Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q3 2015 Earnings Presentation
27 slides from Intercorp Financial Services's earnings presentation, November 2015
Slide 1: Intercorp Financial Services Third Quarter 2015 Earnings Presentation
Intercorp Financial Services Third Quarter 2015 Earnings Presentation
Slide 2: Highlights 3Q15
Highlights 3Q15 IFRS Intercorp 3Q15 net profit was S/. 408.6 million, a 48.6% increase YoY and 18.0% QoQ. Both yearly and quarterly increases were Financial driven by strong operating performance at Interbank and Interseguro. At Interseguro there was a strong positive impact YoY and QoQ attributab
Slide 3: IFS key indicators 3Q15
IFS key indicators 3Q15 IFRS Intercorp Financial Services' key indicators S/. million 3Q14 2Q15 3Q15 %chg QoQ %chg YoY Net interest and similar income 515.7 599.1 623.9 4.1% 21.0% Results Fee income from financial services, net 168.6 194.0 214.8 10.8% 27.4% Profit for the period 275.0 346.4 408.6 18
Slide 4: IFS 3Q15 net profit increased 18.0% QoQ and 48.6% YoY
IFS 3Q15 net profit increased 18.0% QoQ and 48.6% YoY IFRS Interbank Inteligo Net profit in S/. million Net profit in S/. million ROAE 25.2% 24.6% 28.2% ROAE 23.2% 38.2% 12.6% +29.4% -40.4% 242 187 201 50 28 17 3Q14 2Q15 3Q15 3Q14 2Q15 3Q15 Interseguro IFS Net profit in S/. million Net profit in S/.
Slide 5: Interbank
CJ Intercorp Financial Services
Slide 6: Interbank’s profits grew 20.6% QoQ and 29.4% YoY
Interbank’s profits grew 20.6% QoQ and 29.4% YoY IFRS Banking Segment's P&L Statement S/. million %chg %chg 3Q14 2Q15 3Q15 QoQ YoY Interest and similar income 642.7 732.8 757.4 3.4% 17.9% Interest and similar expenses -187.4 -203.8 -220.5 8.2% 17.7% Net interest and similar income 455.3 529.0 536.9
Slide 7: Performing loans grew 3.6% QoQ and 12.9% YoY
Performing loans grew 3.6% QoQ and 12.9% YoY Performing loans Breakdown of loans S/. million S/. million %chg %chg 3Q14 2Q15 3Q15 QoQ YoY +12.9% Consumer loans: Credit cards 3,040.9 3,632.7 3,677.3 1.2% 20.9% Other consumer 3,447.7 3,924.4 4,117.6 4.9% 19.4% 23,757 Total consumer loans 6,488.6 7,557
Slide 8: Interbank’s deposits grew 11.7% QoQ and 15.9% YoY
Interbank’s deposits grew 11.7% QoQ and 15.9% YoY Funding structure Funding breakdown S/. million %chg %chg S/. million 3Q14 2Q15 3Q15 QoQ YoY Gross Loans Deposits 106.4% 112.3% 104.4% Deposits 20,302.4 21,061.9 23,528.9 11.7% 15.9% Retail 8,427.5 9,625.6 9,975.4 3.6% 18.4% Commercial (1) 11,874.9 1
Slide 9: Asset quality remained strong in 3Q15
Asset quality remained strong in 3Q15 Local GAAP & IFRS figures PDL vs. System Loan provision expense vs. System Interbank System Interbank System Interbank Coverage 201.4% 178.3% 185.6% Ratio 2.3% 2.7% 2.6% 2.2% 2.4% 1.9% 2.0% 2.4% 2.3% 1.7% 2.8% 2.8% 3Q14 2Q15 3Q15 3Q14 2Q15 3Q15 IBK IBK PDL 2.0%
Slide 10: Strong de-dollarization trend in the last year
Strong de-dollarization trend in the last year Local GAAP figures Total loans Retail loans Commercial loans %PEN System 55.4% 65.8% 77.0% 82.2% 44.3% 57.6% 15.5% 11.6% 37.9% 28.7% 47.2% 60.7% 84.5% 88.4% 62.1% 71.3% 52.8% 39.3% 3Q14 3Q15 3Q14 3Q15 3Q14 3Q15 Retail loans breakdown Commercial loans br
Slide 11: Fee income increased 21.8% YoY and efficiency ratio continued to improve
Fee income increased 21.8% YoY and efficiency ratio continued to improve Fee income Operating expenses S/. million S/. million 350 .0 30.00% 300 .0 25.00% 500 .0 46.6% 50.0% 22.2% 21.7% 21.1% 450 .0 41.7% 40.5% 250 .0 400 .0 40.0% 20.00% 350 .0 200 .0 300 .0 30.0% 15.00% 250 .0 150 .0 200 .0 10.00%
Slide 12: Strong quarter at Interbank with solid ROAE levels
Strong quarter at Interbank with solid ROAE levels IFRS Net profit ROAE S/. million Annualized +29.4% 242 28.2% 187 201 25.2% 24.6% 3Q14 2Q15 3Q15 3Q14 2Q15 3Q15 12
Slide 13: Interbank’s BIS ratio remained above regulatory requirements and the system average
