Intercorp Financial Services Inc.
Third Quarter 2023 Earnings
Lima, Peru, November 08, 2023. Intercorp Financial Services Inc. (Lima Stock Exchange/NYSE: IFS) announced today its unaudited results for the third quarter 2023. These results are reported on a consolidated basis under IFRS in nominal Peruvian soles.
Intercorp Financial Services: 3Q23 earnings of S/ 195.2 mm impacted by CoR and investment results
- Total revenues grew 3.8% QoQ, banking NIM stable at 5.6%
- Deceleration in fees due to decreased level of activity
- Solid efficiency levels, IFS C/I ratio at 33.8%
- ROE impacted by CoR and investment results
Banking: 3Q23 profitability still affected by rising cost of risk in retail
- NIM remains stable at 5.6%, as rising funding costs offset increasing yields
- Tight management of expenses further improves efficiency ratio to 36.5% in 3Q23
- Contained NPLs and strong coverage despite high growth in provisions
- Increasing market shares with moderation in consumer loans
Insurance: 3Q23 earnings of S/ 35.5 million
- Negative translation result in 3Q23 spoiled an otherwise good quarterly performance in insurance income
- ROIP of 6.0% in 3Q23 was flat compared to 2Q23, but lower than the 7.9% registered in 3Q22
- Market leader in annuities with a 30.5% share in 3Q23
- For periods prior to 2023, a reconstruction of results appropriate to the first adoption of IFRS17 has been performed for comparative purposes
Wealth Management: Results affected by negative impacts on investment portfolio
- Investment income still impacted by market conditions
- Slight quarterly growth in fees from financial services
- AuM grew 6% QoQ
Payments: Resilient business activity
- Payments acquirer fees increased 4% QoQ and 8% YoY
- Number of affiliated merchants and transactional volumes continue to expand
- Share of e-commerce transactions within Izipay slightly grew from 16.6% to 16.9% YoY
Third Quarter 2023 Earnings Report
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Intercorp Financial Services
SUMMARY
Intercorp Financial Services' Statement of financial position(1) | ||||||
S/ million | %chg | %chg | ||||
09.30.22 | 06.30.23 | 09.30.23 | 09.30.23 | 09.30.23 | ||
06.30.23 | 09.30.22 | |||||
Assets | ||||||
Cash and due from banks and inter-bank funds | 12,941.6 | 11,159.1 | 11,106.4 | -0.5% | -14.2% | |
Financial investments | 24,899.4 | 25,561.1 | 25,484.2 | -0.3% | 2.3% | |
Loans, net of unearned interest | 47,128.8 | 48,399.9 | 49,379.8 | 2.0% | 4.8% | |
Impairment allowance for loans | -2,034.7 | -2,173.8 | -2,301.9 | 5.9% | 13.1% | |
Property, furniture and equipment, net | 787.6 | 782.0 | 797.3 | 2.0% | 1.2% | |
Other assets | 4,982.9 | 4,609.3 | 4,893.3 | 6.2% | -1.8% | |
Total assets | 88,705.6 | 88,337.6 | 89,359.0 | 1.2% | 0.7% |
Liabilities and equity
Deposits and obligations
Due to banks and correspondents and inter-bank funds
Bonds, notes and other obligations Insurance contract liabilities Other liabilities
Total liabilities
Equity, net
49,279.7 | 48,734.6 | 49,074.9 | 0.7% | -0.4% | |
8,510.7 | 9,484.8 | 9,972.2 | 5.1% | 17.2% | |
8,192.9 | 5,620.8 | 5,845.9 | 4.0% | -28.6% | |
10,535.0 | 11,935.2 | 11,564.2 | -3.1% | 9.8% | |
3,162.7 | 3,171.0 | 3,268.5 | 3.1% | 3.3% | |
79,681.0 | 78,946.4 | 79,725.7 | 1.0% | 0.1% |
Equity attributable to IFS' shareholders | 8,974.2 | 9,336.8 | 9,577.5 | 2.6% | 6.7% | |
Non-controlling interest | 50.5 | 54.4 | 55.9 | 2.7% | 10.7% | |
Total equity, net | 9,024.6 | 9,391.1 | 9,633.3 | 2.6% | 6.7% | |
Total liabilities and equity net | 88,705.6 | 88,337.6 | 89,359.0 | 1.2% | 0.7% |
(1) Figures as of 09.30.22 have been re-expressed for comparison purposes due to IFRS17 adoption.
