certificates of real estate receivables | — |  |  | 148,403 |  |  | — |  |  | 148,403 |  |  | — |  |  | 148,403 |  |  | — |  |  | 148,403 |
Financial bills | — |  |  | 14,989 |  |  | — |  |  | 14,989 |  |  | — |  |  | 14,989 |  |  | — |  |  | 14,989 |
Commercial promissory notes | — |  |  | 180,642 |  |  | — |  |  | 180,642 |  |  | — |  |  | 180,642 |  |  | — |  |  | 180,642 |
Fair value through profit or loss - FVTPL | 1,069,515 |  |  | — |  |  | — |  |  | 1,069,515 |  |  | 421,075 |  |  | 648,440 |  |  | — |  |  | 1,069,515 |
Financial treasury bills (LFT) | 414,967 |  |  | — |  |  | — |  |  | 414,967 |  |  | 414,967 |  |  | — |  |  | — |  |  | 414,967 |
Investment fund quotas | 359,244 |  |  | — |  |  | — |  |  | 359,244 |  |  | 5,516 |  |  | 353,728 |  |  | — |  |  | 359,244 |
Certificates of real estate receivables | 59,217 |  |  | — |  |  | — |  |  | 59,217 |  |  | — |  |  | 59,217 |  |  | — |  |  | 59,217 |
Certificates of agricultural receivables | 70,316 |  |  | — |  |  | — |  |  | 70,316 |  |  | — |  |  | 70,316 |  |  | — |  |  | 70,316 |
Debentures | 119,670 |  |  | — |  |  | — |  |  | 119,670 |  |  | — |  |  | 119,670 |  |  | — |  |  | 119,670 |
Financial bills | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Bank deposit certificates | 22,191 |  |  | — |  |  | — |  |  | 22,191 |  |  | — |  |  | 22,191 |  |  | — |  |  | 22,191 |
Commercial promissory notes | 3,278 |  |  | — |  |  | — |  |  | 3,278 |  |  | — |  |  | 3,278 |  |  | — |  |  | 3,278 |
Agribusiness credit bills (LCA) | 15,892 |  |  | — |  |  | — |  |  | 15,892 |  |  | — |  |  | 15,892 |  |  | — |  |  | 15,892 |
Real estate credit bills (LCI) | 4,309 |  |  | — |  |  | — |  |  | 4,309 |  |  | 161 |  |  | 4,148 |  |  | — |  |  | 4,309 |
Others | 431 |  |  | — |  |  | — |  |  | 431 |  |  | 431 |  |  | — |  |  | — |  |  | 431 |
Amortized cost | — |  |  | — |  |  | 1,134,256 |  |  | 1,134,256 |  |  | — |  |  | — |  |  | — |  |  | — |
Debentures | — |  |  | — |  |  | 45,916 |  |  | 45,916 |  |  | — |  |  | — |  |  | — |  |  | — |
National treasury notes (NTN) | — |  |  | — |  |  | 658,012 |  |  | 658,012 |  |  | — |  |  | — |  |  | — |  |  | — |
Rural product bill | — |  |  | — |  |  | 430,328 |  |  | 430,328 |  |  | — |  |  | — |  |  | — |  |  | — |
Derivative financial assets | — |  |  | — |  |  | 9,389 |  |  | 9,389 |  |  | — |  |  | — |  |  | — |  |  | — |
Loans and advances to customers, net of provisions for expected loss | — |  |  | — |  |  | 25,296,620 |  |  | 25,296,620 |  |  | — |  |  | — |  |  | — |  |  | — |
Other assets | 107,977 |  |  | — |  |  | — |  |  | 107,977 |  |  | — |  |  | — |  |  | 107,977 |  |  | 107,977 |
Total | 1,177,492 |  |  | 12,704,526 |  |  | 36,402,459 |  |  | 50,284,477 |  |  | 12,228,668 |  |  | 1,545,373 |  |  | 107,977 |  |  | 13,882,018 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities with financial institutions | — |  |  | — |  |  | 9,418,245 |  |  | 9,418,245 |  |  | — |  |  | — |  |  | — |  |  | — |
Liabilities with customers | — |  |  | — |  |  | 29,063,988 |  |  | 29,063,988 |  |  | — |  |  | — |  |  | — |  |  | — |
Securities issued | — |  |  | — |  |  | 7,462,565 |  |  | 7,462,565 |  |  | — |  |  | — |  |  | — |  |  | — |
Derivative financial liabilities | 21,059 |  |  | — |  |  | — |  |  | 21,059 |  |  | — |  |  | 21,059 |  |  | — |  |  | 21,059 |
Borrowing and onlending | — |  |  | — |  |  | 87,649 |  |  | 87,649 |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 21,059 |  |  | — |  |  | 46,032,447 |  |  | 46,053,506 |  |  | — |  |  | 21,059 |  |  | — |  |  | 21,059 |

(*) The financial assets classified as “Level III” consists substantially of amounts relating to the variable portion of the sale of 40% of the subsidiary Inter Digital Corretora e Consultoria de Seguros Ltda. (“Inter Seguros”) to Wiz Soluções e Corretagem de Seguros S.A. (“Wiz”) on May 8, 2019. The purchase and sale contract included cash consideration of R$45,000 and contingent consideration based on Inter Seguros’ EBITDA in 2021, 2022, 2023 and 2024.
26

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

| Book value |  | Fair value
| Fair value through profit or loss |  | Fair value through other comprehensive income |  | Amortized cost |  | Total |  | Level 1 |  | Level 2 |  | Level 3 (*) |  | Total
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | — |  |  | 1,331,648 |  |  | 1,331,648 |  |  | — |  |  | — |  |  | — |  |  | — |
Amounts due from financial institutions | — |  |  | — |  |  | 4,258,856 |  |  | 4,258,856 |  |  | — |  |  | — |  |  | — |  |  | — |
Compulsory deposits at Central Bank of Brazil | — |  |  | — |  |  | 2,854,778 |  |  | 2,854,778 |  |  | — |  |  | — |  |  | — |  |  | — |
Securities | 1,458,664 |  |  | 9,699,546 |  |  | 1,290,355 |  |  | 12,448,565 |  |  | 9,545,890 |  |  | 1,612,320 |  |  | — |  |  | 11,158,210 |
Fair value through other comprehensive income - FVOCI | — |  |  | 9,699,546 |  |  | — |  |  | 9,699,546 |  |  | 9,112,343 |  |  | 587,203 |  |  | — |  |  | 9,699,546 |
Financial treasury bills (LFT) | — |  |  | 4,652,445 |  |  | — |  |  | 4,652,445 |  |  | 4,652,445 |  |  | — |  |  | — |  |  | 4,652,445 |
National treasury bills (LTN) | — |  |  | 589,496 |  |  | — |  |  | 589,496 |  |  | 589,496 |  |  | — |  |  | — |  |  | 589,496 |
National treasury notes (NTN) | — |  |  | 3,541,780 |  |  | — |  |  | 3,541,780 |  |  | 3,541,780 |  |  | — |  |  | — |  |  | 3,541,780 |
Debentures | — |  |  | 684,153 |  |  | — |  |  | 684,153 |  |  | 328,622 |  |  | 355,531 |  |  | — |  |  | 684,153 |
Certificates of real estate receivables | — |  |  | 203,350 |  |  | — |  |  | 203,350 |  |  | — |  |  | 203,350 |  |  | — |  |  | 203,350 |
Financial bills | — |  |  | 5,771 |  |  | — |  |  | 5,771 |  |  | — |  |  | 5,771 |  |  | — |  |  | 5,771 |
Commercial promissory notes | — |  |  | 22,551 |  |  | — |  |  | 22,551 |  |  | — |  |  | 22,551 |  |  | — |  |  | 22,551 |
Fair value through profit or loss - FVTPL | 1,458,664 |  |  | — |  |  | — |  |  | 1,458,664 |  |  | 433,547 |  |  | 1,025,117 |  |  | — |  |  | 1,458,664 |
Financial treasury bills (LFT) | 37,131 |  |  | — |  |  | — |  |  | 37,131 |  |  | 37,131 |  |  | — |  |  | — |  |  | 37,131 |
Investment fund quotas | 529,903 |  |  | — |  |  | — |  |  | 529,903 |  |  | 341,185 |  |  | 188,718 |  |  | — |  |  | 529,903 |
Certificates of real estate receivables | 44,453 |  |  | — |  |  | — |  |  | 44,453 |  |  | — |  |  | 44,453 |  |  | — |  |  | 44,453 |
Certificates of agricultural receivables | 237,750 |  |  | — |  |  | — |  |  | 237,750 |  |  | — |  |  | 237,750 |  |  | — |  |  | 237,750 |
Debentures | 435,755 |  |  | — |  |  | — |  |  | 435,755 |  |  | 51,099 |  |  | 384,656 |  |  | — |  |  | 435,755 |
Financial bills | 101,467 |  |  | — |  |  | — |  |  | 101,467 |  |  | — |  |  | 101,467 |  |  | — |  |  | 101,467 |
Bank deposit certificates | 44,638 |  |  | — |  |  | — |  |  | 44,638 |  |  | 3,523 |  |  | 41,115 |  |  | — |  |  | 44,638 |
Commercial promissory notes | 5,157 |  |  | — |  |  | — |  |  | 5,157 |  |  | — |  |  | 5,157 |  |  | — |  |  | 5,157 |
Agribusiness credit bills (LCA) | 20,413 |  |  | — |  |  | — |  |  | 20,413 |  |  | — |  |  | 20,413 |  |  | — |  |  | 20,413 |
Real estate credit bills (LCI) | 1,613 |  |  | — |  |  | — |  |  | 1,613 |  |  | 225 |  |  | 1,388 |  |  | — |  |  | 1,613 |
Others | 384 |  |  | — |  |  | — |  |  | 384 |  |  | 384 |  |  | — |  |  | — |  |  | 384 |
Amortized cost | — |  |  | — |  |  | 1,290,355 |  |  | 1,290,355 |  |  | — |  |  | — |  |  | — |  |  | — |
Debentures | — |  |  | — |  |  | 112,914 |  |  | 112,914 |  |  | — |  |  | — |  |  | — |  |  | — |
National treasury notes (NTN) | — |  |  | — |  |  | 645,373 |  |  | 645,373 |  |  | — |  |  | — |  |  | — |  |  | — |
Rural product bill | — |  |  | — |  |  | 532,068 |  |  | 532,068 |  |  | — |  |  | — |  |  | — |  |  | — |
Loans and advances to customers, net of provisions for expected loss | — |  |  | — |  |  | 21,379,916 |  |  | 21,379,916 |  |  | — |  |  | — |  |  | — |  |  | — |
Other assets | 87,318 |  |  | — |  |  | — |  |  | 87,318 |  |  | — |  |  | — |  |  | 87,318 |  |  | 87,318 |
Total | 1,545,982 |  |  | 9,699,546 |  |  | 31,115,553 |  |  | 42,361,081 |  |  | 9,545,890 |  |  | 1,612,320 |  |  | 87,318 |  |  | 11,245,528 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities with financial institutions | — |  |  | — |  |  | 7,906,897 |  |  | 7,906,897 |  |  | — |  |  | — |  |  | — |  |  | — |
Liabilities with customers | — |  |  | — |  |  | 23,642,804 |  |  | 23,642,804 |  |  | — |  |  | — |  |  | — |  |  | — |
Securities issued | — |  |  | — |  |  | 6,202,165 |  |  | 6,202,165 |  |  | — |  |  | — |  |  | — |  |  | — |
Derivative financial liabilities | 37,768 |  |  | — |  |  | — |  |  | 37,768 |  |  | — |  |  | 37,768 |  |  | — |  |  | 37,768 |
Borrowing and onlending | — |  |  | — |  |  | 36,448 |  |  | 36,448 |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 37,768 |  |  | — |  |  | 37,788,314 |  |  | 37,826,082 |  |  | — |  |  | 37,768 |  |  | — |  |  | 37,768 |

