Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q4 2022 Earnings Presentation
64 slides from Intercorp Financial Services's earnings presentation, February 2023
Slide 1: Earnings Presentation 4Q22 & FY22 Results
Earnings Presentation 4Q22 & FY22 Results
Slide 2: Financial highlights, Key messages, Guidance, Results by segment
1 Financial highlights 2 Key messages 3 Guidance 4 Results by segment
Slide 3: 4Q22 recurring earnings of S/ 403 mm, up 3% QoQ & 53% YoY
4Q22 recurring earnings of S/ 403 mm, up 3% QoQ & 53% YoY IFS net profit (S/ mn) ROE 10.9% 26.5% | 17.1%(1) 16.5% ROE 27.8%(2) 21.4% 20.2% 5.7% 46.8% 13.8% 467(2) 100 366 365 Banking(3) Insurance 613 32 13 223 Extraord. income 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 403 0% QoQ | -22% YoY -68% QoQ | +2x YoY 26
Slide 4: Strong FY22 ROE levels in banking, insurance & payments
Strong FY22 ROE levels in banking, insurance & payments, WM still impacted by M2M IFS net profit (S/ mn) ROE 19.3%(1) 17.7% | 15.5%(2) ROE 21.0% 19.8% 28.2%(4) 26.6% 1,360 1,374 273(4) +136 in WM 248 -244 in WM Banking(3) Insurance 1,800 1,671 223 FY21 FY22 FY21 FY22 +1% YoY -9% YoY ROE 23.0% n.m. 3
Slide 5: Highlights
Highlights Solid year in banking activity IFS Banking • Resilient banking activity, moderating consumer dynamics • Shift in loan mix and repricing expand NIM further, up to 5.4% in 4Q22 • Positive operating leverage drives quarterly efficiency ratio down to 38% • CoR builds up in line with shift in
Slide 6: IFS key indicators 4Q22
IFS key indicators 4Q22 26.5%(1) 1.9%(2) 1.9% 2.5% 10.9% 17.1% 16.5% ROE CoR n.m. 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 Banking 1.8% 2.8%(1) 1.8% 15.9% 15.2% 15.1% 1.2% ROA TCR 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 4.3% 5.2% 5.4% 7.9% 7.4% Insurance 4.7% IFS NIM ROIP 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 management 44.6% 3
Slide 7: IFS key indicators FY22
IFS key indicators FY22 19.3% 15.5%(1) 1.6%(2) 1.9% 17.7% 0.9% ROE CoR FY21 FY22 FY21 FY22 Banking 1.7%(1) 2.0% 1.9% 15.9% 15.1% ROA TCR FY21 FY22 FY21 FY22 5.0% 7.4% Insurance 4.1% 7.0% IFS NIM ROIP FY21 FY22 FY21 FY22 37.4%(1) management 34.7% 36.1% 23.0 21.3 Wealth C/I ratio AUM (S/ bn) FY21 FY22
Slide 8: 4Q22 revenues grew 6% QoQ & 42% YoY
4Q22 revenues grew 6% QoQ & 42% YoY IFS quarterly revenues (S/ mn) NIM 4.3% 5.2% 5.4% 1,175 1,259 413 Insurance 1,054 377 Banking 343 1,883(2) 1,765 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 +7% QoQ | +20% YoY -9% QoQ | +10% YoY 1,239(1) 1,661 management Payments(3) 56 100 94 107 Wealth 3 -32 4Q21 3Q22 4Q22 4Q2
Slide 9: bps yearly expansion in IFS' NIM drives 7% growth in recurring revenues
90 bps yearly expansion in IFS’ NIM drives 7% growth in recurring revenues IFS yearly revenues (S/ mn) NIM 4.1% 5.0% extr. other inc. +87 4,571 1,559 1,517 3,974 Insurance 6,557(1) Banking 5,922 FY21 FY22 FY21 FY22 +15% YoY -3%YoY 6,335 other inc. +136 management Payments(2) 448 other inc. 378 311 W
Slide 10: Moderate growth in expenses helps efficiency improve to 34.8%
Moderate growth in expenses helps quarterly efficiency levels improve to 34.8% IFS expenses (S/ mn) Banking expenses (S/ mn) C/I 45.3%(1) 37.5%(3) 34.8% C/I 42.2% 40.1% 37.9% 745 496 488 508 720(2) 688 +4% QoQ +2% YoY 4Q21 3Q22 4Q22 YoY +21% +6% +8% +2% +8% Banking bridge +73 +38 +17 +15 1,788 1,931
