Q2 2026 Intercorp Financial Services Inc Earnings Call Transcript
Key Points
- IFS delivered strong profitability with net income of 585 million soles and an ROE of 18.5%, above its mid-term target.
- Higher-yielding loans accelerated, growing 12% year-over-year, with consumer loans up 9% and small business loans up 31%.
- Risk-adjusted NIM remained resilient at 3.5%, up 10 basis points year-over-year, despite cost of risk normalization.
- Insurance and wealth management showed strong growth, with premiums up 9% and assets under management up 14% to a record high.
- The company's digital strategy is gaining traction, with retail primary banking customers up 16% and NPS scores strong at 61 points.
- Cost of risk increased to 2.1% from 1.4% in the previous quarter, reflecting normalization and higher-yielding portfolio mix.
- Net interest margin (NIM) faced pressure due to higher funding costs, including temporary effects from inflation-linked funding and bond issuance.
- Expenses increased 11% year-over-year, driven by investments in personnel and technology, impacting the cost-income ratio.
- The potential impact of El Nino poses a significant risk, with a high probability of a strong event, potentially affecting loan performance and requiring forward-looking provisions.
- Earnings declined 3% quarter-over-quarter due to normalization of investment results and cost of risk, with a high comparison base from last year's extraordinary gains.
Good morning and welcome to the Intercourt Financial Services second quarter 2026 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 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 Peel from Inspire Group. Sir, you may begin.
Thank you, and good morning, everyone.
On today's call, Intercorp Financial Services will discuss its second quarter 2026 earnings.
We are very pleased to have with us Mr. Luis Felipe Castellanos, Chief Executive Officer, Intercorp
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