Intercorp Financial Services Inc. · NYSE:IFS
Intercorp Financial Services — Q3 2011 Earnings Presentation
19 slides from Intercorp Financial Services's earnings presentation, November 2011
Slide 1: Third Quarter 2011 Earnings Presentation
Third Quarter 2011 Earnings Presentation
Slide 2: Intergroup Financial Services
Intergroup Financial Services 2
Slide 3: Highlights
Highlights Intergroup: • Intergroup’s net earnings reached a record S/. 200.5 million in 3Q11, an increase of 45.5% QoQ and 49.9% YoY • YoY growth was driven by higher financial income and fee income, as well as S/. 26.3 million in income from the recovery of loan write-off at Interbank • QoQ net ea
Slide 4: Intergroup's earnings increased 49.9% YoY and 45.5% QoQ
Intergroup’s earnings increased 49.9% YoY and 45.5% QoQ Intergroup Interbank Interseguro Net income* Net income Net income S/. million ROE S/. million ROE S/. million ROE 39.8% 43.5% 38.7% 250 29.6% 38.5% 33.8% 36.5% 29.1% 31.8% 200.5 200 55.8 163.7 133.8 137.8 141.5 37.5 150 -5.5 125.0 10.3 24.9 10
Slide 5: Intergroup's net earnings reached a record S/. 200.5 million in 3Q11
Intergroup’s net earnings reached a record S/. 200.5 million in 3Q11 Intergroup's Profit and Loss Statement Summary S/. million %chg %chg 3Q10 2Q11 3Q11 QoQ YoY Financial income 578.8 601.9 601.6 0.0% 3.9% Financial expenses -131.9 -154.3 -133.4 -13.5% 1.1% Gross financial margin 446.9 447.6 468.2 4
Slide 6: Interbank
Interbank EJ Intergroup Financial Services
Slide 7: Interbank's net income reached a record level of S/. 163.7 million in 3Q11
Interbank’s net income reached a record level of S/. 163.7 million in 3Q11 Profit and Loss Statement Summary S/. million % chg % chg 3Q 10 2Q 11 3Q 11 QoQ YoY Financial income 531.6 537.0 521.7 -2.8% -1.9% Financial expenses -108.1 -138.4 -129.4 -6.6% 19.7% Gross financial margin 423.5 398.6 392.3 -
Slide 8: Retail loan growth remained strong at 19.8% YoY and 5.2% QoQ
Retail loan growth remained strong at 19.8% YoY and 5.2% QoQ Performing loans Breakdown of loans S/. million % chg % chg 3Q 10 2Q 11 3Q 11 QoQ YoY S/. million +15.7% Consumer loans: Credit cards 1,632 1,891 1,994 5.4% 22.2% Other consumer 2,250 2,350 2,409 2.5% 7.1% 12,955 13,112 12,453 Total consum
Slide 9: Core deposits have grown significantly YoY
Core deposits have grown significantly YoY Funding Structure Deposit Breakdown S/. million % chg % chg 5.4% 3Q 10 2Q 11 3Q 11 QoQ YoY 14,000 Deposits and obligations 11,539 12,911 12,176 -5.7% 5.5% 12,911 Due to banks 3,218 2,662 2,263 -15.0% -29.7% 12,534 11,967 161 12,176 Bonds and obligations 1,0
Slide 10: Gross financial margin decreased 1.6% QoQ and 7.4% YoY
Gross financial margin decreased 1.6% QoQ and 7.4% YoY Interbank Gross Financial Margin S/. million % chg % chg 3Q 10 2Q 11 3Q 11 QoQ YoY Financial income: Loans 399.5 433.5 433.4 0.0% 8.5% Investments 86.4 44.5 58.6 31.6% -32.2% Interest on due from banks and interbanks funds 1.7 3.8 3.9 2.4% 129.5
