Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q3 2009 Earnings Presentation
19 slides from Intercorp Financial Services's earnings presentation, 2009
Slide 1: Third Quarter 2009 Earnings Presentation
Third Quarter 2009 Earnings Presentation
Slide 2: Intergroup Financial Services
Intergroup Financial Services 2
Slide 3: Highlights
Highlights Intergroup: • Intergroup reported strong results in 3Q09, with net income growth of 15.9% QoQ and 272.6% YoY, driven by positive contributions from both subsidiaries. • Asset quality and capitalization were strong, while efficiency improved. Interbank: • Interbank’s net income grew 27.0%
Slide 4: Net Earnings
Net Earnings Intergroup's Profit and Loss Statement Summary S/. million %chg %chg 3Q08 2Q09 3Q09 QoQ YoY Financial income 378.4 517.3 516.5 -0.2% 36.5% Financial expenses -152.7 -115.9 -91.7 -20.9% -39.9% Gross financial margin 225.7 401.4 424.8 5.8% 88.2% Provisions -49.6 -97.2 -84.9 -12.7% 71.2% N
Slide 5: Intergroup's net income increased 16% QoQ and 273% YoY
Intergroup´s net income* increased 16% QoQ and 273% YoY Intergroup Interbank Interseguro S/. million ROE S/. million ROE S/. million ROE 39.9% 150 43.0% 148.3 45.00% 150 35.9% 129.2 45 130 127.9 35.0% 40.00% 130 38.8% 40.00% 35 110 101.7 35.00% 41.8% 110 30.00% 25.0% 23.0 29.0% 90 25 30.00% 90 18.3
Slide 6: Interbank
EJ Intergroup Financial Services
Slide 7: Interbank's net income grew 27% QoQ and 147% YoY
Interbank’s net income grew 27% QoQ and 147% YoY Profit and Loss Statement Summary S/. million % chg % chg 3Q 08 2Q 09 3Q 09 QoQ YoY Financial income 322.0 470.2 466.3 -0.8% 44.8% Financial expenses -108.1 -109.6 -85.6 -21.9% -20.8% Gross financial margin 213.9 360.7 380.7 5.5% 78.0% Provisions -49.
Slide 8: Loan growth remained weak in 3Q09
Loan growth remained weak in 3Q09 Performing loans Breakdown of retail loans S/. million S/. million % chg % chg +19.0% 3Q 08 2Q 09 3Q 09 QoQ YoY 9,588 9,475 Consumer loans: 9,176 9,307 Credit cards 1,244.1 1,455.4 1,447.0 -0.6% 16.3% Other consumer 1,717.1 1,959.1 2,032.8 3.8% 18.4% 7,957 Total con
Slide 9: Deposit growth slowed down due to lower interest rates
Deposit growth slowed down due to lower interest rates Funding Structure Deposit Breakdown S/. million % chg % chg +18.4% 3Q 08 2Q 09 3Q 09 QoQ YoY 11,351 10,932 11,146 Deposits and obligations 9,415.2 10,932.9 11,145.9 1.9% 18.4% 380 348 367 Due to banks 2,401.6 1,727.1 1,876.7 8.7% -21.9% Bonds an
Slide 10: Gross financial margin increased 6% QoQ and 78% YoY
Gross financial margin increased 6% QoQ and 78% YoY Interbank Net Financial Margin S/. million % chg % chg 3Q 08 2Q 09 3Q 09 QoQ YoY Financial income: Loans 286.6 362.9 369.8 1.9% 29.1% Investments 16.6 74.8 67.2 -10.2% 305.7% Interest on due from banks and interbanks funds 12.4 2.4 2.0 -19.2% -84.1
Slide 11: Recurring NIM increased 140 bps YoY
Recurring NIM increased 140 bps YoY Net Interest Margin (%) 10.1% 9.6% 8.8% 8.2% 8.4% 7.8% 7.7% 7.7% 7.4% 7.6% 7.0% 7.5% 6.9% 7.0% 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009 Interbank Interbank - Recurring 11
Slide 12: Asset quality and coverage improved
Asset quality and coverage improved PDL & Coverage Ratios Loan Provision Expense S/. million 140 130.7 16.00% 2.00% 330% 120 14.00% 291.0% 283.0% 102.0 262.0% 261.2% 98.9 12.00% 280% 100 90.0 1.50% 233.2% 10.00% 230% 80 % loans* 8.00% 1.00% 1.7% 53.5 6.0% 1.6% 180% 60 1.5% 6.00% 4.2% 4.2% 1.0% 1.2%
Slide 13: Fee income increased 14% QoQ and 25% YoY
Fee income increased 14% QoQ and 25% YoY Fee Income from Financial Services, Net S/. million % chg % chg 3Q 08 2Q 09 3Q 09 QoQ YoY Credit and debit card 35.4 38.7 41.1 6.2% 16.1% Fees for sevices 36.5 40.8 44.0 7.8% 20.5% Contingent operations 6.3 7.7 9.9 28.6% 57.1% Fund transfer services 5.3 5.0 4
Slide 14: The efficiency ratio has improved significantly
The efficiency ratio has improved significantly Distribution network Operating expenses Units S/. million ATMs Efficiency ratio* 270 270 64.8% 1,600 1,401 1,392 1,396 1,409 250 54.6% 53.6% 50.3% 44.9% 1,400 1,180 215 217 230 220 200.4 204.1 210 197 1,200 207 182 189 40.0% 1,010 1,025 1,056 210 175 1
Slide 15: Interseguro
EJ Intergroup 15 Financial Services
Slide 16: Interseguro posted a second consecutive quarter of strong earnings
Interseguro posted a second consecutive quarter of strong earnings Profit and Loss Statement Summary S/. million 3Q08 2Q09 3Q09 %chg QoQ %chg YoY Premiums 57.5 66.3 57.7 -13.0% 0.4% Premiums ceded -1.6 -1.9 -1.9 1.3% 21.4% Fees -2.0 -2.0 -2.4 24.5% 19.7% Claims -33.5 -28.0 -30.2 7.9% -9.7% Change in
Slide 17: Premiums decreased 13% QoQ, due to lower annuity sales
Premiums decreased 13% QoQ, due to lower annuity sales Premiums by Business Line S/. million 3T08 2T09 3T09 %chg QoQ %chg YoY Individual Life 6.1 5.8 6.0 3.0% -1.4% Annuities 38.2 45.7 36.0 -21.4% -5.8% Group Life 7.3 8.9 8.3 -6.3% 13.6% Disability and survivor benefits 0.4 0.1 0.1 -28.6% -78.1% Man
Slide 18: Investment income more than tripled YoY
Investment income more than tripled YoY Investment Portfolio S/. million 3T08 2T09 3T09 %chg QoQ %chg YoY Fixed Income 1,099.3 1,281.9 1,201.0 -6.3% 9.3% Equity and Mutual Funds 235.2 128.1 182.0 42.1% -22.6% Real Estate 424.8 422.3 426.2 0.9% 0.3% Others 4.4 5.1 5.2 1.3% 16.9% TOTAL 1,763.6 1,837.5
Slide 19: Intergroup Financial Services
Intergroup Financial Services
Intercorp Financial Services — Q3 2009 Earnings Presentation on 6ix