Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q4 2009 Earnings Presentation
20 slides from Intercorp Financial Services's earnings presentation, 2010
Slide 1: Fourth Quarter 2009 Earnings Presentation
Fourth Quarter 2009 Earnings Presentation
Slide 2: Intergroup Financial Services
Intergroup Financial Services 2
Slide 3: Highlights
Highlights Intergroup: • Intergroup’s net earnings were S/. 507.9 million (EPS: S/. 5.4) in 2009, more than double the previous year’s earnings, driven by strong contributions from Interbank and Interseguro • Net earnings were S/. 159.2 million in 4Q09, a 6.7% increase QoQ and a 170.4% YoY as a resu
Slide 4: Net Earnings
Net Earnings Intergroup's Profit and Loss Statement Summary S/. million %chg %chg 4Q08 3Q09 4Q09 QoQ YoY Financial income 418.5 516.5 493.1 -4.5% 17.8% Financial expenses -142.9 -91.7 -87.2 -5.0% -39.0% Gross financial margin 275.7 424.8 406.0 -4.4% 47.3% Provisions -107.3 -84.9 -89.4 5.4% -16.6% Ne
Slide 5: Intergroup's net income increased 6.7% QoQ and 171.1% YoY
Intergroup´s net income* increased 6.7% QoQ and 171.1% YoY Intergroup Interbank Interseguro S/. million ROE S/. million ROE S/. million ROE 40.2% 43.2% 180 39.9% 38.6% 40.0%160 158.3 160 148.3 30.8% 140 129.2 130.2 50 46.6% 140 30.0% 120 120 0.00% 30.00% 40 29.0% 17.2% 20.0% 31.8 100 100 30 10.00% 8
Slide 6: Intergroup's net income more than doubled in 2009
Intergroup's net income* more than doubled in 2009 Intergroup Interbank Interseguro S/. million ROE S/. million ROE S/. million ROE 41.2% 32.0% 600 32.1% 500 37.3% 90 30.0% 429 35.0% 79 30.0% 26.0% 505 450 31.8% 31.2% 80 76 500 25.0% 30.0% 25.0% 400 70 18.4% 350 20.0% 25.0% 20.0% 400 60 20.0% 300 15
Slide 7: Interbank
EJ Intergroup Financial Services
Slide 8: Interbank's net income grew 0.7% QoQ and 88.7% YoY
Interbank’s net income grew 0.7% QoQ and 88.7% YoY Profit and Loss Statement Summary S/. million % chg % chg 4Q 08 3Q 09 4Q 09 QoQ YoY Financial income 407.4 466.3 434.3 -6.8% 6.6% Financial expenses -136.9 -85.6 -79.2 -7.5% -42.1% Gross financial margin 270.5 380.7 355.1 -6.7% 31.3% Provisions -107
Slide 9: Loan growth picked up in 4Q09
Loan growth picked up in 4Q09 Performing loans Breakdown of loans S/. million % chg % chg 4Q 08 3Q 09 4Q 09 QoQ YoY Consumer loans: S/. million +8.4% Credit cards 1,421 1,447 1,459 0.8% 2.7% Other consumer 1,806 2,033 2,087 2.7% 15.6% Total consumer loans 3,227 3,480 3,546 1.9% 9.9% 9,950 Mortgages
Slide 10: Interbank's market share in deposits increased in 2009
Interbank’s market share in deposits increased in 2009 Funding Structure Deposit Breakdown S/. million % chg % chg 4Q 08 3Q 09 4Q 09 QoQ YoY +18.7% Deposits and obligations 9,759.6 11,235.4 11,580.4 3.1% 18.7% Due to banks 2,771.9 1,876.7 1,959.9 4.4% -29.3% 12,200 11,729 11,580 Bonds and obligation
Slide 11: Gross financial margin decreased 6.7% QoQ and increased 31.3% YoY
