Core profitability remains challenged by stagnant net interest margins hovering near 1.2% and significant efficiency ratio fluctuations that reached a high of 52.5% in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Net Interest Income | 3.23B | 4.36B | 4.66B | 4.57B | 4.21B | 3.52B | 3.43B | 3.39B | 3.12B | 2.71B | 2.63B | 2.45B | 2.07B | 1.77B | 1.89B | 1.51B | 1.7B | 1.53B | 1.1B | 907.78M | 695.58M |
| NII Growth % | -130.13% | -6.3% | 2% | 8.5% | 19.68% | 2.66% | 0.94% | 8.67% | 15.25% | 3.23% | 7.06% | 18.64% | 16.66% | -6.08% | 25.22% | -11.28% | 10.75% | 39.55% | 21.04% | 30.51% | - |
| Net Interest Margin % | 3.25% | 4.4% | 4.88% | 5.1% | 4.81% | 3.91% | 3.88% | 4.74% | 4.9% | 4.49% | 5.08% | 4.9% | 5.12% | 4.9% | 7.09% | 6.63% | 7.76% | 8.41% | 6.6% | 7.6% | 7.65% |
| Interest Income | 5.77B | 6.49B | 6.98B | 7.08B | 5.79B | 4.5B | 4.56B | 4.77B | 4.26B | 3.79B | 3.67B | 3.34B | 2.83B | 2.41B | 2.4B | 2.02B | 2.15B | 1.98B | 1.62B | 1.21B | 895.91M |
| Interest Expense | 2.54B | 2.13B | 2.32B | 2.51B | 1.58B | 987.27M | 1.13B | 1.36B | 1.14B | 1.08B | 1.05B | 890.6M | 761.79M | 633.82M | 512.99M | 515.47M | 449.7M | 449.97M | 525.59M | 304.32M | 200.33M |
| Loan Loss Provision | 660.9M | 1.08B | 1.73B | 1.94B | 783.39M | 382.7M | 2.41B | 770.18M | 662.21M | 836.63M | 786.4M | 649.28M | 425.51M | 369.96M | 408.29M | 402.38M | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 4.02B | 2.75B | 1.88B | 1.71B | 1.63B | 1.79B | 1.53B | 1.53B | 1.3B | 1.29B | 1.19B | 2.17B | 1.88B | 1.77B | 1.18B | 1.39B | 395.37M | 362.55M | 346.79M | 342.16M | 256.53M |
| Non-Interest Income % | 41.07% | 29.71% | 21.2% | 19.49% | 21.91% | 28.45% | 25.16% | 24.34% | 23.41% | 25.44% | 24.44% | 39.36% | 39.92% | 42.35% | 32.94% | 40.7% | 15.55% | 15.45% | 17.59% | 22.01% | 22.26% |
| Total Revenue | 9.79B | 9.24B | 8.86B | 8.79B | 7.42B | 6.29B | 6.09B | 6.31B | 5.56B | 5.09B | 4.86B | 5.51B | 4.71B | 4.17B | 3.58B | 3.41B | 2.54B | 2.35B | 1.97B | 1.55B | 1.15B |
| Revenue Growth % | 29.92% | 4.31% | 0.75% | 18.52% | 17.84% | 3.28% | -3.37% | 13.42% | 9.35% | 4.66% | -11.85% | 17.08% | 12.85% | 16.62% | 4.93% | 34.07% | 8.41% | 19.01% | 26.82% | 34.87% | - |
| Non-Interest Expense | 3.97B | 3.71B | 3.16B | 2.99B | 2.88B | 2.53B | 2.2B | 2.25B | 2.22B | 1.82B | 1.76B | 2.36B | 2.22B | 1.92B | 1.75B | 1.57B | 1.4B | 1.24B | 1.1B | 841.92M | 685.19M |
| Efficiency Ratio | 40.51% | 40.11% | 35.65% | 34% | 38.88% | 40.24% | 36.11% | 35.65% | 39.93% | 35.84% | 36.27% | 42.74% | 47.25% | 45.92% | 48.82% | 45.94% | 54.89% | 52.79% | 55.8% | 54.17% | 59.46% |
| Operating Income | 2.63B | 2.33B | 1.65B | 1.35B | 2.17B | 2.39B | 356.34M | 1.93B | 1.54B | 1.34B | 1.26B | 1.62B | 1.3B | 1.25B | 909.94M | 925.62M | 697.68M | 657.44M | 345.6M | 408.02M | 266.93M |
| Operating Margin % | 26.81% | 25.24% | 18.58% | 15.32% | 29.2% | 37.99% | 5.85% | 30.53% | 27.73% | 26.43% | 26.01% | 29.32% | 27.54% | 30.03% | 25.43% | 27.15% | 27.43% | 28.03% | 17.53% | 26.25% | 23.16% |
