Intercorp Financial Services : INFORMES DE CLASIFICACIÓN DE RIESGO.

Published: 2025-07-02 05:02:07 ET IFS

Published on 07/02/2025 at 05:02

‌Lima, 01 de julio 2025

Señores

SUPERINTENDENCIA DEL MERCADO DE VALORES - SMV

Presente.-

Referencia: Hecho de Importancia

Estimados señores:

Por medio de la presente y en cumplimiento del Reglamento de Hechos de Importancia e Información Reservada, aprobado por Resolución SMV N° 005-2014- SMV-01, cumplimos con informar que la empresa clasificadora de riesgo FitchRatings afirmó la clasificación de Intercorp Financial Services ("IFS") en BBB con perspectiva estable, en su último informe.

Sin otro particular, quedamos de ustedes. Atentamente,

Juan Antonio Castro Molina Representante Bursátil

Intercorp Financial Services - IFS

Firmado Digitalmente por:

JUAN ANTONIO CASTRO MOLINA Fecha: 01/07/2025 05:20:42 p.m.

Bank Holding Companies

Panama

Update

Issuer Default Ratings (IDRs) Driven by Main Subsidiary's IDRs: Intercorp Financial Services Inc.'s (IFS) IDRs are mainly driven by the IDR of its main operating subsidiary, Banco Internacional del Peru S.A.A. (Interbank; rated BBB/Stable by Fitch Ratings). IFS's Long-Term IDRs and senior unsecured debt rating have been upgraded to 'BBB' from 'BBB-'; as such, they are now equalized with the IDRs of Interbank.

Interbank Ratings a High Influence: The rating equalization views the holding company's (Holdco) low double leverage, generally below 120% (YE24: 106.4%), and prudent liquidity management as highly influential, reflected by manageable debt service of its outstanding issuance coupled with the Holdco's good access to capital markets. Fitch also views the absence of regulatory limitation to upstream dividends from the bank to the Holdco and IFS's separate jurisdiction (Panama) as moderate importance factors.

Business Profile: IFS is a non-operating Panamanian Holdco and a subsidiary of Intercorp Peru Ltd. (Intercorp; Fitch rating: BBB-/Stable), a Bahamas holding company. IFS's subsidiaries include Interbank, Peru's fourth-largest universal commercial bank; Interseguro Compañia de Seguros

S.A. (Interseguro), one of Peru's largest insurers; Inteligo Group Corp., an investment company; and Izypay, a payment processing company.

Adequate Financial Profile: IFS's capital structure benefits from its subsidiaries' profitability, allowing it to maintain consistent dividend flows. The return on total assets improved to 1.9% as of 1Q25, from 0.6% at 1Q24. Fitch expects Interbank's profitability to remain sound in 2025, supported by improved income from business segments, a strong net interest margin (NIM), reduced cost of risk and good efficiency.

Low Double Leverage: IFS's double leverage was a low 106.4% at YE24 (YE23: 107.5%). IFS is not required to meet minimum regulatory capital requirements, whereas Interbank and Interseguro must meet capital requirements as prescribed by the Peruvian regulator, Superintendencia de Banca y Seguros del Peru (SBS). Furthermore, the Peruvian regulator requires minimum capital from Intercorp (IFS's parent) at a consolidated level, as it is the head of a financial conglomerate with most of its operations in Peru. There are no regulatory limitations on upstreaming dividends.

Liquidity Management: On an unconsolidated basis, IFS manages its liquidity through dividend inflows and outflows, as well as debt issuance. Fitch views IFS's liquidity as appropriate because the company does not face any significant debt payments. The company's long-term debt is deemed manageable, considering IFS's capacity to access credit and liquid assets.

Senior Debt Ratings: The senior global debt rating is in line with IFS's Long-Term IDRs of 'BBB', as the likelihood of default of the notes is the same as that of IFS.

