Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q4 2012 Earnings Presentation
20 slides from Intercorp Financial Services's earnings presentation
Slide 1: Fourth Quarter 2012 Earnings Presentation
Fourth Quarter 2012 Earnings Presentation
Slide 2: Intercorp Financial Services
Intercorp Financial Services 2
Slide 3: Highlights
Highlights Intercorp Financial Services: • In 2012, IFS recurring earnings rose 4.7% due to higher financial income, partially offset by increases in provisions and administrative expenses • In 4Q12, recurring net income declined 4.0% YoY due to higher provision and administrative expenses, as well
Slide 4: IFS recurring net earnings increased 4.7% in 2012
IFS recurring net earnings increased 4.7% in 2012 IFS Interbank Interseguro Net income* Net income Net income S/. million ROE S/. million ROE S/. million ROE 34.0% 800 56.7% 28.2% 26.2% 33.8% 31.7% 700 44.1% 27.1% 600 698.5 705.7 28.0% 104.1 500 124.0 570.4 499.1 540.9 13.4 400 -18.9 497.5 47.8 53.0
Slide 5: IFS 4Q12 recurring earnings decreased 4.0% YoY
IFS 4Q12 recurring earnings decreased 4.0% YoY IFS Interbank Interseguro Net income* Net income Net income S/. million ROE S/. million ROE S/. million ROE 350 37.4% 29.8% 27.1% 21.9% 300 25.0% 21.0% 98.4% 208.8 250 58.0 158.5 159.2 200 -8.3 144.7 7.3 14.8% 17.5% 126.3 125.8 150 100 92.2 150.8 166.8
Slide 6: IFS net earnings were S/. 144.7 million in 4Q12
IFS net earnings were S/. 144.7 million in 4Q12 Intercorp Financial Services' Profit and Loss Statement Summary S/. million %chg %chg 4Q11 3Q12 4Q12 QoQ YoY Financial income 674.1 628.2 654.2 4.1% -3.0% Financial expenses -135.6 -138.9 -152.6 9.9% 12.5% Gross financial margin 538.5 489.3 501.6 2.5%
Slide 7: Interbank
(J Intercorp Financial Services
Slide 8: Interbank's net income was S/. 125.8 million in 4Q12
Interbank’s net income was S/. 125.8 million in 4Q12 Interbank's Profit and Loss Statement Summary S/. million % chg % chg 4Q11 3Q12 4Q12 QoQ YoY Financial income 538.5 577.7 582.3 0.8% 8.1% Financial expenses -132.1 -137.3 -150.2 9.4% 13.7% Gross financial margin 406.4 440.3 432.0 -1.9% 6.3% Provis
Slide 9: Growth in mortgages remained strong at 5.5% QoQ and 27.8% YoY
Growth in mortgages remained strong at 5.5% QoQ and 27.8% YoY Performing loans Breakdown of loans S/. million % chg % chg 4Q11 3Q12 4Q12 QoQ YoY S/. million +9.3% Consumer loans: Credit cards 2,166 2,124 2,112 -0.6% -2.5% 15,435 Other consumer 2,565 2,787 2,823 1.3% 10.1% 14,911 14,125 14,487 Total
Slide 10: Deposits grew 11.3% YoY
Deposits grew 11.3% YoY Funding Structure Deposit Breakdown S/. million % chg % chg 4Q11 3Q12 4Q12 QoQ YoY 18,000 +11.3% Deposits and obligations 13,113 14,701 14,601 -0.7% 11.3% 16,000 15,322 Due to banks 2,266 2,815 3,171 12.6% 39.9% 14,701 14,601 Bonds 2,038 2,753 2,707 -1.6% 32.8% 14,000 13,113
Slide 11: Gross financial margin increased 6.3% YoY
