Core Viewpoint - Inter & Co, Inc. (NASDAQ:INTR) is winding down its Sponsored Level II Brazilian Depositary Receipts (BDR) program and transitioning to an Unsponsored Level I BDR structure, pending regulatory approvals [1][3] Group 1: Company Actions - The company plans to cancel its registration with the CVM as a category A foreign securities issuer to simplify its regulatory setup and eliminate duplicative requirements [3] - After the discontinuation of the Sponsored Level II BDR program, holders will have a 30-day period to choose between receiving Nasdaq-listed Class A shares, selling the underlying shares, or converting to Unsponsored Level I BDR on a one-for-one basis [4] Group 2: Analyst Sentiment - Prior to the announcement, UBS raised its price target on Inter & Co, Inc. from $10.5 to $11, indicating a potential upside of 14.46% from current levels while reaffirming a Buy rating [5] Group 3: Company Overview - Inter & Co, Inc. operates in insurance brokerage, banking, investments, and inter shop businesses in the U.S. and Brazil, providing various banking products and services [6]

Core Insights - Credicorp's digital banking subsidiary, Tenpo, has received operating authorization from Chile's financial regulator, making it the first licensed neobank in the country [1][2] - Tenpo is set to begin operations in the first half of 2026, offering core banking products such as checking accounts, consumer loans, and term deposits [2][5] - The licensing process for Tenpo began in January 2024, culminating in final authorization after several stages, including provisional authorization and legal existence [4] Company Overview - Credicorp is the leading financial services holding company in Peru, with operations in Chile, Colombia, Bolivia, Panama, and the United States, and has a diversified business portfolio across various financial sectors [7] - Tenpo, founded in 2020, has rapidly grown its user base to over 2.5 million, focusing on a fully digital, technology-first model that emphasizes customer-centricity and financial inclusion [6]

Group 1: Company Overview - Bank of Nova Scotia, commonly known as Scotiabank, provides basic banking services such as accounts and mortgages, along with wealth management and investment banking [2] - Scotiabank operates under stringent Canadian banking regulations, which contribute to its solid business foundation and conservative ethos [4] Group 2: Dividend Performance - Scotiabank has a long history of paying dividends since 1833, maintaining consistency even during financial crises, unlike some of its peers [5] - The bank currently offers a high dividend yield of 5.7%, significantly above the S&P 500's 1.2% and the average bank's 2.5% [6] Group 3: Growth Strategy - Scotiabank has shifted its focus from less desirable foreign markets to strengthening its presence in the U.S. and becoming a leading bank between Mexico and Canada [8][9] - Although the dividend was not increased in 2024 due to this transition, the bank has resumed increasing its dividend in 2025, indicating management's confidence in its progress [9][10] Group 4: Investment Opportunity - A $10,000 investment in Scotiabank would yield over 175 shares, providing access to a well-above-market dividend yield supported by a conservatively managed bank [11]

Company Overview - First Citizens BancShares Inc. is a mid-sized U.S. bank that provides checking, savings, money market, and time deposit accounts [1] - The bank focuses on commercial construction, commercial and industrial loans, and SBA financing in its lending operations [1] Analyst Background - The analyst has over five years of experience in the Australian banking industry, enhancing their understanding of financial institutions and sharpening analytical skills in assessing bank stocks [1] - The analyst has been an active investor for more than half a decade, primarily focusing on equity markets with a target return of over 10% per annum [1] - The analyst aims to demystify the complexities of bank stocks and provide practical advice to foster a community of knowledgeable investors [1]

Financial Data and Key Metrics Changes - Total revenues increased by 5% driven by positive asset growth and higher transactional activity [10] - Earnings rose by 8% with EPS up 13%, reflecting strong business growth and ongoing expense discipline [10] - Return on equity excluding AOCI remains at 52%, indicating best-in-class performance [10] Business Line Data and Key Metrics Changes - In Wealth Management, assets increased by 7% to $1 trillion, with inflows of $10.3 billion [11] - Wrap activity saw a 34% increase in flows to $8.7 billion, with total wrap assets growing by 10% to $573 billion [12] - Retirement Protection Solutions reported strong earnings with annuities growing by 28% and life business sales up by 22% [23] - Asset Management faced challenges with net outflows of $18.3 billion, despite strong investment performance [25][50] Market Data and Key Metrics Changes - Assets under management and advisement reached $1.5 trillion, benefiting from strong net client flows and equity market appreciation [39] - The bank's assets grew to over $24 billion, contributing positively to earnings [20] Company Strategy and Development Direction - The company is focused on enhancing its advice value proposition and integrating technology to support advisers [14][17] - A new Unified Managed Account (UMA) platform called Signature Wealth is being tested, expected to launch soon [15][66] - The company aims to maintain flexibility and opportunism in a volatile market environment, supported by a strong capital position [30][84] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing market volatility and economic uncertainty but expresses confidence in the company's diversified business model [8][36] - The outlook for net interest income is positive due to proactive portfolio adjustments [62] - The company remains committed to returning capital to shareholders, with an 8% dividend increase announced [31][41] Other Important Information - The company achieved a 12% increase in adviser productivity, reflecting strong asset growth [17] - Client satisfaction remains high, with a rating of 4.9 out of 5 [18] - The company has been recognized for its technology innovation and client engagement strategies [16][33] Q&A Session Summary Question: Outlook for AWM NII and bank earnings - Management expects improvement in net interest income based on recent actions taken [62] Question: Details on Signature Wealth platform - Signature Wealth is a comprehensive UMA platform that offers flexibility for advisers and clients [66] Question: AWM flows and competitive landscape - Management reports strong client activity and engagement, with good new asset additions [71] Question: Adviser recruiting environment - The company has seen good recruitment numbers and a strong pipeline for the second quarter [95] Question: Capital position and potential acquisitions - Management emphasizes flexibility in responding to market opportunities due to a strong capital position [84] Question: G&A expenses outlook - G&A expenses are expected to remain flat for the year [134] Question: Client behavior in April - No significant changes in client transactional activity have been observed despite market volatility [138]