Slide 11: Solid capitalization levels
Solid capitalization levels Banking System 14.9% 14.5% 14.4% 152.8% 138.7% 128.6% TCR Insurance 100.0% Reg. min. 4Q21 3Q22 4Q22 15.9% 15.2% 15.1% 12.5% 12.0% 11.6% Solvency ratio Banking 9.8% Reg. management min. 24.4% 20.4% Wealth 19.1% 8.0% Reg. min. 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 TC
Slide 12: Financial highlights, Key messages, Guidance, Results by segment
1 Financial highlights 2 Key messages 3 Guidance 4 Results by segment
Slide 13: Key messages
Key messages 1 Political uncertainty impacts macro outlook 2 Solid year in banking activity 3 Positive developments in digital indicators 4 Mild quarterly recovery in wealth management 5 Payments business in good shape to face further growth 6 ESG updates
Slide 14: Political uncertainty impacts macro outlook
Political uncertainty impacts macro 1 outlook GDP growth YoY (%) Interest rates (%) Soles reference rate (BCRP) Feb23 Dollar reference rate (FED) 7.50 7.75% 3.8 5.50 3.2 3.3 2.50 Jan23 1.8 4.50 4.75% 1.7 0.25 0.25 1.75 0.25 0.25 0.25 4Q21 1Q22 2Q22 3Q22 4Q22(E) Jan21 Jun21 Dec21 Jun22 Dec22 USD/PEN
Slide 15: Key messages
Key messages 1 Political uncertainty impacts macro outlook 2 Solid year in banking activity 3 Positive developments in digital indicators 4 Mild quarterly recovery in wealth management 5 Payments business in good shape to face further growth 6 ESG updates
Slide 16: Resilient banking activity, moderating consumer dynamics
Resilient banking activity, moderating 2 consumer dynamics 6.6 7.0 10 9 5.5 +7% QoQ 8 +8% QoQ +28% YoY +29% YoY 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 Credit & debit cards purchases (S/ bn) Credit cards & personal loans balances (S/ bn) 942 1,019 296 254 750 +36% QoQ +17% QoQ +8% YoY 136 +2x YoY 4Q21 3Q22 4Q
Slide 17: Growth across all revenue lines in banking
Growth across all revenue lines in 2 banking % YoY +23% +12% +9% +20% +23 +11 +171 1,259 1,054 4Q21 Net interest and Fee income from Other income 4Q22 similar income financial services, net Banking – Revenue bridge from 4Q21 to 4Q22 (S/ mn) 17
Slide 18: Shift in loan mix and repricing expand NIM further
Shift in loan mix and repricing expand 2 NIM further Reactiva Commercial Mortgages Payroll deduction loans Yield on loans NIM Risk-adjusted NIM Credit cards & personal loans 9% 5% 10.5% 9.8% 41% 9.1% 42% 8.3% 8.3% 5.4% 21% 4.9% 5.0% 20% 4.4% 4.5% 11% 49% 11% 54% Retail 3.6% 3.7% 3.8% 3.8% Retail 22%
Slide 19: Rising funding costs with best LDR among peers
Rising funding costs with best LDR 2 among peers 2019 2021 2022 Cost of funds Cost of deposits Interbank 102% 96% 101% 3.2% 2.8% Bank 1 104% 99% 102% 2.2% 2.8% 1.8% 2.4% 1.6% Bank 2 105% 116% 109% 1.7% 1.2% 0.9% Ref. rate YoY (2) Bank 3 118% 123% 134% +500 bps (S/) +425 bps (US$) System 106% System
Slide 20: CoR builds up in line with shift in loan mix and risk profile
CoR builds up in line with shift in loan 2 mix and risk profile NPL 158% 159% 173% coverage ratio (S2+S3) ratio (2) S3 NPL ratio 12.8% 2.5% 10.8% 2.2% 9.1% 1.9% 1.6%(1) 1.9% 1.9%(1) 0.9% 3.1% 2.5% 2.6% n.m. 4Q21 3Q22 4Q22 2019 2021 2022 4Q21 3Q22 4Q22 Banking – Cost of risk Banking – Non perfoming l
Slide 21: Asset quality metrics evolving with macro outlook