(*) The financial assets classified as “Level III” consists substantially of amounts relating to the variable portion of the sale of 40% of the subsidiary Inter Digital Corretora e Consultoria de Seguros Ltda. (“Inter Seguros”) to Wiz Soluções e Corretagem de Seguros S.A. (“Wiz”) on May 8, 2019. The purchase and sale contract included cash consideration of R$45,000 and contingent consideration based on Inter Seguros’ EBITDA in 2021, 2022, 2023 and 2024.
27

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

The methodology used for the measurement of financial assets and liabilities classified as “Level II” (derivative financial instruments and securities) is the discounted present value technique, using the market rates disclosed by ANBIMA - “Brazilian Association of Financial and Capital Market Entities”, IBGE – “Brazilian Institute of Geography and Statistics” and B3.
During the period ended September 30, 2023 and December 31, 2022, there were no changes in the measurement method of financial assets and liabilities that entailed reclassification of financial assets and liabilities among the different levels of the fair value hierarchy.
8.Cash and cash equivalents

|  | 09/30/2023 |  | 12/31/2022
Cash and cash equivalents in national currency |  | 558,278 |  |  | 388,622 |
Cash and cash equivalents in foreign currency |  | 570,838 |  |  | 223,528 |
Reverse repurchase agreements (a) |  | 3,167,962 |  |  | 719,498 |
Total |  | 4,297,078 |  |  | 1,331,648 |

(a) Refers to operations (substantially interbank deposit investments) whose maturity, on the investment date, was equal to or less than 90 days and present an insignificant risk of change in fair value.
9.Amounts due from financial institutions
a.Breakdown of amounts due from financial institutions:

|  | 09/30/2023 |  | 12/31/2022
Interbank deposit investments |  | 2,126,047 |  |  | 2,383,526 |
Interbank onlending |  | 134,486 |  |  | 31,805 |
Loans to financial institutions |  | 1,215,142 |  |  | 1,845,665 |
Expected loss |  | (1,431) |  |  | (2,140) |
Total |  | 3,474,244 |  |  | 4,258,856 |

10.Securities
a.Breakdown of securities:

|  | 09/30/2023 |  | 12/31/2022
Fair value through other comprehensive income - FVOCI |  |  |  |
Financial treasury bills (LFT) |  | 7,583,071 |  |  | 4,652,445 |
National treasury notes (NTN) |  | 3,775,171 |  |  | 3,541,780 |
Debentures |  | 552,899 |  |  | 684,153 |
National treasury bills (LTN) |  | 449,351 |  |  | 589,496 |
Commercial promissory notes |  | 180,642 |  |  | 22,551 |
Certificates of real estate receivables |  | 148,403 |  |  | 203,350 |
Certificates of agricultural receivables |  | 14,989 |  |  | — |
Financial bills |  | — |  |  | 5,771 |
Subtotal |  | 12,704,526 |  |  | 9,699,546 |

28

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

|  | 09/30/2023 |  | 12/31/2022
Amortized cost |  |  |  |
National treasury notes (NTN) |  | 658,012 |  |  | 645,373 |
Rural product bill |  | 430,328 |  |  | 532,068 |
Debentures |  | 45,916 |  |  | 112,914 |
Subtotal |  | 1,134,256 |  |  | 1,290,355 |
Fair value through profit or loss - FVTPL |  |  |  |
Financial treasury bills (LFT) |  | 414,967 |  |  | 37,131 |
Investment fund quotas |  | 359,244 |  |  | 529,903 |
Debentures |  | 119,670 |  |  | 435,755 |
Certificates of agricultural receivables |  | 70,316 |  |  | 237,750 |
Certificates of real estate receivables |  | 59,217 |  |  | 44,453 |
Bank deposit certificates |  | 22,191 |  |  | 44,638 |
Agribusiness credit bills (LCA) |  | 15,892 |  |  | 20,413 |
Real estate credit bills (LCI) |  | 4,309 |  |  | 1,613 |
Commercial promissory notes |  | 3,278 |  |  | 5,157 |
National treasury notes (NTN) |  | 431 |  |  | 384 |
Financial bills |  | — |  |  | 101,467 |
Subtotal |  | 1,069,515 |  |  | 1,458,664 |
Total |  | 14,908,297 |  |  | 12,448,565 |

b.Breakdown of the carrying amount of securities by maturity, net of losses

| 09/30/2023 |  | 12/31/2022
| Up to 3 months |  | 3 months to 1 year |  | 1 year to 3 years |  | From 3 to 5 years |  | Above 5 years |  | Accounting balance |  | Accounting balance
Fair value through other comprehensive income - FVOCI | 4,965 |  |  | 3,892 |  |  | 1,088,576 |  |  | 4,132,727 |  |  | 7,474,366 |  |  | 12,704,526 |  |  | 9,699,546 |
Financial treasury bills (LFT) | — |  |  | — |  |  | 432,322 |  |  | 2,415,725 |  |  | 4,735,024 |  |  | 7,583,071 |  |  | 4,652,445 |
National treasury notes (NTN) | — |  |  | — |  |  | 177,934 |  |  | 1,227,104 |  |  | 2,370,133 |  |  | 3,775,171 |  |  | 3,541,780 |
Debentures | 4,965 |  |  | 3,892 |  |  | 63,175 |  |  | 249,490 |  |  | 231,377 |  |  | 552,899 |  |  | 684,153 |
National treasury bills (LTN) | — |  |  | — |  |  | 261,622 |  |  | 187,729 |  |  | — |  |  | 449,351 |  |  | 589,496 |
Commercial promissory notes | — |  |  | — |  |  | 153,523 |  |  | 27,119 |  |  | — |  |  | 180,642 |  |  | 22,551 |
Certificates of real estate receivables | — |  |  | — |  |  | — |  |  | 10,571 |  |  | 137,832 |  |  | 148,403 |  |  | 203,350 |
Certificates of agricultural receivables | — |  |  | — |  |  | — |  |  | 14,989 |  |  | — |  |  | 14,989 |  |  | — |
Financial bills | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,771 |
Amortized cost | 110,766 |  |  | 136,594 |  |  | 202,382 |  |  | 16,221 |  |  | 668,293 |  |  | 1,134,256 |  |  | 1,290,355 |
National treasury notes (NTN) | — |  |  | — |  |  | — |  |  | — |  |  | 658,012 |  |  | 658,012 |  |  | 645,373 |
Rural product bill | 110,766 |  |  | 111,871 |  |  | 181,189 |  |  | 16,221 |  |  | 10,281 |  |  | 430,328 |  |  | 532,068 |
Debentures | — |  |  | 24,723 |  |  | 21,193 |  |  | — |  |  | — |  |  | 45,916 |  |  | 112,914 |
Fair value through profit or loss - FVTPL | 362,679 |  |  | 32,013 |  |  | 370,646 |  |  | 180,018 |  |  | 124,159 |  |  | 1,069,515 |  |  | 1,458,664 |
Financial treasury bills (LFT) | — |  |  | 14,068 |  |  | 307,862 |  |  | 84,982 |  |  | 8,055 |  |  | 414,967 |  |  | 37,131 |
Investment fund quotas | 359,244 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 359,244 |  |  | 529,903 |
Debentures | 1,376 |  |  | 11,432 |  |  | 25,485 |  |  | 31,270 |  |  | 50,107 |  |  | 119,670 |  |  | 435,755 |
Certificates of agricultural receivables | 26 |  |  | 11 |  |  | 2,465 |  |  | 42,465 |  |  | 25,349 |  |  | 70,316 |  |  | 237,750 |
Certificates of real estate receivables | 17 |  |  | 23 |  |  | 7,072 |  |  | 11,945 |  |  | 40,160 |  |  | 59,217 |  |  | 44,453 |
Bank deposit certificates | 1,367 |  |  | 3,457 |  |  | 12,189 |  |  | 5,123 |  |  | 55 |  |  | 22,191 |  |  | 44,638 |
Agribusiness credit bills (LCA) | 294 |  |  | 2,384 |  |  | 9,967 |  |  | 3,245 |  |  | 2 |  |  | 15,892 |  |  | 20,413 |
Real estate credit bills (LCI) | 355 |  |  | 638 |  |  | 2,328 |  |  | 988 |  |  | — |  |  | 4,309 |  |  | 1,613 |
Commercial promissory notes | — |  |  | — |  |  | 3,278 |  |  | — |  |  | — |  |  | 3,278 |  |  | 5,157 |
National treasury notes (NTN) | — |  |  | — |  |  | — |  |  | — |  |  | 431 |  |  | 431 |  |  | 384 |
Financial bills | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 101,467 |
Total | 478,410 |  |  | 172,499 |  |  | 1,661,604 |  |  | 4,328,966 |  |  | 8,266,818 |  |  | 14,908,297 |  |  | 12,448,565 |

29

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

11.Derivative financial instruments
Inter engages in operations involving financial derivative instruments in the institution's risk management, as well as to meet the demands of its customers. These operations involve swaps, indices, and terms derivatives.
a.Derivative financial instruments – adjustment to market value by maturity

| Notional |  | Fair value |  | Up to 3 months |  | 3 months to 1 year |  | 1 year to 3 years |  | Above 3 years |  | 09/30/2023 |  | 12/31/2022
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward derivatives | 16,833 |  |  | 9,389 |  |  | 7,499 |  |  | 1,890 |  |  | — |  |  | — |  |  | 9,389 |  |  | — |
Total assets | 16,833 |  |  | 9,389 |  |  | 7,499 |  |  | 1,890 |  |  | — |  |  | — |  |  | 9,389 |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swap derivatives | 52,000 |  |  | (17,395) |  |  | (3,969) |  |  | (5,248) |  |  | (8,177) |  |  | — |  |  | (17,394) |  |  | (37,502) |
Forward derivatives | 16,703 |  |  | (3,664) |  |  | (3,497) |  |  | (168) |  |  | — |  |  | — |  |  | (3,665) |  |  | (266) |
Future derivatives | 5,349,550 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total liabilities | 5,418,253 |  |  | (21,059) |  |  | (7,466) |  | — |  | (5,416) |  |  | (8,177) |  |  | — |  |  | (21,059) |  |  | (37,768) |
Net effect | 5,435,086 |  |  | (11,670) |  |  | 33 |  |  | (3,526) |  |  | (8,177) |  |  | — |  |  | (11,670) |  |  | (37,768) |

b.Forward, future and swap contracts – notional value
Below is the reference value of all derivatives by maturity:

| Up to 3 months |  | 3 months to 1 year |  | 1 year to 3 years |  | Above 3 years |  | 09/30/2023 |  | 12/31/2022
Long position | 15,651 |  |  | 5,887 |  |  | — |  |  | — |  |  | 21,538 |  |  | 10,314 |
Forward derivatives | 15,651 |  |  | 5,887 |  |  | — |  |  | — |  |  | 21,538 |  |  | — |
Future derivatives | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,314 |
Short position | 699,646 |  |  | 972,771 |  |  | 1,754,628 |  |  | 1,986,503 |  |  | 5,413,548 |  |  | 681,478 |
Swap derivatives | 11,500 |  |  | 16,000 |  |  | 24,500 |  |  | — |  |  | 52,000 |  |  | 78,000 |
Forward derivatives | 9,895 |  |  | 2,103 |  |  | — |  |  | — |  |  | 11,998 |  |  | — |
Future derivatives | 678,251 |  |  | 954,668 |  |  | 1,730,128 |  |  | 1,986,503 |  |  | 5,349,550 |  |  | 603,478 |
Total | 715,297 |  |  | 978,658 |  |  | 1,754,628 |  |  | 1,986,503 |  |  | 5,435,086 |  |  | 691,792 |

