Services welcome, Earnings Good Financial Quarter Felipe. morning, to Thank Third Call. you, and XXXX everyone, Luis Intercorp
the year This with economic review improvement improvements indicators. growth. also in accumulated period, year, X.X% begin, months Peru. GDP Slide X the X.X%, reflecting consumption increased units. X.X% close to growth, grew the of Primary we alone quarter goods like expectation accumulated result The driven in services. X.X% of nonprimary and August sectors both growth macro for for brings year of the to X, outlook several of showing X%. the performance sector first around Continuous full third mining to market To accumulating of would On by the the same for in the drove X%,
Peru estimates that lead to for upward with the for We the but XXXX. XXXX. XXXX. also GDP updated adjusted for is in growth mention and countries a estimates expected IMF LATAM have region the wanted to XXXX, XXXX growth has X% its for downward both They
the For half. XXXX, a dynamism the year, projects due typically growth half second pre-electoral to which first X.X% the reduces IMF a with in stronger
monetary policy Peru's to among rate, points to basis X.XX% continues to remains We from inflation, current one Bank X%. We it reference the region XXX control as peak of the first continue were has cut Furthermore, hence, Central to the the by expected. highlights. long to of first reducing main the as the rates believe room in as the of Fed one still cut reducing the
sole depreciation rest Finally, we continue to region over the of for year was only XX%. the see currency as was while the the the stable of a X%,
is This a the X, increased observed line improving of the private following see economy. grow leading its The the from expectations during optimistic we the slide, On X.X%, to its for increasing. with year indicators. consistent Peruvian with previous in year. this Slide X.X% We and more good to as XXXX view latest report the investments optimistic Bank investment has of business expecting the in X% years Central expectation news, is is growth for of level confidence
remaining new existing because next expansions. into levels due remain our mining expected both second, their mines to which in optimize to years; the X projects extend are First, infrastructure projects, and life to and reactivation and over at projects, high of of
], the infrastructure, Some [ the And others. [ of examples [ Peri Maria, Metro, Ferio Vial Linear Tia Cuajone, the Dos Amilo among are Toquepala, Yanacocha for ] ].
consumer on hand, other the the On remains confidence positive side.
was driving we factors August, also private employment a one in growth the slow, consumption of but been a formal internal people, withdrawals is in as by the to of trend mention already and gradual consumption part have deposits. accelerated is pension and recovery purchasing impacting recovery power the of wage. formal fund there has improving It in still important seen of As severance the indemnity consumption recovery availability year-over-year of that in levels. the Consequently, This real a positively demand.
Fitch their from continuing a quarter. outlook positive have Peru and Finally, note, stable for this changed Moody's to negative with
strategic we growth which Moving are: become this our we for on. on to digital aim continue In key priorities, leading X first, a profitable platform. to context, build
digit more segments, doubled compared the grow ROE already with quarter. over in the all registering year XX% third across the base with income recovery, continue macroeconomic same than solid third consistent recovery. quarter and our We its to a achieving net has last IFS period that to double continued in customer
retail Second, create the to customers banking retail we being our digital for and September. NPS strive end of banking digital best improving points of the experience as more than of XX XX% with to
consumer on Third, maintaining we banking loans a market continue core market. in ranking in share XX%, the at second focus to significant our businesses,
market in the lead we share. over exceeds with Our deposit retail XX% XX%, annuities and market share market
surpassing reaching previous under Finally, continued management in double year-over-year Wealth ]. to assets XX% matching [ and digits, grow Management, at
sustainable growth, presentation: of Moving some and will review sections update, on, X our takeaways. businesses earnings we key digital finally,
key on the first Let growth. for X, wanted sustainable On share focuses start Slide us our the we messages with quarter. which section, to
and previous banking our results, at now above and improving recovery XXX year-over-year, an grow to IFS quarterly This by First, investment reaching that quarter results ROE earnings is from level. income an net path PEN goal. XX%, million twofold ROE medium-term in improvement drive the to in our