Asset quality metrics evolving with 2 macro outlook Impairment loss on loans, net (S/ mn) Cost of risk (%) 13.4% 1,291 463 313 328 278 4.5% 189 178 199(1) 193 210 3.4% 148 152 3.1% 2.5% 110 1.7% 1.8% 1.7% 1.9%(1) 1.4% 1.8% 1.9% 1.1% 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 4Q
Slide 22: Key messages
Key messages 1 Political uncertainty impacts macro outlook 2 Solid year in banking activity 3 Positive developments in digital indicators 4 Mild quarterly recovery in wealth management 5 Payments business in good shape to face further growth 6 ESG updates
Slide 23: Positive developments in banking digital indicators
Positive developments in banking 3 digital indicators… 71% 57% 64% 58% 65% 38% Dec21 Dec22 Dec21 Dec22 Dec21 Dec22 Digital customers Digital acquisition Digital sales (% of digital customers) (% of monthly retail customers “born digitally” ) (% of products sold digitally) 94% 94% 46 49 54% 58% Dec21
Slide 24: … as well as in insurance
3 … as well as in insurance 79% 80% 39% 25% Dec21 Dec22 Dec21 Dec22 SOAT digital sales Vida cash life premiums (% of products sold digitally) (% of total life premiums)
Slide 25: Continues solid growth in banking customer base to over 5 million
Continues solid growth in banking 3 customer base to over 5 million +18% YoY +29% YoY +20% YoY 5.3 2.0 2.2 152 5.1 145 4.5 1.7 127 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 Banking – retail customers (mn) Banking – digital customers (mn) Banking – commercial customers (th) 25
Slide 26: Key messages
Key messages 1 Political uncertainty impacts macro outlook 2 Solid year in banking activity 3 Positive developments in digital indicators 4 Mild quarterly recovery in wealth management 5 Payments business in good shape to face further growth 6 ESG updates
Slide 27: Mild recovery in wealth management
Mild recovery in wealth management 4 Wealth mgmt – ROIP(1) (%) Revenues (S/ mn) 56 3 -32 4Q21 3Q22 4Q22 0.8% Other income (S/ mn) -10.3% -14.8% -111 -68 -5 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 27 1) Annualized returns
Slide 28: Sound investment results in insurance
Sound investment results in insurance 4 Insurance – ROIP (%) Results from investments (S/ mn) +6.4% ‘19-21 avg. 7.9% 7.4% 239 227 4.7% 153 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 -50 bps QoQ | +270 bps YoY -5% QoQ | +48% YoY 28
Slide 29: Key messages
Key messages 1 Political uncertainty impacts macro outlook 2 Solid year in banking activity 3 Positive developments in digital indicators 4 Mild quarterly recovery in wealth management 5 Payments business in good shape to face further growth 6 ESG updates
Slide 30: Strong growth in all key indicators
Strong growth in all key indicators 5 107.2 1,054 924 +14% QoQ 99.6 +15% QoQ 609 93.6 +73% YoY +8% YoY 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 Merchants (th) Revenues(1) (S/ mn) E-commerce 14% 18% 17% (%) 32.7 14.6 26.3 25.9 11.0 13.3 +10% QoQ +26% QoQ +33% YoY +24% YoY 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 30 Transa
Slide 31: 9.8 million users in Plin and 2.5 million in Tunki
9.8 million users in Plin and 2.5 million in Tunki 5 +72% YoY +91% YoY 9.8 1,084 8.6 887 5.7 568 Dec21 Sep22 Dec22 Dec21 Sep22 Dec22 Users (mn) Merchants (th) +56% YoY +65% YoY 2.5 470 517 2.2 1.6 314 Dec21 Sep22 Dec22 Dec21 Sep22 Dec22 Users (mn) Merchants (th) 31
Slide 32: Accelerating growth in transactions
