Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q2 2015 Earnings Presentation
27 slides from Intercorp Financial Services's earnings presentation, 2015
Slide 1: Intercorp Financial Services Second Quarter 2015 Earnings Presentation
Intercorp Financial Services Second Quarter 2015 Earnings Presentation
Slide 2: Highlights 2Q15
Highlights 2Q15 IFRS Intercorp 2Q15 net profit was S/. 346.4 million, a 23.0% increase YoY and 31.8% QoQ. The YoY increase was driven by strong Financial operating performance at the three companies, while the QoQ growth was mainly explained by a strong result at Inteligo and a release of technica
Slide 3: IFS key indicators 2Q15
IFS key indicators 2Q15 IFRS Intercorp Financial Services' key indicators S/. million 2Q14 1Q15 2Q15 %chg QoQ %chg YoY Net interest and similar income 492.1 545.8 599.1 9.8% 21.8% Results Fee income from financial services, net 176.6 194.8 194.0 -0.4% 9.8% Profit for the period 281.6 262.9 346.4 31.
Slide 4: IFS 2Q15 net profit increased 31.8% QoQ and 23.0% YoY
IFS 2Q15 net profit increased 31.8% QoQ and 23.0% YoY IFRS Interbank Inteligo Net profit in S/. million Net profit in S/. million ROAE 25.4% 25.5% 24.6% ROAE 34.2% 29.1% 38.2% +13.7% +17.6% 205 201 50 177 43 36 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 Interseguro IFS Net profit in S/. million Net profit in S/.
Slide 5: Interbank
CJ Intercorp Financial Services
Slide 6: Interbank's net profit grew 13.7% YoY
Interbank’s net profit grew 13.7% YoY IFRS Banking Segment's P&L Statement S/. million %chg %chg 2Q14 1Q15 2Q15 QoQ YoY Interest and similar income 627.1 668.6 732.8 9.6% 16.9% Interest and similar expenses -186.0 -191.5 -203.8 6.4% 9.6% Net interest and similar income 441.0 477.1 529.0 10.9% 19.9%
Slide 7: Performing loans grew 4.2% QoQ and 10.3% YoY
Performing loans grew 4.2% QoQ and 10.3% YoY Performing loans Breakdown of loans S/. million S/. million %chg %chg 2Q14 1Q15 2Q15 QoQ YoY +10.3% Consumer loans: Credit cards 2,837.5 3,347.2 3,632.7 8.5% 28.0% Other consumer 3,338.9 3,741.7 3,924.4 4.9% 17.5% Total consumer loans 6,176.4 7,089.0 7,55
Slide 8: Interbank's deposits grew 3.9% YoY driven by strong retail deposit growth
Interbank’s deposits grew 3.9% YoY driven by strong retail deposit growth of 17.1% Funding structure Deposit breakdown S/. million S/. million %chg %chg 2Q14 1Q15 2Q15 QoQ YoY Gross Loans Deposits 105.2% 102.5% 112.3% Deposits 20,275.7 22,099.6 21,061.9 -4.7% 3.9% Retail 8,217.3 9,271.6 9,625.6 3.8%
Slide 9: Asset quality remains strong, better than the system in most products
Asset quality remains strong, better than the system in most products Local GAAP & IFRS figures PDL vs. System Loan provision expense vs. System Interbank System Interbank System Interbank Coverage 210.3% 185.5% 178.3% Ratio 2.5% 2.3% 2.3% 2.5% 2.7% 2.4% 1.9% 2.3% 2.4% 2.3% 2.4% 2.8% 2Q14 1Q15 2Q15
Slide 10: 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 55.1% 63.2% 77.0% 80.6% 43.7% 54.3% 15.8% 13.0% 39.7% 31.7% 62.7% 52.1% 84.2% 87.0% 60.3% 68.3% 37.3% 47.9% 2Q14 2Q15 2Q14 2Q15 2Q14 2Q15 Retail loans breakdown Commercial loans br
Slide 11: Fee income increased 7.4% YoY and efficiency ratio improved considerably
Fee income increased 7.4% YoY and efficiency ratio improved considerably Fee income Operating expenses S/. million S/. million 350 .0 30.00% 300 .0 23.8% 25.00% 500 .0 45.9% 50.0% 22.3% 21.1% 450 .0 42.3% 41.7% 250 .0 400 .0 40.0% 20.00% 350 .0 200 .0 300 .0 30.0% 15.00% 250 .0 150 .0 200 .0 10.00%
Slide 12: Strong quarter at Interbank with solid ROAE levels
Strong quarter at Interbank with solid ROAE levels IFRS Net profit ROAE S/. million Annualized +13.7% 205 201 25.4% 25.5% 24.6% 177 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 12
Slide 13: Interbank's BIS ratio remained well above regulatory requirements