| Operating Income Growth % | - | 41.65% | 22.25% | -37.84% | -9.43% | 571.16% | -81.5% | 24.89% | 14.72% | 6.34% | -21.81% | 24.67% | 3.49% | 37.68% | -1.69% | 32.67% | 6.12% | 90.23% | -15.3% | 52.86% | - |
| Pretax Income | 2.62B | 2.32B | 1.65B | 1.35B | 2.17B | 2.39B | 356.34M | 1.93B | 1.54B | 1.34B | 1.26B | 1.62B | 1.3B | 1.25B | 909.94M | 925.62M | 697.68M | 657.44M | 345.6M | 408.02M | 266.93M |
| Pretax Margin % | 26.75% | 25.16% | 18.58% | 15.32% | 29.2% | 37.99% | 5.85% | 30.53% | 27.73% | 26.43% | 26.01% | 29.32% | 27.54% | 30.03% | 25.43% | 27.15% | 27.43% | 28.03% | 17.53% | 26.25% | 23.16% |
| Income Tax | 553.12M | 499.83M | 314.37M | 275.6M | 462.54M | 502.11M | -72.93M | 493.33M | 415.51M | 326.53M | 333.86M | 352.59M | 309.11M | 265.76M | 200.11M | 223.31M | 195.43M | 147.35M | 94.28M | 105.15M | 68.1M |
| Effective Tax Rate % | 21.11% | 21.5% | 19.1% | 20.47% | 21.35% | 20.99% | -20.47% | 25.62% | 26.95% | 24.29% | 26.41% | 21.81% | 23.84% | 21.21% | 21.99% | 24.13% | 28.01% | 22.41% | 27.28% | 25.77% | 25.51% |
| Net Income | 2.07B | 1.82B | 1.3B | 1.07B | 1.67B | 1.79B | 383.26M | 1.44B | 1.08B | 1.03B | 944.61M | 1.23B | 949.1M | 970.17M | 705.71M | 698.47M | 499.1M | 506.54M | 249.4M | 277.84M | 187.85M |
| Net Margin % | 21.1% | 19.72% | 14.68% | 12.2% | 22.49% | 28.44% | 6.29% | 22.85% | 19.5% | 20.2% | 19.44% | 22.34% | 20.16% | 23.25% | 19.72% | 20.48% | 19.62% | 21.59% | 12.65% | 17.88% | 16.3% |
| Net Income Growth % | 30.53% | 40.11% | 21.19% | -35.69% | -6.82% | 367.09% | -73.41% | 32.92% | 5.54% | 8.76% | -23.31% | 29.78% | -2.17% | 37.47% | 1.04% | 39.95% | -1.47% | 103.11% | -10.24% | 47.91% | - |
| Net Income (Continuing) | 2.07B | 1.82B | 1.33B | 1.07B | 1.7B | 1.89B | 429.27M | 1.43B | 1.13B | 1.02B | 930.13M | 1.26B | 987.52M | 987.09M | 709.83M | 702.31M | 502.25M | 510.09M | 251.32M | 302.87M | 198.82M |
| EPS (Diluted) | 18.60 | 16.31 | 11.38 | 9.33 | 14.39 | 15.51 | 3.32 | 12.78 | 9.82 | 9.63 | 8.72 | 11.30 | 8.68 | 8.83 | 7.81 | 7.71 | 5.47 | 5.51 | 2.70 | 3.14 | 2.22 |
| EPS Growth % | 33.03% | 43.32% | 21.97% | -35.16% | -7.22% | 367.17% | -74.02% | 30.14% | 1.97% | 10.44% | -22.83% | 30.18% | -1.7% | 13.06% | 1.3% | 40.95% | -0.73% | 104.07% | -14.01% | 41.44% | - |
| EPS (Basic) | - | 16.31 | 11.38 | 9.33 | 14.39 | 15.51 | 3.32 | 12.78 | 9.82 | 9.63 | 8.72 | 11.30 | 8.68 | 8.83 | 7.81 | 7.71 | 5.47 | 5.51 | 2.70 | 3.14 | 2.22 |
| Diluted Shares Outstanding | 111.08M | 111.71M | 114.29M | 115.01M | 115.42M | 115.42M | 115.45M | 112.79M | 110.44M | 106.74M | 108.38M | 109.06M | 109.39M | 109.89M | 90.41M | 90.59M | 91.21M | 91.93M | 92.45M | 88.54M | 84.49M |
Peruvian consumer credit quality
