Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q2 2026 Earnings Presentation
57 slides from Intercorp Financial Services's earnings presentation, August 2026
Slide 1: IFS Investor presentation August 2026
IFS Investor presentation August 20 26
Slide 2: IFS at a glance
IFS at a glance 1
Slide 3: Leading financial platform
Leading financial platform Financial highlights Leading indicators As of June 30, 2026 S/ mn | US$ mn⁽¹⁾ Assets 105,351 | 30,895 ~ 18% MS consumer loans ~ 11% MS commercial loans ~ 15% MS retail deposits Loans 54,689 | 16,038 Deposits 59,510 | 17,452 Investments ⁽²⁾ 15,118 | 4,434 86 % Retail digita
Slide 4: IFS is part of the Intercorp Group
IFS is part of the Intercorp Group Financial Retail Education Health Entertainment Corporate services Intercorp impact 112 k US$ 11.1bn 4% GDP employees income contribution 3
Slide 5: Our strategy
Our strategy Growth To become a leading digital player with profitable growth Customer To build primary relationships Centricity offering the best digital experience Focus To grow with focus on key businesses 4
Slide 6: Strategic focus on key businesses
Strategic focus on key businesses Banking Insurance Wealth management Universal bank with distinctive focus Insurance company focused Advisory firm for the on retail banking on life & annuities emerging wealthy ~14% ms total loans 31% ms annuities (1) +14 YoY AUM & deposits Interfondos Commercial Re
Slide 7: Focus on growth
Focus on growth Consumer loans (1) Small businesses Mortgage loans (S/ bn) +31% +8 % 11.4 +9 % 10.5 YoY loans YoY 2Q25 2Q26 YoY Loans Commercial loans (S/ bn) Long -term WM AUMs Insurance (2) +6 % YoY FX adjusted +10 % +14% 23.5 24.7 +5 % YoY reported 2Q25 2Q26 YoY CSM Stock YoY 1) Excluding payroll
Slide 8: Key investment highlights
Key investment highlights 1 Peruvian economy among the strongest in the region 2 Consistent growth boosted by new opportunities 3 Resilient financial performance 4 Focus on primary relationships through our payment’s ecosystem 5 Powerful digital platform, driven by constant innovation 7
Slide 9: Peruvian economy among the strongest in the region
Peruvian economy among the strongest in the region 8
Slide 10: Peru at a glance
Peru at a glance PBI 2026E Domestic demand Main export 2026E products 3.4% 5.8% Copper Gold Agro 32% 20% 14% Debt to GDP Risk Rating Net international Loans to GDP 2026E reserves to GDP S&P BBB - 31% Moody’s Fitch Baa1 BBB 28% 33% 9
Slide 11: Resilient growth within temporary inflationary pressures
Resilient growth within temporary inflationary pressures Quarterly GDP growth YoY (%) Interest rates (%) 3.4 % 2026E 4.50 3.8% 3.6% 4.25 4.25 4.25 4.25 3.2% (1) 2.8% 2.8% 4.50 4.25 3.75 3.75 3.75 Jun25 Sep25 Dec25 Mar26 Jul26 2Q25 3Q25 4Q25 1Q26 2Q26E PEN reference rate (BCRP) USD reference rate (Fe
Slide 12: Investment outlook supported by strong confidence
Investment outlook supported by strong confidence Private consumption & Confidence index investment growth YoY (%) 65 69 72 61 60 Jul26 12.5 58 57 10.0 47 47 51 47 51 45 47 Jul26 3.6 3.6 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Private consumption Private investment Business Confidence Index (BCRP) Consumer Co
Slide 13: Opportunity: underpenetrated and profitable financial system in LATAM