The reference values of these operations are recorded in memorandum accounts.
Swap derivatives: The swaps were carried out with the purpose of mitigating the market risk associated with the mismatch between the indexes of the mortgage loan portfolio and the indexes of the funding portfolio. As of September 30, 2023, Inter had swap contracts active in CDI and liabilities in IGP-M, registered at B3, with deposit of guarantee margin and recognized at their fair value in income for the period.
Forward derivatives: Forward derivatives were carried out both to mitigate the market risks arising from Inter's exposure and to meet specific customer demands. Forward derivatives consider the purchase or sale of a certain asset based on a previously agreed price, with settlement at a future date.
Futures derivatives: Futures derivatives were entered into with the aim of mitigating (i) the risks arising from exposures linked to the exchange rate, including investments abroad, as well as (ii) the risks arising from the mismatch of interest rates on asset positions and funding rates.
Transactions involving derivative financial instruments (futures, currency forwards and swaps) are held in custody at B3 S.A.
30

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

c.Accounting hedge - market value

|  | 09/30/2023 |  | 12/31/2022
Hedge instruments |  | 3,832,167 |  |  | 133,789 |
Future DI (a) |  | 2,924,261 |  |  | — |
IPCA (c) |  | 594.634 |  |  |
Future dollar (b) |  | 225,342 |  |  | — |
Swap (c) |  | 87,930 |  |  | 133,789 |
Hedge object |  | 3,879,275 |  |  | 132,981 |
Loans (a) |  | 2,917,451 |  |  | — |
Investment abroad (b) |  | 279,700 |  |  | — |
Real estate loans (c) |  | 682,124 |  |  | 132,981 |

(a) Refers to loan portfolios, including advance FGTS withdrawals and payroll loans;
(b) Used to protect investments in subsidiaries abroad.
(c) Refers to the real estate loan portfolio
12.Loans and advances to customers
a.Breakdown of balance

| 09/30/2023 |  | 12/31/2022
Credit card | 8,650,139 |  |  | 31.99 | % |  | 6,870,564 |  |  | 30.27 | %
Real estate loans | 7,527,810 |  |  | 27.84 | % |  | 6,251,812 |  |  | 27.54 | %
Personal loans | 6,663,058 |  |  | 24.64 | % |  | 5,463,783 |  |  | 24.07 | %
Business loans | 3,438,526 |  |  | 12.71 | % |  | 3,392,500 |  |  | 14.95 | %
Agribusiness loans | 764,068 |  |  | 2.82 | % |  | 719,669 |  |  | 3.17 | %
Total | 27,043,601 |  |  | 100.00 | % |  | 22,698,328 |  |  | 100.00 | %
Provision for expected loss (a) | (1,746,981) |  |  |  |  | (1,318,412) |  |  |
Net balance | 25,296,620 |  |  |  |  | 21,379,916 |  |  |

(a) Includes provision for expected losses on loan commitment operations.
b.Concentration of the portfolio

| 09/30/2023 |  | 12/31/2022
| Balance |  | % on Loans and advances to customers |  | Balance |  | % on Loans and advances to customers
Largest debtor | 301,360 |  |  | 1.11 | % |  | 344,660 |  |  | 1.52 | %
10 largest debtors | 1,249,598 |  |  | 4.62 | % |  | 1,431,237 |  |  | 6.31 | %
20 largest debtors | 1,774,703 |  |  | 6.56 | % |  | 1,980,249 |  |  | 8.72 | %
50 largest debtors | 2,725,247 |  |  | 10.08 | % |  | 2,734,599 |  |  | 12.05 | %
100 largest debtors | 3,609,197 |  |  | 13.35 | % |  | 3,758,241 |  |  | 16.56 | %

31

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

c.Breakdown by maturity

|  | 09/30/2023 |  | 12/31/2022
Overdue by 1 day or more |  | 3,272,155 |  |  | 2,817,985 |
To fall due in up to 3 months |  | 3,693,838 |  |  | 3,381,978 |
To fall due between 3 to 12 months |  | 6,910,440 |  |  | 5,916,020 |
To fall due in more than 12 months |  | 13,167,168 |  |  | 10,582,345 |
Total |  | 27,043,601 |  |  | 22,698,328 |

d.Concentration by economic sector

|  | 09/30/2023 |  | 12/31/2022
Financial activities |  | 1,715,974 |  |  | 2,427,341 |
Construction |  | 1,699,388 |  |  | 1,392,607 |
Industries |  | 1,307,863 |  |  | 1,359,184 |
Administrative activities |  | 1,250,998 |  |  | 893,914 |
Trade |  | 1,201,380 |  |  | 1,041,875 |
Agriculture |  | 134,652 |  |  | 178,403 |
Other segments |  | 1,380,087 |  |  | 1,781,575 |
Business clients |  | 8,690,342 |  |  | 9,074,899 |
Individual clients |  | 18,353,259 |  |  | 13,623,429 |
Total |  | 27,043,601 |  |  | 22,698,328 |

32

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

e.Analysis of changes in loans and advances to customers by stage:

Stage 1 |  | Opening balance at 01/01/2023 |  | Transfer to Stage 2 |  | Transfer to Stage 3 |  | Transfer from Stage 2 |  | Transfer from Stage 3 |  | Settled contracts |  | Write-off for loss |  | Origination / (Receipt) |  | Ending balance at 09/30/2023 |  | Ending balance at 12/31/2022
Credit card |  | 5,893,995 |  |  | (742,022) |  |  | (172) |  |  | 66,526 |  |  | 82 |  |  | (2,434,809) |  |  | — |  |  | 4,551,359 |  |  | 7,334,959 |  |  | 5,893,995 |
Real estate loans |  | 5,843,066 |  |  | (991,857) |  |  | (254) |  |  | 575,345 |  |  | 63,552 |  |  | (514,602) |  |  | — |  |  | 1,957,676 |  |  | 6,932,926 |  |  | 5,843,066 |
Personal loans |  | 4,941,344 |  |  | (211,050) |  |  | — |  |  | 36,963 |  |  | 1,750 |  |  | (557,608) |  |  | — |  |  | 1,801,187 |  |  | 6,012,586 |  |  | 4,941,344 |
Business loans |  | 3,378,982 |  |  | (44,973) |  |  | — |  |  | 23,158 |  |  | — |  |  | (5,847,002) |  |  | — |  |  | 5,907,390 |  |  | 3,417,555 |  |  | 3,378,982 |
Agribusiness loans |  | 718,115 |  |  | (5,191) |  |  | — |  |  | — |  |  | — |  |  | (399,314) |  |  | — |  |  | 447,100 |  |  | 760,710 |  |  | 718,115 |
Total |  | 20,775,502 |  |  | (1,995,093) |  |  | (426) |  |  | 701,992 |  |  | 65,384 |  |  | (9,753,335) |  |  | — |  |  | 14,664,712 |  |  | 24,458,736 |  |  | 20,775,502 |
Stage 2 |  | Opening balance at 01/01/2023 |  | Transfer to Stage 1 |  | Transfer to Stage 3 |  | Transfer from Stage 1 |  | Transfer from Stage 3 |  | Settled contracts |  | Write-off for loss |  | Origination / (Receipt) |  | Ending balance at 09/30/2023 |  | Ending balance at 12/31/2022
Credit card |  | 335,422 |  |  | (66,526) |  |  | (1,130,714) |  |  | 742,022 |  |  | — |  |  | (988,714) |  |  | — |  |  | 1,537,806 |  |  | 429,296 |  |  | 335,422 |
Real estate loans |  | 280,633 |  |  | (575,345) |  |  | (357,015) |  |  | 991,857 |  |  | 173,535 |  |  | (34,350) |  |  | — |  |  | (12,358) |  |  | 466,957 |  |  | 280,633 |
Personal loans |  | 290,510 |  |  | (36,963) |  |  | (285,709) |  |  | 211,050 |  |  | 7,736 |  |  | (171,955) |  |  | — |  |  | 338,448 |  |  | 353,117 |  |  | 290,510 |
Business loans |  | 10,476 |  |  | (23,158) |  |  | (22,797) |  |  | 44,973 |  |  | 347 |  |  | (1,725) |  |  | — |  |  | (1,727) |  |  | 6,389 |  |  | 10,476 |
Agribusiness loans |  | — |  |  | — |  |  | — |  |  | 5,191 |  |  | — |  |  | (1,712) |  |  | — |  |  | (121) |  |  | 3,358 |  |  | — |
Total |  | 917,041 |  |  | (701,992) |  |  | (1,796,235) |  |  | 1,995,093 |  |  | 181,618 |  |  | (1,198,456) |  |  | — |  |  | 1,862,048 |  |  | 1,259,117 |  |  | 917,041 |
Stage 3 |  | Opening balance at 01/01/2023 |  | Transfer to Stage 1 |  | Transfer to Stage 2 |  | Transfer from Stage 1 |  | Transfer from Stage 2 |  | Settled contracts |  | Write-off for loss |  | Origination / (Receipt) |  | Ending balance at 09/30/2023 |  | Ending balance at 12/31/2022
Credit card |  | 641,147 |  |  | (82) |  |  | — |  |  | 172 |  |  | 1,130,714 |  |  | (250,876) |  |  | (655,521) |  |  | 20,330 |  |  | 885,884 |  |  | 641,147 |
Real estate loans |  | 128,113 |  |  | (63,552) |  |  | (173,535) |  |  | 254 |  |  | 357,015 |  |  | (98,849) |  |  | (18,318) |  |  | (3,201) |  |  | 127,927 |  |  | 128,113 |
Personal loans |  | 231,929 |  |  | (1,750) |  |  | (7,736) |  |  | — |  |  | 285,709 |  |  | (90,515) |  |  | (134,966) |  |  | 14,684 |  |  | 297,355 |  |  | 231,929 |
Business loans |  | 3,042 |  |  | — |  |  | (347) |  |  | — |  |  | 22,797 |  |  | (809) |  |  | (2,726) |  |  | (7,375) |  |  | 14,582 |  |  | 3,042 |
Agribusiness loans |  | 1,554 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,554) |  |  | — |  |  | — |  |  | 1,554 |
Total |  | 1,005,785 |  |  | (65,384) |  |  | (181,618) |  |  | 426 |  |  | 1,796,235 |  |  | (441,049) |  |  | (813,085) |  |  | 24,438 |  |  | 1,325,748 |  |  | 1,005,785 |
Consolidated |  |  |  |  |  |  |  |  |  | Opening balance at 01/01/2023 |  | Settled contracts |  | Write-off for loss |  | Origination / (Receipt) |  | Ending balance at 09/30/2023 |  | Ending balance at 12/31/2022
Credit card |  |  |  |  |  |  |  |  |  | 6,870,564 |  |  | (3,674,399) |  |  | (655,521) |  |  | 6,109,495 |  |  | 8,650,139 |  |  | 6,870,564 |
Real estate loans |  |  |  |  |  |  |  |  |  | 6,251,812 |  |  | (647,801) |  |  | (18,318) |  |  | 1,942,117 |  |  | 7,527,810 |  |  | 6,251,812 |
Personal loans |  |  |  |  |  |  |  |  |  | 5,463,783 |  |  | (820,078) |  |  | (134,966) |  |  | 2,154,319 |  |  | 6,663,058 |  |  | 5,463,783 |
Business loans |  |  |  |  |  |  |  |  |  | 3,392,500 |  |  | (5,849,536) |  |  | (2,726) |  |  | 5,898,288 |  |  | 3,438,526 |  |  | 3,392,500 |
Agribusiness loans |  |  |  |  |  |  |  |  |  | 719,669 |  |  | (401,026) |  |  | (1,554) |  |  | 446,979 |  |  | 764,068 |  |  | 719,669 |
Total |  |  |  |  |  |  |  |  |  | 22,698,328 |  |  | (11,392,840) |  |  | (813,085) |  |  | 16,551,198 |  |  | 27,043,601 |  |  | 22,698,328 |