Interbank’s BIS ratio remained well above regulatory requirements System 14.3% 14.6% 14.1% 14.4% 14.3% 20.00% 16.7% 16.5% 15.8% 15.8% 15.2% 15.00% 6.0% 5.8% 5.8% 5.8% +1.8% 5.6% +1.7% Additional Regulatory Capital +1.5% Requirement 10.00% 10.0% Total Regulatory Minimum 5.00% 10.0% 10.0% 10.7% 10.7%
Slide 14: Interseguro
Interseguro CJ Intercorp Financial Services
Slide 15: Interseguro's profit attributable to shareholders more than tripled QoQ
Interseguro’s profit attributable to shareholders more than tripled QoQ and increased 45.6% YoY Insurance Segment's P&L Statement S/. million %chg %chg 2Q14 1Q15 2Q15 QoQ YoY Net Interest and similar income 51.1 53.3 64.9 21.7% 26.9% Fee income from financial services, net -0.4 -0.7 -1.1 53.6% 144.1
Slide 16: 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 (2Q15) S/. million S/. million +45.6% 117 1 0 10 8 18 81 11 83 32 34 49 28 34 6 2Q14 1Q15 2Q15 Adjustment of technical reserves resulting from 81 changes in discount rate 117 Net profit – Local G
Slide 17: Adjustment of technical reserves declined 63.9% QoQ and 56.1% YoY
Adjustment of technical reserves declined 63.9% QoQ and 56.1% YoY due to a positive discount rate impact of S/. 83.1 million in 2Q15 Net premiums Adjustment of technical reserves S/. million S/. million Annuities (1) 24.9% 27.5% 25.9% Discount rate 32 28 83 market share (1) impact 156 177 204 180 1
Slide 18: Interseguro's investment portfolio grew 17.4% YoY
Interseguro’s investment portfolio grew 17.4% YoY Investment portfolio Results from investments(1) S/. million S/. million ROIP 10.6% 7.3% 8.0% +17.4% 4,618 4,747 4,044 670 724 692 447 435 458 105 94 3,587 84 3,501 2,894 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 Results from Investments Fixed income Equity & Mu
Slide 19: Inteligo
Inteligo CJ Intercorp Financial Services
Slide 20: Inteligo's net profit increased 38.6% QoQ and 17.6% YoY
Inteligo’s net profit increased 38.6% QoQ and 17.6% YoY Wealth Management Segment's P&L Statement S/. million %chg %chg 2Q14 1Q15 2Q15 QoQ YoY Interest and similar income 28.1 27.7 35.9 29.4% 27.5% Interest and similar expenses -12.4 -13.4 -12.8 -4.5% 3.0% Net interest and similar income 15.7 14.3 2
Slide 21: Inteligo's key indicators
Inteligo’s key indicators AUMs + Deposits Loans S/. million S/. million +24.3% +27.2% 1,489 1,600 11,384 11,980 9,635 1,258 2,561 2,348 1,992 7,643 8,823 9,632 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 Deposits AUM Revenues Net profit S/. million S/. million (1) Fee 100 AUMs 1.4% 1.4% 1.3% ROAE 90 34.2% 29.1% 3
Slide 22: Summary
CJ Intercorp Financial Services
Slide 23: In 2Q15 IFS continued to deliver strong operating performance in all 3 segments
In 2Q15 IFS continued to deliver strong operating performance in all 3 segments Interbank 22.4% YoY growth in consumer loans and 17.1% YoY growth in retail deposits 2.4% PDL ratio below the system’s 2.7% 420 bps improvement in the efficiency ratio YoY, to 41.7% Interseguro Market leader
Slide 24: Appendix
Appendix CJ Intercorp Financial Services
Slide 25: IFS 2Q15 P&L
IFS 2Q15 P&L IFRS Intercorp Financial Services' P&L statement S/. million %chg %chg 2Q14 1Q15 2Q15 QoQ YoY Interest and similar income 692.5 753.5 817.1 8.4% 18.0% Interest and similar expense -200.4 -207.7 -218.0 5.0% 8.8% Net interest and similar income 492.1 545.8 599.1 9.8% 21.8% Provision for l
Slide 26: 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 (2Q15) S/. million S/. million +13.7% 177 205 201 12 3 6 81 2Q14 1Q15 2Q15 79 Net profit – Local GAAP 207 201 S/. million +26.4% Net profit (SBS) Net interest and Fee income from Provision for loan
Slide 27: Fl _—_._ Financial Services
Fl _—_._ Financial Services
Intercorp Financial Services — Q2 2015 Earnings Presentation on 6ix