Intercorp Financial Services Inc. (IFS) 10-Year Financial Performance & Capital Metrics

IFS • • Banking & Credit

Financial ServicesRegional BanksInternational & Latin American BankingLatin American Retail Banking

AboutIntercorp Financial Services Inc. provides banking, insurance, and wealth management services for retail and commercial clients in Peru. The company operates through three segments: Banking, Insurance, and Wealth Management. It provides transactional accounts, such as cuenta sueldo and cuenta simple; savings accounts; investment accounts; and time deposits, certificates of deposit, and compensation for service time accounts. The company also offers retail banking products, including credit cards, payroll deduction loans, mortgages, and consumer loans, as well as cash, student, and collateralized cash loans. In addition, the company provides corporate, medium-size business, and small business banking services; and commercial banking products, which include commercial real estate, vehicles, machinery and other goods, cash management, trade finance, and electronic factoring products. Further, it offers treasury and institutional banking, as well as securitization services. Additionally, the company provides annuities and conventional life insurance, and other retail insurance products, as well as financial advisory services for equities, fixed income, structured products, alternative investments, and managed accounts; brokerage, and investment management services. As of December 31, 2021, it operated 189 financial stores and 1,581 ATMs. Intercorp Financial Services Inc. was incorporated in 1897 and is based in Lima, Peru. Intercorp Financial Services Inc. operates as a subsidiary of Intercorp Perú Ltd.Show more

Net Interest Income $4.66B +2.0%
Total Revenue $8.86B +0.7%
Net Income $1.3B +21.2%
Return on Equity 12.39% +12.2%
Net Interest Margin 4.88% -4.3%
Efficiency Ratio 35.65% +4.8%
ROA 1.4% +15.9%
Equity / Assets 11.5% +2.9%
Book Value per Share 96.06 +10.4%
Tangible BV/Share 81.47 +12.6%
Debt/Equity 1.08 -0.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 4.9%
✓Efficient operations: 35.6% efficiency ratio
✓Well capitalized: 11.5% equity/assets
✓Trading near 52-week high
✓Trading at only 0.5x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.52%

5Y7.03%

3Y12.06%

TTM-

Profit (Net Income) CAGR

10Y3.2%

5Y-2.04%

3Y-10.11%

TTM78.75%

EPS CAGR

10Y2.75%

5Y-2.29%

3Y-9.81%

TTM81.54%

ROCE

10Y Avg5.58%

5Y Avg4.34%

3Y Avg4.68%

Latest4.2%

Peer Comparison

Latin American Retail Banking

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FBPFirst BanCorp.	3.39B	21.44	11.85	6.16%	25.04%	16.62%	11.64%	0.34
OFGOFG Bancorp	1.84B	41.92	9.91	13%	24.09%	14.59%	11.44%	0.34
BSBRBanco Santander (Brasil) S.A.	46.17B	6.18	7.10	6.31%	10.36%	7.84%		1.13
BAPCredicorp Ltd.	25.3B	318.78	4.61	6.4%	20.38%	17.35%	53.01%	1.07
IFSIntercorp Financial Services Inc.	5.01B	45.00	3.95	0.75%	14.68%	16.41%		1.08
INTRInter & Co, Inc.	2.63B	8.15	3.94	27.12%	9.34%	12.37%	100%	1.31
BBDBanco Bradesco S.A.	18.54B	3.51	2.15	-2%	6.91%	12.1%		4.08
ITUBItaú Unibanco Holding S.A.	40.24B	7.44	1.97	6.27%	12.61%	19.74%		4.09

