Q3 2024 Intercorp Financial Services Inc Earnings Call Transcript

Nov 13, 2024 / 02:00 PM GMT

Release Date Price: $28.06 (+3.93%)

Transcript

Key Points

Positve

Intercorp Financial Services Inc (IFS) reported a significant improvement in net income, doubling from the previous year and achieving over 15% ROE in the third quarter.
The company has seen a decrease in the cost of risk, with a reduction of 90 basis points for the quarter and 210 basis points from the peak in the fourth quarter of 2023.
IFS has demonstrated resilience by growing its market share in loans and deposits, particularly in commercial banking.
The company has achieved substantial growth in digital customers and digital sales, with 81% of retail banking customers being digital.
Interseguro, the insurance arm, has seen relevant growth in premiums, particularly in private annuities and individual life, maintaining its market leadership.

Negative

IFS experienced an operational issue in Interbank, leading to service interruptions, although normal service was restored quickly.
A data breach occurred where unauthorized access exposed certain client data, although no transaction-enabling data was compromised.
Loan growth has been moderate this quarter, with a focus on lower-risk products impacting the overall yield on loans.
The consumer loan book is smaller than desired, affecting the cost of risk and overall growth potential.
There is uncertainty regarding the economic environment in Peru, especially with the upcoming pre-electoral year, which could introduce volatility.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

IFS.N - Intercorp Financial Services Inc
Q3 2024 Intercorp Financial Services Inc Earnings Call
Nov 13, 2024 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to the Intercorp Financial Services third quarter, 2024 conference call, all lines have been placed on mute to prevent any background noise. Please be advised that today's conference is being recorded after the presentation, we will open the floor for questions at that time, instructions will be given as the as to the procedure to follow if you would like to ask a question. Also, you can submit online questions at any time today using the window on the webcast and they will be answered after the presentation during the Q&A session. Simply type your question in the box and click submit question. It is now my pleasure to turn the call over to Mr Ivan Peell from Inspire Group, sir. You

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