Record 2025 results and Rutas de Lima hit: IFS posted record net income of PEN 1.9 billion (up 49%) and ROE of 16.8%, though results were weighed by a PEN 205 million impairment for Rutas de Lima (residual value PEN 74m) that reduced quarterly ROE.
Stronger lending margins and solid credit metrics with 2026 guidance: Interbank drove performance (PEN 1.4bn net income) as risk‑adjusted NIM rose and Q4 cost of risk fell to 1.8%, while higher‑yielding loans (cash loans +23%, SMEs +60%) are expanding; management guides to ~17% ROE, high‑single‑digit loan growth and a ~37% cost‑to‑income ratio in 2026.
Digital, insurance and wealth momentum: Plin transactions jumped 48% with 2.6m monthly active users, written insurance premiums grew 61% led by private annuities, and Inteligo’s AUM hit a record $9.1 billion with fee income up ~15%.
Intercorp Financial Services (NYSE:IFS) executives told investors the company posted record earnings in 2025, pointing to improving profitability at its banking franchise, rapid growth in insurance premiums led by private annuities, and continued expansion in wealth management assets under management. Management also addressed the remaining exposure to the Rutas de Lima investment and outlined expectations for 2026 amid what it described as a constructive macroeconomic backdrop in Peru, tempered by election-year uncertainty.
Chief Executive Officer Luis Felipe Castellanos said Peru’s macroeconomic and political environment remains “marked by a positive mood,” citing expected GDP growth of 3.3% for 2025, supported by consumption-related sectors, private investment, and commodity prices. Castellanos noted the Peruvian sol appreciated about 10% during the year and said low country risk and exchange-rate strength reflect market confidence.
Chief Financial Officer Michela Casassa echoed those points, adding inflation was contained around 1.5% for 2025 and the reference rate remained at 4.25%. She said private investment expanded almost 10% in the first nine months and was projected at 9.5% for the full year, while internal demand was expected to grow 5.4% in 2025. Both Castellanos and Casassa said the company remains cautious due to the political cycle and global volatility, but does not expect major changes to financial stability.
IFS reported record net income of PEN 1.9 billion for 2025, which Casassa said represented a 49% increase versus the prior year. Return on equity for the year was 16.8% (Casassa cited 16.88% on later slides), and management highlighted that ROE would have been 18.5% excluding the impact of Rutas de Lima.
Casassa said IFS booked a PEN 205 million impairment for Rutas de Lima during the year, leaving a residual value of PEN 74 million (about $22 million). She added that, with the information available, management did not expect further material impairments. In the fourth quarter, Interseguro recognized an additional PEN 129 million related to Rutas de Lima, which management said weighed on quarterly ROE; excluding that impact, IFRS ROE for the quarter would have been 19.1%.
Executives described strength across segments in 2025:
Interbank: Castellanos said the bank delivered a record year with PEN 1.4 billion in net income, supported by lower cost of risk and an increase in risk-adjusted net interest margin. Casassa said the bank’s record earnings were driven by lower funding costs, higher fee income, and lower cost of risk, among other factors.
Inteligo: Casassa said Inteligo posted a 68% increase in revenues and an ROE of 21.5%, driven by corporate growth and investment portfolio results. She also noted fourth-quarter results were affected by lower returns from the investment portfolio.
Interseguro: Casassa said Interseguro grew 36% despite the Rutas de Lima effect, supported by core business growth and higher investment results, and delivered an ROE of 32.5% in the quarter, which she said was in line with higher real estate valuations.
Casassa highlighted what she called a positive trend in higher-yielding loans, with those portfolios growing 8% year over year. Total loans rose 4% year over year (6.5% excluding FX effects), and the company cited strong disbursement growth in cash loans (up 23%) and small businesses (up 60%). Management also pointed to mortgage growth of more than 8% over the past year and said Interbank’s mortgage market share exceeded 16%, gaining 10 basis points and reinforcing its position as the third-largest player in the system.
On the commercial side, management said small business loans grew 25% year over year and that the expansion improved average yields by more than 200 basis points over the past year in that segment. In consumer, Casassa said credit card spending rose 8% quarter over quarter and 13% year over year, supported by targeted campaigns, while personal loans delivered balance growth and improved profitability in the fourth quarter.
Risk-adjusted NIM improved over the year. Casassa said risk-adjusted NIM increased by 50 basis points to 4% in the fourth quarter and totaled 3.7% for the full year. She also said net interest margin reached 5.3% in the fourth quarter. Asset quality metrics improved as well: quarterly cost of risk declined to 1.8%—the lowest level in four years—while full-year cost of risk was 2.3%. Non-performing loan ratios were described as healthy, and coverage remained around 140%.
Management cautioned, however, that as consumer and small business portfolios expand (now 22% of total loans), cost of risk should “gradually increase.” In Q&A, Interbank CEO Carlos Tori said the bank expects higher-yielding loan growth (credit cards, personal loans, and SMEs) to continue and accelerate in 2026, and he suggested cost of risk could trend back toward a more “historic environment,” closer to roughly 2%–2.5%, as the loan mix shifts.
Executives repeatedly emphasized the role of Izipay and Plin in expanding transactional activity and low-cost funding. Casassa said deposits represented about 81% of funding and total deposits increased 5% year over year (9% excluding FX). She said cost of funds declined 20 basis points year over year and another 10 basis points in the fourth quarter, helped by deposit mix improvements and additional liquidity associated with pension fund withdrawals. Loan-to-deposit ratio was 92%.
On digital indicators, Casassa said Plin transactions increased 48% over the past year. Monthly active Plin users reached 2.6 million, and she said retail digital customers rose to 84% of the base. In response to analyst questions, Tori said the company estimates Plin holds about 15% of the combined P2P and P2M market, with Interbank representing a little over half of Plin’s activity, while noting there is no official market-share source and that some transaction flows are not fully visible across platforms.
Insurance and wealth management growth remained key themes. Casassa said written premiums rose 61% year over year, mainly due to private annuities, while contractual service margin grew 22%, supported by individual life growth. She said Inteligo’s assets under management reached a record $9.1 billion including deposits, and fee income increased 15% year over year (18% excluding certain effects, as described on the call).
Looking to 2026, Casassa guided to ROE of around 17%, high single-digit loan growth above 2025 levels, and a cost-to-income ratio of around 37%. She added that net interest margin should “slightly increase” during 2026 as higher-yielding loans expand and funding costs continue to improve, though she said the decline in cost of funds may be less pronounced than in 2025 due to the prior year’s rate environment.
In Q&A, Castellanos said management’s base case assumes continued stability through the election period, but highlighted political risk if non-market-friendly candidates gain traction or policy proposals affect confidence and investment. He also said stronger commodity prices and lower energy costs could provide upside to growth and inflation dynamics, representing potential tailwinds for the financial system.
Intercorp Financial Services (NYSE:IFS) is a Lima-based financial holding company that brings together a suite of banking and non-banking financial businesses under the Intercorp Group umbrella. Through its network of subsidiaries, the company provides a broad range of products and services designed to meet the needs of individual consumers, small and medium-sized enterprises, and large corporations across Peru.
The company’s core banking operations are conducted through Interbank, which offers deposit accounts, personal and business loans, credit and debit cards, trade finance and electronic banking solutions.