Intercorp Financial Services' net profit was S/ 195.2 million in 3Q23, representing a decrease of S/ 135.8 million QoQ, or 41.0%, and S/ 371.6 million YoY, or 65.6%.
It is worth mentioning that IFS' results in 3Q22 were supported by extraordinary income of S/ 222.5 million from revaluation of Izipay's assets at IFS. Excluding such impact, profits would have resulted in S/ 344.3 million in 3Q22, resulting in a decrease of S/ 149.1 million YoY, or 43.3%.
IFS's annualized ROE was 8.2% in 3Q23, below the 14.3% registered in 2Q23 and the 25.9% reported in 3Q22. For a comparison basis, ROE would have resulted in 16.0% in 3Q22, when excluding the above-mentioned extraordinary income in such quarter.
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Intercorp Financial Services' P&L statement | (1) | ||||
S/ million | %chg | %chg | |||
3Q22 | 2Q23 | 3Q23 | QoQ | YoY | |
Interest and similar income | 1,547.1 | 1,808.3 | 1,849.0 | 2.2% | 19.5% |
Interest and similar expenses | -462.9 | -645.1 | -681.2 | 5.6% | 47.2% |
Net interest and similar income | 1,084.3 | 1,163.3 | 1,167.8 | 0.4% | 7.7% |
Impairment loss on loans, net of recoveries | -209.6 | -416.8 | -581.2 | 39.4% | n.m. |
Recovery (loss) due to impairment of financial | -6.9 | 1.1 | 3.8 | n.m. | n.m. |
investments | |||||
Net interest and similar income after impairment | 867.7 | 747.6 | 590.4 | -21.0% | -32.0% |
loss | |||||
Fee income from financial services, net | 316.3 | 298.9 | 290.5 | -2.8% | -8.2% |
Other income | 306.4 | 85.0 | 105.3 | 23.8% | -65.6% |
Insurance results | -51.3 | -34.2 | -28.8 | -16.0% | -44.0% |
Other expenses | -673.5 | -690.3 | -688.5 | -0.3% | 2.2% |
Income before translation result and income tax | 765.6 | 406.9 | 268.8 | -33.9% | -64.9% |
Translation result | -58.9 | 27.1 | -42.7 | n.m. | -27.5% |
Income tax | -140.0 | -103.0 | -31.0 | -70.0% | -77.9% |
Profit for the period | 566.8 | 331.0 | 195.2 | -41.0% | -65.6% |
Attributable to IFS' shareholders | 564.1 | 329.0 | 193.8 | -41.1% | -65.7% |
EPS | 4.89 | 2.85 | 1.69 | ||
ROE | 25.9% | 14.3% | 8.2% | ||
ROA | 2.6% | 1.5% | 0.9% | ||
Efficiency ratio | 31.2% | 35.1% | 33.8% |
(1) Figures for 3Q22 have been re-expressed for comparison purposes due to IFRS17 adoption.
Quarter-on-quarter performance
Profits decreased S/ 135.8 million QoQ, or 41.0%, mainly due to a S/ 164.4 million increase in impairment loss on loans, net of recoveries, together with an S/ 8.4 million decrease in net fee income from financial services, and a negative performance in translation result. These factors were partially offset by a S/ 20.3 million increase in other income, a S/ 5.4 million improvement in insurance results, a S/ 4.5 million increase in net interest and similar income, and a S/ 1.8 million decrease in other expenses.
Impairment loss on loans, net of recoveries, increased S/ 164.4 million QoQ, or 39.4%, explained by higher provision requirements in both retail and commercial loan portfolios of our Banking business.
Net fee income from financial services decreased S/ 8.4 million QoQ, or 2.8%, mainly attributed to lower commissions from banking services and collection services, as well as higher fees paid to foreign banks in our Banking business.
