Intercorp Financial Services released second-quarter results showing net income of PEN 640 million and a return on equity of 18.5%, both exceeding the company’s midterm performance targets. The results reflected normalization in investment performance and cost of risk metrics following the prior year’s strong quarter.
The company demonstrated strength in higher-yielding loan segments, which expanded at 12% year-over-year, driven particularly by small business lending growth of 31% and consumer lending increases of 9%. Banking operations experienced a slight decline in revenue on a quarter-over-quarter basis, attributed to reduced financial transaction results and increased funding costs. The payments division, encompassing Izipay and PLIN platforms, continued to support customer acquisition and low-cost deposit generation. Insurance and wealth management subsidiaries Interseguro and Inteligo maintained positive momentum, with Inteligo’s assets under management reaching $10 billion.
Operating expenses rose 11% year-over-year as the company invested in digital infrastructure, cybersecurity capabilities, generative artificial intelligence applications, and insurance distribution workforce expansion. Management maintained full-year return on equity guidance above 17% while adopting a cautious posture regarding potential El Niño weather impacts later in the year. The company anticipates loan growth will remain in the high single digits for the full year, supported by improving consumer confidence and private sector investment activity.
Management indicated plans to book forward-looking credit provisions in subsequent quarters to address risks from potential severe weather events, noting the current loan portfolio carries lower exposure than in prior comparable periods. The company projects margin improvement as funding composition normalizes and the loan mix shifts toward higher-yielding retail segments. CEO Luis Felipe Castellanos noted the company remains open to strategic alternatives within financial services, though no specific opportunities are currently under consideration.
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