Intercorp Financial Services Stock Earnings Reports

Intercorp Financial Services (IFS) delivered a strong start to 2026 with record quarterly net income of PEN 602 million and ROE of ~19.4%. Core drivers were disciplined execution across the platform: measured loan growth (6% YoY; higher‑yielding loans +9%), low cost of risk (1.4% in Q1, lowest in four years) and improving risk‑adjusted NIM (+90 bps YoY to 4.2%). Deposits remain the main funding source (~82% of funding), growing ~8% YoY with continued improvement in cost of funds (below 3%). Digital/payment initiatives (Clean, Izipay, new small‑business app) are scaling, supporting deposits, transaction volumes and primary relationships (retail primary customers +14%, retail NPS 68). Insurance and wealth businesses posted double‑digit growth (premiums +35%, AUM +13% YoY). IFS announced a strategic acquisition (Infina XP / EXP Holding for $130m) to strengthen consumer finance and payments. Management raised its comfort around FY ROE (now expected above 17%) but remained cautious on external risks (political uncertainty, higher energy prices, El Niño) and reiterated continued investments in technology, AI and talent. Key near‑term investor considerations: continued low reported cost of risk likely to normalize as higher‑yielding portfolios grow; risk‑adjusted margin strength even as reported NIM may face mix and bond issuance effects; and sustained investment spending supporting long‑term growth but keeping cost/income around mid‑30s (36.6% reported).