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	2.45B	2.63B	2.71B	3.12B	3.39B	3.43B	3.52B	4.21B	4.57B	4.66B
NII Growth %	0.19%	0.07%	0.03%	0.15%	0.09%	0.01%	0.03%	0.2%	0.09%	0.02%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	3.34B	3.67B	3.79B	4.26B	4.77B	4.56B	4.5B	5.79B	7.08B	6.98B
Interest Expense	890.6M	1.05B	1.08B	1.14B	1.36B	1.13B	987.27M	1.58B	2.51B	2.32B
Loan Loss Provision	649.28M	786.4M	836.63M	662.21M	770.18M	2.41B	382.7M	783.39M	1.94B	1.73B
Non-Interest Income+	2.17B	1.19B	1.29B	1.3B	1.53B	1.53B	1.79B	1.63B	1.71B	1.88B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	5.51B	4.86B	5.09B	5.56B	6.31B	6.09B	6.29B	7.42B	8.79B	8.86B
Revenue Growth %	0.17%	-0.12%	0.05%	0.09%	0.13%	-0.03%	0.03%	0.18%	0.19%	0.01%
Non-Interest Expense	2.36B	1.76B	1.82B	2.22B	2.25B	2.2B	2.53B	2.88B	2.99B	3.16B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.62B	1.26B	1.34B	1.54B	1.93B	356.34M	2.39B	2.17B	1.35B	1.65B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.25%	-0.22%	0.06%	0.15%	0.25%	-0.81%	5.71%	-0.09%	-0.38%	0.22%
Pretax Income+	1.62B	1.26B	1.34B	1.54B	1.93B	356.34M	2.39B	2.17B	1.35B	1.65B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	352.59M	333.86M	326.53M	415.51M	493.33M	-72.93M	502.11M	462.54M	275.6M	314.37M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.23B	944.61M	1.03B	1.08B	1.44B	383.26M	1.79B	1.67B	1.07B	1.3B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.3%	-0.23%	0.09%	0.06%	0.33%	-0.73%	3.67%	-0.07%	-0.36%	0.21%
Net Income (Continuing)	1.26B	930.13M	1.02B	1.13B	1.43B	429.27M	1.89B	1.7B	1.07B	1.33B
EPS (Diluted)+	11.30	8.72	9.63	9.82	12.78	3.32	15.51	14.39	9.33	11.38
EPS Growth %	0.3%	-0.23%	0.1%	0.02%	0.3%	-0.74%	3.67%	-0.07%	-0.35%	0.22%
EPS (Basic)	11.30	8.72	9.63	9.82	12.78	3.32	15.51	14.39	9.33	11.38
Diluted Shares Outstanding	109.06M	108.38M	106.74M	110.44M	112.79M	115.45M	115.42M	115.42M	115.01M	114.29M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	9.03B	11.77B	9.63B	7.58B	9.94B	18.16B	17.13B	13B	9.6B	12.2B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	28.25B	37.41B	42.52B	48.21B	53.83B	62.87B	67.65B	65.85B	69.65B	72.42B
Investments Growth %	0.13%	0.32%	0.14%	0.13%	0.12%	0.17%	0.08%	-0.03%	0.06%	0.04%
Long-Term Investments	20.19B	27.89B	27.06B	34.04B	38.52B	43.34B	49.11B	48.3B	47.95B	51.23B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	432.88M	432.88M	430.65M	430.65M	430.65M	669.08M	669.08M	669.08M
Intangible Assets	199.36M	267.4M	488.71M	521.67M	548.62M	611.94M	614.1M	964.13M	1.02B	998.68M
PP&E (Net)	579.16M	589.82M	612.64M	622.52M	950.94M	844.43M	815.12M	791.43M	804.83M	814.43M
Other Assets	4.4B	517.15M	1.62B	2.73B	2.56B	1.82B	-445.75M	2.08B	2.33B	38.41B
Total Current Assets	24.59B	22.42B	30.13B	25.32B	28.51B	40.84B	39.29B	34.51B	36.79B	3.36B
Total Non-Current Assets	25.41B	29.3B	30.27B	38.42B	43.05B	47.4B	50.66B	52.97B	52.83B	92.14B
Total Assets+	50B	51.72B	60.39B	63.74B	71.56B	88.24B	89.95B	87.48B	89.62B	95.5B
Asset Growth %	0.24%	0.03%	0.17%	0.06%	0.12%	0.23%	0.02%	-0.03%	0.02%	0.07%
Return on Assets (ROA)	0.03%	0.02%	0.02%	0.02%	0.02%	0%	0.02%	0.02%	0.01%	0.01%
Accounts Payable	273.7M	1.16B	181.96M	327.61M	128.01M	235.37M	615.04M	118.36M	236.7M	438.35M
Total Debt+	7.95B	6.71B	7.71B	8.57B	9.32B	9.82B	10.22B	10.47B	10.88B	11.82B
Net Debt	-1.07B	-5.05B	-1.92B	983.4M	-618.91M	-8.35B	-6.91B	-2.53B	1.28B	-379.08M
Long-Term Debt	6.32B	5.1B	6.27B	7.18B	7.41B	8.09B	8.39B	8.5B	8.77B	9.24B
Short-Term Debt	1.63B	1.61B	1.44B	1.39B	1.57B	1.45B	1.6B	1.86B	2.01B	2.43B
Other Liabilities	10.18B	3.36B	15.59B	15.79B	16.63B	23.46B	12.18B	18.85B	18.97B	17.67B
Total Current Liabilities	28.97B	38.2B	32.64B	33.63B	37.85B	46.91B	59.63B	49.59B	50.68B	55.98B
Total Non-Current Liabilities	16.57B	8.52B	21.91B	23.03B	24.81B	32.37B	21.59B	28.47B	28.94B	28.54B