Foreign Currency

Long-Term Issuer Default Ratinga

BBB

Short-Term Issuer Default Rating

Local Currency

Long-Term Issuer Default Ratinga

BBB

Short-Term Issuer Default Rating

Sovereign Risk (Panama)

Long-Term Foreign Currency Issuer Default Rating

BB+

Country Ceiling

A+

aRatings upgraded to 'BBB' from 'BBB-' on June

12, 2025.

Rating Outlooks

Long-Term Foreign Currency Issuer Default Rating

Stable

Long-Term Local Currency Issuer Default Rating

Stable

Sovereign Long-Term Foreign Currency Issuer Default Rating

Stable

Applicable Criteria

Bank Rating Criteria (March 2025)

Fitch Affirms Banco Internacional del Peru at 'BBB'; Upgrades Intercorp Financial Services to 'BBB' (June 2025)

Global Banks Mid-Year 2025 Outlook Compendium (June 2025)

EM Banks Tracker (January 2025)

Latin American Banks Outlook 2025 (December 2024)

Analysts

Ricardo Aguilar

+52 81 4161 7086

[email protected]

Abraham Martinez

+56 2 3321 2901

[email protected]

Update │ June 30, 2025 fitchratings.com 1

IFS's ratings are sensitive to a change in Interbank's ratings.

A material and consistent increase in IFS's common equity double leverage above 120% or deterioration within its standalone liquidity profile.

A reduction of Interbank's level of importance and role within the group or increased complexity involving the group's structure.

IFS's ratings are sensitive to a positive rating action on Interbank.

Rating Type

Ratinga

Senior unsecured: long term

BBB

aRating upgraded to 'BBB' from 'BBB-' on June 12, 2025.

Source: Fitch Ratings

Summary Financials and Key Ratios

2025a

2024

2023

2022

2021

(USD Mil.)

(PEN Mil.)

PEN Mil.)

(Years Ended as of Dec. 31)

Not disclosed

Audited -

unqualified

Audited -

unqualified

Audited -

unqualified

Summary Income Statement

Net Interest and Dividend Income

260

950.2

3,831.6

3,803.2

4,209.2

3,547.7

Net Fees and Commissions

299.2

1,153.6

1,191.9

884.0

Other Operating Income

291.1

844.7

701.7

-151.4

469.6

Total Operating Income

421

1,540.5

5,829.9

5,696.8

5,249.7

4,901.3

Operating Costs

171

624.7

2,499.1

2,375.8

2,501.1

2,159.0

Pre-Impairment Operating Profit

250

915.8

3,330.8

3,321.0

2,748.6

2,742.3

Loan and Other Impairment Charges

343.6

1,721.8

1,981.4

843.4

350.7

Operating Profit

156

572.2

1,609.0

1,339.6

1,905.2

2,391.6

Other Non-Operating Items (Net)

N.A.

12.9

15.3

228.0

N.A.

