Transcript • Feb. 12, 2026 2:00 PM • Intercorp Financial Services Inc. (IFS)
Transcript
Feb. 12, 2026 2:00 PM
Intercorp Financial Services Inc. (IFS)
Operator: Thank you for standing by and welcome to the IFS fourth quarter 2025 conference call. The conference will begin in a few minutes. Pardon me. Good morning and welcome to the Intercore Financial Services fourth quarter 2025 conference call. All lines have been placed on mute to prevent any background noise. Please be advised that today's conference call is being recorded. After the presentation, we will open the floor for questions. And at that time, instructions will be given as to the procedure to follow if you could like to ask a question. Also, you can submit online questions at any time today using the window on the webcast. And they will be answered after the presentation during the question and answer session. Simply type your question in the box and click submit. It is now my pleasure to turn the call over to Mr. Ivan Peel from Inspire Group. Sir, you may begin.
Ivan Peel: Thank you and good morning, everyone. On today's call, Intercorp Financial Services will discuss its fourth quarter 2025 earnings. We are pleased to have with us Mr. Luis Felipe Castellanos, Chief Executive Officer, Intercorp Financial Services, Ms. Miquela Casasa, Chief Financial Officer, Intercorp Financial Services, Mr. Carlos Torre, Chief Executive Officer, Interbank, Mr. Gonzalo Basadre, Chief Executive Officer InterSeguro, and Mr. Bruno Ferrecho, Chief Executive Officer Intelligo. They will be discussing the results that were distributed by the company yesterday. There is also a webcast video presentation to accompany the discussion during this call. If you didn't receive a copy of the presentation or the earnings report, they are now available on the company's website, ifs.com. I would like to remind you that today's call is for investors and analysts only. Therefore, questions from the media will not be taken. Please be advised that forward-looking statements made during this conference call These do not account for future economic circumstances, industry conditions, the company's future performance or financial results. As such, statements made are based on several assumptions and factors that could change, causing actual results to materially differ from the current expectations. For a complete note on forward-looking statements, please refer to the earnings presentation and report issued yesterday. It is now my pleasure to turn the call over to Mr. Luis Felipe Castellanos, Chief Executive Officer of Intercorp Financial Services, for his opening remarks. Mr. Castellanos, please go ahead, sir.
Luis Felipe Castellanos: Thank you. Good morning, and thank you all for joining our fourth quarter 2025 earnings call. Thank you for your interest in IFS. We appreciate your continued support. I'm going to start with the microphone. We continue to observe a macroeconomic and political environment in Peru marked by a positive mood. The Peruvian economy maintains its growth momentum with expected growth of 3.3% for 2025, mainly driven by dynamic consumption-related sectors, sustained private investment, and a favorable performance of commodity prices, which continues to support the country's external accounts. Although we maintain a prudent perspective amid the international context and the election period, exchange rate strength and low country risk reflect market confidence in Peru. Dassault has appreciated by approximately 10% in the year, and inflation remains stable, positioning Peru as one of the most dynamic economies in the region. Looking ahead to the political transition this year, we do not expect major changes in financial stability. Some monetary management and strong institutions related to economic resilience and prudence allow us to have a base case scenario of sustained growth, supported by the resilience of the local market and investor confidence. This provides a solid foundation for long-term decision making. broadened risk management, and sustained investments in innovation. Moving into IFS results for 2025, we delivered record net income of 1.9 billion soles, with recovering core results and solid profitability, with our ROE of around 70%, even after considering the impact of the Ruta de Lima impairment. These results confirm our ability to adapt quickly and keep generating value despite some headwinds in a disciplined and sustained way, aligned with our long-term strategy and reaffirming our commitment to long-term profitability and sustainability. Interbank achieved a record year with 1.4 billion soles in net income. This was supported by a decrease in cost of risk and a risk-adjusted NIL. Our consumer segment is showing signs of recovery, even in the face of pension funds with troubles, although we recognize that there is still progress to be made to reach our targets. Overall, Interbank has consolidated as the third largest bank in the system, reflecting our strong performance and disciplined approach to risk and profitability management. EasyPay and Entrebank continue to capture joint business opportunities, reinforcing our payments ecosystem, while Plin deepens user engagement, fostering more primary banking relationships and driving growth. Interseguro, our insurance company, continues to grow its core business with solid performance in private annuities and life insurance. In addition, Interseguro continues to leverage synergies with Inteligo to expand private annuity sales and to collaborate with Interbank to advance integrated bank assurance solutions that deliver greater value for our customers. It maintains leadership in regulated annuities and has achieved the leading position in private annuities. Intelligo, our wealth management segment, continues to grow double-digit, achieving new record high in assets under management, thanks to our clients' trust and consistent engagement. In all, IFS remains committed to our focused and profitable growth strategy, always placing our customers at the center of every decision we make. We continue to reinforce this approach by prioritizing digital excellence and deepening primary customer relationships through comprehensive data-driven services and differentiated experiences. Investments in technology, Gen-AI, and innovation are key to maintaining our competitive advantage by enabling more personalized, efficient, and secure experiences while strengthening productivity and delivering greater value to our customers. Looking ahead, we remain optimistic about IFS's outlook. Our platform has demonstrated resilience in downturns and is well positioned to continue executing its growth strategy, maintaining profitability and reinforcing our leadership in the dynamic Peruvian market. Now, let me pass it on to Miquela for further explanation of these quarter results. Thank you.
Miquela Casasa: Thank you, Luis Felipe. Thank you. Good morning, everyone, and welcome to Intercorp Financial Services' fourth quarter results. We would like to start with our key messages for the year. In 2025, we delivered a solid performance across all segments. Net income reached a record 1.9 billion, marking a 49% increase compared to the prior year. Our return on equity was also strong, standing at 16.8%. The second key message, higher yielding loans continue the positive trend,