33

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

f.Analysis of changes in expected losses by stage

Stage 1 |  | Opening balance at 01/01/2023 |  | Transfer to Stage 2 |  | Transfer to Stage 3 |  | Transfer from Stage 2 |  | Transfer from Stage 3 |  | Write-off for loss |  | Constitution/ (Reversal) |  | Ending balance at 09/30/2023 |  | Ending balance at 12/31/2022
Credit card |  | 296,909 |  |  | (243,134) |  |  | (52) |  |  | 21,446 |  |  | 53 |  |  | — |  |  | 289,193 |  |  | 364,415 |  |  | 296,909 |
Real estate loans |  | 66,484 |  |  | (65,723) |  |  | (50) |  |  | 25,679 |  |  | 7,554 |  |  | — |  |  | 7,978 |  |  | 41,922 |  |  | 66,484 |
Personal loans |  | 98,516 |  |  | (43,021) |  |  | — |  |  | 2,311 |  |  | 864 |  |  | — |  |  | 16,910 |  |  | 75,580 |  |  | 98,516 |
Business loans |  | 12,099 |  |  | (2,080) |  |  | — |  |  | 131 |  |  | — |  |  | — |  |  | 2,153 |  |  | 12,303 |  |  | 12,099 |
Agribusiness loans |  | 11,606 |  |  | (677) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 603 |  |  | 11,532 |  |  | 11,606 |
|  | 485,614 |  |  | (354,635) |  |  | (102) |  |  | 49,567 |  |  | 8,471 |  |  | — |  |  | 316,837 |  |  | 505,752 |  |  | 485,614 |
Stage 2 |  | Opening balance at 01/01/2023 |  | Transfer to Stage 1 |  | Transfer to Stage 3 |  | Transfer from Stage 1 |  | Transfer from Stage 3 |  | Write-off for loss |  | Constitution/ (Reversal) |  | Ending balance at 09/30/2023 |  | Ending balance at 12/31/2022
Credit card |  | 174,466 |  |  | (21,446) |  |  | (705,634) |  |  | 243,134 |  |  | — |  |  | — |  |  | 538,650 |  |  | 229,170 |  |  | 174,466 |
Real estate loans |  | 16,939 |  |  | (25,679) |  |  | (52,921) |  |  | 65,723 |  |  | 14,621 |  |  | — |  |  | 15,511 |  |  | 34,194 |  |  | 16,939 |
Personal loans |  | 90,088 |  |  | (2,311) |  |  | (143,397) |  |  | 43,021 |  |  | 2,183 |  |  | — |  |  | 106,343 |  |  | 95,927 |  |  | 90,088 |
Business loans |  | 899 |  |  | (131) |  |  | (3,317) |  |  | 2,080 |  |  | 31 |  |  | — |  |  | 1,348 |  |  | 910 |  |  | 899 |
Agribusiness loans |  | — |  |  | — |  |  | — |  |  | 677 |  |  | — |  |  | — |  |  | (7) |  |  | 670 |  |  | — |
|  | 282,392 |  |  | (49,567) |  |  | (905,269) |  |  | 354,635 |  |  | 16,835 |  |  | — |  |  | 661,845 |  |  | 360,871 |  |  | 282,392 |
Stage 3 |  | Opening balance at 01/01/2023 |  | Transfer to Stage 1 |  | Transfer to Stage 2 |  | Transfer from Stage 1 |  | Transfer from Stage 2 |  | Write-off for loss |  | Constitution/ (Reversal) |  | Ending balance at 09/30/2023 |  | Ending balance at 12/31/2022
Credit card |  | 402,826 |  |  | (53) |  |  | — |  |  | 52 |  |  | 705,634 |  |  | (655,521) |  |  | 173,022 |  |  | 625,960 |  |  | 402,826 |
Real estate loans |  | 19,127 |  |  | (7,554) |  |  | (14,621) |  |  | 50 |  |  | 52,921 |  |  | (18,318) |  |  | 11,926 |  |  | 43,531 |  |  | 19,127 |
Personal loans |  | 127,149 |  |  | (864) |  |  | (2,183) |  |  | — |  |  | 143,397 |  |  | (134,966) |  |  | 75,509 |  |  | 208,042 |  |  | 127,149 |
Business loans |  | 328 |  |  | — |  |  | (31) |  |  | — |  |  | 3,317 |  |  | (2,726) |  |  | 1,937 |  |  | 2,825 |  |  | 328 |
Agribusiness loans |  | 976 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,554) |  |  | 578 |  |  | — |  |  | 976 |
|  | 550,406 |  |  | (8,471) |  |  | (16,835) |  |  | 102 |  |  | 905,269 |  |  | (813,085) |  |  | 262,972 |  |  | 880,358 |  |  | 550,406 |
Consolidated |  |  |  |  |  |  |  |  |  | Opening balance at 01/01/2023 |  | Write-off for loss |  | Constitution/ (Reversal) |  | Ending balance at 9/30/2023 |  | Ending balance at 12/31/2022
Credit card |  |  |  |  |  |  |  |  |  | 874,201 |  |  | (655,521) |  |  | 1,000,865 |  |  | 1,219,545 |  |  | 874,201 |
Real estate loans |  |  |  |  |  |  |  |  |  | 102,550 |  |  | (18,318) |  |  | 35,415 |  |  | 119,647 |  |  | 102,550 |
Personal loans |  |  |  |  |  |  |  |  |  | 315,753 |  |  | (134,966) |  |  | 198,762 |  |  | 379,549 |  |  | 315,753 |
Business loans |  |  |  |  |  |  |  |  |  | 13,326 |  |  | (2,726) |  |  | 5,438 |  |  | 16,038 |  |  | 13,326 |
Agribusiness loans |  |  |  |  |  |  |  |  |  | 12,582 |  |  | (1,554) |  |  | 1,174 |  |  | 12,202 |  |  | 12,582 |
|  |  |  |  |  |  |  |  |  | 1,318,412 |  |  | (813,085) |  |  | 1,241,654 |  |  | 1,746,981 |  |  | 1,318,412 |

34

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

13.Non-current assets held for sale
The balance of non-current assets held for sale comprises assets originally received as collateral for loans and advances to customers, which were repossessed. The amount of real state on September 30, 2023 was R$ 169,347 (December 31, 2022: R$ 166,943).
14.Equity accounted investees
a.Equity:

|  | % in share capital |  | Equity accounted investees
Investees |  | 09/30/2023 |  | 12/31/2022 |  | 09/30/2023 |  | 12/31/2022
Granito Soluções em Pagamento S.A. (a) |  | 50.0 | % |  | 45.0 | % |  | 60,589 |  |  | 62,582 |
Total |  |  |  |  |  | 60,589 |  |  | 62,582 |
Other investments |  |  |  |  |  | 11,295 |  |  | 9,508 |
Total |  |  |  |  |  | 71,884 |  |  | 72,090 |

(a) On May 4, 2023, Banco Inter S.A. concluded the acquisition of another 5% of the share capital of Granito Instituição de Pagamento S.A. (“Granito”), held by minority shareholders, for the amount of R$ 10 million (“Acquisition”). Equity effects were accounted for using the equity method, with no effect on goodwill. Additionally, the disbursed amounts had an effect on Inter's cash.
b.Income from equity interests in associates:

|  | Three-month period |  | Nine-month period
Investees |  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022
Granito Soluções em Pagamento S.A. |  | (4,071) |  |  | (3,892) |  |  | (30,597) |  |  | (13,954) |
Total |  | (4,071) |  |  | (3,892) |  |  | (30,597) |  |  | (13,954) |

15.Property and equipment
a.Breakdown of property and equipment:

|  |  | 09/30/2023
| Annual depreciation rate |  | Historical cost |  | Accumulated depreciation |  | Book value
Right-of-use assets - buildings and equipment | 4% to 10% |  | 125,176 |  |  | (9,007) |  |  | 116,169 |
Buildings | 4% |  | 38,435 |  |  | (29,776) |  |  | 8,659 |
Furniture and equipment | 10% |  | 33,987 |  |  | (2,658) |  |  | 31,329 |
Data processing systems | 20% |  | 16,015 |  |  | (475) |  |  | 15,540 |
Construction in progress | — |  | 1,980 |  |  | — |  |  | 1,980 |
Total |  |  | 215,593 |  |  | (41,916) |  |  | 173,677 |

|  |  | 12/31/2022
| Annual depreciation rate |  | Historical cost |  | Accumulated depreciation |  | Book value
Right-of-use assets - buildings and equipment | 4% to 10% |  | 144,387 |  |  | (7,616) |  |  | 136,771 |
Buildings | 4% |  | 37,446 |  |  | (25,149) |  |  | 12,297 |
Furniture and equipment | 10% |  | 23,601 |  |  | (2,069) |  |  | 21,532 |
Data processing systems | 20% |  | 15,636 |  |  | (11) |  |  | 15,625 |
Construction in progress | — |  | 1,794 |  |  | — |  |  | 1,794 |
Total |  |  | 222,864 |  |  | (34,845) |  |  | 188,019 |

35

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

b.Changes in property and equipment:

|  | Balance at 12/31/2022 |  | Addition |  |  |  | Transfer |  | Write-offs |  | Exchange rate changes |  | Balance at 09/30/2023
Historical cost |  |  |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use assets - buildings and equipment |  | 144,387 |  |  | — |  |  |  |  | — |  |  | (19,211) |  |  | — |  |  | 125,176 |
Buildings |  | 37,446 |  |  | 978 |  |  |  |  | 11 |  |  | — |  |  | — |  |  | 38,435 |
Furniture and equipment |  | 23,601 |  |  | 11,431 |  |  |  |  | (11) |  |  | (614) |  |  | (420) |  |  | 33,987 |
Data processing systems |  | 15,636 |  |  | 379 |  |  |  |  | — |  |  | — |  |  | — |  |  | 16,015 |
Construction in progress |  | 1,794 |  |  | 186 |  |  |  |  | — |  |  | — |  |  | — |  |  | 1,980 |
Total |  | 222,864 |  |  | 12,974 |  |  |  |  | — |  |  | (19,825) |  |  | (420) |  |  | 215,593 |
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use assets - buildings and equipment |  | (7,616) |  |  | (1,391) |  |  |  |  | — |  |  | — |  |  | — |  |  | (9,007) |
Buildings |  | (25,149) |  |  | (4,627) |  |  |  |  | — |  |  | — |  |  | — |  |  | (29,776) |
Furniture and equipment |  | (2,069) |  |  | (1,174) |  |  |  |  | 303 |  |  | 91 |  |  | 191 |  |  | (2,658) |
Data processing systems |  | (11) |  |  | (164) |  |  |  |  | (303) |  |  | 3 |  |  | — |  |  | (475) |
Total Accumulated depreciation |  | (34,845) |  |  | (7,356) |  |  |  |  | — |  |  | 94 |  |  | 191 |  |  | (41,916) |
Total |  | 188,019 |  |  | 5,618 |  |  |  |  | — |  |  | (19,731) |  |  | (229) |  |  | 173,677 |

|  | Balance at 12/31/2021 |  | Addition |  | Business Combination |  | Transfer |  | Write-offs |  | Balance at 09/30/2022
Historical cost |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use assets - buildings and equipment |  | 131,064 |  |  | 21,983 |  |  | — |  |  | — |  |  | — |  |  | 153,047 |
Buildings |  | 27,608 |  |  | 8,705 |  |  | 11,189 |  |  | 806 |  |  | (1,337) |  |  | 46,971 |
Furniture and equipment |  | 14,012 |  |  | 2,873 |  |  | — |  |  | (408) |  |  | (193) |  |  | 16,284 |
Data processing systems |  | 14,390 |  |  | 379 |  |  | — |  |  | — |  |  | (13) |  |  | 14,756 |
Total |  | 187,074 |  |  | 33,940 |  |  | 11,189 |  |  | 398 |  |  | (1,543) |  |  | 231,058 |
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use assets - buildings and equipment |  | (3,741) |  |  | (3,693) |  |  | — |  |  | — |  |  | — |  |  | (7,434) |
Buildings |  | (14,721) |  |  | (3,998) |  |  | (5,223) |  |  | (5,005) |  |  | 13 |  |  | (28,934) |
Furniture and equipment |  | (5,064) |  |  | (264) |  |  | — |  |  | 4,541 |  |  | 14 |  |  | (773) |
Data processing systems |  | (72) |  |  | (6) |  |  | — |  |  | 66 |  |  | — |  |  | (12) |
Total |  | (23,598) |  |  | (7,961) |  |  | (5,223) |  |  | (398) |  |  | 27 |  |  | (37,153) |
Total |  | 163,476 |  |  | 25,979 |  |  | 5,966 |  |  | — |  |  | (1,516) |  |  | 193,905 |

