The following is a summary of the Intercorp Financial Services Inc. (IFS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Intercorp Financial Services reported a strong third quarter with net income more than doubling year-over-year to S/ 390 million, resulting in a return on equity (ROE) above 15%.

• Continued recovery in banking and investment results, coupled with reduced costs of risk and improved funding mix, contributed positively to the financial outcomes.

• Total income improved substantially due to better performance in core businesses like banking, insurance, and wealth management.

Business Progress:

• Strategic focus on digital transformation has elevated the customer experience, with 81% of retail banking customers now being digital.

• Significant market share growth in key business areas, including commercial banking and consumer loans.

• Growth in assets under management reached a historical high, significantly boosting wealth management income.

Opportunities:

• Expected economic rebound in Peru, forecasting a GDP growth of about 3% for 2024 and an optimistic outlook for 2025.

• Leveraging digital platforms and analytics to improve service offerings and customer engagement, reflected in increased digital adoption across banking and wealth management services.

• Expansion in commercial banking via government-backed programs and growing demand in consumer banking sectors like mortgages.

Risks:

• Despite a recovery, the economic outlook remains cautious with the upcoming electoral year potentially affecting market dynamics.

• Operational challenges highlighted by a recent service interruption and data security breach, though managed effectively, indicate the necessity of continuous enhancement in operational resilience and cybersecurity measures.

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