Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q3 2012 Earnings Presentation
19 slides from Intercorp Financial Services's earnings presentation, November 2012
Slide 1: Third Quarter 2012 Earnings Presentation
Third Quarter 2012 Earnings Presentation
Slide 2: Intercorp Financial Services
Intercorp Financial Services 2
Slide 3: Highlights
Highlights Intercorp Financial Services: • IFS net earnings were S/. 158.5 million in 3Q12, a decrease of 34.8% QoQ and 21.0% YoY. Excluding non-recurring items, net earnings would have been S/. 166.8 million in 3Q12, an increase of 27.7% QoQ and 15.2% YoY • In 2Q12, Interseguro reported S/. 106.3 m
Slide 4: IFS 3Q12 recurring earnings increased 27.7% QoQ and 15.2% YoY
IFS 3Q12 recurring earnings increased 27.7% QoQ and 15.2% YoY IFS Interbank Interseguro Net income* Net income Net income S/. million ROE S/. million ROE S/. million ROE 42.1% 350 39.8% 38.7% 138.0% 28.6% 29.8% 300 243.0 25.0% 250 200.5 112.4 158.5 55.8 163.7 159.2 200 43.5% -8.3 142.9 7.3 37.5 6.2
Slide 5: IFS net earnings were S/. 158.5 million in 3Q12
IFS net earnings were S/. 158.5 million in 3Q12 Intercorp Financial Services' Profit and Loss Statement Summary S/. million %chg %chg 3Q11 2Q12 3Q12 QoQ YoY Financial income 601.6 725.4 628.2 -13.4% 4.4% Financial expenses -133.4 -140.4 -138.9 -1.1% 4.1% Gross financial margin 468.2 585.0 489.3 -16.
Slide 6: Interbank
(J Intercorp Financial Services
Slide 7: Interbank's net income increased 11.4% QoQ
Interbank’s net income increased 11.4% QoQ Interbank's Profit and Loss Statement Summary S/. million % chg % chg 3Q11 2Q12 3Q12 QoQ YoY Financial income 521.7 568.9 571.2 0.4% 9.5% Financial expenses -129.4 -136.5 -130.8 -4.1% 1.2% Gross financial margin 392.3 432.4 440.3 1.8% 12.2% Provisions -99.9
Slide 8: Growth in most segments remained strong
Growth in most segments remained strong Performing loans Breakdown of loans S/. million % chg % chg 3Q11 2Q12 3Q12 QoQ YoY S/. million Consumer loans: +13.7% Credit cards 1,994 2,218 2,124 -4.2% 6.5% Other consumer 2,409 2,689 2,787 3.6% 15.7% 14,911 Total consumer loans 4,403 4,907 4,911 0.1% 11.5%
Slide 9: Interbank issued senior bonds to strengthen its funding structure
Interbank issued senior bonds to strengthen its funding structure Funding Structure Deposit Breakdown S/. million % chg % chg 3Q11 2Q12 3Q12 QoQ YoY 18,000 +20.7% Deposits and obligations 12,176 15,322 14,701 -4.1% 20.7% 16,000 15,322 Due to banks 2,263 2,907 2,815 -3.2% 24.4% 14,701 Bonds 2,124 2,1
Slide 10: Gross financial margin increased 1.8% QoQ and 12.2% YoY
Gross financial margin increased 1.8% QoQ and 12.2% YoY Interbank's Gross Financial Margin S/. million % chg % chg 3Q11 2Q12 3Q12 QoQ YoY Financial income: Loans 433.4 465.4 469.8 0.9% 8.4% Investments 58.6 53.3 44.8 -16.1% -23.5% Interest on due from banks and inter-bank funds 3.9 6.0 6.9 14.6% 77.
Slide 11: NIM remains above the industry's average
NIM remains above the industry’s average Net Interest Margin (%) 9.8% 9.2% 8.8% 8.8% 9.0% 8.4% 8.4% 8.5% 8.5% 7.8% 7.9% 8.3% 7.7% 8.1% 7.4% 7.5% 7.3% 7.9% 7.2% 7.7% 7.6% 7.3% 7.3% 7.4% 7.3% 7.2% 7.1% 7.0% 7.1% 6.9% 6.9% 6.3% 6.4% 6.4% 6.4% 6.3% 6.3% 6.1% 6.0% 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
Slide 12: Provision expenses decreased 26.9% QoQ, while PDLs remained stable at 1.8%
Provision expenses decreased 26.9% QoQ, while PDLs remained stable at 1.8% PDL & Coverage Ratios Loan Provision Expense S/. million Provision expense* Loans 274.1% 3.00% 263.1% 220 3.9% 255.2% 4.20% 3.5% 243.5% 2.50% 234.9% 250.00% 3.0% 2.9% 2.8% 3.20% 170 142.0 2.00% 2.20% 200.00% 122.9 120 104.7 1
Slide 13: Fee income decreased 1.3% QoQ and 1.9% YoY
Fee income decreased 1.3% QoQ and 1.9% YoY Fee income Operating expenses S/. million S/. million Fee income / operating revenues Efficiency ratio* Net fee income 25.7% 49.4% 25.6% 350 48.3% 23.0% 23.7% 23.1% 46.9% 46.8% 46.9% 300 276.7 270.1 265.6 260.7 140.7 247.4 135.2 134.4 132.6 250 128.5 30.00%
Slide 14: Interbank's BIS ratio complies with additional regulatory capital requirements
Interbank’s BIS ratio complies with additional regulatory capital requirements in place since July 2012 22% 2 0% Tier II Tier I 18% 16% 14.4% 14.8% 13.7% 13.9% 14% 3.4% 11.5% 12% 10.8% 4.7% 3.2% 3.1% 1.1% Additional Regulatory Capital Requirement 1 0% 2.9% 9.8% 10.0% Total Regulatory Minimum 2.7% 9.
Slide 15: Interseguro
Interseguro (J Intercorp Financial Services 15
Slide 16: Interseguro's net income decreased 86.0% QoQ due to exceptionally high investment income in 2Q12
Interseguro’s net income decreased 86.0% QoQ due to exceptionally high investment income in 2Q12 Interseguro's Profit and Loss Statement Summary S/. million % chg % chg 3Q11 2Q12 3Q12 QoQ YoY Premiums 117.1 106.3 118.8 11.7% 1.5% Premiums ceded -2.3 -1.2 -1.2 0.0% -46.8% Fees -2.9 -3.6 -3.9 8.5% 34.
Slide 17: Premiums increased 11.7% QoQ and 1.5% YoY
Premiums increased 11.7% QoQ and 1.5% YoY Premiums by Business Line S/. million % chg % chg 3Q11 2Q12 3Q12 QoQ YoY Individual Life 7.8 6.6 7.8 19.0% 0.6% Annuities 88.6 76.9 87.7 14.0% -1.0% Group Life 10.9 13.7 14.5 5.7% 33.0% Disability and survivor benefits 0.1 0.1 0.1 0.0% 0.0% Mandatory traffic
Slide 18: Investment income totaled S/. 59.4 million in 3Q12
Investment income totaled S/. 59.4 million in 3Q12 Investment Portfolio S/. million % chg % chg 3Q11 2Q12 3Q12 QoQ YoY Fixed Income 1,731.0 2,218.0 2,050.9 -7.5% 18.5% Equity and Mutual Funds 286.7 272.4 351.0 28.9% 22.4% Real estate 538.0 385.7 434.5 12.7% -19.2% Others 4.8 5.1 4.9 -2.3% 3.2% TOTAL
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Intercorp Financial Services — Q3 2012 Earnings Presentation on 6ix