Gross financial margin increased 6.3% YoY Interbank's Gross Financial Margin S/. million % chg % chg 4Q11 3Q12 4Q12 QoQ YoY Financial income: Loans 440.5 469.8 473.9 0.9% 7.6% Investments 27.8 44.8 31.2 -30.3% 12.3% Interest on due from banks and inter-bank funds 2.8 6.9 14.5 111.0% n.m. Exchange an
Slide 12: NIM remains above the industry's average
NIM remains above the industry’s average Net Interest Margin (%) 9.2% 8.8% 8.8% 8.4% 8.4% 8.7% 8.7% 7.9% 7.8% 7.7% 8.3% 7.5% 8.1% 7.3% 7.4% 7.9% 7.2% 7.6% 7.7% 6.8% 7.3% 7.4% 7.3% 7.2% 7.1% 7.0% 7.1% 6.9% 6.9% 6.8% 6.3% 6.3% 6.4% 6.4% 6.3% 6.4% 6.3% 6.1% 6.0% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
Slide 13: Provisions increased 32.4% QoQ, while PDLs remained stable at 1.8%
Provisions increased 32.4% QoQ, while PDLs remained stable at 1.8% PDL & Coverage Ratios Loan Provision Expense S/. million Provision expense* Loans 274.1% 3.00% 220 3.9% 255.2% 4.20% 3.5% 3.5% 243.5% 2.50% 234.9% 234.5% 250.00% 2.9% 2.8% 3.20% 170 142.0 2.00% 137.6 2.20% 200.00% 122.9 120 104.7 103
Slide 14: Fee income increased 4.3% QoQ, while operating expenses increased only 3.3% QoQ
Fee income increased 4.3% QoQ, while operating expenses increased only 3.3% QoQ Fee income Operating expenses S/. million S/. million Fee income / operating revenues Efficiency ratio* Net fee income 50.1% 25.7% 24.3% 350 49.4% 46.8% 48.3% 23.0% 23.7% 23.1% 46.9% 300 286.0 276.7 270.1 265.6 260.7 140
Slide 15: Interbank's BIS ratio comfortably complies with additional regulatory capital requirements
Interbank’s BIS ratio comfortably complies with additional regulatory capital requirements 22% 2 0% Tier II Tier I 18% 16% 14.4% 13.7% 13.9% 13.3% 14% 11.5% 12% 10.8% 4.7% 3.2% 3.1% 3.0% 1.1% Additional Regulatory Capital Requirement 1 0% 2.9% 9.8% 10.0% Total Regulatory Minimum 2.7% 9.5% 9.1% 8% 6%
Slide 16: Interseguro
Interseguro (J Intercorp Financial Services 16
Slide 17: Interseguro's net income increased 25.3% QoQ
Interseguro’s net income increased 25.3% QoQ Interseguro's Profit and Loss Statement Summary S/. million % chg % chg 4Q11 3Q12 4Q12 QoQ YoY Premiums 107.0 118.8 111.3 -6.3% 4.0% Premiums ceded -2.4 -1.2 -1.3 4.8% -45.3% Fees -4.2 -3.9 -4.0 4.2% -3.9% Claims -33.3 -39.1 -34.9 -10.8% 4.8% Change in re
Slide 18: Premiums increased 4.0% YoY, but decreased 6.3% QoQ due to market contraction in annuities
Premiums increased 4.0% YoY, but decreased 6.3% QoQ due to market contraction in annuities Premiums by Business Line S/. million % chg % chg 4Q11 3Q12 4Q12 QoQ YoY Individual Life 7.0 7.8 7.7 -2.3% 9.7% Annuities 78.2 87.7 79.5 -9.3% 1.7% Group Life 12.7 14.5 15.8 9.1% 24.2% Disability and survivor
Slide 19: Investment income increased 1.2% QoQ
Investment income increased 1.2% QoQ Investment Portfolio S/. million % chg % chg 4Q11 3Q12 4Q12 QoQ YoY Fixed Income 1,897.0 2,050.9 2,224.3 8.5% 17.2% Equity and Mutual Funds 296.0 351.0 392.3 11.8% 32.5% Real estate 443.5 434.5 433.6 -0.2% -2.2% Others 4.8 4.9 5.0 1.2% 3.1% TOTAL 2,641.4 2,841.4
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Intercorp Financial Services — Q4 2012 Earnings Presentation on 6ix