Intercorp Financial Services Inc. · NYSE:IFS

Intercorp Financial Services — Q1 2015 Earnings Presentation

27 slides from Intercorp Financial Services's earnings presentation, 2015

  1. Slide 1: Intercorp Financial Services First Quarter 2015 Earnings Presentation

    Intercorp Financial Services First Quarter 2015 Earnings Presentation

  2. Slide 2: Highlights 1Q15

    Highlights 1Q15 IFRS  1Q15 net profit was S/. 262.9 million, a 95.1% increase YoY and a 3.1% decrease QoQ. The YoY growth was mainly Intercorp explained by strong performances at Interbank and Interseguro; while the quarterly decrease was driven by seasonality Financial factors, as well as increase

  3. Slide 3: IFS key indicators 1Q15

    IFS key indicators 1Q15 IFRS Intercorp Financial Services' key indicators S/. million 1Q14 4Q14 1Q15 %chg QoQ %chg YoY Net interest and similar income 475.6 556.4 545.8 -1.9% 14.8% Results Fee income from financial services, net 161.9 197.0 194.8 -1.1% 20.4% Profit for the period 134.7 271.2 262.9 -

  4. Slide 4: IFS 1Q15 net profit almost doubled YoY

    IFS 1Q15 net profit almost doubled YoY IFRS Interbank Inteligo Net profit in S/. million Net profit in S/. million ROAE 23.1% 26.3% 25.5% ROAE 41.1% 13.2% 29.1% +29.6% -25.0% 208.7 205.2 48.2 158.3 36.1 15.4 1Q14 4Q14 1Q15 1Q14 4Q14 1Q15 Interseguro IFS Net profit in S/. million Net profit in S/. mi

  5. Slide 5: Interbank

    CJ Intercorp Financial Services

  6. Slide 6: Interbank's net profit grew 29.6% YoY

    Interbank’s net profit grew 29.6% YoY IFRS Banking Segment's P&L Statement S/. million %chg %chg 1Q14 4Q14 1Q15 QoQ YoY Interest and similar income 593.3 671.8 668.6 -0.5% 12.7% Interest and similar expenses -171.7 -187.5 -191.5 2.2% 11.5% Net interest and similar income 421.6 484.4 477.1 -1.5% 13.2

  7. Slide 7: Interbank's net profit IFRS vs. Local GAAP

    Interbank’s net profit IFRS vs. Local GAAP Net profit – IFRS Net profit bridge from Local GAAP to IFRS (1Q15) S/. million S/. million +29.6% 18 7 209 205 7 158 84 84 1Q14 4Q14 1Q15 223 Net profit – Local GAAP 205 S/. million +37.7% (1) Net profit Net interest Fee income from Provision for Net gain o

  8. Slide 8: Performing loans grew 4.2% QoQ and 10.1% YoY

    Performing loans grew 4.2% QoQ and 10.1% YoY Performing loans Breakdown of loans S/. million S/. million %chg %chg 1Q14 4Q14 1Q15 QoQ YoY Consumer loans: +10.1% Credit cards 2,637.4 3,183.4 3,347.2 5.1% 26.9% Other consumer 3,198.4 3,581.4 3,741.7 4.5% 17.0% Total consumer loans 5,835.8 6,764.8 7,08

  9. Slide 9: Interbank's deposits grew 4.1% YoY driven by strong retail deposit growth of 15.4%

    Interbank’s deposits grew 4.1% YoY driven by strong retail deposit growth of 15.4% Funding structure Deposit breakdown S/. million S/. million %chg %chg Gross Loans 96.5% 103.2% 102.5% 1Q14 4Q14 1Q15 QoQ YoY Deposits Deposits 21,221.6 21,124.1 22,099.6 4.6% 4.1% Retail 8,033.2 9,001.1 9,271.6 3.0% 1

  10. Slide 10: Asset quality remains strong, better than the system in most products

    Asset quality remains strong, better than the system in most products Local GAAP figures PDL vs. System Loan provision expense vs. System Interbank System Interbank System Coverage 211.8% 167.9% 185.5% Ratio 2.5% 2.5% 2.3% 2.3% 2.3% 2.0% 1.9% 2.5% 2.3% 1.9% 2.2% 2.4% 1Q14 4Q14 1Q15 1Q14 4Q14 1Q15 PD

  11. Slide 11: Strong de-dollarization trend in the last year

    Strong de-dollarization trend in the last year Local GAAP figures Total loans Retail loans Commercial loans %PEN System 55.6% 60.0% 76.0% 78.7% 45.0% 50.5% 14.2% 34.1% 16.9% 55.4% 38.9% 60.0% 85.8% 65.9% 83.1% 61.1% 44.6% 40.0% 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Retail loans breakdown Commercial loans br

  12. Slide 12: Fee income increased 15.0% YoY and efficiency ratio improved considerably

    Fee income increased 15.0% YoY and efficiency ratio improved considerably Fee income Operating expenses S/. million S/. million 350 30.00% 300 23.5% 24.2% 500 .0 46.3% 50.0% 25.00% 22.3% 43.7% 450 .0 42.3% 250 400 .0 40.0% 20.00% 350 .0 200 300 .0 30.0% 15.00% 250 .0 150 200 .0 10.00% 20.0% 100 181.

