Intercorp Financial Services Inc. · NYSE:IFS

Intercorp Financial Services — Q1 2013 Earnings Presentation

19 slides from Intercorp Financial Services's earnings presentation, 2013

  1. Slide 1: First Quarter 2013 Earnings Presentation

    First Quarter 2013 Earnings Presentation

  2. Slide 2: Intercorp Financial Services

    Intercorp Financial Services 2

  3. Slide 3: Highlights

    Highlights Intercorp Financial Services: • IFS net earnings were S/. 203.4 million in 1Q13, a 40.5% increase QoQ and a 27.5% rise YoY • The QoQ increase was driven by investment gains reported by Interbank and Interseguro, as well as lower provisions and administrative expenses at Interbank • YoY ne

  4. Slide 4: IFS 1Q13 earnings increased 40.5% QoQ and 27.5% YoY

    IFS 1Q13 earnings increased 40.5% QoQ and 27.5% YoY IFS Interbank Interseguro Net income* Net income Net income S/. million ROE S/. million ROE S/. million ROE 350 40.0% 28.1% 27.2% 29.4% 28.2% 21.0% 27.7% 21.9% 300 17.5% 203.4 250 159.5 163.8 200 67.1 144.7 142.5 26.5 125.8 150 100 136.3 137.3 55.8

  5. Slide 5: IFS net earnings were S/. 203.4 million in 1Q13

    IFS net earnings were S/. 203.4 million in 1Q13 Intercorp Financial Services' Profit and Loss Statement Summary S/. million %chg %chg 1Q12 4Q12 1Q13 QoQ YoY Financial income 603.3 622.3 661.0 6.2% 9.6% Financial expenses -126.1 -144.4 -137.6 -4.7% 9.2% Gross financial margin 477.3 477.8 523.4 9.5% 9

  6. Slide 6: Interbank

    (J Intercorp Financial Services

  7. Slide 7: Interbank's net income increased 30.2% QoQ and 14.9% YoY

    Interbank’s net income increased 30.2% QoQ and 14.9% YoY Interbank's Statement of Comprehensive Income S/. million % chg % chg 1Q12 4Q12 1Q13 QoQ YoY Financial income 541.7 554.3 552.5 -0.3% 2.0% Financial expenses -118.1 -138.1 -138.7 0.4% 17.4% Gross financial margin 423.6 416.1 413.8 -0.6% -2.3%

  8. Slide 8: Commercial loan growth remained strong at 4.6% QoQ and 19.4% YoY

    Commercial loan growth remained strong at 4.6% QoQ and 19.4% YoY as well as mortgages with 5.6% QoQ and 27.3% YoY Performing loans Breakdown of loans S/. million % chg % chg 1Q12 4Q12 1Q13 QoQ YoY S/. million Consumer loans: Credit cards 2,243 2,112 2,017 -4.5% -10.1% +14.1% Other consumer 2,600 2,8

  9. Slide 9: Interbank's funding base grew 8.8% QoQ and 22.5% YoY

    Interbank’s funding base grew 8.8% QoQ and 22.5% YoY Funding Structure Deposit Breakdown S/. million % chg % chg 1Q12 4Q12 1Q13 QoQ YoY 18,000 +20.5% Deposits 13,332 14,636 16,060 9.7% 20.5% 16,060 16,000 15,358 Due to banks 2,825 3,171 3,406 7.4% 20.6% 14,744 14,636 973 Bonds 2,048 2,707 2,809 3.7%

  10. Slide 10: Gross financial margin decreased 0.6% QoQ and 2.3% YoY

    Gross financial margin decreased 0.6% QoQ and 2.3% YoY Interbank's Gross Financial Margin S/. million % chg % chg 1Q12 4Q12 1Q13 QoQ YoY Financial income: Interest on loans 434.1 453.9 459.6 1.2% 5.9% Fees on loans 77.9 72.2 61.1 -15.4% -21.6% Investment income & interest on cash 29.4 28.1 30.5 8.6%