Other income increased S/ 20.3 million QoQ, or 23.8%, mainly explained by a base effect related to a negative performance at the holding company level in 2Q23, as well as positive developments in valuation gain from investment property, and in net gain on sale of financial investments in our Insurance business. This was partially compensated by a mark-to-market loss on proprietary portfolio investments in our Wealth Management business, in turn attributable to negative global market trends, in addition to lower net gain on foreign exchange transactions and on financial assets at fair value through profit or loss in our Banking business.
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Insurance results improved S/ 5.4 million QoQ, as a result of higher insurance income from individual life, partially offset by higher insurance expenses in annuities.
Net interest and similar income slightly increased S/ 4.5 million QoQ, or 0.4%, mainly due to higher average yields on all components of interest-earning assets in our Banking business, partially offset by a reduction in interest income in our Wealth Management business, in turn explained by lower dividends received from proprietary portfolio investments and lower levels of excess liquidity during the quarter.
Other expenses slightly decreased QoQ, mainly as a result of tight management of expenses in our Banking business.
Year-on-year performance
Profits decreased S/ 371.6 million YoY, or 65.6%, mainly due to an increase of S/ 371.6 million in impairment loss on loans, net of recoveries, in addition to a S/ 201.1 million reduction in other income, a S/ 25.8 million decrease in net fee income from financial services, and S/ 15.0 million higher other expenses. These factors were partially offset by an S/ 83.5 million increase in net interest and similar income, and a S/ 22.5 million improvement in insurance results.
Impairment loss on loans, net of recoveries increased S/ 371.6 million YoY, or more than two-fold, due to higher requirements in both retail and commercial loan portfolios of our Banking business.
Other income decreased S/ 201.1 million YoY, or 65.6%, explained by the base effect of extraordinary income for S/ 222.5 million registered in 3Q22, from revaluation of Izipay's assets at IFS.
Net fee income from financial services declined S/ 25.8 million YoY, or 8.2%, mainly attributed to lower commissions from banking services, commissions from credit card services, and fees from collection services and indirect loans in our Banking business.
Other expenses grew S/ 15.0 million YoY, or 2.2%, mainly due to higher salaries and administrative expenses in our Insurance business, as well as increased administrative expenses associated with higher customer acquisition and higher depreciation charges as a result of growth in the operations in our Payments business.
Net interest and similar income increased S/ 83.5 million YoY, or 7.7%, mainly explained by higher interest income and yields across all components of interest- earning assets in our Banking business, partially offset by lower interest income in our Insurance business, in turn attributed to a decrease in inflation-linked returns, as well as in our Wealth Management business, related to higher interest expense on deposits, which was attributed to the increases in the reference interest rate of the FED.
Insurance results improved S/ 22.5 million YoY, as a result of higher insurance income which more than offset higher insurance expense.
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CONTRIBUTION BY SEGMENTS
The following table shows the contribution of Banking, Insurance, Wealth Management and Payments businesses to Intercorp Financial Services' net profit. The performance of each of the four segments is discussed in detail in the following sections.
Intercorp Financial Services' Profit by business(1)
S/ million | %chg | %chg | ||||
3Q22 | 2Q23 | 3Q23 | QoQ | YoY | ||
Banking | 365.6 | 274.4 | 196.2 | -28.5% | -46.3% | |
Insurance | 53.8 | 87.9 | 35.5 | -59.6% | -34.1% | |
Wealth Management | -41.0 | 21.5 | -17.7 | n.m. | -56.9% | |
Payments | 11.7 | 9.4 | 7.4 | -21.2% | -36.7% | |
Corporate and eliminations | 176.7 | -62.1 | -26.3 | -57.7% | n.m. | |
IFS profit for the period | 566.8 | 331.0 | 195.2 | -41.0% | -65.6% |
(1) Figures for 3Q22 have been re-expressed for comparison purposes due to IFRS17 adoption.
