Key Highlights

● Second-quarter group net profit rose 1.0 per cent year over year to S/585.3 million.

● Banking profit at Interbank rose 22.7 per cent to S/402.5 million.

● Insurer Interseguro's profit rose 46.8 per cent, while Inteligo's fell 39.0 per cent.

● Interbank's cost of risk rose to 2.1 per cent, up from 1.4 per cent sequentially.

Intercorp Financial Services (NYSE:IFS), known as IFS, is a Peruvian financial holding company whose common shares trade on the New York Stock Exchange and the Lima Stock Exchange under the same ticker, according to the company's website. These are ordinary common shares, not American depositary shares. The group reports in nominal Peruvian soles under International Financial Reporting Standards, so every figure below is in soles, not dollars, and US-based readers should allow for exchange-rate movements.

The second-quarter numbers

Results for the quarter to 30 June 2026 were released on 11 August 2026. Group net profit was S/585.3 million, up 1.0 per cent year on year but 2.8 per cent lower than in the first quarter. Earnings per share were S/20.2, against S/20.0 a year earlier. Return on equity was 18.5 per cent, compared with 20.7 per cent in the second quarter of 2025. The efficiency ratio was 37.8 per cent and return on assets 2.3 per cent. Interbank's return on equity was 15.6 per cent, up from 14.4 per cent, while Interseguro's was 42.9 per cent. Inteligo's assets under management were S/33,969 million. Figures are unaudited.

A mixed picture by business

Banking, through Interbank, earned S/402.5 million, 22.7 per cent more than a year earlier though 18.7 per cent less than in the first quarter. Net interest margin was 4.9 per cent. Net direct loans reached S/51,575.4 million, up 5.6 per cent year on year and 2.5 per cent on the quarter, while gross loans were S/52,633.7 million. Deposits grew 9.5 per cent to S/56,983.4 million, up 4.5 per cent on the quarter. The insurer Interseguro reported profit of S/118.8 million, up 46.8 per cent. Wealth manager Inteligo moved the other way: profit fell 39.0 per cent to S/71.3 million, with return on equity at 24.9 per cent against 43.9 per cent a year before.

Three Businesses, Three Different Trajectories

Intercorp Financial Services' modest group-level profit growth masks sharp divergence beneath it: banking and insurance both grew strongly while wealth manager Inteligo's profit nearly halved, and group profit itself fell 2.8 per cent from the first quarter. Management has pointed to a possible strong El Niño event as a reason it could book additional forward-looking loan-loss provisions in the second half, adding a weather-linked risk on top of the Peruvian election-related volatility the company already flags.