Intercorp Financial Services Inc

Latest Results (09.01.2026):

Intercorp Financial Services Inc. — Fourth Quarter 2024: The company reported consolidated net profit of S/ 490.1 million in 4Q24 (up 71.3% YoY and 25.7% QoQ), driven by lower loan impairments, higher mark‑to‑market other income and improved funding costs; annual 2024 profit was S/ 1,307.5 million (+21.1% YoY) with ROE of 12.6% for the year and an annualized ROE of 18.2% in 4Q24.

Top-line and quarterly moves

4Q24 consolidated net interest and similar income was stable (S/ 1,151.1 million), other income rose to S/ 283.3 million (supported by mark‑to‑market gains), fee income edged up to S/ 299.9 million, and translation resulted in a S/ -15.3 million loss which partially offset operating gains.

Full‑year 2024

IFS reported 2024 net profit of S/ 1,307.5 million (+21.1% YoY). Improvements came from a S/ 261.6 million reduction in impairment losses on loans, S/ 233.8 million higher other income, and S/ 112.1 million lower interest expense, partly offset by higher operating expenses and taxes.

Banking (Interbank) highlights

Banking contribution in 4Q24 was S/ 347.6 million. Cost of risk (CoR) fell to 2.6% in 4Q24, NIM was 5.3% and NIM on loans ~7.9%; performing loans grew (commercial +3.9% QoQ) and the bank is gaining share in mortgages and commercial lending.

Credit quality

Impairment loss on loans fell sharply to S/ 319.7 million in 4Q24 (vs S/ 616.2 million in 4Q23). The Stage‑3 NPL ratio declined to about 2.5–2.6% and S3 coverage was ~140.2%, reflecting improved borrower behavior and portfolio mix shifts toward lower‑risk segments.

Funding, costs and margins

Funding mix improved: deposits represent ~81.5% of funding at Interbank. Cost of funds improved (company cites -100 bps YoY in funding cost), average funding cost ~3.2% in 4Q24 (down ~100 bps YoY), supporting lower interest expense and stable NIM despite lower market yields.

Insurance and Wealth Management

Insurance posted 4Q24 profit of S/ 75.8 million and remains market leader in annuities (30.2% market share). Wealth Management recorded S/ 71.6 million profit in 4Q24, with AuM up 3.9% QoQ and 18.5% YoY and sequential fee recovery supported by higher mark‑to‑market valuations.

Efficiency and capital

Consolidated efficiency ratio improved to 35.8% in 4Q24 (better than 4Q23). Regulatory capital remained strong: total capital ratio 15.9% and CET1 ~12.3% (per the new SBS methodology), above the regulatory minimum (9.5% as of Dec‑31‑2024).