Accelerating growth in transactions 5 Transactions (units in mn) Transactions (units in mn) 19.3 4.5 14.5 3.1 10.9 2.2 8.5 7.3 1.5 1.2 Dec21 Mar22 Jun22 Sep22 Dec22 Dec21 Mar22 Jun22 Sep22 Dec22 +33% QoQ | +2x YoY +45% QoQ | +3x YoY 32
Slide 33: Key messages
Key messages 1 Political uncertainty impacts macro outlook 2 Solid year in banking activity 3 Positive developments in digital indicators 4 Mild quarterly recovery in wealth management 5 Payments business in good shape to face further growth 6 ESG updates
Slide 34: ESG updates
ESG updates 6 CSA Score 2022 Latest updates Social Corporate Sustainability Assessment #3 Interseguro +872K sessions #4 Interbank + 679K users #7 Izipay 4.8/5.0 score for webinars #9 Inteligo 62 pts #9 Interbank #8 Interseguro Interbank recognized as #10 Interseguro harassment-free workspace +9 pts
Slide 35: Financial highlights, Key messages, Guidance, Results by segment
1 Financial highlights 2 Key messages 3 Guidance 4 Results by segment
Slide 36: Operating trends FY22
Operating trends FY22 Capital Profitability Loan growth 2022 FY22 2022 FY22 High single digit growth in IBK TCR >15% 15.1% IFS ROE >16% 17.7% total loans(2) led by double digit growth in consumer loans IBK CET1 >11% 12.0% 15.5%(1) 4Q22 growth YoY To remain at sound levels Continued path to recovery
Slide 37: Operating trends 2023
Operating trends 2023 Capital Profitability Loan growth To remain at sound levels High single digit growth in Continued path to recovery IBK TCR ∼ 15% total loans(1) led by low double IFS ROE ∼ 18.0% digit growth in consumer loans IBK CET1 ∼ 11% Revenues Cost of risk Efficiency Continued focus on ef
Slide 38: Takeaways
Takeaways 1 Political uncertainty impacts macro outlook 2 Solid year in banking activity 3 Positive developments in digital indicators 4 Mild quarterly recovery in wealth management 5 Payments business in good shape to face further growth 6 ESG updates
Slide 39: Financial highlights, Key messages, Guidance, Results by segment
1 Financial highlights 2 Key messages 3 Guidance 4 Results by segment
Slide 40: 40 bps market share gain in total loans
Banking 40 bps market share gain in total loans Performing loans (S/ mn) Breakdown of loans (S/ mn) %chg %chg +1% QoQ | +6% YoY 4Q21 3Q22 4Q22 QoQ YoY Consumer loans Credit cards & other loans 7,471.8 8,998.9 9,689.5 7.7% 29.7% (1) Payroll deduction loans 4,542.1 4,529.1 4,629.1 2.2% 1.9% 43,046 43,
Slide 41: 10 bps gain in total deposits market share, 14.9% in retail deposits
10 bps gain in total deposits market Banking share, 14.9% in retail deposits Funding breakdown (S/ mn) Funding structure (S/ mn) 96% 98% 101% %chg %chg LDR(2) 4Q21 3Q22 4Q22 QoQ YoY System’s Deposits 44,966.3 45,493.7 44,597.9 -2.0% -0.8% 104% 104% 107% Retail 22,911.8 23,726.1 23,670.0 -0.2% 3.3% L
Slide 42: Main financial indicators
Banking Main financial indicators NIM 4.4% 5.0% 5.4% CoR n.m. 1.9% 2.5% 917 278 842 746 210 +9% QoQ +33% QoQ +23% YoY n.m. YoY n.m. 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 Net interest and similar income (S/ mn) Loan provision expense (S/ mn) % 29% 28% 27% C/I 42.2% 40.1% 37.9% Revenues 333 342 496 508 308 48
Slide 43: Contraction in annuities business during the quarter
Contraction in annuities business Insurance during the quarter Gross premiums plus collections – Quarterly evolution (S/ mn) Annuities market 37% 33% 28% share(1) %chg 404 YoY -10% QoQ 69 -30% YoY +23% 314 50 284 84 73 +25% 84 59 62 38 -38% 213 45 133 93 -56% 4Q21 3Q22 4Q22 Annuities Private annuiti
