Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q2 2009 Earnings Presentation
19 slides from Intercorp Financial Services's earnings presentation, 2009
Slide 1: Second Quarter 2009 Earnings Presentation
Second Quarter 2009 Earnings Presentation
Slide 2: Intergroup Financial Services
Intergroup Financial Services 1
Slide 3: Highlights
Highlights Intergroup • Intergroup’s net earnings were S/.128.7mm in 2Q09 (EPS: S/.1.37), a 32.4% increase YoY and an 81.7% increase QoQ, driven by strong contributions from both subsidiaries • Earnings growth was mainly attributable to higher financial income at Interbank and Interseguro, and lower
Slide 4: Net earnings
Net earnings Intergroup's Profit and Loss Statement Summary S/. million %chg %chg 2Q08 1Q09 2Q09 QoQ YoY Financial income 411 457 517 13% 26% Financial expenses -102 -143 -116 -19% 13% Gross financial margin 308 314 401 28% 30% Provisions -40 -92 -97 6% 145% Net financial margin 268 222 304 37% 13%
Slide 5: Intergroup's Net income increased 81.7% QoQ and 32.4% YoY
Intergroup´s Net income increased 81.7% QoQ and 32.4% YoY Intergroup Interbank Interseguro 150 5 S/. million S/. million S/. million ROE ROE 150 130 34.1% 4 160 40.0%36.3% 38.8% 130 40.00% 27.9% 110 41.8% 140 128.9 30.0% 28.6% 37.0% 19.4% 110 101.7 30.00% 3 120 20.0% 90 ROE 95.0 90 10.0% 100 75.6 20
Slide 6: Interbank
Interbank EJ Intergroup 5 Financial Services
Slide 7: Interbank's net income grew 49.1% QoQ
Interbank’s net income grew 49.1% QoQ Profit and Loss Statement Summary S/. million %chg %chg 2Q08 1Q09 2Q09 QoQ YoY Financial income 352 430 470 9% 34% Financial expenses -91 -133 -110 -18% 20% Gross financial margin 260 297 361 21% 39% Provisions -40 -90 -99 9% 149% Net financial margin 220 207 26
Slide 8: Loan growth slowed during 2Q09
Loan growth slowed during 2Q09 Performing loans Breakdown of retail loans S/. million S/. million %chg %chg +29% 2Q08 1Q09 2Q09 QoQ YoY 9,588 9,307 Consumer loans: 9,176 Credit cards 1,060 1,476 1,455 -1% 37% Other consumer 1,574 1,894 1,959 3% 24% 7,957 Total consumer loans 2,635 3,371 3,414 1% 30%
Slide 9: The proportion of deposits in the funding mix has increased
The proportion of deposits in the funding mix has increased Funding Structure Deposit Breakdown S/. million %chg %chg +31% 2Q08 1Q09 2Q09 QoQ YoY 11,351 380 10,932 Deposits and obligations 8,325 11,351 10,933 -4% 31% 347.7 Due to banks 2,404 1,993 1,981 -1% -18% Bonds and obligations 269 482 470 -3%
Slide 10: Gross financial margin increased 22% QoQ and 39% YoY
Gross financial margin increased 22% QoQ and 39% YoY Interbank Net Financial Margin S/. million %chg %chg 2Q08 1Q09 2Q09 QoQ YoY Financial Income: Loans 245 358 363 1% 48% Investments 40 34 75 117% 85% Interest on due from banks and interbank funds 11 4 2 -35% -79% Exchange difference 55 34 30 -10%
Slide 11: Recurring NIM increased 90 bps in 2Q09
Recurring NIM increased 90 bps in 2Q09 Net Interest Margin (%) 9.6% 8.2% 8.4% 7.9% 7.8% 7.7% 7.9% 7.4% 7.5% 7.6% 7.7% 7.0% 6.9% 7.0% 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 Interbank Interbank - Recurring Source: ASBANC 10
Slide 12: The past due loan ratio remains below 2% and coverage remains strong
The past due loan ratio remains below 2% and coverage remains strong Loan Provision Expense PDL & Coverage Ratios S/. million 140 130.7 16.00% 2.00% 330% 98.9 14.00% 291% 120 284% 283% 103.6 12.00% 262% 280% 100 1.50% 233% 10.00% 230% 80 8.00% 53.5 1.00% 1.7% 60 % loans* 6.0% 1.5% 180% 6.00% 41.6 4.
Slide 13: Fee income increased 23% YoY and fell 3% QoQ
Fee income increased 23% YoY and fell 3% QoQ Fee Income from Financial Services, Net S/. million %chg %chg 2Q08 1Q09 2Q09 QoQ YoY Credit and debit card 32 38 39 1% 22% Fees for services 34 40 39 -1% 17% Contingent operations 5 7 8 14% 53% Fees for collection and payment services 4 5 5 1% 13% Others
Slide 14: The efficiency ratio has improved significantly
The efficiency ratio has improved significantly Distribution network Operating expenses Units S/. million Efficiency ratio* 1,700 ATMs 270 1,401 1,392 1396 250 1,500 270 64.8% 58.1% 54.60% 230 53.6% 48.0% 1,300 1,180 210 215 207 220 200 1,056 210 197 1,100 184 182 189 40.0% Branches 175 190 900 170
Slide 15: Interseguro
Interseguro EJ Intergroup 14 Financial Services
Slide 16: Net income increased eightfold QoQ and 16% YoY
Net income increased eightfold QoQ and 16% YoY Profit and Loss Statement Summary S/. million 2Q08 1Q09 2Q09 %chg QoQ %chg YoY Premiums 48 58 66 14.4% 37.9% Premiums ceded -1 -2 -2 0.1% 44.0% Fees -2 -2 -2 -13.3% 8.4% Claims -29 -29 -28 -3.5% -3.8% Change in reserves -32 -33 -46 36.9% 43.1% Diverse I
Slide 17: Premiums have increased 14% QoQ and 38% YoY, due to higher annuity sales
Premiums have increased 14% QoQ and 38% YoY, due to higher annuity sales Premiums by Business Line S/. million 2Q08 1Q09 2Q09 %chg QoQ %chg YoY Individual Life 5 6 6 -4% 13% Annuities 31 34 46 33% 50% Group Life 7 11 9 -18% 25% Disability and survivor benefits 1 0 0 -44% -89% Mandatory traffic accid
Slide 18: Investment income doubled QoQ
Investment income doubled QoQ Investment Portfolio S/. million 2Q08 1Q09 2Q09 %chg QoQ %chg YoY Fixed Income 1,024.6 1,257.8 1,215.3 -3% 19% Equity and Mutual Funds 263.0 173.3 194.7 12% -26% Real Estate 406.0 388.6 422.3 9% 4% Others 4.4 5.1 5.1 -1% 16% TOTAL 1,698.0 1,824.9 1,837.5 1% 8% Investmen
Slide 19: Intergroup Financial Services
Intergroup Financial Services
Intercorp Financial Services — Q2 2009 Earnings Presentation on 6ix