of results XX XXXX. better peak a quarter in from with cost of for points and translates decrease XXX the basis risk lower of basis Interbank fourth for points quarter Second, into the the
last XX%, higher year. Interbank narrowing quarter As results above we better previous see for such, with a and the than
points basis points. outperforming Third, with proactive Izipay, continues system's of funds in funding basis hence, year-over-year, funding, XX efficient improvement average improve, leveraging around commercial, and synergies XX management the mainly both XX% decreasing year-over-year This deposits, with enhancing the cost mix. the retail is our on by because of of to growth
share to have now deposits We approximately at retail continued in market XX%. gain
by quarter previous loan this X% the good moderate, has although disbursements rebounded had news as loan Fourth, we cash from been quarter. growth
Additionally, in in Banking Banking. [ points basis premiums business insurance and year-over-year as Fifth, insurance increase key insurance basis debt with gaining generates private life point growth share ]. improvement market nicely basis continued a and XX core under local products in quarterly we in in in annuities a grow Consumer XX sustained have Commercial
management to income up Interfondos, a share while driving Wealth market in assets also Management, in under maximum, Finally, mutual nicely, reaching continued fund our grow fee gaining company. historical
medium-term On the the ROE in year-over-year and to in previously comparisons quarter. In million income This income our very implies last ROE the clearly XX% above year above goals, PEN mentioned. net previous path and are double quarter-over-quarter our Banking, the XXX as net is X, reported Slide positive. quarter an XX%, improvement the
risk income of below a of to second, through the still normalized the but over investment our This levels; last year, increased ROE points has yields net to closer better from portfolio. grow margins XX.X%, were is basis cost First, and previous compared achieved reduction the and in target. reaching cost an XXX which year, the is higher allowed XX% to than of funds
Insurance the business while the investment results on generates portfolio core business, remains year-over-year of In better solid, a the basis. recovery
the driving in good a with portfolio Finally, investment the hit level, as the upwards. Also, in continues management with fee income Wealth dynamic under the Management line a clients performance had market. better business, assets record
closer significant ROE quarterly As such, figures, rebounding in to a moving there XX%. X.Xx, is the improvement
we portfolio to On revenues and investment improvement better to On as grow see this from a in quarter. yield Slide reduction investments. quarter, of improvement by due driven margins cost Interbank a mainly in X, in there revenues important good the in top funds a in is an and an the continue at this that, Inteligo, had recovery in of
in of a we good Interseguro portfolio the investment at Finally, business better core see quarter. with over return performance the
point the to of faster a On have and and better from nearly to that behavior their levels have indicators Slide anticipated, quarter from the asset NPLs at but in leading wanted improvement X.X% the customers. followed at respectively. slowly to we estimated income, as normalized enhance macro events people's the power downward previous than as the Both disposable and Moreover, trend rate improved starting quality X.X%, purchasing XX, out accelerated reached is risk ratios. cost liquidity initially environment a increase payment
that With additional some said, let's insights. walk through
'XX. quarter to the commercial exposure growth of a banking, in third which the is as XX% 'XX segment from the perform portfolio backed [ to commercial moving First, generated we the to of XX% from of increased have lower XX% cost at This of quarter approximately Interbank's risk. well, with Impumsumite ] as guarantees portfolio continues third our program,
XXX and quarter have ratio from of mix has mentioned on ratio basis and representing NPL the to XX% reduce the XXX decreased, the consumer XX% points which XX% been employees low-risk impacted the loan to retail, an year shift each the cards and total lower we situation, risk book, is a when payroll a loans deductible the growth points increased basis have which to given also Credit such the ago. around products a Meanwhile, This of down and and lower mortgages has specific XX%, respectively. coverage almost the loans has as shifts retail of year not mix portfolio for It As current focus products, the our tactically. concentrated of purely earlier, public ago, from effect having product. from in cost to on a now personal ago. lower with coverage portfolio retail to due allowed coverage risk in of ratios compared year the sector
we our analytics of are advantage taking Finally, capabilities.