Interbank’s BIS ratio remained above regulatory requirements and the system average System 14.6% 14.1% 14.4% 14.3% 14.2% 20.00% 16.7% 16.5% 15.8% 15.6% 15.2% 15.00% 6.0% 5.8% 5.8% 5.5% +1.8% 5.6% +1.8% Additional Regulatory Capital +1.7% Requirement 10.00% 10.0% Total Regulatory Minimum 5.00% 10.0%
Slide 14: Interseguro
Interseguro CJ Intercorp Financial Services
Slide 15: Interseguro’s profit attributable to shareholders increased 33.0% QoQ
Interseguro’s profit attributable to shareholders increased 33.0% QoQ and more than doubled YoY Insurance Segment's P&L Statement S/. million %chg %chg 3Q14 2Q15 3Q15 QoQ YoY Net Interest and similar income 46.7 64.9 64.1 -1.2% 37.4% Fee income from financial services, net -0.6 -1.1 -1.0 -7.2% 67.7%
Slide 16: Interseguro’s net profit IFRS vs. Local GAAP
Interseguro’s net profit IFRS vs. Local GAAP Net profit – IFRS Net profit bridge from Local GAAP to IFRS (3Q15) S/. million S/. million +124.9% 5 156 30 117 5 1 3 69 117 83 57 34 39 117 13 3Q14 2Q15 3Q15 Adjustment of technical reserves resulting from changes in discount rate 156 Net profit – Local
Slide 17: Total premiums earned less claims and benefits increased 56.7% QoQ and 109.0% YoY
Total premiums earned less claims and benefits increased 56.7% QoQ and 109.0% YoY Net premiums Adjustment of technical reserves S/. million S/. million Annuities 23.7% 25.9% 24.2% Discount rate 57 83 117 market share impact 74 214 2 56 1 168 180 4 47 44 4 0 43 11 41 9 69 3 9 158 52 44 118 127 3Q14 2
Slide 18: Interseguro’s investment portfolio grew 9.6% YoY
Interseguro’s investment portfolio grew 9.6% YoY Investment portfolio Results from investments(1) S/. million S/. million ROIP 6.5% 8.0% 8.0% +9.6% 4,747 4,659 Results from 67 94 94 4,252 investments 724 695 607 435 12 527 534 16 11 53 9 3,587 3,437 3 3,112 85 59 66 -3 -18 3Q14 2Q15 3Q15 -37 Fixed i
Slide 19: Inteligo
Inteligo CJ Intercorp Financial Services
Slide 20: Inteligo’s customer related business continued to deliver strong results
Inteligo’s customer related business continued to deliver strong results Wealth Management Segment's P&L Statement S/. million %chg %chg 3Q14 2Q15 3Q15 QoQ YoY Interest and similar income 24.5 35.9 35.6 -0.6% 45.1% Interest and similar expenses -11.1 -12.8 -12.8 0.3% 15.7% Net interest and similar i
Slide 21: Inteligo’s key indicators were affected by investment returns in 3Q15
Inteligo’s key indicators were affected by investment returns in 3Q15 AUMs + Deposits Loans S/. million S/. million +14.1% +25.1% 1,600 1,639 11,980 12,355 10,830 1,310 2,348 2,299 2,194 8,636 9,632 10,057 3Q14 2Q15 3Q15 3Q14 2Q15 3Q15 Deposits AUM Revenues Net profit S/. million S/. million (1) Fee
Slide 22: Summary
CJ Intercorp Financial Services
Slide 23: In 3Q15 IFS continued to deliver strong operating performance in all 3 segments
In 3Q15 IFS continued to deliver strong operating performance in all 3 segments Interbank 20.1% YoY growth in consumer loans and 18.4% YoY growth in retail deposits 2.3% PDL ratio below the system’s 2.6% 610 bps improvement in the efficiency ratio YoY, to 40.5% Interseguro Premiums grew
Slide 24: Appendix
Appendix CJ Intercorp Financial Services
Slide 25: IFS 3Q15 P&L
IFS 3Q15 P&L IFRS Intercorp Financial Services' P&L statement S/. million %chg %chg 3Q14 2Q15 3Q15 QoQ YoY Interest and similar income 716.2 817.1 860.1 5.3% 20.1% Interest and similar expense -200.4 -218.0 -236.1 8.3% 17.8% Net interest and similar income 515.7 599.1 623.9 4.1% 21.0% Provision for
Slide 26: Interbank’s net profit IFRS vs. Local GAAP
Interbank’s net profit IFRS vs. Local GAAP Net profit – IFRS Net profit bridge from Local GAAP to IFRS (3Q15) S/. million S/. million +29.4% 12 28 7 242 187 201 87 83 3Q14 2Q15 3Q15 238 242 Net profit – Local GAAP S/. million +24.0% Net profit (SBS) Net interest and Fee income from Provision for loa
Slide 27: Fl _—_._ Financial Services
Fl _—_._ Financial Services
Intercorp Financial Services — Q3 2015 Earnings Presentation on 6ix