Asset Quality and Loan Yield Tracker – 16 Interesting Charts from 2Q26

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

06 August 2026

Inter

Overweight

Asset Quality and Loan Yield Tracker – 16 Interesting

Charts from 2Q26

INTR, INTR US

Price (05 Aug 26):$5.71

Price Target (Dec-26):$9.00

Inter is down ~2% vs. EWZ flat. We believe the key debate is asset quality and cost

of risk: could higher new Stage 3 formation pressure the company’s ~6% cost of

risk soft guidance, and if so, what does that imply for risk-adjusted NIM? Basically,

can we see more repricing or hedges tailwinds here? Or would improvements on

private payroll to become a tailwind ahead?

Overweight

To help frame these moving parts, we updated our asset quality and loan yield

tracker with 16 charts focusing on asset quality and gross loan yields (rather than

NIM). Our excel is available upon request.

Latin American Financials

The main negative conclusion we flag is the credit card risk adjusted yield. Yes,

interest income rose 6% Q-o-Q to R$734mn, but LLPs increased more than 2x

faster at 14% Q-o-Q to R$650mn. Meanwhile new Stage 3 formation also

increased 26.5% Q-o-Q (the company provisioned for 96% of new Stage 3

formation, reflecting the updated write-off policy). On the positive side stage 2

ratio moved lower. This dynamic pushed credit card risk-adjusted NIM down 100

bps from 3.1% to 2.1%. By contrast, real estate was the standout positive in our

view: risk-adjusted yield increased to 15.9%. Given this product historically ran at

~14.5% risk-adjusted NIM, the key question is how sustainable the rebound is after

improving from 13.2% last quarter - potentially influenced by hedge timing.

More conclusions follow, but we overall welcome ROE improving, loans growing,

and a largely defensive book, we view risk/reward as attractive at 1.1x P/BV. Thus

we remain OW.

INBR32.SA, INBR32 BZ

Price (05 Aug 26):R$29.47

Price Target (Dec-26):R$48.00

Yuri R Fernandes AC

(1-212) 622-3400

J.P. Morgan Securities LLC

Guilherme Grespan

(55-11) 4950-3058

Banco J.P. Morgan S.A.

Fernanda Sayao

(55-11) 4950-6588

Banco J.P. Morgan S.A.

Diego Marquez Antonio

(52-55) 5339-94899

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

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