Total Liabilities	45.54B	46.72B	54.56B	56.66B	62.66B	79.28B	81.22B	78.06B	79.62B	84.53B
Total Equity+	4.46B	5B	5.84B	7.09B	8.9B	8.95B	8.73B	9.43B	10.01B	10.98B
Equity Growth %	0.04%	0.12%	0.17%	0.21%	0.26%	0.01%	-0.02%	0.08%	0.06%	0.1%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.28%	0.2%	0.19%	0.17%	0.18%	0.04%	0.2%	0.18%	0.11%	0.12%
Book Value per Share	40.90	46.12	54.69	64.19	78.94	77.56	75.68	81.67	87.02	96.06
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	963.45M	963.45M	963.45M	963.45M	1.04B	1.04B	1.04B	1.04B	1.04B	1.04B
Additional Paid-in Capital	268.08M	268.08M	268.08M	268.08M	530.46M	532.77M	532.77M	532.77M	532.77M	532.77M
Retained Earnings	1.8B	2.03B	1.56B	1.2B	2.15B	1.3B	2.22B	2.36B	2.92B	9.74B
Accumulated OCI	1.64B	2.14B	3.47B	4.82B	5.14B	6.04B	4.9B	5.45B	5.54B	-187.83M
Treasury Stock	-322.21M	-522.11M	-467.2M	-208.18M	-196K	-2.77M	-3.36M	-3.36M	-84.31M	-207M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.6B	1.4B	3.41B	-2.05B	1.67B	12.99B	1.35B	-1.01B	2.88B	-1.78B
Operating CF Growth %	5.63%	-0.7%	1.44%	-1.6%	1.82%	6.79%	-0.9%	-1.75%	3.84%	-1.62%
Net Income	1.24B	950.19M	1.03B	1.09B	1.45B	383.55M	1.8B	1.68B	1.08B	1.31B
Depreciation & Amortization	111.06M	130.12M	145.16M	164.7M	262.01M	268.75M	279.69M	336.23M	379.04M	413.06M
Deferred Taxes	-31.14M	1.04M	-4.38M	13.73M	38.55M	-308.07M	205.75M	-442K	102.24M	0
Other Non-Cash Items	343.86M	411.32M	299.48M	190.25M	59.83M	1.74B	-161.23M	616.37M	1.49B	-3.31B
Working Capital Changes	2.94B	-96.14M	1.93B	-3.51B	-141.75M	10.91B	-778.58M	-3.64B	-176.25M	-189.71M
Cash from Investing+	-794.45M	-1.4B	-2.31B	-295.53M	4.1M	-4.05B	-2.33B	-1.39B	-3.53B	-7.04M
Purchase of Investments	-586.82M	-1.16B	-1.28B	-269.85M	0	-3.74B	-1.91B	-857.59M	-3.12B	0
Sale/Maturity of Investments	0	1000K	0	0	1000K	0	0	0	0	0
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	-660.53M	0	0	0	0	-193.22M	0	0
Other Investing	-139.5M	-189.41M	-284.6M	47.02M	68.94M	-257.3M	-327.42M	-207.72M	-264.62M	97.67M
Cash from Financing+	-789.92M	-215.47M	-299.64M	225.68M	1.06B	-552.83M	-861.7M	-1.28B	-3.01B	4.68B
Dividends Paid	-564.18M	-496.86M	-475.77M	-510.69M	-654.46M	-698.23M	-633.85M	-751.53M	-511.79M	-427.37M
Share Repurchases	-36.44M	-199.89M	0	0	-196K	-2.57M	-594K	0	-80.95M	-122.69M
Stock Issued	0	0	90.06M	383.59M	684.13M	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K	1000K
Other Financing	-2.23M	-2.62M	-69.3M	-96.79M	406.79M	-2.2M	-30K	-4.17M	-4.78M	4.87B
Net Change in Cash+	3.33B	-284.11M	728.57M	-2.14B	2.76B	8.29B	-1.73B	-3.71B	-3.63B	2.9B
Exchange Rate Effect	1000K	-1000K	-1000K	-1000K	1000K	-1000K	1000K	-1000K	1000K	1000K
Cash at Beginning	5.45B	8.78B	8.5B	9.23B	7.09B	9.85B	18.15B	16.42B	12.71B	9.07B
Cash at End	8.78B	8.5B	9.23B	7.09B	9.85B	18.15B	16.42B	12.71B	9.07B	11.98B
Interest Paid	0	0	1.09B	1.09B	1.29B	1.11B	988.32M	1.4B	2.25B	2.43B
Income Taxes Paid	0	0	329.38M	363.99M	425.65M	700.66M	280.41M	334.17M	450.13M	363.46M
Free Cash Flow+	4.43B	1.18B	3.16B	-2.25B	1.46B	12.75B	1.09B	-1.37B	2.45B	-1.88B
FCF Growth %	6.75%	-0.73%	1.67%	-1.71%	1.65%	7.74%	-0.91%	-2.26%	2.78%	-1.77%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	28.11%	19.97%	18.96%	16.78%	18.02%	4.29%	20.24%	18.37%	11.04%	12.39%
Return on Assets (ROA)	2.73%	1.86%	1.83%	1.75%	2.13%	0.48%	2.01%	1.88%	1.21%	1.4%
Net Interest Margin	4.9%	5.08%	4.49%	4.9%	4.74%	3.88%	3.91%	4.81%	5.1%	4.88%
Efficiency Ratio	42.74%	36.27%	35.84%	39.93%	35.65%	36.11%	40.24%	38.88%	34%	35.65%
Equity / Assets	8.92%	9.66%	9.66%	11.12%	12.44%	10.15%	9.71%	10.78%	11.17%	11.5%
Book Value / Share	40.9	46.12	54.69	64.19	78.94	77.56	75.68	81.67	87.02	96.06
NII Growth	18.64%	7.06%	3.23%	15.25%	8.67%	0.94%	2.66%	19.68%	8.5%	2%
Dividend Payout	45.8%	52.6%	46.31%	47.1%	45.41%	182.18%	35.41%	45.06%	47.71%	32.87%