in the variables approach result by allocation year, for the Over internal aims have more our the transactional promote cost a manner. risk loans we in Consequently, analyzing of incorporating models several to focused a will growth of past enhancing This data. future. stable on right and more healthy
the yet fully cautious not remain we has However, activity given economic recovered. that
XX, slide, previous consumer Slide performing with for loans how versus collecting and year have previous the the different portfolio. to behavior we In complementing behavior XX%. payment with ago, given are loans calls, XX% from the in improvement now rescheduling the outstanding a loans ]. almost and ] previous around the quarter But XX% from scheduled the schedules decrease XX% On smaller, of the customers the loans clients, become mentioned now continued payment representing [ was of [ has difference quite the
the availability on severance the quarter, withdrawals. the indemnity Now and of liquidity of improvement second the deposits is this in funds as of such pension events part back
in also However, our it risk management origination, the is strategy result and proactive of collections.
capabilities payment improving channels, our and clients. collections making solutions digital constantly are We through communications available our more to
driver, show to increased and in evolution assets with income, gradual wanted income we a management. the turnovers. from the increase quarter, X% X% by IFS driven last level increase by which fees the in has recovery higher banking the in thanks fee fee XX, level, Slide card the of line is banking under On increase main credit an at the Inteligo, At in X% at to
Finally, on this section, on XX. Slide
we and efficiency XX% expenses and still wanted levels ratios in within X% that a quarter level There variable XX% the that the highlight segment, remains the Banking IFS top for always, As priority. from increase X% mainly -- at is to total expected at Interbank. are a costs. versus due efficiency to the cost-to-income previous The IFS for
compared the move a as let's On positive in app. experience in digital digital which XX, Now single update. is Slide digital need Interbank's the trends everything the indicators, we to our continue to continue to year. show you defined nice evolution when a previous
We necessary developing journey customers' towards needs with the our to our have more in becoming progress them the experience. meet best providing relevant capabilities digital, made and
sales both As digital and a seen growth result, have in digital XX% we and respectively. customers increasing XX%, substantial to
and resolution, feel new We for developments others. features, are use AI look Gen of new claims on app, working enhancement, in among the including the
both experience downloads these in engagement. positive a All reflected driving customer impact had efforts on adoption app and app have campaigns, our also user NPS. We active
are as about and stable at self-service which digital we on around maintained Finally, always-on educating actions are in focused virtual communication through self-service, functionalities we assistance. have customers new app the on our XX%
customers an part primary our banking is average digital monthly by and that received of believe creating explained as PLIN. transactions their relationships PLIN proposition, are of sent of Interbank As PLIN. are XX% with as bank the value-added with in primary value accelerator, we transactions we use
and average commercial last PLIN. increased resulted user expanded accelerating the transactions by active year which and increased We transactions transactions by of number as have The twofold have in various in an increased by been on number users XX% by the growth focused implementing XX%. actions of through usage campaigns, of
developments the been promos. have app, [ there PLIN the son Moreover, such in as PLIN and ]
client experience. As churn finally, X.Xx by A NPS. satisfaction uses more products, a more customer primary that engagement XX% Interbank and generate bank more we has less or as result, enhancing their customer X.Xx more our deposits,
as in transactional figures: using we accounts increasing merchants increase encourage XX% increase The as payment a XX, increase offering as from X.Xx distribution of synergies flow. ecosystem, evident, Izipay Interbank to source and have we transactional yearly on coming in Izipay merchants; merchants, further services to XX% the growth our products and well to Izipay. network are volumes Slide working we and as volumes, increase to a in results as thanks cash from flow value-added generate On X focusing Interbank key yearly flow XX% inflow growth for follow continued micro
new Finally, on Slide has Similarly, on so show self-service digital and expanding clients Insurance gaining continue like for experience this our of development on focus we The to WhatsApp, allowed our to sales our have enhancing insurance, well capabilities section us as digital and XX%. as digital developments increasing. relevance digital channels and premiums wealth reached driving to internal digital for adoption. XX% positive is slowly increase indicators digital reached XX%. have In to digital adoption distribution digital Vida the XX. management