Opportunity: underpenetrated and profitable financial system in LATAM Loans penetration Formal savings (Loans to GDP) (% of adult population ) 88% 39% 31% 25% 33% 42% 42% 17% 21% Peru Chile Brazil Mexico Colombia Peru Brazil Mexico Colombia Account ownership rate 43% Insurance premiums penetration (
Slide 14: Consistent growth boosted by new opportunities
Consistent growth boosted by new opportunities 13
Slide 15: Interbank is the third-largest player in Peru's banking sector
Interbank is the third -largest player in Peru’s banking sector MS t otal loans (%) MS retail loans (%) 13.7 19.0 17.1 12.6 Dec-19 Jun-26 Dec-19 Jun-26 MS total deposits (%) MS commercial loans (%) 13.3 13.3 11.3 9.2 Dec-19 Jun-26 Dec-19 Jun-26 (*) Source : SBS (1) Among private banks 14
Slide 16: Portfolio growth strategy
Portfolio growth strategy Small businesses 4% Double -digit Consumer loans * 16% growth Market share Mid-sized companies 11% Outperform Mortgages 16% market Market share Large corporates 15% Focus on Payroll loans 19% profitability Market share *Consumer loans excluding payroll -deducted loans. SBS
Slide 17: High-yield segments regain momentum
High -yield segments regain momentum Cash loans High yield segment (S/ bn) disbursements (QoQ trend ) +1.9% +2.0 % +5.6 % QoQ YoY +37 % YoY Jun26 +3.0 % 11.3 +6% +12% 10.7 Credit cards 10.3 10.6 10.1 turnover +21% 2.0 +12% +31% 1.7 1.8 1.5 1.6 +5% +9% YoY Jun26 8.9 8.9 9.3 8.5 8.7 Small businesses d
Slide 18: Positive trend both in commercial and retail banking
Positive trend both in commercial and retail banking Performing loan book (S/ bn) YoY (1) 48.2 51.0 +6% | 7% (1) +5% | +6% 46% 45% 3% 4% +31% 22% 22% +8% 18% 18% +9% 12% 11% -1% 2Q25 2Q26 (2) Payroll deductible loans Consumer loans Mortgages Small businesses Commercial 1) FX adjusted 17 2) Consumer
Slide 19: Building customer engagement across our segments
Building customer engagement across our segments Retail segment Commercial segment +16% +44% 46% +39% YoY Primary Banking YoY Plin share of Flows to IBK YoY Izipay flows to IBK Customers Transactions Accounts accounts +13% +32% YoY Retail YoY Small business deposits deposits Low -cost funding - Reta
Slide 20: Focused on enhancing our funding mix
Focused on enhancing our funding mix MS total deposits MS retail deposits Interbank total deposits (S/ bn) 57.0 13.7% 13.3% 14.5% 14.5% 52.0 46% Jun-25 Jun-26 Jun-25 Jun-26 50% Low -cost funding (1) (S/bn) +15.9% Low -cost YoY funding (%) 34% 37% 54% 50% 25.7 22.2 2Q25 2Q26 Retail deposits Commercia
Slide 21: Sustained growth across Insurance
Sustained growth across Insurance Long - term insurance (S/ mn) Short -term insurance (S/mn) (CSM stock by business unit) +10% (Insurance PAA net premiums ) +8% YoY YoY 1,108 1,005 131 131 150 Credit Life 122 592 Individual Life 534 Annuities 321 385 2Q25 2Q26 2Q25 2Q26 MS regulated annuities (%) MS
Slide 22: Wealth Management Growth Remains Strong
Wealth Management Growth Remains Strong Assets under management + deposits (US$ bn) 9.9 +14% 8.7 0.9 AUM + deposits 0.9 YoY Growth 2.9 2.4 Well-positioned to benefit 5.8 from long -term private 5.2 wealth creation trends, supported by increasing demand for advisory services 2Q25 2Q26 and a growing a
Slide 23: Resilient financial performance
Resilient financial performance 22
Slide 24: Earnings resilience throughout the credit cycle
Earnings resilience throughout the credit cycle ROE (%) 18% 5% 20% 19% 11% 12% 17% 19% Net income (S/. mn) 1,943 1,800 1,678 1,450 1,307 1,079 1,187 384 2019 2020 2021 2022 2023 2024 2025 1H26 Dividend per Share (US$) 1.75 0.77 1.75 1.18 1.00 1.00 1.80 Payout Ratio 46% 85% 45% 31% 40% 32% 37% Divide