36

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

16.Intangible assets
a.Breakdown of intangible assets

|  |  | 09/30/2023 |  | 12/31/2022
| Annual amortization rate |  | Historical cost |  | (Accumulated amortization) |  | Book value |  | Historical cost |  | (Accumulated amortization) |  | Book value
Right of use | 10% |  | 401,396 |  |  | (249,741) |  |  | 151,655 |  |  | 336,495 |  |  | (204,278) |  |  | 132,217 |
Development costs | 20% |  | 308,001 |  |  | (104,427) |  |  | 203,574 |  |  | 234,400 |  |  | (48,835) |  |  | 185,565 |
Intangible assets in progress | — |  | 289,285 |  |  | — |  |  | 289,285 |  |  | 279,675 |  |  | — |  |  | 279,675 |
Software | 17% |  | 46,065 |  |  | (11,027) |  |  | 35,038 |  |  | — |  |  | — |  |  | — |
Customer portfolio | 20% |  | 13,965 |  |  | (6,902) |  |  | 7,063 |  |  | 13,965 |  |  | (5,589) |  |  | 8,376 |
Goodwill | 10 |  | 635,735 |  |  | — |  |  | 635,735 |  |  | 632,796 |  |  | — |  |  | 632,796 |
Total |  |  | 1,694,447 |  |  | (372,097) |  |  | 1,322,350 |  |  | 1,497,331 |  |  | (258,702) |  |  | 1,238,629 |

b.Changes in intangible assets

| 12/31/2022 |  | Addition |  | Write-offs |  | Transfers |  | Business Combination |  | Amortization |  | 09/30/2023
Right of use | 132,217 |  |  | 62,607 |  |  | — |  |  | 2,294 |  |  | — |  |  | (45,463) |  |  | 151,655 |
Development costs | 185,565 |  |  | — |  |  | — |  |  | 73,601 |  |  | — |  |  | (55,592) |  |  | 203,574 |
Intangible assets in progress | 279,675 |  |  | 131,526 |  |  | — |  |  | (121,916) |  |  | — |  |  | — |  |  | 289,285 |
Software | — |  |  | 44 |  |  | — |  |  | 46,021 |  |  | — |  |  | (11,027) |  |  | 35,038 |
Customer portfolio | 8,376 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,313) |  |  | 7,063 |
Goodwill | 632,796 |  |  | — |  |  | — |  |  | — |  |  | 2,939 |  |  | — |  |  | 635,735 |
Total | 1,238,629 |  |  | 194,177 |  |  | — |  |  | — |  |  | 2,939 |  |  | (113,395) |  |  | 1,322,350 |
| 12/31/2021 |  | Addition |  | Write-offs |  | Transfers |  | Business Combination |  | Amortization |  | 09/30/2022
Right of use | 47,150 |  |  | 107,859 |  |  | (30,237) |  |  | (1,419) |  |  | 155,622 |  |  | (73,252) |  |  | 205,723 |
Development costs (b) | 115,417 |  |  | 21,646 |  |  | (762) |  |  | 60,771 |  |  | — |  |  | (23,274) |  |  | 173,798 |
Intangible assets in progress | 177,979 |  |  | 140,915 |  |  | (34,033) |  |  | (59,352) |  |  | — |  |  | — |  |  | 225,509 |
Customer portfolio (b) | 10,329 |  |  | 4,727 |  |  | (103) |  |  | — |  |  | — |  |  | (1,383) |  |  | 13,570 |
Goodwill (a) (b) | 78,037 |  |  | — |  |  | (12,670) |  |  | — |  |  | 554,759 |  |  | — |  |  | 620,126 |
Total | 428,912 |  |  | 275,147 |  |  | (77,805) |  |  | — |  |  | 710,381 |  |  | (97,909) |  |  | 1,238,726 |

(a) Refers to the acquisition of Inter & Co Payments, Inc.
(b) The balance of December 31, 2021, previously presented, was adjusted after the conclusion of the PPA of the group companies. Accordingly, the preliminary goodwill was reallocated to the opening balances of the transaction.
37

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

17.Other assets

| 09/30/2023 |  | 12/31/2022
Prepaid expenses (a) | 359,261 |  |  | 321,830 |
Taxes and contributions to be offset against future amounts payable | 322,945 |  |  | 176,513 |
Commissions and bonus receivable (b) | 190,906 |  |  | 113,546 |
Early settlement of loans | 148,836 |  |  | 23,328 |
Premium or discount on transfer of financial assets | 132,117 |  |  | 71,460 |
Sundry debtors (c) | 116,694 |  |  | 91,627 |
Amount receivable from the sale of investments | 107,977 |  |  | 87,318 |
Unbilled services provided | 53,049 |  |  | 31,870 |
Agreements on sales of properties receivable | 48,308 |  |  | 38,467 |
Advances to third parties | 37,744 |  |  | 23,911 |
Others | 575,996 |  |  | 445,638 |
Total | 2,093,833 |  |  | 1,425,508 |

(a) Refer substantially to the cost of acquisition of digital account customers and expenses on portability to process..
(b) Refers mainly to bonus receivable from the commercial agreement signed with Mastercard, Liberty and Sompo.
(c) Refers mainly to portability amounts to be processed, credit card amounts to be processed, negotiation and intermediation of amounts and debtors by judicial deposit.
18.Liabilities with financial institutions

|  | 09/30/2023 |  | 12/31/2022
Payables with credit card network |  | 6,410,380 |  |  | 5,228,314 |
Securities sold under agreements to repurchase |  | 1,600,988 |  |  | 1,902,873 |
Interbank deposits |  | 1,356,437 |  |  | 732,528 |
Others |  | 50,440 |  |  | 43,182 |
Total |  | 9,418,245 |  |  | 7,906,897 |

19.Liabilities with customers

|  | 09/30/2023 |  | 12/31/2022
Time deposits (a) |  | 25,572,336 |  |  | 10,517,060 |
Demand deposits |  | 1,813,779 |  |  | 11,566,826 |
Savings deposits |  | 1,350,713 |  |  | 1,307,055 |
Creditors by resources to release |  | 327,160 |  |  | 251,863 |
Total |  | 29,063,988 |  |  | 23,642,804 |

(a) The variation in balances between the periods is due to the launch of the “Conta com Pontos" product.
20.Securities issued

|  | 09/30/2023 |  | 09/30/2022
Real estate credit bills |  | 7,226,685 |  |  | 5,794,144 |
Financial Bills |  | 158,116 |  |  | 67,014 |
Agribusiness credit bills |  | 77,764 |  |  | 341,007 |
Total |  | 7,462,565 |  |  | 6,202,165 |

38

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

21.Borrowing and onlending

|  | 09/30/2023 |  | 12/31/2022
Onlending obligations - Tesouro Funcafé (a) |  | 61,210 |  |  | 6,000 |
Onlending obligations – Caixa Econômica Federal (b) |  | 20,868 |  |  | 22,231 |
Onlending obligations – BNDES (c) |  | 5,567 |  |  | 8,139 |
Others |  | 4 |  |  | 78 |
Total |  | 87,649 |  |  | 36,448 |

(a) Refers to rural credit operations with Funcafé (at a fixed rate of 8% p.a.).
(b) Refers to on-lending operations for real estate loans taken out with Caixa Econômica Federal (at rates of between 4.5% and 6% p.a.);
(c) Refers to Working Capital operations with BNDES (at a fixed rate of up to 6.87% p.a.).
22.Tax liabilities

|  | 09/30/2023 |  | 12/31/2022
Income tax and social contribution |  | 274,478 |  |  | 114,493 |
PIS/COFINS |  | 22,095 |  |  | 20,542 |
INSS/FGTS |  | 13,604 |  |  | 14,842 |
Others |  | 22,668 |  |  | 16,988 |
Total |  | 332,845 |  |  | 166,865 |

23.Provisions and contingent liabilities
a.Provisions
The Group's legal entities, in the normal course of their activities, are parties to tax, social security, labor and civil lawsuits. The respective provisions were made taking into account the laws in force, the opinion of legal advisors, the nature and complexity of the cases, case law, past loss experience and other relevant criteria that allow the most adequate estimate.
i.Labor lawsuits
These are lawsuits filed seeking to obtain indemnities of a labor nature. Amounts provisioned are related to processes in which alleged labor rights are discussed, such as overtime and salary equalization. On an individual basis, amounts provided for labor lawsuits are not significant.
ii.Civil lawsuits
The majority of lawsuits refer to indemnities for material and moral damages related to the Group’s products, such as payroll deductible loans, in addition to declaratory and remedial actions, compliance with the limit of a 30% deduction from a borrower's salary, presentation of documents and adjustment actions.
Changes in provisions

| Labor |  | Civil |  | Total
Balance at December 31, 2022 | 3,788 |  |  | 24,330 |  |  | 28,118 |
Constitution net of (reversals and write-offs) | 676 |  |  | 15,965 |  |  | 27,104 |
Payments | (239) |  |  | (13,501) |  |  | (20,182) |
Balance at September 30, 2023 | 4,225 |  |  | 30,068 |  |  | 35,040 |
Balance at December 31, 2021 | 3,312 |  |  | 18,370 |  |  | 21,682 |
Constitution/increase in provision | 1,071 |  |  | 19,147 |  |  | 20,218 |
Payments | (560) |  |  | (14,782) |  |  | (15,342) |
Balance at September 30, 2022 | 3,823 |  |  | 22,735 |  |  | 26,558 |

39

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

b.Contingent tax liabi lities classified as possible losses
The main proceedings with this classification are:
i.Income tax and social contribution on net income – IRPJ and CSLL
On August 30, 2013, a tax assessment notice was issued (referring to some expenses considered as non-deductible) requiring the payment of amounts of income tax and social contribution related to the calendar years 2008 to 2009. As of September 30, 2023, these amounted to R$35,619 (R$29,963 on December 31, 2022).
ii.COFINS
Inter is discussing its COFINS obligations from 1999 to 2014 in court.
Prior to the enactment of Law 12.973/14, which changed the understanding regarding the inclusion of financial revenues in the COFINS calculation basis, there was a discussion on the expansion of this calculation basis, supported by paragraph 1, article 3 of Law 9.718/98.
In 2005, Inter obtained a favorable final and unappealable decision from the Federal Supreme Court, granting it the right to pay COFINS based only on the revenue from services rendered, instead of the total revenue that would include financial revenues.
During the period from 1999 to 2006, Inter made judicial deposits and/or made the payment of the obligation. In 2006, through a favorable decision by the Supreme Federal Court and the express consent of the Federal Revenue Service, Inter's judicial deposit was released. Additionally, the authorization to use the credits, for amounts previously overpaid, against current obligations, was homologated without challenge by the Federal Revenue Service on May 11, 2006. Subsequently, the Federal Revenue Service challenged the procedures adopted by Inter, applying the understanding that financial revenues should be included in the COFINS calculation basis.
After the enactment of Law 12.973/14, Inter modified its procedures to include financial revenues in the COFINS calculation basis and, therefore, all the taxable events involved in Inter’s discussions are prior to this law.
Currently, the application of the res judicial (final and unappealable ruling) is being discussed in a lawsuit that ensured Inter the right not to pay COFINS on financial revenues. Therefore, the decision of the Federal Supreme Court on Matter 372 does not directly affect Inter’s discussions.