Wealth development XX%, ERNI achieve and users through of clients. for digital now we have for XX% Interfondos total products and In focused the sales To Management, to tailored digital enhancing on of characteristics results, with communication special customers. on work these Interfondos transactions and reached channels will digital and account continue
key segment. relevance in you on move disbursements consumption reactivation increasing in more The gaining in businesses. have retail the on the performance our Slide some recovery key are let's to businesses. and our XX, show driven our loan we X Now details cash On of market
on by growing at inflection year, point, basis. on throughout our loans having quarterly Furthermore, book. market a commercial basis we loan focused each Our retail share in increased points and consumer an XX the have is
guarantees. share key increase with growing one ago XX%, more than finance XX just commercial loans ranking in Impulso market months share of of from remains products, leveraged Moreover, have market. second sales MyPeru XX.X% government to market with We to the our
share is high, loans nicely last points has commercial basis Overall, XXX above increased year. market XX.X%, all-time an to which
Finally, clients, been proposition relationships, primary we our aiming which banking our have deposits. positively impacting working is value to to to increase enhance our
to inflows As a result, shares payroll and our XX%. continues grow, above deposits market of share retail risen market has
we moderation Slide observed in loan this On growth XX, a quarter.
as is cash Overall, a a X% news in ago quarter book slight X.X% the a loan the by approximately grew in was we market, the to in positive market and there which recovery disbursement. loan However, year in compared not growing. experienced
On mix, slower pace in to grow, book quarter. a this the the though continues the gaining at commercial relevance side,
MyPeru to gradually allowed to grow previous continue Consequently, We leverage this government disbursed program midsized only in the Impulso companies with which This and program, to disbursed Peru over time. decrease million in in the quarters. we we PEN average to second it XXX expect SME quarter, us the the guarantees. quarter, and compared peaked have
commercial Additionally, and banking focus continue chain Overall, slide. previous the we grew on from mentioned growing outperforming the quarter, market XX% portfolio to in as share. the the supply and system in finance, previous year-over-year X.X% gaining
On side, important the we retail see trends. X
are have the over we basis loans, mortgages. points Since market experiencing a year. share in in in growth seen past July, boost First, our XX gaining we
grow Second, internal centricity grow. improvement enhancement we still of quarter, are at cash healthy a disbursements allowing manner. approach for generate us the our models, an The including us to X% in help a inflection proposition customer conservative more point a previous an clients, value to comprehensive with from vision, loans, our in in with
increase from see XX of still of year-over-year. the previous of and basis book points we risk-adjusted loans Consumer to points, quarter is we decreased due on in in basis bottom XX% NIM of to with end NIM mix. risk the cost XX, also changing see personal cards of on the Consequently, loans, XX credit loan the quarters. the shift the lower mentioned the an Meanwhile, total basis the from in basis quarter, in yields of of and by last XX.X%. reaching improvement include Slide XX% year, impact XXX points Moreover, which On the line before. reduction continues points last loans, trend there to yield XX
advantage this been fourth the portfolio in market the XX X.X%, cost quarter accumulated 'XX. quarter XX reduction mitigate continues managing opportunities brings of to positive effect, trend, peak to additional downward of as decreasing this our generate taking However, with funds margin. the news basis from an of Furthermore, points we basis of have a proactive to points investment
see that to institutional side, we As as you increase, in faster mix. improvement [indiscernible]. benefit when retail. have rates rates deposits, a rates, attributable market allows hit. deposits of of our our on rates as duration repricing, to is to especially This both funding more cost deposits, we changes interest-bearing funds in is lower now the we but know, not currency short sensitivity only funding higher for short-term and was is why local the lower market But This better also
year the X% same in by in in with grew and Deposits period. X% quarter, showing last the deposits of saving around XX% and the XX% growth last
more decreased This relevant XX from increasing As is proactive points a management has cost that last in year. basis the basis result, funding for XX% from deposits the in become last the XX of funding, and points a deposits have points the by in KPI Hence, efficient by quarter. increased of months. XX to XX% of our the last XXX focus on result quarter basis
ratio in industry's loan-to-deposit solid of line average. is with the our Finally, XX%
Slide on insurance to moving Now XX.