Tax

126.1

314.4

275.6

462.5

591.4

Net Income

122

446.1

1,307.5

1,079.3

1,670.7

1,800.2

Other Comprehensive Income

82.5

217.7

132.0

-430.8

-557.4

Fitch Comprehensive Income

144

528.6

1,525.2

1,211.3

1,239.9

1,242.8

Summary Balance Sheet

Assets

Gross Loans

13,794

50,485.7

50,959.7

48,869.8

47,530.9

45,070.5

- of which Impaired

333

1,220.6

1,247.7

1,510.7

1,190.1

1,312.2

Loan Loss Allowances

470

1,720.1

1,730.2

2,349.4

2,027.9

2,064.9

Net Loans

13,324

48,765.6

49,229.5

46,520.4

45,503.0

43,005.6

Interbank

502

1,838.7

1,921.8

2,134.5

3,220.1

3,637.1

Derivatives

119.8

143.2

158.1

550.6

915.0

Other Securities and Earning Assets

7,682

28,115.5

28,283.2

28,069.6

24,132.6

26,344.1

Total Earning Assets

21,541

78,839.6

79,577.7

76,882.6

73,406.3

73,901.8

Cash and Due from Banks

3,118

11,411.1

10,787.2

8,209.1

10,234.6

12,956.3

Other Assets

1,446

5,294.0

5,012.6

4,533.1

3,841.7

3,095.8

Total Assets

26,105

95,544.7

95,377.5

89,624.8

87,482.6

89,953.9

Liabilities

Customer Deposits

14,574

53,341.2

53,768.0

49,188.2

48,524.4

48,891.8

Interbank and Other Short-Term Funding

1,154

4,223.3

4,189.0

5,818.0

6,374.7

7,927.9

Other Long-Term Funding

2,684

9,824.4

9,448.4

8,879.3

8,668.6

8,990.6

Trading Liabilities and Derivatives

111.6

102.3

145.4

297.0

413.8

Total Funding and Derivatives

18,443

67,500.5

67,507.7

64,030.9

63,864.7

66,224.1

Other Liabilities

4,669

17,089.5

16,891.2

15,585.8

13,571.9

14,174.4

Preference Shares and Hybrid Capital

N.A.

Total Equity

2,993

10,954.7

10,978.6

10,008.1

10,046.0

9,555.4

Total Liabilities and Equity

26,105

95,544.7

95,377.5

89,624.8

87,482.6

89,953.9

Exchange Rate

USD1 =PEN3.6600

USD1 =PEN3.7340

USD1 =PEN3.7260

USD1 =PEN3.8090

USD1 =PEN3.9849

a First three months of 2025 only (1Q25), ended March 31. N.A. - Not applicable. PEN - Peruvian Sol. Source: Fitch Ratings, Fitch Solutions, IFS

Summary Financials and Key Ratios

(Years Ended as of Dec. 31)

2025a

2024

2023

2022

2021

Ratios (Annualized as Appropriate)

Profitability

Operating Profit/Risk-Weighted Assets

3.6

2.5

N.A.

3.0

4.2

Net Interest Income/Average Earning Assets

4.9

5.1

5.7

5.0

Noninterest Expense/Gross Revenue

40.6

42.9

41.7

47.8

44.4

Net Income/Average Equity

16.5

12.6

11.2

17.5

19.3

Asset Quality

Impaired Loans Ratio

2.4

2.5

3.1

2.5

2.9

Growth in Gross Loans

-0.9

4.3

2.8

5.5

N.A.

Loan Loss Allowances/Impaired Loans

140.9

138.7

155.5

170.4

157.4

Loan Impairment Charges/Average Gross Loans

2.7

3.5

4.1

1.8

0.9

Capitalization

Common Equity Tier 1 Ratio

11.6

12.3

N.A.

Fully Loaded Common Equity Tier 1 Ratio

N.A.

Fitch Core Capital Ratio

N.A.

12.9

14.8

Tangible Common Equity/Tangible Assets

9.9

9.4

9.7

9.6

Basel Leverage Ratio

N.A.

Net Impaired Loans/Common Equity Tier 1

-6.6

-6.1

N.A.

Net Impaired Loans/Fitch Core Capital

N.A.

-10.1

-8.8

Funding and Liquidity

Gross Loans/Customer Deposits

94.7

94.8

99.4

98.0

92.2

Gross Loans/Customer Deposits + Covered Bonds

N.A.

Liquidity Coverage Ratio

N.A.

Customer Deposits/Total Non-Equity Funding

79.2

79.8

77.0

76.3

74.3

Net Stable Funding Ratio

N.A.

a First three months of 2025 only (1Q25), ended March 31. N.A. - Not applicable. Source: Fitch Ratings, Fitch Solutions, IFS

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Disclaimer

Intercorp Financial Services Inc. published this content on July 01, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 02, 2025 at 09:01 UTC.