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Interbank
SUMMARY
Interbank's profits were S/ 196.2 million in 3Q23, a decrease of S/ 78.2 million QoQ, or 28.5%, and S/ 169.4 million YoY, or 46.3%. The quarterly performance was mainly attributed to an increase of S/ 164.3 million in impairment loss on loans, net of recoveries, as well as reductions of S/ 9.4 million in net fee income from financial services and S/ 5.8 million in other income. These factors were partially offset by an increase of S/ 11.0 million in net interest and similar income, as well as a reduction of S/ 7.0 million in other expenses, together with a positive development in translation result.
The annual performance in net profit was mainly explained by an increase of S/ 371.6 million in impairment loss on loans, net of recoveries, in addition to reductions of S/
14.3 million in net fee income from financial services and S/ 5.5 million in translation result. These effects were partially compensated by an increase of S/ 121.5 million in net interest and similar income.
Interbank's ROE was 10.2% in 3Q23, lower than the 14.8% reported in 2Q23 and the 21.4% registered in 3Q22.
Banking Segment's P&L Statement
S/ million | %chg | %chg | ||
3Q22 | 2Q23 | 3Q23 | QoQ | YoY |
Interest and similar income
Interest and similar expense
Net interest and similar income
Impairment loss on loans, net of recoveries
Recovery (loss) due to impairment of financial investments
Net interest and similar income after impairment loss
1,260.6 | 1,544.5 | 1,590.9 | 3.0% | 26.2% | |
-418.6 | -592.0 | -627.3 | 6.0% | 49.9% | |
842.0 | 952.5 | 963.5 | 1.2% | 14.4% | |
-209.6 | -416.9 | -581.2 | 39.4% | n.m. | |
-0.3 | 0.1 | -0.0 | n.m. | -83.3% | |
632.1 | 535.8 | 382.3 | -28.6% | -39.5% |
Fee income from financial services, net | 213.0 | 208.1 | 198.7 | -4.5% | -6.7% | |
Other income | 119.7 | 126.0 | 120.2 | -4.6% | 0.4% | |
Other expenses | -487.7 | -497.5 | -490.5 | -1.4% | 0.6% | |
Income before translation result and income tax | 477.2 | 372.4 | 210.6 | -43.5% | -55.9% | |
Translation result | 12.3 | -10.4 | 6.8 | n.m. | -44.2% | |
Income tax | -123.9 | -87.6 | -21.2 | -75.9% | -82.9% | |
Profit for the period | 365.6 | 274.4 | 196.2 | -28.5% | -46.3% | |
ROE | 21.4% | 14.8% | 10.2% | |||
Efficiency ratio | 40.1% | 37.3% | 36.5% | |||
NIM | 5.0% | 5.6% | 5.6% | |||
NIM on loans | 7.8% | 8.6% | 8.5% |
INTEREST-EARNING ASSETS
Interbank's interest-earning assets reached S/ 66,569.9 million as of September 30, 2023, an increase of 1.0% QoQ and 0.3% YoY.
The quarterly growth in interest-earning assets was explained by increases of 1.9% in loans and 0.9% in financial investments, partially offset by a 2.6% decrease in cash and due from banks and inter-bank funds.
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The YoY increase in interest-earning assets was attributed to growth of 5.3% in loans, partially compensated by decreases of 14.0% in cash and due from banks and inter- bank funds, and 4.3% in financial investments.