Gross financial margin decreased 6.7% QoQ and increased 31.3% YoY Interbank Net Financial Margin S/. million % chg % chg 4Q 08 3Q 09 4Q 09 QoQ YoY Financial income: Loans 327.0 369.8 378.9 2.4% 15.9% Investments 25.9 67.2 31.3 -53.5% 20.7% Interest on due from banks and interbanks funds 10.8 2.0 1.1
Slide 12: NIM remained significantly above the industry's average
NIM remained significantly above the industry’s average Net Interest Margin (%) 10.1% 9.6% 9.0% 8.2% 7.8% 7.7% 7.3% 7.0% 7.1% 6.8% 6.9% 6.8% 6.7% 6.6% 6.6% 6.4% 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009 4Q2009 Interbank Industry 12
Slide 13: Asset quality and coverage remained strong
Asset quality and coverage remained strong PDL & Coverage Ratios Loan Provision Expense S/. million 130.7 140 16.00% 283.0% 266.6% 2.00% 262.0% 261.2% 120 14.00% 300% 233.2% 100.5 102.0 200% 12.00% 100 90.0 91.4 1.50% 100% 10.00% 80 0% 8.00% 1.00% 1.7% 1.6% 60 5.9% 1.5% Provision expense 1.5% -100%
Slide 14: Fee income increased 8.6% QoQ and 18.2% YoY
Fee income increased 8.6% QoQ and 18.2% YoY Fee Income from Financial Services, Net S/. million % chg % chg 4Q 08 3Q 09 4Q 09 QoQ YoY Credit and debit card 38.4 41.1 41.1 -0.1% 6.9% Fees for sevices 23.2 32.0 34.2 7.1% 47.8% Commissions on ATM use 5.2 6.3 6.9 10.5% 33.4% Contingent operations 7.5 9.
Slide 15: Expense growth remains moderate
Expense growth remains moderate Distribution network Operating expenses Units S/. million ATMs Efficiency ratio* 270 1,600 1,500 54.6% 1,409 53.6% 47.7% 1,401 47.4% 1,392 1,396 270 44.9% 70.00% 1,400 30.00% 1,180 217 227 227.6 215 220 221.3 -10.00% 1,200 210 220 213.5 217.7 1,010 1,025 1,056 207 203
Slide 16: Interseguro
EJ Intergroup 16 Financial Services
Slide 17: Interseguro posted strong earnings in 2009
Interseguro posted strong earnings in 2009 Profit and Loss Statement Summary S/. million 4Q08 3Q09 4Q09 %chg QoQ %chg YoY Premiums 54.3 57.7 53.2 -7.7% -1.9% Premiums ceded -1.7 -1.9 -2.0 5.6% 15.2% Fees -2.1 -2.4 -2.2 -10.5% 5.1% Claims -25.4 -30.2 -29.7 -1.6% 17.1% Change in reserves -30.3 -33.7 -
Slide 18: Premiums decreased 7.7% QoQ, due to lower annuity sales
Premiums decreased 7.7% QoQ, due to lower annuity sales Premiums by Business Line S/. million 4Q08 3Q09 4Q09 %chg QoQ %chg YoY Individual Life 5.6 6.0 5.5 -8.3% -2.4% Annuities 32.7 36.0 31.0 -13.8% -5.2% Group Life 9.0 8.3 10.1 21.2% 11.9% Disability and survivor benefits 0.3 0.1 0.1 35.6% -55.0% M
Slide 19: Investment income rose 33.4% QoQ, driven by new mark-to-market rule
Investment income rose 33.4% QoQ, driven by the application of a new mark-to-market rule Investment Portfolio S/. million 4Q08 3Q09 4Q09 %chg QoQ %chg YoY Fixed Income 1,212.1 1,201.0 1,248.6 4.0% 3.0% Equity and Mutual Funds 220.7 182.0 154.3 -15.2% -30.1% Real estate 406.8 426.2 461.1 8.2% 13.3% O
Slide 20: Intergroup Financial Services
Intergroup Financial Services
Intercorp Financial Services — Q4 2009 Earnings Presentation on 6ix