Process type |  | 09/30/2023 |  | 12/31/2022
Action for the annulment of a tax debt |  | 35,685 |  |  | 28,459 |
Tax assessment notice |  | 23,692 |  |  | 22,340 |
Collection Letter |  | 1,243 |  |  | 1,473 |
Total |  | 60,620 |  |  | 52,272 |

c.Others
There were other provisions amounting to R$ 29,331 as of December 31, 2022.
40

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

24.Other liabilities

|  | 09/30/2023 |  | 12/31/2022
Payments to be processed (a) |  | 750,406 |  |  | 648,887 |
Provisions for salaries, vacations and other labor charges |  | 151,379 |  |  | 77,383 |
Lease liabilities (Note 24.a) |  | 127,676 |  |  | 146,705 |
Pending settlements (b) |  | 73,657 |  |  | 31,352 |
Contract liabilities (c) |  | 42,679 |  |  | 45,364 |
Agreements |  | 39,120 |  |  | 33,736 |
Other liabilities |  | 75,412 |  |  | 190,100 |
Total |  | 1,260,329 |  |  | 1,173,527 |

(a) The balance is substantially composed of: credit operation installments to be transferred, payment orders to be settled, suppliers to be paid, liabilities from business combination and fees to be paid;
(b) Refer to customer operations intended for carrying out business with fixed income securities, shares, commodities and financial assets, which will be settled within a maximum period of D+5;
(c) The balance consists of amounts received, not yet recognized in the income statement arising from the exclusive contract for insurance products signed between the subsidiary Inter Digital Corretora and Consultoria de Seguros Ltda. (“Inter Seguros”) and Liberty Seguros.
a.Lease liabilities
The changes in lease liabilities as of September 30, 2023 and year ended December 31, 2022 are as follows:

Balance at January 1, 2023 | 146,705 |
New contracts | 3,023 |
Payments | (28,548) |
Accrued interest | 6,496 |
Ending balance at September 30, 2023 | 127,676 |
Balance at January 1, 2022 | 137,085 |
New contracts | 1,225 |
Payments | (38,882) |
Accrued interest | 47,277 |
Ending balance at December 31, 2022 | 146,705 |

Lease maturity
The maturity of the lease liabilities as of September 30, 2023 and year ended December 31, 2022 is as follows:

| 09/30/2023 |  | 12/31/2022
Up to 1 year | 4,389 |  |  | 2,890 |
From 1 year to 5 years | 15,789 |  |  | 26,009 |
Above 5 years | 107,498 |  |  | 117,806 |
Total | 127,676 |  |  | 146,705 |

41

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

25.Equity
a.Share capital

Date |  | Class A |  | Class B |  | Total
12/31/2022 |  | 284,765,936 |  | 117,037,105 |  | 401,803,041
09/30/2023 |  | 284,836,041 |  | 117,037,105 |  | 401,873,146

At September 30, 2023, Inter & Co, Inc.'s authorized share capital is US$50,000 divided into 20,000,000,000 shares with par value of US$0.0000025 each, of which (i) 10,000,000,000 class A shares, (ii) 5,000,000,000 class B shares and (iii) 5,000,000,000 shares with rights designated by the Company's Board of Directors, regardless of class, of which 284,836,041 issued as class A shares and 117,037,105 issued as class B shares. The share capital comprising shares issued refers to the authorized capital. The paid-up share capital of Inter & Co. Inc was R$13 at September 30, 2023 (December 31, 2022: R$13).
The special rights granted to holders of Class A and Class B shares in this condensed consolidated interim financial information are the same as those applied in the consolidated financial statements of Inter & Co, Inc. for the year ended December 31, 2022.
b.Reserve
As of September 30, 2023, the reserves amounted to R$7,998,214. In the year ended December 31, 2022, Inter & Co, Inc. concluded the final stage of its corporate reorganization, as mentioned in Note 1. Accordingly, the reserve amount of R$7,817,670 refers to the transfer of interests of non-controlling shareholders who exchanged their shares of Banco Inter for shares and/or BDRs to the equity of Inter&Co, Inc’s.
c.Other comprehensive income
As of September 30, 2023, Inter & Co, Inc’s other comprehensive income amounted to R$(729,442), (December 31, 2022: R$(825,301)), which comprises the fair value of financial assets at FVOCI and exchange rate change adjustments of subsidiary abroad and taxes.
d.Dividends and interest on equity
As of September 30, 2023, and for the year ended December 31, 2022, Inter & Co, Inc. did not announce the payment of dividends to its shareholders. As of September 30, 2023, Inter Food, Banco Inter and Inter Holding Financeira S.A paid interest on equity in the amounts of R$19,704, R$50,000 and R$25,781, In the year ended December 31, 2022, Banco Inter paid interest on equity to controlling shareholders in the amount of R$38,056. Inter Digital and Inter Food paid dividends to non-controlling shareholders in the amount of R$25,812 and R$12,030, respectively.

Company |  | 09/30/2023 |  | 12/31/2022
Banco Inter |  | 50,000 |  |  | 38,056 |
Inter Holding Fin |  | 25,781 |  |  | — |
Inter Digital (a) |  | — |  |  | 25,812 |
Inter Food (a) |  | 19,704 |  |  | 12,030 |
Total |  | 95,485 |  |  | 75,898 |

(a) Amount paid to non-controlling shareholders.
42

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

e.Basic and diluted earnings (loss) per share
Basic and diluted earnings/(loss) per share is as follows:

|  | Three-month period |  | Nine-month period
|  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022
Profit (loss) attributable to Owners of the company (In thousands of Reais) |  | 91,291 |  |  | (30,008) |  |  | 151,442 |  |  | (43,326) |
Weighted average number of shares |  | 401,789,293 |  |  | 403,575,106 |  |  | 401,789,293 |  |  | 403,575,106 |
Basic earnings (loss) per share (R$) |  | 0.2272 |  |  | (0.0744) |  |  | 0.3769 |  |  | (0.1074) |
Diluted earnings (loss) per share (R$) |  | 0.2263 |  |  | (0.0744) |  |  | 0.3753 |  |  | (0.1074) |

Basic and diluted earnings (loss) per share are presented based on the two classes of shares, A and B, and are calculated by dividing the profit (loss) attributable to the parent company by the weighted average number of shares of each class outstanding in the periods.
f.Non-controlling interest
As of September 30, 2023, the balance of non-controlling interests is R$107,859 (December 31, 2022: R$96,722).
g.Treasury shares
As of September 30, 2023, Inter & Co, Inc., has R$(8,417) of treasury shares, consistin g of 82,526 cla ss A shares (December 31, 2022: R$ 0).
26.Net interest income

|  | Three-month period |  | Nine-month period
|  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022
Interest income |  |  |  |  |  |  |  |
Credit card |  | 333,795 |  |  | 231,786 |  |  | 912,907 |  |  | 479,119 |
Personal loans |  | 215,754 |  |  | 159,493 |  |  | 758,097 |  |  | 401,176 |
Real estate loans |  | 210,305 |  |  | 169,002 |  |  | 661,042 |  |  | 541,058 |
Business loans |  | 131,731 |  |  | 112,398 |  |  | 376,747 |  |  | 304,148 |
Amounts due from financial institutions |  | 147,490 |  |  | 78,399 |  |  | 359,709 |  |  | 140,353 |
Prepayment of receivables |  | 60,383 |  |  | 32,904 |  |  | 185,166 |  |  | 55,865 |
Others |  | 7,477 |  |  | 4,361 |  |  | 17,299 |  |  | 10,096 |
Total |  | 1,106,935 |  |  | 788,343 |  |  | 3,270,967 |  |  | 1,931,815 |
Interest expenses |  |  |  |  |  |  |  |
Term deposits |  | (448,514) |  |  | (301,469) |  |  | (1,185,068) |  |  | (718,787) |
Open market capture |  | (247,243) |  |  | (197,029) |  |  | (779,356) |  |  | (535,604) |
Financial institutions deposits |  | (42,409) |  |  | (7,429) |  |  | (88,791) |  |  | (14,624) |
Saving |  | (24,012) |  |  | (21,620) |  |  | (69,761) |  |  | (59,188) |
Others |  | (8,220) |  |  | (52,131) |  |  | (12,399) |  |  | (53,287) |
Total |  | (770,398) |  |  | (579,678) |  |  | (2,135,375) |  |  | (1,381,490) |

43

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

27.Income from securities and derivatives

|  | Three-month period |  | Nine-month period
|  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022
Income from securities |  | 417,887 |  |  | 340,982 |  |  | 1,190,849 |  |  | 1,095,841 |
Fair value through other comprehensive income |  | 333,051 |  |  | 217,655 |  |  | 917,204 |  |  | 818,805 |
Fair value through profit or loss |  | 52,227 |  |  | 45,468 |  |  | 146,866 |  |  | 128,446 |
Amortized cost |  | 32,609 |  |  | 77,859 |  |  | 126,779 |  |  | 148,590 |
Income from Derivatives |  | 64,133 |  |  | 5,941 |  |  | 5,753 |  | 5,753 |  | 13,920 |
Future dolar contracts |  | (2,828) |  |  | 3,806 |  |  | 18,132 |  |  | 30,658 |
Forward contracts |  | (825) |  |  | 48 |  |  | (3,266) |  |  | 1,140 |
Futures contracts and swaps (a) |  | 67,786 |  |  | 2,087 |  |  | (9,112) |  |  | (17,878) |
Total |  | 482,020 |  |  | 346,923 |  |  | 1,196,602 |  |  | 1,109,761 |

(a) For the period ended September 30, 2023, the mar ket adjustment of the hedge object offset the effects of the result of derivatives subject to Hedge Accounting.
28.Revenues from services and commissions

|  | Three-month period |  | Nine-month period
|  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022
Interchange |  | 214,415 |  |  | 161,418 |  |  | 574,952 |  |  | 437,870 |
Commissions |  | 142,831 |  |  | 122,675 |  |  | 392,116 |  |  | 376,847 |
Banking |  | 24,030 |  |  | 16,837 |  |  | 60,446 |  |  | 45,246 |
Resource management |  | 20,522 |  |  | 4,160 |  |  | 47,654 |  |  | 29,864 |
Securities placement, custody and brokerage |  | 326 |  |  | 16,676 |  |  | 11,476 |  |  | 33,408 |
Other |  | 20,957 |  |  | 3,516 |  |  | 49,161 |  |  | 14,573 |
Gross revenues |  | 423,081 |  |  | 325,282 |  |  | 1,135,805 |  |  | 937,808 |
Cashback expenses (a) |  | (48,391) |  |  | (76,420) |  |  | (173,664) |  |  | (244,212) |
Inter Loop (b) |  | (26,910) |  |  | — |  |  | (33,484) |  |  | — |
Net revenues from services and commissions |  | 347,780 |  |  | 248,862 |  |  | 928,657 |  |  | 693,596 |