Slide 44: ROIP at 7.4% in 4Q22
Insurance ROIP at 7.4% in 4Q22 Investment portfolio (S/ mn) Results from investments (S/ mn)(1) ROIP 4.7% 7.9% 7.4% 13,180 12,582 1,228 11,968 1,287 1,046 1,285 239 751 227 868 153 10,906 10,545 9,815 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 Fixed Income Equity and Mutual Funds Real Estate +5% QoQ | -5% YoY -5
Slide 45: AUM restrained due to market trends
Wealth management AUM restrained due to market trends AUM (S/ mn) Deposits (S/ mn) Loans (S/ mn) 22,981 4,172 4,099 1,926 21,992 21,317 4,019 1,784 1,698 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 -3% QoQ | -7% YoY +2% QoQ | -2% YoY -7% QoQ | +5% YoY 45
Slide 46: Revenues recover due to normalization of other income
Revenues recover due to normalization Wealth management of other income Fees / Avg. 0.8% 0.7% 0.7% AUM 30 31 48 24 40 37 -23% QoQ -7% QoQ -22% YoY -22% YoY 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 Net interest and similar income (S/ mn) Fees from financial services (S/ mn) 56 3 n.m. QoQ n.m. QoQ -5 n.m. YoY n.
Slide 47: Continuous growth in fees
Payments Continuous growth in fees 168 181 20 20 21 137 +8% QoQ +2% QoQ +32% YoY +1% YoY 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 Payments acquirer (S/ mn) Correspondent banking & Credit cards processor (S/ mn) 102 109 201 187 158 74 +6% QoQ +8% QoQ +47% YoY +28% YoY 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 47 Service co
Slide 48: Appendix
Appendix
Slide 49: Reactiva loan balances down 53% YoY, representing 5% of total portfolio
Reactiva loan balances down 53% YoY, representing 5% of total portfolio Reactiva Peru loan balances by segment (S/ bn) 4Q22 Segment YoY 4.9 Corporate -77% Mid-sized -55% 2.9 2.3 SME -44% Total -53% 4Q21 3Q22 4Q22 49 SME Mid-sized Corporate
Slide 50: Rescheduled loans decreased 61%
Rescheduled loans decreased 61% Banking – Rescheduled loans (S/ bn) Clients 343 459 214 8.6 (Thousand) 6.9 Rescheduled 30% 31% 11% Retail 3.8 balance (%) 12.7 Apr20 Jun20 Dec22 10.9 Commercial Total 5.0 4.0 4.1 1.3 Apr20 Jun20 Dec22 Apr20 Jun20 Dec22 50
Slide 51: Manageable dollarization levels
Manageable dollarization levels Total loans Retail loans Commercial loans % PEN 67% 73% 87% 93% 56% 61% System 8% 5% 26% 26% 48% 50% 92% 95% 74% 74% 52% 50% 4Q17 4Q22 4Q17 4Q22 4Q17 4Q22 Retail loans breakdown Commercial loans breakdown Consumer Mortgages Corporate Medium Small & Micro 95% 96% 80% 9
Slide 52: IFS' 4Q22 statement of financial position
IFS’ 4Q22 statement of financial position Intercorp Financial Services' Statement of financial position S/ million %chg %chg 4Q21 3Q22 4Q22 QoQ YoY Assets Cash and due from banks and inter-bank funds 17,134.5 12,941.6 13,489.5 4.2% -21.3% Financial investments 24,547.3 24,899.4 22,787.6 -8.5% -7.2%
Slide 53: IFS' 4Q22 P&L
IFS’ 4Q22 P&L Intercorp Financial Services' P&L statement S/ million %chg %chg 4Q21 3Q22 4Q22 QoQ YoY Interest and similar income 1,237.1 1,547.1 1,684.0 8.8% 36.1% Interest and similar expenses -290.7 -462.9 -535.4 15.7% 84.2% Net interest and similar income 946.4 1,084.2 1,148.5 5.9% 21.4% Impairm
Slide 54: Banking segment's 4Q22 statement of financial position
