Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q2 2012 Earnings Presentation
19 slides from Intercorp Financial Services's earnings presentation, 2012
Slide 1: Second Quarter 2012 Earnings Presentation
Second Quarter 2012 Earnings Presentation
Slide 2: Intercorp Financial Services
Intercorp Financial Services 2
Slide 3: Highlights
Highlights Intercorp Financial Services: • Intercorp’s net earnings were S/. 243.0 million in 2Q12, an increase of 52.4% QoQ and 76.3% YoY • Net earnings growth was mainly driven by significantly higher investment income at Interseguro, as a result of the sale of real estate properties • Intercorp’s
Slide 4: Intercorp's 2Q12 earnings increased 52.4% QoQ and 76.3% YoY
Intercorp’s 2Q12 earnings increased 52.4% QoQ and 76.3% YoY Intercorp Interbank Interseguro Net income* Net income Net income S/. million ROE S/. million ROE S/. million ROE 42.1% 350 169.6% 31.8% 29.4% 28.6% 29.6% 28.1% 300 243.0 250 200 112.4 27.7% 159.5 33.8% 142.5 142.9 137.8 150 125.0 6.2 122.5
Slide 5: Intercorp's net earnings reached a record S/. 243.0 million in 2Q12
Intercorp’s net earnings reached a record S/. 243.0 million in 2Q12 Intercorp's Profit and Loss Statement Summary S/. million %chg %chg 2Q11 1Q12 2Q12 QoQ YoY Financial income 601.9 630.9 725.4 15.0% 20.5% Financial expenses -154.3 -139.8 -140.4 0.4% -9.0% Gross financial margin 447.6 491.1 585.0 19
Slide 6: Interbank
(J Intercorp Financial Services
Slide 7: Interbank's net income remained stable QoQ and increased 14.3% YoY
Interbank’s net income remained stable QoQ and increased 14.3% YoY Interbank's Profit and Loss Statement Summary S/. million % chg % chg 2Q 11 1Q 12 2Q 12 QoQ YoY Financial income 537.0 560.5 568.9 1.5% 5.9% Financial expenses -138.4 -131.4 -136.5 3.8% -1.4% Gross financial margin 398.6 429.1 432.4
Slide 8: Commercial loans grew 5.2% QoQ, recovering from a decline in 1Q12
Commercial loans grew 5.2% QoQ, recovering from a decline in 1Q12 Performing loans Breakdown of loans S/. million % chg % chg 2Q 11 1Q 12 2Q 12 QoQ YoY S/. million +11.8% Consumer loans: Credit cards 1,891 2,243 2,218 -1.1% 17.3% Other consumer 2,350 2,600 2,689 3.4% 14.4% 14,125 14,487 13,906 Total
Slide 9: Deposits represent 75% of Interbank's total funding base
Deposits represent 75% of Interbank’s total funding base Funding Structure Deposit Breakdown S/. million % chg % chg 18,000 2Q 11 1Q 12 2Q 12 QoQ YoY +18.7% 16,000 15,322 Deposits and obligations 12,911 13,271 15,322 15.5% 18.7% 158 Due to banks 2,662 2,825 2,907 2.9% 9.2% 14,000 Bonds 2,074 2,048 2
Slide 10: Gross financial margin increased 0.8% QoQ and 8.5% YoY
Gross financial margin increased 0.8% QoQ and 8.5% YoY Interbank's Gross Financial Margin S/. million % chg % chg 2Q 11 1Q 12 2Q 12 QoQ YoY Financial income: Loans 433.5 458.0 465.4 1.6% 7.4% Investments 44.5 37.5 53.3 42.2% 19.8% Interest on due from banks and interbank funds 3.8 4.1 6.0 47.5% 58.7
