Intercorp Financial Services : Management Presentation - Interbank, June 2024

Investor Presentation

June 2024

Universal bank

with strategic focus on

retail

Advisory firm for the

emerging

wealthy

Insurance company

focused on

life & annuities

Pillar for building our

payments

ecosystem

Intercorp Group: striving to make Peru the best place to raise a family in Latin America

Financial	Retail
services
US$ 8.9bn
	Revenues in 2023
	~3.4% of Peru 2023 GDP
Education	Other (1)

2	Source: Company information and Central Bank
1) Related companies excluding Aviva and Urbi

Leading digital financial platform

Financial highlights

Four key businesses

99.3%

99.8%

100.0%

As of Mar24	S/ mn | US$ mn
Total assets (1)	92,466 | 24,870
Net profit (1)	141 | 38
ROE	5.6%
Efficiency ratio	37.3%

Universal bank with strategic focus on retail

#2 Consumer loans MS 21.9%

#3 Retail deposits MS 15.1%

CET1

11.3%

100.0%

Insurance company focused on life & annuities

#1 Annuities (2)

MS 31.3%

#3 Total assets

Solvency ratio 129.3%

Pillar for building our payments ecosystem

Advisory firm for the emerging wealthy

US$ 6,462 mn AUM

Fees / Avg. AUM 0.6%

Capitalization ratio 17.6%

• 1.4 mn merchants

3	Source: Company information and SBS as of March 2024
1) Figure converted to US dollars using an end of period exchange rate (Sol / US dollar) of 3.718

1. Excluding private annuities

Digital financial platform with strategic focus on key businesses and profitability

Growth

Leading digital platform with profitable growth

+12%	+14%
YoY banking	YoY insurance
customers
customers

+17%

YoY payments

merchants

4

Digital

Creating the best digital experience

77%

Digital banking

customers

61

NPS

banking

Focus

Core businesses

15.1%	21.8%
MS retail	MS consumer
deposits	banking loans

10.1%	43.5%
MS comercial	MS acquiring
banking loans	business(1)

31.3%	+11.5%
MS	YoY AUM
annuities	WM

1. Internal estimate

1

3

Sustainable	Building a
growth
2 digital platform

Key	4	Takeaways
businesses

1

3

Sustainable	Building a
growth
2 digital platform

Key	4	Takeaways
businesses

Economy starts to show signs of recovery

Quarterly GDP growth YoY (%)

1.4%

2024(E)

3.0%

-0.4%	-0.5%	-1.0%	-0.3%
1Q23	2Q23	3Q23	4Q23	1Q24

USD/PEN

3.73

3.68

Interest rates (%)

	Soles reference rate (BCRP)		Dollar reference rate (FED)
7.75	7.75	7.50
					6.75
						6.00
4.75	5.25	5.50	5.50	5.50
Mar23	Jun23	Sep23	Dec23	Mar24

Inflation YoY (%)

8.4

6.5

5.0

3.2 3.0

May24

5.75%

12m (E)

2.2%

Abr24

2.4%

Mar23

Jun23

Dec23

Mar24

Mar23

Jun23

Sep23

Dec23

Mar24

7

Source: Central Bank, MEF and INEI

Moderate improvement in leading indicators

Consumer confidence index & Business trust (%)

Consumer confidence index		Business trust

59

55

52 51 52

44

39

39

39

35

FY24 Private investment estimate

2.3%

1.8%

Mar23

Mar24

FY24 Public investment estimate

4.0%4.0%

Mar23

Jun23

Sep23

Dec23

Mar24

Mar23

Mar24

8

Source: Central Bank: Survey of macroeconomic expectations

Delivering consistent return to our shareholders

Dividends declared(1)

9

	(S/ mn)								(S/ mn)
Net profit (2)	1,040	1,222	265	1,201	1,172	901	Net profit (2)	361	436	257	304	203	315
Payout Ratio	45%	25%	n.m.	50%	50%	45%	Payout Ratio	68%	46%	78%	66%	49%	48%

		467			n.m.	600				245	200	200	202
						405					150
			302
													100
				0
		2018	2019	2020	2021	2022	2023			2018	2019	2020	2021	2022	2023
		(US$ mn)									(US$ mn)
Net profit (2)	55	60	72	72	n.m.	8		Net profit (2)	373	435	106	452	438	291
Payout Ratio	55%	50%	53%	73%	n.m.	99%		Dividend per	1.75	1.75	0.77	1.75	1.18	1.00
									Share (US$)
												US$ 0.65
					53					197	202	extraordinary	202
				38					dividend
		30	30								paid in Dec21		136	115
										90
						n.m.	8
		2018	2019	2020	2021	2022	2023			2018	2019	2020	2021	2022	2023

Source: Company information

1. IFS dividends are declared and paid in U.S. dollars | Represents dividends for the fiscal year which are declared and paid in the following year
2. Net profit under Local GAAP for Interbank and Interseguro, and under IFRS for Inteligo and IFS. IFS' net profit converted to US dollars using an exchange rate (Sol / US dollar) of 3.318, 3.314, 3.621, 3.987, 3.814 and 3.709 for 2018, 2019, 2020, 2021, 2022 and 2023, respectively | Adjusted net profit for IFS in 2018 excluding the aggregate negative effect of new mortality tables in our insurance segment for S/ 144.8 million