Intercorp Financial Services releases Q3 results

Thursday, November 9, 2017

PRESS RELEASE - Intercorp Financial Services. This is an abridged version of the release. Read the full release.

Intercorp Financial Services Inc. (Bolsa de Valores de Lima: IFS) announced today its unaudited results for the third quarter 2017.

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These results are reported on a consolidated basis under IFRS in nominal Peruvian soles.

Intercorp Financial Services:

- 3Q17 net profit was S/ 223.6 million, an increase of 4.0% QoQ and 7.2% YoY

- Bottom-line performance was supported by improved earnings generation at Interbank

- Excluding discount rate impact on technical reserves, IFS 3Q17 profits grew 9.6% QoQ but decreased 6.9% YoY

- ROAE excluding discount rate impact on technical reserves was 20.2%


- Performing loans grew 2.1% QoQ and 4.1% YoY, reaching an 11.4% market share in 3Q17; while deposits grew 1.1% YoY, with an 11.5% market share in 3Q17

- NIM was 5.7% in 3Q17

- Cost of risk was 3.0% in 3Q17, a 20 bps improvement QoQ; while the PDL ratio remained stable at 2.8%, below the system's average

- 3Q17 net profit was S/ 227.9 million, an increase of 9.0% QoQ and 2.9% YoY

- 3Q17 annualized ROAE was 20.0%, while the efficiency ratio stood at 41.0%

Interseguro: Net premiums in 3Q17 increased 15.1% QoQ and 23.5% YoY, representing the second consecutive quarterly growth after the launching of Private Annuities, with total annuities increasing 30.4% QoQ and 41.9 YoY

- Interseguro's investment portfolio grew 2.8% QoQ and 7.8% YoY  3Q17 profit excluding discount rate impact on technical reserves was S/ 5.5 million, compared to S/ 17.2 million in 2Q17 and S/ 24.5 million in 3Q16


- AuM + deposits decreased slightly by 0.5% QoQ but remained stable YoY

- 3Q17 net profit was S/ 42.6 million, a 23.4% decrease QoQ and a 12.1% decrease YoY, mainly explained by a S/ 3.5 million impairment loss on available for sale investments

- 3Q17 annualized ROAE was 25.3%