Interest-earning assets
S/ million | %chg | %chg | |||||
09.30.22 | 06.30.23 | 09.30.23 | 09.30.23 | 09.30.23 | |||
06.30.23 | 09.30.22 | ||||||
Cash and due from banks and inter-bank funds | 11,144.2 | 9,837.3 | 9,579.5 | -2.6% | -14.0% | ||
Financial investments | 12,025.9 | 11,409.5 | 11,508.2 | 0.9% | -4.3% | ||
Loans | 43,176.0 | 44,648.2 | 45,482.2 | 1.9% | 5.3% | ||
Total interest-earning assets | 66,346.1 | 65,894.9 | 66,569.9 | 1.0% | 0.3% | ||
Loan portfolio | |||||||
S/ million | %chg | %chg | |||||
09.30.22 | 06.30.23 | 09.30.23 | 09.30.23 | 09.30.23 | |||
06.30.23 | 09.30.22 | ||||||
Performing loans | |||||||
Retail | 22,405.6 | 25,057.7 | 25,186.0 | 0.5% | 12.4% | ||
Commercial | 20,640.4 | 19,538.2 | 20,028.9 | 2.5% | -3.0% | ||
Total performing loans | 43,046.0 | 44,595.9 | 45,214.9 | 1.4% | 5.0% | ||
Restructured and refinanced loans | 288.1 | 345.3 | 403.8 | 16.9% | 40.2% | ||
Past due loans | 1,425.2 | 1,363.7 | 1,571.4 | 15.2% | 10.3% | ||
Total gross loans | 44,759.3 | 46,304.9 | 47,190.1 | 1.9% | 5.4% | ||
Add (less) | |||||||
Accrued and deferred interest | 451.1 | 516.9 | 593.9 | 14.9% | 31.7% | ||
Impairment allowance for loans | -2,034.3 | -2,173.6 | -2,301.7 | 5.9% | 13.1% | ||
Total direct loans, net | 43,176.0 | 44,648.2 | 45,482.2 | 1.9% | 5.3% | ||
The evolution of performing loans continued to be affected by the disbursement and maturity or prepayment of commercial loans under the Reactiva Peru Program. As of September 30, 2023, these performing loans amounted S/ 773.2 million, compared to balances of S/ 1,031.2 million as of June 30, 2023 and S/ 2,657.3 million as of September 30, 2022.
Performing loans increased 1.4% QoQ, as commercial loans grew 2.5% while retail loans grew 0.5%. Moreover, excluding the effect of the Reactiva Peru Program in the comparing periods, total performing loans would have increased 2.0% and commercial loans would have grown 4.0%.
Commercial loans grew for the first quarter in a year, by 2.5% QoQ, as a result of higher working capital loans in the mid-sized segment, in addition to higher trade finance loans and leasing operations in the corporate segment. These factors were partially offset by lower working capital loans in the corporate segment and lower credit balances in the SME segment.
Retail loans grew 0.5% QoQ due to an increase of 1.6% in mortgages, partially offset by a decrease of 0.1% in consumer loans. Growth in mortgages resulted from higher dynamism in traditional and MiVivienda segments. The slight reduction in consumer loans was due to lower balances of personal loans and credit cards, partially compensated by higher balances of payroll deduction loans.
Performing loans grew 5.0% YoY explained by a 12.4% increase in retail loans, partially offset by a 3.0% reduction in commercial loans. Excluding the effect of the Reactiva
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Peru Program in the comparing periods, performing loans and commercial loans would have increased 10.0% and 7.1% YoY, respectively.
The YoY growth in retail loans was due to increases of 16.6% in consumer loans and 6.0% in mortgages. Growth in consumer loans resulted from higher balances of cash loans and vehicle loans, payroll deduction loans and credit cards.
The annual reduction in commercial loans was mainly explained by lower balances of Reactiva Peru loans, particularly lower working capital loans in the mid and small-sized segments, as well as lower trade finance loans in the corporate segment. These effects were partially compensated by higher balances of leasing operations and working capital loans in the corporate segment.
As of 3Q23, 2Q23 and 3Q22, Interbank's rescheduled portfolio of Reactiva Peru loans amounted to S/ 896.0 million, S/ 1,075.0 million and S/ 1,707.3 million, respectively, representing 94.7% of total balances of Reactiva Peru loans in 3Q23, 87.3% in 2Q23 and 58.1% in 3Q22.
It is worth mentioning that these loans are guaranteed in large part by the Peruvian government. As of September 30, 2023, Interbank activated the guarantee coverage for an amount of S/ 774.7 million.
