Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q4 2011 Earnings Presentation
20 slides from Intercorp Financial Services's earnings presentation, February 2012
Slide 1: Fourth Quarter 2011 Earnings Presentation
Fourth Quarter 2011 Earnings Presentation
Slide 2: Intergroup Financial Services
Intergroup Financial Services 2
Slide 3: Highlights
Highlights Intergroup: • Intergroup’s net earnings were S/. 695.7 million in 2011, a 39.4% increase compared to 2010, driven by record contributions from Interbank and Interseguro • In 4Q11, net earnings increased 2.7% QoQ and 99.8% YoY • QoQ growth was driven by an increase in gross financial margi
Slide 4: Intergroup's net earnings increased 39.4% in 2011
Intergroup´´s net earnings increased 39.4% in 2011 Intergroup Interbank Interseguro Net income* Net income Net income S/. million ROE S/. million ROE S/. million ROE 33.8% 800 32.1% 56.7% 26.2% 37.1% 33.8% 31.7% 700 600 31.6% 28.0% 695.7 500 124.0 506.5 499.1 540.9 497.5 400 -10.5 47.8 83.3 429.4 52
Slide 5: Intergroup's 4Q11 earnings doubled YoY and increased 2.7% QoQ
Intergroup’s 4Q11 earnings doubled YoY and increased 2.7% QoQ Intergroup Interbank Interseguro Net income* Net income Net income S/. million ROE S/. million ROE S/. million ROE 39.8% 300 98.4% 36.9% 38.7% 34.4% 27.1% 250 20.4% 43.5% 200.5 206.0 200 163.7 21.4% 55.8 58.0 138.3 150 37.5 126.3 103.1 23
Slide 6: Intergroup's net earnings reached a record S/. 206.0 million in 4Q11
Intergroup’s net earnings reached a record S/. 206.0 million in 4Q11 Intergroup's Profit and Loss Statement Summary S/. million %chg %chg 4Q10 3Q11 4Q11 QoQ YoY Financial income 551.0 601.6 678.4 12.8% 23.1% Financial expenses -119.7 -133.4 -140.0 5.0% 16.9% Gross financial margin 431.3 468.2 538.4
Slide 7: Interbank
Interbank EJ Intergroup Financial Services
Slide 8: Interbank's net income was S/. 126.3 million in 4Q11
Interbank’s net income was S/. 126.3 million in 4Q11 Profit and Loss Statement Summary S/. million % chg % chg 4Q 10 3Q 11 4Q 11 QoQ YoY Financial income 526.7 521.7 538.5 3.2% 2.2% Financial expenses -123.1 -129.4 -132.1 2.1% 7.3% Gross financial margin 403.6 392.3 406.4 3.6% 0.7% Provisions -112.3
Slide 9: Loan growth remained strong at 16.9% YoY and 7.7% QoQ
Loan growth remained strong at 16.9% YoY and 7.7% QoQ Performing loans Breakdown of loans S/. million % chg % chg 4Q 10 3Q 11 4Q 11 QoQ YoY S/. million +16.9% Consumer loans: Credit cards 1,740 1,994 2,166 8.6% 24.5% Other consumer 2,296 2,409 2,565 6.5% 11.7% 14,125 Total consumer loans 4,036 4,403
Slide 10: Core deposits grew significantly YoY
Core deposits grew significantly YoY Funding Structure Deposit Breakdown S/. million % chg % chg 9.6% 4Q 10 3Q 11 4Q 11 QoQ YoY 14,000 Deposits and obligations 11,967 12,176 13,113 7.7% 9.6% 13,113 12,911 Due to banks 2,941 2,263 2,266 0.1% -23.0% 12,534 179 161 12,176 Bonds and obligations 2,182 2,
Slide 11: Gross financial margin increased 3.6% QoQ and 0.7% YoY