Slide 25: YoY earnings drive ROE to ~19%
Banking +16% ROE 14.9% 671 17.4% 898 +34% YoY YoY earnings drive ROE to ~19% 1H25 1H26 Insurance IFS accumulated net profit (S/ mn) ROE 54.2% 43.9% ROE 18.4% 18.9% 173 224 +29% 1,187 YoY 1,026 1H25 1H26 Wealth management ROE 29.2% 23.8% 154 134 -13% 1H25 1H26 YoY +16% YoY 1H25 1H26 25 24
Slide 26: YoY increase in 1H26 revenues
Banking +7 % NIM IBK 5.1% 2,614 5.0% 2,835 +8% YoY increase in YoY 1H26 revenues 1H25 1H26 Insurance IFS revenues (S/ mn) 1,186 NIM IFS 5.0% 5.0% 999 +19% YoY 4,328 4,062 1H25 1H26 Wealth management 264 237 -10% 1H25 1H26 YoY +7% YoY 1H25 1H26 26 25
Slide 27: Improvement in risk-adjusted profitability
Improvement in risk -adjusted profitability Banking – Interest -earning assets (S/ bn) NIM evolution 80.8 74.5 17% 9.9% 2019 16% 9.6% 17% 9.6% 52.4 16% CAGR 68% 66% 6.9% 2Q25 2Q26 2019 5.1% 5.2% 1H26 Loans Cash and due from banks Financial Investments 4.9% 5.6% 5.0% Banking - Funding breakdown (S/ b
Slide 28: Asset quality remains sound as cost of risk normalizes
Asset quality remains sound as cost of risk normalizes IBK System IBK PDLs vs system Cost of risk (%) 3.4% 2.9% Retail 3.0% 2.4% 2019 4.2% Commercial 1.7% 1.4% 4.1% 3.0% 3.0% 3.1% CoR 1H26 3.3% -115 bps YoY 2.6% 2.2% Total 3.0% 2.8% 2.7% 2019 2.5% Dic -19 Jun-26 2.2% 2.1% 1.8% CoR 1H26 -86 bps YoY 1
Slide 29: YoY increase in 1H26 fee income
+5 % YoY increase in 1H26 fee income Retail C ommercial IFS fee income (S/ mn) 623 +11% YoY +15% YoY 595 Izipay WM 1H25 1H26 -20 % YoY +6 % YoY +5 % YoY 28
Slide 30: YoY growth in results from financial transactions
Banking +3 % 383 304 33 49 83 88 +26% 266 YoY growth in 6 months results 168 YoY from financial transactions 1H25 1H26 FX gains Securities-related net gains Other results ⁽¹⁾ IFS results from financial transactions (S/ mn) Insurance 97 130 669 +34% YoY 649 1H25 1H26 Wealth management 134 112 -16% Yo
Slide 31: Sustaining best-in-class efficiency while accelerating IT investment
Sustaining best -in-class efficiency while accelerating double -digit IT investment IFS expenses (S/ mn) IFS expenses breakdown (S/ mn) C/I 35.7% 37.2% YoY +13% +17% +6% +11% 37 1,694 71 1,694 59 1,527 1,527 1H25 1H26 1H25 Technology Personnel Others 1H26 +11% YoY 30
Slide 32: Sound capitalization levels
Sound capitalization levels Banking Insurance TCR CETI ratio 130.3% 118.6% Banking 100% System 15.9% Reg. min. 16.9% 2Q25 2Q26 15.5% 11.7% 11.9% 13.6% Reg. min. Wealth management 8.4% Reg. min. 19.2% 20.0% 12% Reg. min. 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 Source : Company data and ASBANC 31
Slide 33: Focus on primary relationships through our payment's ecosystem
Focus on primary relationships through our payment’s ecosystem 32
Slide 34: Higher transactionality continues to support low-cost funding
Higher transactionality continues to support low-cost funding Payments Individuals + 48 % YoY float from + 86 % + 44 % Digital retail YoY Plin customers transactions IBK -Izipay Small businesses + 39 % YoY Izipay flows to + 32 % IBK accounts YoY Small businesses deposits 33
Slide 35: Creating stronger primary banking relationships with a top digital experience