Breakdown of retail loans
S/ million | %chg | %chg | ||||
09.30.22 | 06.30.23 | 09.30.23 | 09.30.23 | 09.30.23 | ||
06.30.23 | 09.30.22 | |||||
Consumer loans: | ||||||
Credit cards & other loans | 8,998.9 | 10,778.9 | 10,599.6 | -1.7% | 17.8% | |
Payroll deduction loans(1) | 4,529.1 | 5,011.3 | 5,172.5 | 3.2% | 14.2% | |
Total consumer loans | 13,528.0 | 15,790.3 | 15,772.1 | -0.1% | 16.6% | |
Mortgages | 8,877.6 | 9,267.4 | 9,413.9 | 1.6% | 6.0% | |
Total retail loans | 22,405.6 | 25,057.7 | 25,186.0 | 0.5% | 12.4% |
(1) Payroll deduction loans to public sector employees.
FUNDING STRUCTURE
Funding structure
S/ million | %chg | %chg | ||
09.30.22 | 06.30.23 | 09.30.23 | 09.30.23 | 09.30.23 |
06.30.23 | 09.30.22 | |||
Deposits and obligations
Due to banks and correspondents and inter-bank funds
Bonds, notes and other obligations
Total
% of funding
Deposits and obligations
Due to banks and correspondents and inter-bank funds
Bonds, notes and other obligations
45,493.7 | 45,623.2 | 45,652.6 | 0.1% | 0.3% | |
7,925.8 | 9,100.5 | 9,522.5 | 4.6% | 20.1% | |
6,790.9 | 4,351.0 | 4,508.6 | 3.6% | -33.6% | |
60,210.4 | 59,074.7 | 59,683.8 | 1.0% | -0.9% | |
75.6% | 77.2% | 76.4% | |||
13.1% | 15.4% | 16.0% | |||
11.3% | 7.4% | 7.6% |
Interbank's funding base was still influenced by the funds provided by the Central Bank, associated with the bank's involvement in the Reactiva Peru Program. As of September
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30, 2023, the balance of such special funding was S/ 690.2 million, compared to S/ 928.9 million as of June 30, 2023 and S/ 2,598.7 million as of September 30, 2022.
The bank's total funding base increased 1.0% QoQ, equal to growth of interest-earning assets. This was explained by increases of 4.6% in due to banks and correspondents and inter-bank funds, 3.6% in bonds, notes and other obligations, and 0.1% in deposits and obligations. Excluding the effect of the Reactiva Peru Program's funds, the bank's total funding base would have increased 1.5% QoQ, while due to banks and correspondents and inter-bank funds would have grown 8.1%.
The quarterly increase in due to banks and correspondents and inter-bank funds was mainly the result of higher short-term funding provided by correspondent banks abroad, as well as short-terminter-bank operations. These factors were partially compensated by lower long-term funding provided by the Central Bank and COFIDE.
The QoQ increase in bonds, notes and other obligations was mainly attributable to a higher exchange rate over the balances of dollar-denominated bonds.
The slight quarterly growth in deposits and obligations was mainly due to an increase of 2.9% in retail deposits, partially offset by decreases of 7.2% in institutional deposits and 1.5% in commercial deposits.
The bank's total funding base decreased 0.9% YoY, compared to the 0.3% increase of interest-earning assets. This was explained by a reduction of 33.6% in bonds, notes and other obligations, partially offset by increases of 20.1% in due to banks and correspondents and inter-bank funds, and 0.3% in deposits and obligations. Excluding the effect of the Reactiva Peru Program's funds, the bank's total funding base and due to banks and correspondents and inter-bank funds would have increased 2.4% and 65.8% YoY, respectively.
The yearly decrease in bonds, notes and other obligations was due to the maturity and cancellation of senior unsecured bonds in the international market for US$ 485.0 million, as well as subordinated bonds in the local market for S/ 150.0 million, both in January 2023.
The YoY growth in due to banks and correspondents and inter-bank funds was mainly the result of higher funding provided by correspondent banks, as well as inter-bank funds and funding from COFIDE. These effects were partially compensated by lower funding provided by the Central Bank.
The annual increase in deposits and obligations was mainly attributable to growth of 28.0% in institutional deposits and 1.5% in retail deposits, partially offset by a reduction of 11.4% in commercial deposits.