Gross financial margin increased 3.6% QoQ and 0.7% YoY Interbank Gross Financial Margin S/. million % chg % chg 4Q 10 3Q 11 4Q 11 QoQ YoY Financial income: Loans 416.4 433.4 440.5 1.6% 5.8% Investments 62.6 58.6 27.8 -52.6% -55.6% Interest on due from banks and interbanks funds 11.1 3.9 2.8 -27.0% -
Slide 12: 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% 8.4% 9.0% 8.4% 8.5% 8.5% 7.8% 8.3% 7.7% 8.1% 7.4% 7.3% 7.1% 7.7% 6.9% 7.6% 7.4% 7.1% 7.3% 7.3% 6.9% 7.2% 7.1% 7.0% 6.9% 6.9% 6.9% 6.5% 6.6% 6.4% 6.3% 6.3% 6.0% 6.0% 4Q08 1Q09 2Q09 3Q09 4Q09 1
Slide 13: Provisions increased 23.0% QoQ due to strong loan growth
Provisions increased 23.0% QoQ due to strong loan growth PDL & Coverage Ratios Loan Provision Expense S/. million Provision expense* Loans 160 3.7% 3.5% 2.50% 274.1% 3.1% 3.50% 268.3% 3.0% 269.1% 140 263.1% 270.00% 2.5% 260.0% 122.9 120 2.50% 2.00% 111.6 250.00% 101.0 99.9 100 1.50% 1.50% 78.6 230.0
Slide 14: Fee income grew 4.9% YoY, while operating expenses increased only 3.1% YoY
Fee income grew 4.9% YoY, while operating expenses increased only 3.1% YoY Fee income Operating expenses S/. million S/. million Net fee income Efficiency ratio* Fee income / operating revenues 25.6% 25.7% 25.0% 23.9% 22.5% 48.3% 49.4% 320 48.7% 47.2% 46.9% 270.1 270 261.9 243.0 247.4 140.7 236.5 13
Slide 15: Interbank's BIS ratio remained significantly above the regulatory minimum of 10.0%
Interbank’s BIS ratio remained significantly above the regulatory minimum of 10.0% Tier I Tier II 14.4% 14.6% 13.7% 3.4% 11.5% 4.7% 3.2% 10.8% Regulatory 2.9% Minimum 9.8% 10.0% 2.7% 9.5% 9.1% 11.2% 10.5% 9.7% 8.1% 8.6% (1) 2008 2009 2010 3Q11 4Q11 (1) On April 2010 Interbank issued US$200 million i
Slide 16: Interseguro
Interseguro EJ Intergroup 16 Financial Services
Slide 17: Interseguro's net income increased by almost five times YoY
Interseguro’s net income increased by almost five times YoY Profit and Loss Statement Summary S/. million % chg % chg 4Q10 3Q11 4Q11 QoQ YoY Premiums 153.9 117.1 107.0 -8.6% -30.5% Premiums ceded -1.6 -2.3 -2.4 1.9% 48.2% Fees -3.4 -2.9 -4.2 45.6% 25.1% Claims -28.5 -33.2 -33.3 0.5% 16.7% Change in
Slide 18: Premiums decreased 8.6% QoQ and 30.5% YoY due to a market contraction in annuities
Premiums decreased 8.6% QoQ and 30.5% YoY due to a market contraction in annuities Premiums by Business Line S/. million % chg % chg 4Q10 3Q11 4Q11 QoQ YoY Individual Life 5.7 7.8 7.0 -10.4% 22.4% Annuities 128.8 88.6 78.2 -11.7% -39.3% Group Life 10.4 10.9 12.7 16.8% 22.9% Disability and survivor b
Slide 19: Investment income more than doubled YoY
Investment income more than doubled YoY Investment Portfolio S/. million %chg QoQ %chg YoY 4Q10 3Q11 4Q11 Fixed Income 1,482.7 1,731.0 1,897.0 9.6% 27.9% Equity and Mutual Funds 238.7 286.7 296.0 3.3% 24.0% Real estate 459.8 538.0 443.5 -17.6% -3.5% Others 4.7 4.8 4.8 0.0% 3.6% TOTAL 2,185.9 2,560.4
Slide 20: Intergroup Financial Services
Intergroup Financial Services
Intercorp Financial Services — Q4 2011 Earnings Presentation on 6ix