(a) Refer to amounts paid to customers as an incentive to purchase or use products. This balance is deducted directly from revenue from services and commissions.
(b) This is a loyalty and rewards program offered by Banco Inter. Through this program, bank customers accumulate points in their transactions and financial operations and can exchange them for benefits, discounts, products or services.
29.Other revenues

|  | Three-month period |  | Nine-month period
|  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022
Performance fees (a) |  | 48,645 |  |  | 30,764 |  |  | 104,840 |  |  | 123,702 |
Foreign exchange |  | 26,659 |  |  | 31,137 |  |  | 67,769 |  |  | 73,733 |
Capital gains |  | 25,341 |  |  | 2,651 |  |  | 34,428 |  |  | 63,565 |
Others |  | 30,785 |  |  | 13,135 |  |  | 71,428 |  |  | 40,466 |
Total |  | 131,430 |  |  | 77,687 |  |  | 278,465 |  |  | 301,466 |

(a) Consists substantially of the result of the commercial agreement between Inter and Mastercard, B3 and Liberty, which offers performance bonuses as the established goals are met.
44

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

30.Impairment losses on financial assets

|  | Three-month period |  | Nine-month period
|  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022
Loss on impairment adjustment of loans and advances to customers |  | (461,835) |  |  | (275,013) |  |  | (1,241,654) |  |  | (848,610) |
Recovery of written-off credits |  | 40,180 |  |  | 13,533 |  |  | 86,453 |  |  | 29,253 |
Others |  | 13,756 |  |  | (1,633) |  |  | (1,939) |  |  | 834 |
Total |  | (407,899) |  |  | (263,113) |  |  | (1,157,140) |  |  | (818,523) |

31.Administrative expenses

|  | Three-month period |  | Nine-month period
|  | 09/30/2023 |  | 12/31/2022 |  | 09/30/2023 |  | 12/31/2022
Data processing and information technology |  | (190,301) |  |  | (190,128) |  |  | (599,043) |  |  | (518,014) |
Third party services |  | (48,707) |  |  | (40,439) |  |  | (156,545) |  |  | (99,858) |
Advertisement and marketing |  | (22,921) |  |  | (23,423) |  |  | (64,063) |  |  | (98,243) |
Rent, condominium fee and property maintenance |  | (16,649) |  |  | (15,267) |  |  | (49,078) |  |  | (44,414) |
Financial System Services |  | (12,817) |  |  | (29,458) |  |  | (37,909) |  |  | (88,449) |
Provisions for contingencies |  | (10,463) |  |  | (9,453) |  |  | (27,104) |  |  | (20,218) |
Others |  | (61,019) |  |  | (71,778) |  |  | (162,618) |  |  | (236,174) |
Total |  | (362,877) |  |  | (379,946) |  |  | (1,096,360) |  |  | (1,105,370) |

32.Personnel expenses

|  | Three-month period |  | Nine-month period
|  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022
Salaries |  | (99,216) |  |  | (104,987) |  |  | (308,371) |  |  | (295,709) |
Benefits |  | (82,648) |  |  | (39,492) |  |  | (168,988) |  |  | (110,018) |
Social security charges |  | (27,839) |  |  | (31,451) |  |  | (85,642) |  |  | (86,928) |
Others |  | (958) |  |  | (302) |  |  | (6,321) |  |  | (1,163) |
Total |  | (210,661) |  |  | (176,232) |  |  | (569,322) |  |  | (493,818) |

33.Current and deferred income tax and social contribution
a.Amounts recognized in profit or loss for the period

|  | Three-month period |  | Nine-month period
|  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022
Current income tax and social contribution expenses |  |  |  |  |  |  |  |
Current year |  | (125,932) |  |  | (11,165) |  |  | (215,962) |  |  | (96,428) |
Deferred income tax and social contribution benefits (expenses) |  |  |  |  |  |  |  |
Provision for impairment losses on loans and advances |  | 66,930 |  |  | 48,837 |  |  | 143,436 |  |  | 186,370 |
Provision for contingencies |  | 1,764 |  |  | 1,375 |  |  | 3,069 |  |  | 2,364 |
Adjustment of financial assets to fair value |  | 27,633 |  |  | (16,641) |  |  | (3,504) |  |  | (5,694) |
Other temporary differences |  | 50,015 |  |  | 5,142 |  |  | 49,601 |  |  | 24,976 |
Hedge transactions |  | (22,100) |  |  | (9,073) |  |  | 6,623 |  |  | (8,740) |
Tax losses carried forward |  | (39,504) |  |  | 21,973 |  |  | (22,265) |  |  | 12,526 |
Total deferred income tax and social contribution |  | 84,738 |  |  | 51,613 |  |  | 176,960 |  |  | 211,802 |
Total income tax |  | (41,194) |  |  | 40,448 |  |  | (39,002) |  |  | 115,374 |

45

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

b.Reconciliation of effective rate

|  | Three-month period |  | Nine-month period
|  | 09/30/2023 |  | 12/31/2022 |  | 09/30/2023 |  | 12/31/2022
|  | Income tax |  | Income tax |  | Income tax |  | Income tax
Profit before tax |  |  |  | 145,354 |  |  |  | (70,043) |  |  |  | 231,550 |  |  |  | (158,266)
Tax average (a) |  | 45 | % |  | (65,410) |  | 45 | % |  | 31,520 |  | 45 | % |  | (104,198) |  | 45 | % |  | 71,220
Tax effect of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on capital distribution |  |  |  | 22,500 |  |  |  |  | — |  |  |  |  | 22,500 |  |  |  |  | 17,126 |
Non-taxable income (non-deductible expenses) net |  |  |  | 3,731 |  |  |  |  | (38,252) |  |  |  |  | 4,007 |  |  |  |  | (5,598) |
Tax incentives |  |  |  | — |  |  |  |  | 5,665 |  |  |  |  | — |  |  |  |  | 1,590 |
Subsidiaries not subject to real profit taxation |  |  |  | (2,015) |  |  |  |  | 39,541 |  |  |  |  | 19,492 |  |  |  |  | 27,789 |
Others |  |  |  | — |  |  |  |  | 1,974 |  |  |  |  | 19,197 |  |  |  |  | 3,247 |
Total income tax |  |  |  | (41,194) |  |  |  |  | 40,448 |  |  |  |  | (39,002) |  |  |  |  | 115,374 |
Effective tax rate |  |  |  | (28)% |  |  |  | (58)% |  |  |  | (17)% |  |  |  | (73)%

(a) The result from Banco Inter represents the greatest impact on the total amount of taxes, so we present the tax rate of 45%, which is the nominal rate currently in force for banks under Brazilian legislation.
c.Changes in the balances of deferred taxes

|  | 12/31/2022 |  | Constitution |  | Realization |  | 09/30/2023
Composition of the deferred tax assets |  |  |  |  |  |  |  |
Provision for impairment losses on loans and advances |  | 407,766 |  |  | 569,610 |  |  | (426,174) |  |  | 551,202 |
Adjustment of financial assets to fair value |  | 292,262 |  |  | 78,810 |  |  | (162,161) |  |  | 208,911 |
Tax losses carried forward |  | 202,184 |  |  | 38,912 |  |  | (63,887) |  |  | 177,209 |
Other temporary differences |  | 33,668 |  |  | 92,660 |  |  | (45,493) |  |  | 80,835 |
Hedge operations |  | 19,897 |  |  | 117,655 |  |  | (111,032) |  |  | 26,520 |
Provision for contingencies |  | 12,664 |  |  | 13,989 |  |  | (10,919) |  |  | 15,734 |
Expected loss on financial instruments |  | 9,707 |  |  | — |  |  | 1,130 |  |  | 10,837 |
Subtotal |  | 978,148 |  |  | 911,636 |  |  | (818,536) |  |  | 1,071,248 |
Composition of the deferred tax liabilities |  |  |  |  |  |  |  |
Capital gains from assets in the business combination |  | (30,073) |  |  | (2,608) |  |  | 3,910 |  |  | (28,771) |
MTM Hedge Accounting |  | — |  |  | (124) |  |  | — |  |  | (124) |
Subtotal |  | (30,073) |  |  | (2,732) |  |  | 3,910 |  |  | (28,895) |
Total tax credits on temporary differences (a) |  | 948,075 |  |  | 908,904 |  |  | (814,626) |  |  | 1,042,353 |

(a) The accounting records of these tax credits are based on the expectation of generating future taxable income and supported by technical studies and income projections.
46

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

|  | 12/31/2021 |  | Constitution |  | Realization |  | 09/30/2022
Composition of the deferred tax assets |  |  |  |  |  |  |  |
Provision for impairment losses on loans and advances |  | 295,799 |  |  | 247,707 |  |  | (124,883) |  |  | 418,623 |
Provision for contingencies |  | 9,720 |  |  | 2,696 |  |  | (330) |  |  | 12,086 |
Adjustment of financial assets to fair value |  | 184,886 |  |  | 132,302 |  |  | (83,290) |  |  | 233,898 |
Other temporary differences |  | 62,939 |  |  | 50,046 |  |  | (42,572) |  |  | 70,413 |
Tax losses carried forward |  | 95,574 |  |  | 76,592 |  |  | (64,066) |  |  | 108,100 |
Provision for loss of non-current assets held for sale |  | 8,990 |  |  | — |  |  | (8,990) |  |  | — |
Provision for expected loss on financial instruments |  | 6,436 |  |  | 802 |  |  | — |  |  | 7,238 |
Hedge operations |  | 31,181 |  |  | 13,295 |  |  | (22,036) |  |  | 22,440 |
Subtotal |  | 695,525 |  |  | 523,440 |  |  | (346,167) |  |  | 872,798 |
Composition of the deferred tax liabilities |  |  |  |  |  |  |  |
Commission deferral |  | (3,869) |  |  | — |  |  | 3,869 |  |  | — |
Temporaty differences |  | (21,820) |  |  | — |  |  | 21,820 |  |  | — |
Others |  | (63,546) |  |  | — |  |  | 63,546 |  |  | — |
Subtotal |  | (89,235) |  |  | — |  |  | 89,235 |  |  | — |
Total tax credits on temporary differences (a) |  | 606,290 |  |  | 523,440 |  |  | (256,932) |  |  | 872,798 |

(a) The accounting records of these tax credits are based on the expectation of generating future taxable income and supported by technical studies and income projections.
d.Projection for realization of tax credits
The expected realization of the constituted tax credits is supported by a tax credit realization study, as shown below:

|  | 09/30/2023
Period |  | Temporaty differences |  | Tax losses |  | Total
2023 |  | 221,684 |  |  | 7,284 |  |  | 228,968 |
2024 |  | 257,415 |  |  | 83,612 |  |  | 341,027 |
2025 |  | 258,970 |  |  | 68,112 |  |  | 327,082 |
2026 |  | 8,681 |  |  | — |  |  | 8,681 |
2027 |  | 39,086 |  |  | — |  |  | 39,086 |
2028 to 2032 |  | 105,596 |  |  | 20,808 |  |  | 126,404 |
Total |  | 891,432 |  |  | 179,816 |  |  | 1,071,248 |

As of September 30, 2023, the present value of tax credits was calculated based on the average rate of interbank deposit certificates projected for the corresponding periods, CDI of 13.36% p.a. and totaled R$893,111.
34.Share-based payment
a.Share-based compensation agreements
a.1) Stock option plan - Banco Inter S.A.
Between February 2018 and January 2022, Banco Inter S.A. established stock option programs through which Inter managers and executives were granted options for the acquisition of Banco Inter S.A. Shares.
47

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

The Extraordinary General Meeting of Inter&Co, Inc. held on January 4, 2023 approved the migration of share-based payment plans, with the assumption by Inter&Co of the obligations of Banco Inter S.A. arising from the active plans and the respective programs. As a result of the corporate reorganization, the number of options held by each beneficiary was proportionally changed. Thus, for every 6 options to purchase common shares or preferred shares of Banco Inter S.A, the beneficiaries will have 1 option to purchase a Class A share of Inter&Co. In addition, the repricing of the exercise price of the options granted in 2022, which had not yet been granted, was approved. On the occasion of the repricing, the fair value of the options granted and not exercised was recalculated, and an additional amount of R$15,990 of incremental expense was calculated, to be appropriated until the final vesting period.
The main characteristics of the plans are described below:

