The following is a summary of the Intercorp Financial Services Inc. (IFS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Intercorp Financial Services (IFS) reported Q1 earnings of $141 million soles.

• The company had a return on equity (ROE) of 5.6%, significantly impacted by an investment portfolio and accounting adjustments.

• Without these factors, earnings would rise to $240 million and ROE to almost 10%.

• Their asset under management grew 11.5% year-over-year.

• The firm reported a non-recurring loss of 100 million soles mainly due to accounting changes, impairment and loss on investment evaluations.

• However, IFS marginally improved loan quality for the quarter, aligning with economic recovery trends.

Business Progress:

• Intercorp continues to focus on its digitalization strategy, reflecting in customer base growth across all segments.

• The firm secured a 21.8% market share in consumer banking loans, a 43.5% market share in the acquiring business, and a 15.1% market share in banking retail deposits.

• Intercorp leads in annuities with a 31.3% market share.

• The company's digital sales have reached 63% with over 2.6 million users on their app, and 1.4 million merchants on Izipay.

• Notable growth in premiums by 3% quarterly and over 16% year-over-year.

• Despite the setbacks this quarter, Intercorp expects to reach their predicted year-end ROE of around 12%. Recovery plans for subsequent quarters are underway.

More details: Intercorp Financial Services IR

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