  11. Slide 11: NIM remains above the industry's average

    NIM remains above the industry’s average Net Interest Margin (%) * 8.0% 7.8% 7.4% 7.5% 7.5% 7.8% 7.1% 7.1% 7.5% 7.5% 6.9% 7.4% 6.6% 7.2% 7.0% 6.8% 6.6% 6.6% 6.3% 6.4% 6.4% 6.3% 6.4% 6.3% 6.1% 6.2% 6.0% 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Interbank Interbank - Recurring Industry * Excludes f

  12. Slide 12: Provision expenses decreased 19.0% QoQ despite PDLs picked up to 1.9%

    Provision expenses decreased 19.0% QoQ despite PDLs picked up to 1.9% in 1Q13 PDL & Coverage Ratios Loan Provision Expense S/. million Provision expense* Loans 3.00% 264.7% 220 3.4% 255.7% 3.0% 3.20% 2.50% 235.0% 250.00% 2.4% 2.2% 2.4% 226.2% 170 213.3% 2.20% 2.00% 200.00% 123.4 1.20% 116.7 120 1.50

  13. Slide 13: Fee income and ROF increased 8.9% QoQ, while operating expenses decreased

    Fee income and results from financial operations (ROF) increased 8.9% QoQ, while operating expenses decreased 5.3% QoQ Fee income & ROF Operating expenses S/. million S/. million (Fee income + ROF) / operating revenues Efficiency ratio* ROF Net fee income 50.8% 400 47.5% 48.9% 47.2% 27.8% 47.4% 25.8

  14. Slide 14: Interbank's BIS ratio rose as a result of the capitalization of earnings

    Interbank’s BIS ratio rose as a result of the capitalization of earnings 22% 2 0% Tier II Tier I 18% 16% 15.0% 14.4% 13.7% 13.3% 14% 3.5% 11.5% 12% 10.8% 4.7% 3.2% 3.0% 1.1% Additional Regulatory Capital Requirement 1 0% 2.9% 9.8% 10.0% Total Regulatory Minimum 2.7% 9.5% 9.1% 8% 6% 11.5% 10.5% 10.3%

  15. Slide 15: Interseguro

    Interseguro (J Intercorp Financial Services 15

  16. Slide 16: Interseguro's net income increased 159.6% QoQ and 98.5% YoY

    Interseguro’s net income increased 159.6% QoQ and 98.5% YoY due to strong investment income in 1Q13 Interseguro's Profit and Loss Statement Summary S/. million % chg % chg 1Q12 4Q12 1Q13 QoQ YoY Premiums 110.2 111.3 134.0 20.4% 21.6% Premiums ceded -1.0 -1.3 -1.2 -5.8% 24.3% Fees -3.8 -4.0 -4.1 0.1%

  17. Slide 17: Premiums increased 20.4% QoQ and 21.6% YoY

    Premiums increased 20.4% QoQ and 21.6% YoY, supported by a market expansion in annuities Premiums by Business Line S/. million % chg % chg 1Q12 4Q12 1Q13 QoQ YoY Individual Life 7.1 7.7 7.9 3.6% 12.4% Annuities 82.4 79.5 104.6 31.6% 26.9% Group Life 11.7 15.8 12.1 -23.6% 3.6% Disability and survivor

  18. Slide 18: Investment income increased 69.6% QoQ and 64.0% YoY

    Investment income increased 69.6% QoQ and 64.0% YoY Investment Portfolio S/. million % chg % chg 1Q12 4Q12 1Q13 QoQ YoY Fixed Income 1,998.6 2,224.3 2,388.0 7.4% 19.5% Equity and Mutual Funds 280.4 392.3 481.2 22.7% 71.6% Real estate 456.1 433.6 343.3 -20.8% -24.7% Other 4.9 5.0 4.7 -6.7% -5.4% TOTA

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Intercorp Financial Services — Q1 2013 Earnings Presentation on 6ix