Creating stronger primary banking relationships by delivering a top digital experience Digital customers +16% (% of digital customers ) Retail Commercial YoY retail primary 84 86 76 86 banking customers Jun-25 Jun-26 Jun-25 Jun-26 IBK Plin transactions (mn) (1) +45 % NPS Retail NPS Commercial 234 Yo
Slide 36: Driving innovation with a powerful digital platform
Driving innovation with a powerful digital platform 35
Slide 37: Full-scale digital platform to address our customers' needs
Full-scale digital platform to address our customers ’ needs Investments Savings Inteligo SAB Erni My finances Inteligo Bank 100% digital account Piggy bank Insurance Marketplace SOAT digital TC 360 ° Marketplace Life insurance Loyalty & promotions Payments Lending Digital SME financing Banking APP
Slide 38: Customer base growth continues across businesses
Customer base growth continues across businesses (1) Banking (mn) Wealth management – +6% YoY customers (th) +7% YoY 87 93 5.5 5.9 79 3.9 Dic-20 Jun-25 Jun-26 Dic-19 Jun-25 Jun-26 ~7 mn Insurance – customers (mn) +4% YoY 3.2 3.3 2.0 Unique clients IFS Dic-20 Jun-25 Jun-26 37 (1) Data is presented fr
Slide 39: Digital capabilities drive our banking business forward
(1) Digital capabilities drive our banking business forward Digital clients (%) Digital self service (%) Clients (mn) +4 6% 4.0 5.9 vs Dec19 86 % 79 % Plin transactions (mn) +7.5x 2019 Jun-26 vs 1Q23 Branches -44 % vs Dec19 149 255 144 20 2019 Jun-26 1Q23 2Q26 (1) Data is presented from the earliest
Slide 40: Growing digital engagement across insurance & WM
Growing digital engagement across insurance & WM (1) Interseguro direct digital sales Interseguro digital self -service (Collected premiums – s/mn) (% of total client interaction ) +27% YoY 35.5 69% 73% 19.7 4Q21 2Q26 4Q21 2Q26 Interfondos digital transactions Interfondos digital users (% of digital
Slide 41: Key takeaways
41 Key takeaways 40
Slide 42: Takeaways
Takeaways 1 Peruvian economy among the strongest in the region 2 Consistent growth boosted by new opportunities 3 Resilient financial performance 4 Focus on primary relationships through our payment’s ecosystem 5 Powerful digital platform, driven by constant innovation 41
Slide 43: Appendix
Appendix 42
Slide 44: Operating trends 1S26
Operating trends 1S26 Profitability Loans Efficiency Focus on profitability High single digit growth in Continuedfocusonefficiency total loans IFS ROE IFS C/I 18.9% 5.7 % ~37 % 6.8%* (*) FX a djusted 43
Slide 45: Our strategy
Our strategy Growth Customer Centricity To become a leading digital player with profitable growth +16% 1S26 YoY IFS net income To build primary banking relationships offering the best digital experience Focus Growing in key businesses 86 %Retail digital clients ~ 15% >31% ~ 18% MS retail deposits ~
Slide 46: Diversified financial platform
Diversified financial platform Net Income by segment (S/. bn) Banking Insurance Wealth management % of 14% 3% 10% 12% IFS 85% 79% 77% 76% 9% 27% 15% 14% 231 292 275 200 1,475 1,229 202 137 1,007 856 130 36 2019 2023 2024 2025 2019 2023 2024 2025 2019 2023 2024 2025 ROE 21% 11% 12% 16% 15% 73% 42% 39
Slide 47: Resilience in consumer loans, gradual recovery ahead
Resilience in consumer loans, gradual recovery ahead Consumer loans (S/ bn) 2025: Recovery Year +5.0% COVID -19 2023 : YoY, and +2.3% QoQ Social unrest and Yaku (1) Food Domestic GDP: inflation : demand : -0.6% 11% -2.3% 4Q25: Pension 3Q24: Pension fund withdrawals fund withdrawals 10.4 10.8 10.6 9.