Revenue by Geography

	2019	2020	2021	2022	2023	2024
PERU	6.46B	6.31B	6.57T	8.85T	10.19T	10.23T
PERU Growth	-	-2.42%	104029.64%	34.75%	15.08%	0.45%
PANAMA	327.6M	372.19M	411.9B	29.96B	244.37B	383.18B
PANAMA Growth	-	13.61%	110568.06%	-92.73%	715.64%	56.80%

Frequently Asked Questions

Valuation & Price

Intercorp Financial Services Inc. (IFS) has a price-to-earnings (P/E) ratio of 4.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Intercorp Financial Services Inc. (IFS) grew revenue by 0.7% over the past year. Growth has been modest.

Yes, Intercorp Financial Services Inc. (IFS) is profitable, generating $1.96B in net income for fiscal year 2024 (14.7% net margin).

Dividend & Returns

Yes, Intercorp Financial Services Inc. (IFS) pays a dividend with a yield of 8.31%. This makes it attractive for income-focused investors.

Intercorp Financial Services Inc. (IFS) has a return on equity (ROE) of 12.4%. This is reasonable for most industries.

Industry Metrics

Intercorp Financial Services Inc. (IFS) has a net interest margin (NIM) of 4.9%. This indicates healthy earnings from lending activities.

Intercorp Financial Services Inc. (IFS) has an efficiency ratio of 35.6%. This is excellent, indicating strong cost control.

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