Slide 11: Recurring NIM remains significantly above the industry's average
Recurring NIM remains significantly above the industry’s average Net Interest Margin (%) 9.8% 9.8% 9.2% 8.8% 8.8% 9.3% 8.4% 9.0% 8.4% 8.5% 8.5% 7.8% 8.3% 7.3% 7.4% 7.3% 7.1% 8.1% 6.9% 7.6% 7.4% 7.1% 7.3% 7.3% 7.0% 6.9% 7.2% 7.1% 6.8% 6.9% 6.9% 6.9% 6.5% 6.6% 6.3% 6.3% 6.1% 6.0% 6.0% 3Q08 4Q08 1Q09 2
Slide 12: As asset quality and coverage ratio remain stable, provision expenses have decreased
As asset quality and coverage ratio remain stable, provision expenses have decreased QoQ and YoY PDL & Coverage Ratios Loan Provision Expense S/. million Provision expense* Loans 160 3.7% 3.7% 269.1% 268.3% 3% 264.1% 263.1% 3.1% 3.50% 260.0% 3.0% 140 2.5% 120 2.50% 2% 250.00% 111.6 104.3 101.0 99.9
Slide 13: Fee income grew 19.1% YoY, while the efficiency ratio continued to improve
Fee income grew 19.1% YoY, while the efficiency ratio continued to improve Fee income Operating expenses S/. million S/. million Net fee income Efficiency Fee income / operating revenues ratio* 25.0% 25.6% 23.9% 22.5% 48.7% 21.1% 320.0 48.3% 47.2% 46.9% 45.1% 270.0 261.9 243.0 247.4 242.0 236.5 134.
Slide 14: Interbank's capitalization remained strong
Interbank’s capitalization remained strong Tier I Tier II 14.4% 14.5% 14.6% 3.6% 3.4% 11.5% 4.7% 10.8% Regulatory 2.9% Minimum 9.8% 10.0% 2.7% 9.5% 9.1% 10.9% 11.2% 9.7% 8.1% 8.6% (1) 2008 2009 2010 2Q11 3Q11 (1) On April 2010 Interbank issued US$200 million in non-cumulative junior subordinated not
Slide 15: Interseguro
Interseguro EJ Intergroup 15 Financial Services
Slide 16: Interseguro's net income increased 38.8% QoQ and 19.9% YoY
Interseguro’s net income increased 38.8% QoQ and 19.9% YoY Profit and Loss Statement Summary S/. million % chg % chg 3Q10 2Q11 3Q11 QoQ YoY Premiums 178.7 109.5 117.1 6.9% -34.5% Premiums ceded -2.2 -2.3 -2.3 2.4% 4.5% Fees -2.4 -3.2 -2.9 -8.4% 21.1% Claims -30.1 -32.0 -33.2 3.4% 10.2% Change in res
Slide 17: Premiums increased 6.9% QoQ, but decreased 34.5% YoY due to market contraction
Premiums increased 6.9% QoQ, but decreased 34.5% YoY due to market contraction Premiums by Business Line S/. million % chg % chg 3Q10 2Q11 3Q11 QoQ YoY Individual Life 6.7 6.4 7.8 21.3% 16.1% Annuities 154.5 82.7 88.6 7.1% -42.6% Group Life 11.0 12.3 10.9 -11.1% -1.1% Disability and survivor benefit
Slide 18: Investment income increased 19.0% QoQ and 4.0% YoY
Investment income increased 19.0% QoQ and 4.0% YoY Investment Portfolio S/. million %chg QoQ %chg YoY 3Q10 2Q11 3Q11 Fixed Income 1,471.1 1,558.8 1,731.0 11.0% 17.7% Equity and Mutual Funds 196.0 312.0 286.7 -8.1% 46.3% Real estate 489.6 505.3 538.0 6.5% 9.9% Others 4.3 4.7 4.8 1.8% 12.5% TOTAL 2,16
Slide 19: Intergroup Financial Services
Intergroup Financial Services
Intercorp Financial Services — Q3 2011 Earnings Presentation on 6ix