Slide 48: Quarterly performance continues positive evolution
Quarterly performance continues positive evolution Net income (S/ bn) 20.7% 850 19.4% 18.50% 18.2% 20.0% 16.3% 15.6% 750 15.1% 15.1% 602 15.0% 650 11.2% 585 63 580 10.0% 550 490 456 461 105 71 446 450 72 117 52 24 119 5.0% 390 37 63 38 33 76 92 81 350 286 67 0.0% 250 79 495 401 403 403 -5.0% 150 348
Slide 49: Loan growth evolution
Loan growth evolution (S/ mn) 5 year CAGR +7 % 51,050 46,921 48,681 44,049 41,525 17% 18% 18% 34,964 36,794 16% 33,276 15% 15% 26% 27% 15% 15% 26% 27% 27% 28% 28% 29% 22% 22% 23% 23% 22% 20% 23% 23% 11% 12% 12% 11% 11% 12% 12% 13% 22% 20% 23% 22% 18% 18% 17% 18% 2019 2020 2021 2022 2023 2024 2025 Ju
Slide 50: Deposit base continues to strengthen
Deposit base continues to strengthen Deposits and obligations (S/ bn) 5 year CAGR +5 % 56.9 52.0 53.6 51.1 51.1 44.5 44.9 44.5 46.0 46% 47% 35.5 49% 50% 49% 47% 46% 53% 49% 55% 25% 26% 27% 27% 26% 26% 25% 29% 27% 31% 2019 2020 2021 2022 2023 2024 2Q25 3Q25 2025 2Q26 Retail Deposits Commercial deposi
Slide 51: Interest-earning assets evolution since 2019
Interest -earning assets evolution since 2019 Banking – Historical interest -earning assets (S/ bn) 80.8 75.8 72.3 68.5 67.9 66.7 68.4 17% 16% 15% 13% 15% 14% 17% 52.4 17% 16% 17% 11% 26% 21% 17% 13% 19% 68% 67% 66% 64% 69% 69% 61% 70% 2019 2020 2021 2022 2023 2024 2025 2Q26 Loans Cash and due from
Slide 52: Funding breakdown evolution since 2019
Funding breakdown evolution since 2019 Banking – Historical funding breakdown (S/ bn) 69.3 62.8 64.7 60.5 60.0 57.9 59.1 9% 7% 7% 9% 11% 12% 7% 10% 11% 11% 45.2 16% 14% 15% 12% 13% 8% 83% 82% 81% 74% 75% 77% 78% 79% 2019 2020 2021 2022 2023 2024 2025 2Q26 Deposits Due to banks Bonds 51
Slide 53: Dollarization levels at Interbank
Dollarization levels at Interbank Total loans Retail loans Commercial loans % USD System 27% 27% 6% 6% 40% 41% 50% 50% 74% 74% 96% 96% 50% 50% 26% 26% 4% 4% 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 Retail loans breakdown Commercial loans breakdown Consumer Mortgages Corporate Large & Medium Small & Micro 6% 7%
Slide 54: Macro fundamentals supporting long-term banking growth
Macro fundamentals supporting long -term banking growth Expected GDP 2026 growth (%) Latam 2026E Avg . inflation 2021 -2025 (%)* 2.3% 3.4% 6.3 5.9 4.8 5.0 2.4% 2.3% 3.6 1.6% 1.9% Peru Chile Colombia Mexico Brazil Peru Chile Colombia Mexico Brazil Public debt 2026 (% of GDP) Fiscal deficit, 2021 -202
Slide 55: Sustainability update
Sustainability update Governance Social INpulso Financiero Ranked Launched our (phase 2) #1 Interbank, #6 Online financial 100% +194K 9° grade Interseguro , #19 literacy program Inteligo for women of business units are developing Responsible AI policies Peruvian businesses use the curriculum at Inno
Slide 56: Strong corporate governance
Strong corporate governance BOD with independent members Board of directors Strong corporate governance Highly supervised related party exposure , well below regulatory limits Governance in accordance with NYSE 4 Independent 5 Independent and SEC members members Participation in S&P Global Corporate
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Intercorp Financial Services — Q2 2026 Earnings Presentation on 6ix