Grant Date |  | Final strike date |  | Options (shares INTR) |  | Vesting |  | Average strike price |  | Participants
02/15/2018 |  | 02/15/2025 |  | 5,452,464 |  | Up to 5 years |  | R$1.80 |  | Officers, managers and key employees
09/07/2020 |  | 09/07/2027 |  | 3,182,250 |  | Up to 5 years |  | R$21.50 |  | Officers, managers and key employees
01/31/2022 |  | 12/31/2028 |  | 3,250,000 |  | Up to 5 years |  | R$15,50 |  | Officers, managers and key employees

Changes in the options of each plan for the period ended September 30, 2023 and supplementary information are shown below:

Grant Date |  | 12/31/2022 |  | Granted |  | Expired/Cancelled |  | Exercised |  | 09/30/2023
2018 |  | 135,599 |  |  | — |  |  | — |  |  | 19,800 |  |  | 115,799 |
2020 |  | 2,829,225 |  |  | — |  |  | 297,938 |  |  | 675 |  |  | 2,530,612 |
2022 |  | 2,838,500 |  |  | 50,000 |  |  | 60,500 |  |  | 1,875 |  |  | 2,826,125 |
Total |  | 5,803,324 |  |  | 50,000 |  |  | 358,438 |  |  | 22,350 |  |  | 5,472,536 |
Weighted average price of the shares |  | R$ | 18.15 |  |  | R$ | 15.50 |  |  | R$ 20,49 |  | R$ 3,54 |  | R$ 17,98

Grant Date |  | 12/31/2021 |  | Granted |  | Expired/Cancelled |  | Exercised |  | 12/31/2022
2018 |  | 2,458,065 |  |  | — |  |  | 10,800 |  |  | 2,311,666 |  |  | 135,599 |
2020 |  | 2,965,350 |  |  | — |  |  | 48,600 |  |  | 87,525 |  |  | 2,829,225 |
2022 |  | — |  |  | 2,903,500 |  |  | 65,000 |  |  | — |  |  | 2,838,500 |
Total |  | 5,423,415 |  |  | 2,903,500 |  |  | 124,400 |  |  | 2,399,191 |  |  | 5,803,324 |
Weighted average price of the shares | R$ | 14.34 |  |  | R$ | 15.50 |  |  | R$ | 16.69 |  |  | R$ | 2.31 |  |  | R$ | 18.15 |

The fair values of the period of 2018 and 2020 plans were estimated based on the Black & Scholes option valuation model considering the terms and conditions under which the options were granted, and the respective compensation expense is recognized during the vesting period.

|  | 2018 |  | 2020
Strike price |  | 1.80 |  |  | 21.50 |
Risk-free rate |  | 9.97 | % |  | 9.98 | %
Duration of the strike (years) |  | 7 |  | 7
Expected annualized volatility |  | 64.28 | % |  | 64.28 | %
Fair value of the option at the grant/share date: |  | 0.05 |  |  | 0.05 |

48

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

For the 2022 program, the fair value was estimated based on the Binomial model:

|  | 2022
Strike price |  | 15.50 |
Risk-free rate |  | 11.45 | %
Duration of the strike (years) |  | 7 |
Expected annualized volatility |  | 38.81 | %
Weighted fair value of the option at the grant/share date: |  | 4.08 |

In the period ended September 30, 2023, costs amounting t o R$27,039 (September 30, 2022: R$42,475) w ere recognized in employee benefit expenses, appropriated to Inter’s results.
a.2) Share-based payment related to Inter & Co Payments, Inc., acquisition
In the context of the acquisition of Inter&Co Payments by Inter, it was established that part of the payment to key executives of the acquired entity would be made by migrating the share-based payment plan of Inter & Co Payments, Inc., with stock options for class A shares and restricted class A shares of Inter & Co, in addition to the granting of shares issued by the Company. Considering the characteristics of the contract signed between the parties, the expense associated with the options granted are treated as a compensation expense which will be expensed over the term of the vested options and based on continued employment of such key executives.
Inter has the right to repurchase the restricted shares if these key executives cease to provide services to the Company within the term of the acquisition contract. Nevertheless, all shares will remain subject to other transfer restrictions established in the contract and in the applicable legislation.
The main characteristics of these stock-based payments are described below:

Grant Date |  | Options |  | Vesting |  | Average strike price |  | Participants |  | Final exercise date
2022 |  | 489,386 |  | Up 3 years |  | USD 1.92 for Classe A |  | Key Executives |  | 12/30/2024

Stock options exercised:

Grant Date |  | Shares |  | Average strike price |  | Final exercise date
2022 |  | 643,500 |  | Key Executives |  | 12/30/2024

Changes in Inter & Co Payments, Inc.’s granted instruments for September 30, 2023 and supplementary information are shown below:

Grant Date |  | 12/31/2022 |  | Granted Options |  | Expired/Cancelled |  | Exercised |  | 09/30/2023
2022 |  | 489,386 |  |  | — |  |  | — |  |  | — |  |  | 489,386 |
Total |  | 489,386 |  |  | — |  |  | — |  |  | — |  |  | 489,386 |
Weighted average price of the shares | USD | 1.92 |  |  | USD | — |  |  | USD | — |  |  | USD | — |  |  | USD | 1.92 |

Grant Date |  | 12/31/2022 |  | Granted Shares |  | Expired/Cancelled |  | Options exercised |  | 09/30/2023
2022 |  | — |  |  | 643,500 |  |  | — |  |  | (160,875) |  |  | 482,625 |
Total | — |  |  | 643.500 |  |  | — |  |  | (160.875) |  |  | 482.625 |

In the period ended September 30, 2023, the amount of R$25,190 (September 30, 2022: R$ 1,228) was recognized as employee benefit expenses in the income statement of the Company.
49

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

a.3) Restricted shares agreement (RSU) - Inter.
The Extraordinary General Meeting of Inter&Co, Inc. held on January 4, 2023 approved the creation of the Omnibus Incentive Plan, which aims to promote the interests of the Company and its shareholders, strengthening the Company's ability to attract, retain and motivate employees who are expected to make contributions to the Company and to provide these people with incentives to align their interests with those of the Company’s shareholders.
The Omnibus Incentive Plan is managed by the Board of Directors of Inter&Co, Inc., which has the authority to approve program grants to the Company's employees.
Accordingly, on June 1, 2023, the granting of restricted share units (RSU) under the Omnibus Incentive Plan was approved. A total of 2,140,500 restricted shares were granted, with a vesting period of: (i) 25% on December 1, 2023, (ii) 25% on December 1, 2024, (iii) 25% on December 1, 2025, and (iv) 25% in December 2026, to all or selected executives and employees of the Company and/or its direct or indirect subsidiaries. See table below:

Grant Date |  | Concession Date |  | Options |  | Vesting |  | Participants
06/01/2023 |  | — |  | 2,140,500 |  | 04 years |  | Officers, managers and key employees

In the period en ded September 30, 2023, the amount of R$5,852 referring to expenses related to this plan was recognized in the Company’s results.
50

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

35.Transactions with related parties
Transactions with related parties are defined and controlled in accordance with the Related-Party Policy approved by Inter’s Board of Directors. The policy defines and ensures transactions involving Inter and its shareholders or direct or indirect related parties. Transactions related to subsidiaries are eliminated in the consolidation process, not affecting the condensed consolidated interim financial statements. Related-party transactions were undertaken as follows:

| Parent Company (a) |  | Associates (b) |  | Key management personnel (c) |  | Other related parties (d) |  | Total
| 09/30/2023 |  | 12/31/2022 |  | 09/30/2023 |  | 12/31/2022 |  | 09/30/2023 |  | 12/31/2022 |  | 09/30/2023 |  | 12/31/2022 |  | 09/30/2023 |  | 12/31/2022
Assets | 9,659 |  |  | 4,397 |  |  | 690,009 |  |  | 572,115 |  |  | 16,059 |  |  | 16,063 |  |  | 974,653 |  |  | 1,860,959 |  |  | 1,690,380 |  |  | 2,453,534 |
Loans and advances to customers | 9,659 |  |  | 4,397 |  |  | — |  |  | 4 |  |  | 16,059 |  |  | 16,063 |  |  | 485,425 |  |  | 632,408 |  |  | 511,143 |  |  | 652,872 |
Amounts due from financial institutions | — |  |  | — |  |  | 690,009 |  |  | 572,111 |  |  | — |  |  | — |  |  | 489,228 |  |  | 1,228,551 |  |  | 1,179,237 |  | — |  | 1,800,662 |
Liabilities | (7,792) |  |  | (24,736) |  |  | (18) |  |  | (7) |  |  | (18,130) |  |  | (15,031) |  |  | (89,461) |  |  | (122,576) |  |  | (115,401) |  |  | (162,350) |
Liabilities with customers - Demand deposits | (493) |  |  | (1,350) |  |  | (9) |  |  | (7) |  |  | (897) |  |  | (981) |  |  | (5,332) |  |  | (10,324) |  |  | (6,731) |  |  | (12,662) |
Liabilities with customers - Term deposits | (7,299) |  |  | (23,386) |  |  | (9) |  |  | — |  |  | (17,233) |  |  | (14,050) |  |  | (84,129) |  |  | (112,252) |  |  | (108,670) |  |  | (149,688) |

| Parent Company (a) |  | Associates (b) |  | Key management personnel (c) |  | Other related parties (d) |  | Total
| 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022 |  | 09/30/2023 |  | 09/30/2022
Profit/ (loss) | (1,709) |  |  | (12,527) |  |  | — |  |  | (9,788) |  |  | (871) |  |  | (11,043) |  |  | (2,169) |  |  | (154,115) |  |  | (4,749) |  |  | (187,473) |
Interest income | — |  |  | — |  |  | — |  |  | 10,893 |  |  | 1,018 |  |  | — |  |  | 7,547 |  |  | — |  |  | 8,565 |  |  | 10,893 |
Interest expenses | (1,708) |  |  | (12,527) |  |  | — |  |  | (6,003) |  |  | (1,889) |  |  | (10,297) |  |  | (7,154) |  |  | (148,899) |  |  | (10,751) |  |  | (177,726) |
Other administrative expenses | (1) |  |  | — |  |  | — |  |  | (14,678) |  |  | — |  |  | (746) |  |  | (2,562) |  |  | (5,216) |  |  | (2,563) |  |  | (20,640) |

(a) Inter & Co is directly controlled by Costellis International Limited, SBLA Holdings and Hottaire;
(b) Entities with significant influence by Inter & Co;
(c) Directors and members of the Board of Directors and Supervisory Board of Inter & Co; and
(d) Any immediate family members of key management personnel or companies controlled by them, including: companies which are controlled by immediate family members of the controlling shareholder of Inter & Co; companies over which the controlling shareholder or his/hers immediate family members have significant influence; other investors that have significant influence over Inter & Co and their close family members.
Compensation of key management personnel
The global compensation of management personnel for 2023, approved in the Group’s Ordinary General Meeting, was R$ 99,791.
51

| Notes to the condensed consolidated interim financial statements As of September 30, 2023

36.Other information
Capital increase in associate
On August 7, 2023, Banco Inter (“Inter”) and Banco BMG S.A. (“BMG”), sole shareholders of Granito Instituição de Pagamento S.A. (“Granito”), approved a capital increase in the amount of R$100 milion (one hundred million reais), of which R$50 million (fifty million reais) will be subscribed and paid in by Inter and R$50 million (fifty million reais) will be subscribed and paid in by BMG. The subscription and payment of Granito's capital increase will only occur after approval of the capital increase by the Central Bank of Brazil, pursuant to BCB Resolution No. 80 of March 25, 2021, which did not occur until the date of issue of these financial statements.
37. Subsequent events
No significant subsequent events have occurred up to the date of approval of these financial statements.
52