As reported in recent financial statements, IFS experienced significant NII volatility, including a notable contraction to negative $287.2 million in 2025Q2, before rebounding to $1.2 billion by 2026Q1, suggesting that the bank's core interest-earning engine remains highly sensitive to local macroeconomic shifts and potential accounting adjustments.
The erratic NII trajectory appears to reflect broader challenges in managing interest-earning assets within the Peruvian market. Investors should monitor whether this volatility stems from structural repricing difficulties or temporary accounting noise related to the bank's insurance and wealth management segments.
Based on the provided data, the net interest margin has remained largely stagnant at approximately 1.2% over the last ten quarters, with a brief, anomalous dip to negative 0.3% in 2025Q2, indicating that the bank faces persistent difficulty in expanding its core lending spreads.
The inability to meaningfully widen NIM suggests that competitive pressures or regulatory constraints in the Peruvian retail banking sector may be limiting pricing power. This lack of margin expansion warrants further investigation into the bank's deposit beta and the cost of funding its retail-heavy loan book.
According to historical income statement data, provision expenses for loan losses peaked at $626.8 million in 2023Q4 before moderating to $185.3 million by 2026Q1, which suggests a potential easing of credit stress but highlights the bank's historical vulnerability to retail borrower delinquency cycles.
The significant reduction in provision expenses appears to be a primary driver of recent earnings recovery. However, given the bank's reliance on unsecured consumer credit, investors should remain cautious about whether this trend represents a sustainable improvement in asset quality or merely a temporary reduction in loss recognition.
As indicated by the company's reported figures, the efficiency ratio has fluctuated significantly, ranging from a low of 31.4% in 2023Q4 to a high of 52.5% in 2025Q2, suggesting that the bank's operating leverage is currently inconsistent and sensitive to non-interest expense management.
The variability in the efficiency ratio may imply that the bank's digital transformation efforts have yet to yield a stable, lower-cost operating structure. Analysts should monitor whether future periods show a sustained downward trend in this ratio as a sign of successful operational scaling.
Quick answers to the most common questions about buying IFS stock.
Intercorp Financial Services Inc. (IFS) is profitable, generating $1.82B in net income for the fiscal year ending 2025 with a net profit margin of 19.7%.
Intercorp Financial Services Inc. (IFS) reported an operating income of $2.33B, resulting in an operating profit margin of 25.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Intercorp Financial Services Inc. (IFS) generated $6.03B in gross profit for the year, representing a gross profit margin of 65.3%. This demonstrates the company's core pricing power and production efficiency.