Banking segment’s 4Q22 statement of financial position Banking Segment' Statement of financial position S/ million %chg %chg 4Q21 3Q22 4Q22 QoQ YoY Assets Cash and due from banks and inter-bank funds 14,420.8 11,144.2 11,348.4 1.8% -21.3% Financial investments 10,062.2 12,025.9 9,586.3 -20.3% -4.7%
Slide 55: Banking segment's 4Q22 P&L
Banking segment’s 4Q22 P&L Banking Segment's P&L statement S/ million %chg %chg 4Q21 3Q22 4Q22 QoQ YoY Interest and similar income 983.5 1,260.6 1,396.4 10.8% 42.0% Interest and similar expenses -237.9 -418.6 -479.5 14.5% n.m. Net interest and similar income 745.6 842.0 916.9 8.9% 23.0% Impairment l
Slide 56: Insurance segment's 4Q22 statement of financial position
Insurance segment’s 4Q22 statement of financial position Insurance Segment' Statement of financial position S/ million %chg %chg 4Q21 3Q22 4Q22 QoQ YoY Assets Cash and due from banks and inter-bank funds 1,055.1 663.7 631.2 -4.9% -40.2% Financial investments 11,951.5 10,683.9 11,295.1 5.7% -5.5% Pro
Slide 57: Insurance segment's 4Q22 P&L
Insurance segment’s 4Q22 P&L Insurance Segment's P&L statement S/ million %chg %chg 4Q21 3Q22 4Q22 QoQ YoY Interest and similar income 211.9 243.2 245.1 0.8% 15.7% Interest and similar expenses -40.6 -31.2 -37.0 18.6% -8.8% Net interest and similar income 171.3 212.0 208.2 -1.8% 21.5% Recovery (loss
Slide 58: Wealth management segment's 4Q22 statement of financial position
Wealth management segment’s 4Q22 statement of financial position Wealth Management Segment' Statement of financial position S/ million %chg %chg 4Q21 3Q22 4Q22 QoQ YoY Assets Cash and due from banks and inter-bank funds 1,533.0 1,107.6 1,457.4 31.6% -4.9% Financial investments 2,314.3 1,971.1 1,698.
Slide 59: Wealth management segment's 4Q22 P&L
Wealth management segment’s 4Q22 P&L Wealth Management Segment's P&L statement S/ million %chg %chg 4Q21 3Q22 4Q22 QoQ YoY Interest and similar income 40.5 43.3 41.9 -3.2% 3.4% Interest and similar expenses -10.1 -12.4 -18.0 45.9% 78.4% Net interest and similar income 30.4 30.9 23.9 -22.8% -21.6% Im
Slide 60: Payments segment's 4Q22 statement of financial position
Payments segment’s 4Q22 statement of financial position (1) Payments Segment' Statement of financial position S/ million %chg %chg 4Q21 3Q22 4Q22 QoQ YoY Assets Cash and due from banks and inter-bank funds 142.1 104.7 111.1 6.1% -21.8% Financial investments - - - - - Loans, net of unearned interest
Slide 61: Payments segment's 4Q22 P&L
Payments segment’s 4Q22 P&L (1) Payments Segment's P&L statement S/ million %chg %chg 4Q21 3Q22 4Q22 QoQ YoY Interest and similar income 0.0 0.5 0.9 94.3% n.m. Interest and similar expenses -0.6 -0.4 -0.4 6.5% -32.1% Net interest and similar income -0.6 0.1 0.5 n.m. n.m. Fee income from financial se
Slide 62: Definitions
Definitions Concept Definition Net interest and similar income + Fee income from financial services + Other income + Net Total revenues premiums earned (Salaries and employee benefits + Administrative expenses + Depreciation and amortization) Efficiency ratio / (Net interest and similar income + Fee
Slide 63: Safe Harbor for Forward-Looking Statements
Safe Harbor for Forward-Looking Statements This corporate presentation contains “forward looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this corporate presentation regarding IFS’ busin
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Intercorp Financial Services — Q4 2022 Earnings Presentation on 6ix