  13. Slide 13: Strong quarter at Interbank with solid ROE levels

    Strong quarter at Interbank with solid ROE levels IFRS Net profit ROE S/. million Annualized +29.6% 209 205 26.3% 25.5% 23.1% 158 1Q14 4Q14 1Q15 1Q14 4Q14 1Q15 13

  14. Slide 14: Interbank's BIS ratio remained well above regulatory requirements

    Interbank’s BIS ratio remained well above regulatory requirements (1) System 14.5% 14.3% 14.6% 14.2% 14.1% 20.00% 16.8% 16.7% 15.8% 15.8% 15.2% 15.00% 6.2% 6.0% 5.8% 5.8% 5.6% +1.8% Additional Regulatory Capital +1.5% Requirement 10.00% 10.0% Total Regulatory Minimum 5.00% 10.6% 10.0% 10.0% 10.7% 9.

  15. Slide 15: Interseguro

    Interseguro CJ Intercorp Financial Services

  16. Slide 16: Interseguro's profit attributable to shareholders increased YoY

    Interseguro’s profit attributable to shareholders increased YoY Insurance Segment's P&L Statement S/. million %chg %chg 1Q14 4Q14 1Q15 QoQ YoY Net Interest and similar income 42.6 54.0 53.3 -1.2% 25.1% Fee income from financial services, net -0.6 -0.7 -0.7 -2.3% 20.7% Other income 28.3 58.9 41.0 -30

  17. Slide 17: Interseguro's net profit IFRS vs. Local GAAP

    Interseguro’s net profit IFRS vs. Local GAAP Net profit – IFRS Net profit bridge from Local GAAP to IFRS (1Q15) S/. million S/. million n.m. 53 34 2 26 0 28 28 6 -57 15 -57 1Q14 4Q14 1Q15 5 Adjustment of technical reserves resulting from 9 changes in discount rate 34 Net profit – Local GAAP S/. mill

  18. Slide 18: Premiums increased by S/. 39.0 million QoQ and YoY mainly supported by higher sales in annuities

    Premiums increased by S/. 39.0 million QoQ and YoY mainly supported by higher sales in annuities Net premiums Adjustment of technical reserves S/. million S/. million Annuities 27.4% 24.6% 27.5% Discount rate -57 26 28 market share impact 203 5 156 204 2 1 165 165 110 4 43 9 2 40 41 196 7 9 152 118

  19. Slide 19: Interseguro's investment portfolio grew 18.5% YoY

    Interseguro’s investment portfolio grew 18.5% YoY Investment portfolio Results from investments(1) S/. million S/. million +18.5% ROIP 7.0% 8.8% 7.3% 4,581 4,618 3,898 653 670 636 447 717 489 3,501 97 3,292 84 2,691 67 1Q14 4Q14 1Q15 1Q14 4Q14 1Q15 Fixed income Equity & Mutual funds Real estate Resu

  20. Slide 20: Inteligo

    Inteligo CJ Intercorp Financial Services

  21. Slide 21: Inteligo's net profit more than doubled QoQ

    Inteligo’s net profit more than doubled QoQ Wealth Management Segment's P&L Statement S/. million %chg %chg 1Q14 4Q14 1Q15 QoQ YoY Interest and similar income 23.0 29.3 27.7 -5.3% 20.6% Interest and similar expenses -12.5 -13.0 -13.4 3.2% 6.8% Net interest and similar income 10.4 16.3 14.3 -12.1% 37

  22. Slide 22: Inteligo's key indicators

    Inteligo’s key indicators AUMs + Deposits Loans S/. million S/. million +21.6% +23.7% 10,724 11,384 1,430 1,489 9,359 1,204 2,302 2,561 1,942 7,416 8,422 8,823 1Q14 4Q14 1Q15 1Q14 4Q14 1Q15 Deposits AUM Revenues Net profit S/. million S/. million (1) Fee AUMs 1.0% 1.3% 1.4% ROAE 70.00 41.1% 13.2% 29

  23. Slide 23: Summary

    CJ Intercorp Financial Services

  24. Slide 24: In 1Q15 IFS continued to deliver strong operating performance in all 3 segments

    In 1Q15 IFS continued to deliver strong operating performance in all 3 segments  Interbank  21.5% YoY growth in consumer loans and 15.4% YoY growth in retail deposits  2.3% PDL ratio below the system’s 2.5%  400 bps improvement in the efficiency ratio YoY, to 42.3%  Interseguro  23.6% YoY grow

  25. Slide 25: Appendix

    Appendix CJ Intercorp Financial Services

  26. Slide 26: IFS 1Q15 P&L

    IFS 1Q15 P&L IFRS Intercorp Financial Services' P&L statement S/. million %chg %chg 1Q14 4Q14 1Q15 QoQ YoY Interest and similar income 660.9 759.1 753.5 -0.7% 14.0% Interest and similar expense -185.3 -202.7 -207.7 2.5% 12.1% Net interest and similar income 475.6 556.4 545.8 -1.9% 14.8% Provision fo

  27. Slide 27: Fl _—_._ Financial Services

    Fl _—_._ Financial Services

Intercorp Financial Services — Q1 2015 Earnings Presentation on 6ix