As of September 30, 2023, the proportion of deposits and obligations to total funding was 76.4%, higher than the 75.6% reported as of September 30, 2022. Likewise, the proportion of institutional deposits to total deposits grew from 11.3% as of September 30, 2022 to 14.4% as of September 30, 2023.
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Breakdown of deposits
S/ million | %chg | %chg | |||||
09.30.22 | 06.30.23 | 09.30.23 | 09.30.23 | 09.30.23 | |||
06.30.23 | 09.30.22 | ||||||
By customer service: | |||||||
Retail | 23,726.1 | 23,406.1 | 24,079.9 | 2.9% | 1.5% | ||
Commercial | 16,278.2 | 14,635.9 | 14,420.9 | -1.5% | -11.4% | ||
Institutional | 5,119.7 | 7,065.2 | 6,553.5 | -7.2% | 28.0% | ||
Other | 369.6 | 515.9 | 598.3 | 16.0% | 61.9% | ||
Total | 45,493.7 | 45,623.2 | 45,652.6 | 0.1% | 0.3% | ||
By type: | |||||||
Demand | 13,688.9 | 11,664.5 | 12,458.8 | 6.8% | -9.0% | ||
Savings | 21,331.5 | 18,201.1 | 16,854.2 | -7.4% | -21.0% | ||
Time | 10,459.2 | 15,751.5 | 16,324.7 | 3.6% | 56.1% | ||
Other | 14.1 | 6.2 | 14.9 | n.m. | 6.0% | ||
Total | 45,493.7 | 45,623.2 | 45,652.6 | 0.1% | 0.3% | ||
NET INTEREST AND SIMILAR INCOME | |||||||
Net interest and similar income | |||||||
S/ million | %chg | %chg | |||||
3Q22 | 2Q23 | 3Q23 | QoQ | YoY | |||
Interest and similar income | 1,260.6 | 1,544.5 | 1,590.9 | 3.0% | 26.2% | ||
Interest and similar expense | -418.6 | -592.0 | -627.3 | 6.0% | 49.9% | ||
Net interest and similar income | 842.0 | 952.5 | 963.5 | 1.2% | 14.4% | ||
NIM | 5.0% | 5.6% | 5.6% | 0 bps | 60 bps | ||
Interest and similar income | |||||||
S/ million | %chg | %chg | |||||
3Q22 | 2Q23 | 3Q23 | QoQ | YoY | |||
Interest and similar income | |||||||
Due from banks and inter-bank funds | 41.3 | 82.4 | 80.1 | -2.9% | 93.8% | ||
Financial investments | 122.1 | 124.0 | 136.4 | 10.0% | 11.7% | ||
Loans | 1,097.2 | 1,338.1 | 1,374.4 | 2.7% | 25.3% | ||
Total Interest and similar income | 1,260.6 | 1,544.5 | 1,590.9 | 3.0% | 26.2% | ||
Average interest-earning assets | 66,922.4 | 67,860.5 | 68,470.1 | 0.9% | 2.3% | ||
Average yield on assets (annualized) | 7.5% | 9.1% | 9.3% | 20 bps | 180 bps | ||
Interest and similar expense | |||||||
S/ million | %chg | %chg | |||||
3Q22 | 2Q23 | 3Q23 | QoQ | YoY | |||
Interest and similar expense | |||||||
Deposits and obligations | -269.8 | -412.7 | -435.9 | 5.6% | 61.6% | ||
Due to banks and correspondents and inter-bank | -57.6 | -117.2 | -129.0 | 10.1% | n.m. | ||
funds | |||||||
Bonds, notes and other obligations | -91.2 | -62.1 | -62.5 | 0.5% | -31.5% | ||
Total Interest and similar expense | -418.6 | -592.0 | -627.3 | 6.0% | 49.9% | ||
Average interest-bearing liabilities | 58,946.8 | 58,823.3 | 59,379.2 | 0.9% | 0.7% | ||
Average cost of funding (annualized) | 2.8% | 4.0% | 4.2% | 20 bps | 140 bps | ||
Third Quarter 2023 Earnings Report
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Intercorp Financial Services Inc. published this content on 08 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 December 2023 08:30:30 UTC.