Slide 11: NIM remains significantly above the industry's average
NIM remains significantly above the industry’s average Net Interest Margin (%) 9.8% 9.8% 9.2% 9.3% 8.8% 8.8% 9.0% 8.4% 8.4% 8.5% 7.8% 7.9% 8.5% 8.3% 7.7% 8.1% 7.5% 7.3% 7.4% 7.9% 7.7% 7.6% 7.3% 7.3% 7.4% 7.3% 7.2% 7.1% 6.9% 7.0% 6.9% 6.9% 6.3% 6.4% 6.4% 6.3% 6.3% 6.1% 6.0% 2Q09 3Q09 4Q09 1Q10 2Q10 3
Slide 12: Provision expenses increased 35.6% QoQ and 40.6% YoY
Provision expenses increased 35.6% QoQ and 40.6% YoY PDL & Coverage Ratios Loan Provision Expense S/. million Provision expense* Loans 274.1% 3.00% 263.1% 220 260.0% 3.9% 4.20% 255.2% 3.5% 243.5% 3.1% 250.00% 3.0% 2.9% 2.50% 3.20% 170 142.0 2.00% 2.20% 200.00% 122.9 120 1.50% 101.0 99.9 104.7 1.20%
Slide 13: Fee income grew 15.9% YoY, while the efficiency ratio improved YoY
Fee income grew 15.9% YoY, while the efficiency ratio improved YoY Fee income Operating expenses S/. million S/. million Net fee income Efficiency ratio* Fee income / operating revenues 49.4% 350.0 47.2% 46.9% 46.9% 46.8% 25.6% 25.7% 23.7% 23.0% 22.5% 300.0 270.1 265.6 260.7 140.7 247.4 135.2 134.4
Slide 14: Interbank's capitalization remained strong
Interbank’s capitalization remained strong 22% 2 0% 18% Tier I Tier II 16% 14.9% 14.8% 14.4% 13.7% 14% 2.9% 3.4% 12% 11.5% 4.7% 3.2% 10.8% Total Regulatory 1 0% 2.9% 9.5% 9.8% Minimum 9.1% 2.7% 10.0% 8% 6% 12.0% 11.4% 10.5% 9.7% 4% 8.1% 8.6% 2% 0% (1) 2008 2009 2010 2011 1Q12 2Q12 (1) On April 2010
Slide 15: Interseguro
Interseguro (J Intercorp Financial Services 15
Slide 16: Interseguro's net income increased more than fourfold QoQ and fivefold YoY
Interseguro’s net income increased more than fourfold QoQ and fivefold YoY Interseguro's Profit and Loss Statement Summary S/. million % chg % chg 2Q11 1Q12 2Q12 QoQ YoY Premiums 109.5 110.2 106.3 -3.5% -2.9% Premiums ceded -2.3 -1.0 -1.2 18.7% -48.7% Fees -3.2 -3.8 -3.6 -6.8% 13.4% Claims -32.0 -31
Slide 17: Premiums decreased 3.5% QoQ and 2.9% YoY due to a market contraction in annuities
Premiums decreased 3.5% QoQ and 2.9% YoY due to a market contraction in annuities Premiums by Business Line S/. million % chg % chg 2Q11 1Q12 2Q12 QoQ YoY Individual Life 6.4 7.1 6.6 -6.6% 2.6% Annuities 82.7 82.4 76.9 -6.7% -7.1% Group Life 12.3 11.7 13.7 17.5% 11.8% Disability and survivor benefit
Slide 18: Investment income nearly tripled YoY
Investment income nearly tripled YoY Investment Portfolio S/. million % chg % chg 2Q11 1Q12 2Q12 QoQ YoY Fixed Income 1,558.8 1,998.6 2,218.0 11.0% 42.3% Equity and Mutual Funds 312.0 280.4 272.4 -2.9% -12.7% Real estate 505.3 456.1 385.7 -15.4% -23.7% Others 4.7 4.9 5.1 2.5% 7.5% TOTAL 2,380.8 2,74
Slide 19: Slide 19
Intercorp Financial Services — Q2 2012 Earnings Presentation on 6ix