Intercorp Financial Services (IFS) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 reached S/ 580 million, doubling year-over-year, with ROE at 20.7%, driven by strong core business and investment returns.

• Core businesses in banking, insurance, and wealth management delivered solid results, with significant YoY growth in other income and written premiums.

• Digital adoption advanced, with 83% of retail customers now digital and PLIN active users up 13% YoY.

• Commercial and payments ecosystem expanded, with consumer loans showing signs of recovery.

• Positive economic momentum in Peru, with GDP growth at 3.1% as of May and private investment projected to grow 5% in 2025.

Financial highlights

• Net income reached S/ 580 million in Q2 2025, up 29.9% QoQ and 2x YoY; ROE at 20.7%.

• Revenues grew 19% YoY; cost of risk remained low at 2.5%; NIM at 4.9% (IFS) and 5.1% (Banking).

• Efficiency ratio improved to 35.9% (IFS) and 35.4% overall; cost of funds declined 40bps YoY.

• Total loans grew 6% YoY, outpacing the system; deposits up 7.4% YoY, with market share in deposits at 13.9%.

• Other income grew 48.6% QoQ and 5.3x YoY, mainly from mark-to-market gains in wealth management.

Outlook and guidance

• Expect a more dynamic second half, with total loans projected to grow around 5% and high single-digit growth for the year, mainly driven by retail lending.

• ROE for full year expected to normalize closer to 17%; NIM anticipated to recover slightly, with cost of risk below guidance.

• Continued focus on digital transformation, customer experience, and efficiency, with OpEx growth to moderate and efficiency ratio targets of 40% for the bank and below 37% for IFS.