in potential the Peru, is important. the growth penetration Given of for insurance this low of market
as more premiums annuities of attractive than X% and an XX% increases product. XXX%, and have This climbs of annuity with Private Individual as positioned market grow year-over-year private themselves were to around year-over-year continued quarter's share above XX%. XX% life annuities respectively. up and investment nicely,
We observing and within a retail digital products to in SOAT due the segments vehicle high rates. claims are despite growth also cleanup
disability the business a to effective survivorship the Also, good October, share until years. XXXX in of December public through to This we earnings couple insurance add January from XXXX. some tender, wanted secured should news. next a In and of Interseguro share
billion. a under X% basis, we Management, historical Wealth assets $X.X on see on to XX% in and of a Finally, with growth a growth again, of reaching continue maximum management quarterly yearly
have had to more digital grow its has an XX%. the us high at year, far. The all-time at gaining year outperforming peers ERNI developments in than an XX% with share, important in market Interfondos now allowed so
fee On is important the income representing an an basis, of annual on back growth year-over-year. of a recovery that, XX% there
let we share update operating Slide On where the part final and trends me XXXX on we provide XX, sustainability Now move presentation, to our update. of takeaways. want ESG to an for the some
Our commitment Luis XX%, significant led to score, of to points by highest a grade being as sustainability country. improved previously and has in improvement a our the in mentioned. the We've Felipe CSA reached percentile X
On the sustainable environmental also front, includes climate-related risks commitment of to we've our taken a portfolio significant demonstrating climate finance. our step business. $XXX forward qualitative green This report. by assessment to million, first banking publishing expanded our our report first our We've to loan
prioritize On backgrounds. eras Syntron social we've employees continued [ like empowered [ All Programs ] inclusion. equity Inspira clients and have to ] the front, Women, diverse diversity, from and and
to on updated our government strategy. front, a Finally, with accountability sustainability cornerstone policies transparency the is to and align our This to and commitment we've international best practices standards.
me third XX, on XXXX. an give update results On the let operating Slide quarter for you our
still higher XX% months We in present both almost capital more reaching the XX%, above ratio sound third to is capital to first range, year, continue Tier requirements. closer our than our total ratio XX% our ROE for and at gradually improving, the equity guidance XX.X% of quarter well and X but X capital midterm guidance. and levels, below core the than with
we with be recovery the portfolio line reactivation the the in We investment improvement with guidance. loan, of in cost consumer and expect that the should the risk, of of
risk mortgages guidance, quarter last strong at closer for by X.X% our and already the is of for for months months first guidance. NIM of better of the cost below the we the X.X% of a of of quarter the supported the of banking, during Cost X.X% quarter is is X.X% the but normalized Loan portfolio. rebound and expectations risk. to consumer the our commercial our third expect growth was than X XXXX, from growth X also year. year, in of the banking below The recovery
at with efficiency see guidance. to IFS, good line levels in continue We
the finalize with key takeaways. me presentation Let some
and banking IFS. drive improving earnings recovery First, investment results, at
Second, lower translates results for risk cost into Interbank. of better
Fifth, premiums. of mix cash Interfondos. growth and assets insurance in strong Thank And disbursements. moderation finally, very wealth under funds Fourth, loans in in in share in gaining loan with funding Third, better impacts you cost positively management, improvement growth of NIM. management, much. market sustained increase
Now you have. might we welcome any questions
