Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q1 2012 Earnings Presentation
19 slides from Intercorp Financial Services's earnings presentation, 2012
Slide 1: First Quarter 2012 Earnings Presentation
First Quarter 2012 Earnings Presentation
Slide 2: Intergroup Financial Services
Intergroup Financial Services 2
Slide 3: Highlights
Highlights Intergroup: • Intergroup’s net earnings rose 5.4% YoY, but decreased 23.6% QoQ • When excluding non-recurring items, net earnings rose 5.8% QoQ • YoY net earnings growth was mainly due to growth in loan volumes and overall activity at Interbank • Intergroup’s recurring ROE was 28.1% in 1Q
Slide 4: Intergroup's 1Q12 earnings increased 5.4% YoY
Intergroup’s 1Q12 earnings increased 5.4% YoY Intergroup Interbank Interseguro Net income* Net income Net income S/. million ROE S/. million ROE S/. million ROE 37.4% 300 98.4% 31.5% 29.4% 31.1% 27.1% 28.1% 250 208.8 42.5% 200 27.7% 58.0 159.5 151.3 142.5 150 126.0 126.3 100 92.2 150.8 58.0 50 37.0
Slide 5: Intergroup's net earnings were S/. 159.5 million in 1Q12
Intergroup’s net earnings were S/. 159.5 million in 1Q12 Intergroup's Profit and Loss Statement Summary S/. million %chg %chg 1Q11 4Q11 1Q12 QoQ YoY Financial income 581.6 674.1 630.9 -6.4% 8.5% Financial expenses -138.5 -135.6 -139.8 3.1% 0.9% Gross financial margin 443.2 538.5 491.1 -8.8% 10.8% Pr
Slide 6: Interbank
Interbank CJ intergroup Financial Services
Slide 7: Interbank's net income increased 12.8% QoQ and 13.2% YoY
Interbank’s net income increased 12.8% QoQ and 13.2% YoY Profit and Loss Statement Summary S/. million % chg % chg 1Q 11 4Q 11 1Q 12 QoQ YoY Financial income 498.4 538.5 560.5 4.1% 12.5% Financial expenses -125.5 -132.1 -131.4 -0.5% 4.8% Gross financial margin 372.9 406.4 429.1 5.6% 15.1% Provisions
Slide 8: Retail loan growth remained strong at 20.7% YoY
Retail loan growth remained strong at 20.7% YoY Performing loans Breakdown of loans S/. million % chg % chg 1Q 11 4Q 11 1Q 12 QoQ YoY S/. million +11.7% Consumer loans: Credit cards 1,809 2,166 2,243 3.6% 24.0% Other consumer 2,308 2,565 2,600 1.4% 12.6% 14,125 Total consumer loans 4,116 4,730 4,843
Slide 9: Core deposits grew 11.3% YoY
Core deposits grew 11.3% YoY Funding Structure Deposit Breakdown S/. million % chg % chg +5.9% 1Q 11 4Q 11 1Q 12 QoQ YoY 16,000 Deposits and obligations 12,534 13,113 13,271 1.2% 5.9% Due to banks 2,665 2,266 2,825 24.7% 6.0% 14,000 13,113 13,271 12,911 12,534 154 Bonds 2,205 2,038 2,048 0.5% -7.1%
Slide 10: Gross financial margin increased 5.6% QoQ and 15.1% YoY
Gross financial margin increased 5.6% QoQ and 15.1% YoY Interbank Gross Financial Margin S/. million % chg % chg 1Q 11 4Q 11 1Q 12 QoQ YoY Financial income: Loans 425.0 440.5 458.0 4.0% 7.8% Investments 26.6 27.8 37.5 35.0% 40.8% Interest on due from banks and interbank funds 9.5 2.8 4.1 44.0% -57.2
Slide 11: NIM has consistently increased over the last 3 quarters
NIM has consistently increased over the last 3 quarters Net Interest Margin (%) 9.8% 9.8% 9.2% 8.8% 8.8% 9.3% 8.4% 8.4% 9.0% 8.5% 8.5% 7.8% 7.9% 8.3% 7.7% 8.1% 7.4% 7.3% 7.9% 7.1% 7.7% 7.6% 7.3% 7.3% 7.4% 7.1% 7.2% 7.1% 6.9% 7.0% 6.9% 6.9% 6.6% 6.3% 6.4% 6.4% 6.3% 6.1% 6.0% 1Q09 2Q09 3Q09 4Q09 1Q10
Slide 12: Provision expenses decreased 14.8% QoQ
Provision expenses decreased 14.8% QoQ PDL & Coverage Ratios Loan Provision Expense S/. million Provision expense* Loans 160 3.5% 274.1% 3.1% 3.50% 2.50% 3.0% 268.3% 140 2.9% 260.0% 263.1% 270.00% 2.5% 122.9 255.2% 120 2.50% 2.00% 104.7 250.00% 101.0 99.9 100 1.50% 1.50% 78.6 230.00% 80 0.50% 1.00%
Slide 13: The efficiency ratio improved QoQ and YoY
The efficiency ratio improved QoQ and YoY Fee income Operating expenses S/. million S/. million Net fee income Efficiency ratio* Fee income / operating revenues 25.6% 25.7% 23.9% 22.5% 23.0% 49.4% 350 48.3% 47.2% 46.9% 46.8% 300 270.1 260.7 140.7 247.4 135.2 243.0 128.5 250 236.5 117.0 115.9 30.00%
Slide 14: Interbank's BIS ratio rose as a result of the capitalization of earnings
Interbank’s BIS ratio rose as a result of the capitalization of earnings 22% Tier I 2 0% Tier II 18% 16% 14.9% 14.4% 13.7% 14% 2.9% 12% 11.5% 4.7% 3.2% 10.8% Total Regulatory 1 0% 2.9% 9.8% Minimum 9.1% 2.7% 9.5% 10.0% 8% 6% 12.0% 10.5% 9.7% 4% 8.1% 8.6% 2% 0% (1) 2008 2009 2010 2011 1Q12 (1) On Apr
Slide 15: Interseguro
Interseguro CJ intergroup 15 Financial Services
Slide 16: Interseguro's net income decreased 24.0% YoY
Interseguro’s net income decreased 24.0% YoY Profit and Loss Statement Summary S/. million % chg % chg 1Q11 4Q11 1Q12 QoQ YoY Premiums 124.2 107.0 110.2 3.0% -11.3% Premiums ceded -1.9 -2.4 -1.0 -58.6% -49.8% Fees -2.9 -4.2 -3.8 -8.8% 30.4% Claims -32.4 -33.3 -31.3 -6.1% -3.5% Change in reserves -10
Slide 17: Premiums increased 3.0% QoQ, but decreased 11.3% YoY
Premiums increased 3.0% QoQ, but decreased 11.3% YoY due to a market contraction in annuities Premiums by Business Line S/. million % chg % chg 1Q11 4Q11 1Q12 QoQ YoY Individual Life 6.1 7.0 7.1 1.1% 15.2% Annuities 97.1 78.2 82.4 5.4% -15.1% Group Life 12.5 12.7 11.7 -8.4% -6.7% Disability and surv
Slide 18: Investment income decreased 7.7% YoY
Investment income decreased 7.7% YoY Investment Portfolio S/. million %chg QoQ %chg YoY 1Q11 4Q11 1Q12 Fixed Income 1,518.6 1,897.0 1,998.6 5.4% 31.6% Equity and Mutual Funds 352.7 296.0 280.4 -5.3% -20.5% Real estate 487.0 443.5 456.1 2.8% -6.3% Others 4.5 4.8 4.9 1.7% 8.8% TOTAL 2,362.8 2,641.4 2,
Slide 19: Intergroup Financial Services
Intergroup Financial Services
Intercorp Financial Services — Q1 2012 Earnings Presentation on 6ix