Intercorp Financial Services Q2 2026 Earnings Report

Intercorp Financial Services EPS Results

• Actual EPS: $1.53
• Consensus EPS: $1.45
• Beat/Miss: Beat by +$0.08
• One Year Ago EPS: N/A

Intercorp Financial Services Revenue Results

• Actual Revenue: $554.15 million
• Expected Revenue: $520.46 million
• Beat/Miss: Beat by +$33.69 million
• YoY Revenue Growth: N/A

Intercorp Financial Services Announcement Details

• Quarter: Q2 2026
• Date: 8/11/2026
• Time: After Market Closes
• Conference Call Date: Wednesday, August 12, 2026
• Conference Call Time: 10:00AM ET

Intercorp Financial Services (NYSE:IFS) (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. Complementing its banking arm, IFS delivers insurance and pension products via Interseguro, which provides life and property insurance and manages retirement savings plans. Asset management and mutual fund services are offered through Interfondos, giving clients access to diversified investment portfolios and wealth-management support.

Intercorp Financial Services completed its initial public offering on the New York Stock Exchange in September 2014, becoming one of the first Peruvian financial enterprises to list in the United States. As part of the wider Intercorp Group, IFS leverages local market expertise, digital platforms and a focus on financial inclusion to drive growth. Its operations are concentrated in urban centers throughout Peru, with an ongoing emphasis on expanding outreach via mobile and online channels.

Intercorp Financial Services Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: IFS reported solid profitability in the second quarter, with net income of PEN 585 million and ROE of 18.5%, above its medium-term target. First-half ROE reached 18.9%, while full-year guidance remains ROE above 17%.
• Positive Sentiment: Higher-yielding lending accelerated, growing 12% year over year, led by consumer loans up 9% and small-business loans up 31%. Insurance premiums rose 9% and wealth-management assets under management increased 14% to nearly $10 billion.
• Negative Sentiment: Net interest margin faced near-term pressure from higher funding costs, excess liquidity held around the elections, bond-issuance costs, inflation-linked funding and Treasury forward-arbitrage activity. Management expects margins to recover gradually as funding normalizes and the loan mix shifts toward higher-yielding products.
• Negative Sentiment: Management is preparing for a potentially strong El Niño event, which could affect agriculture, fishing, infrastructure, supply chains, consumers and small businesses. Forward-looking provisions may be booked in the second half of 2026, although executives said asset quality is currently sound and believe the company can still achieve ROE above 17%.
• Positive Sentiment: Digital and payments initiatives continued to deepen customer relationships and low-cost funding, with Plin monthly active users reaching 2.8 million, Izipay float to Interbank up nearly 50%, and retail primary-banking customers increasing 16% year over year.

Presentation

[Operator]

It is now my pleasure to turn the call over to Mr. Ivan Peill from InspIR Group. Sir, you may begin.

[Ivan Peill, Managing Director at InspIR Group]

Thank you, and good morning, everyone. On today's call, Intercorp Financial Services will discuss its second quarter 2026 earnings. We are very pleased to have with us Mr. Luis Felipe Castellanos, Chief Executive Officer, Intercorp Financial Services, Ms. Michela Casassa, Chief Financial Officer, Intercorp Financial Services, Mr. Carlos Tori, Chief Executive Officer, Interbank, Mr. Gonzalo Basadre, Chief Executive Officer, Interseguro, Mr. Bruno Ferreccio, Chief Executive Officer, Inteligo. 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.pe. Otherwise, if you need any assistance today, please call InspIR Group in New York on 646-940-8843.

[Ivan Peill, Managing Director at InspIR Group]

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 may be 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, CEO at Intercorp Financial Services]

Good morning, and thank you all for joining our second quarter 2026 earnings call. First, let me start with the macro and political environment. In the second quarter, economic activity in Peru moderated after the strong momentum seen earlier this year. Even so, the underlying picture remains constructive, supported by resilient domestic demand. Private investment is expected to grow 17.5% in the quarter, its strongest pace since 2012, excluding the post-pandemic rebound. At the same time, employment indicators continue to improve, supporting consumption. On the political front, as you are all aware, Peru now has a new administration in place. The new government has set out a clear agenda for the coming months, focused on reinforcing the preparedness for El Niño phenomenon, strengthening security, reactivating economic growth through private investment, modernizing the public sector, and improving healthcare and social programs.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

These measures are consistent with the expectations for stronger private investment and consumption, and support our view of GDP growth of about above 3.4% in 2026. While the international backdrop remains volatile, we are especially focused on El Niño-related risks in the country. We see it as a relevant risk for Peru, with potential effects on primary sectors, infrastructure, supply chains, and certain customer segments. At IFS, we are monitoring this closely and maintaining a prudent approach to risk management. Based on our analysis, we expect any potential impact on our results to materialize starting in the second half of the year. In this context, IFS delivered another solid quarter. Net income remained strong at PEN 585 million, and ROE reached 18.5%, above our midterm target.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

While earnings were lower than in the previous quarter, this mainly reflects a normalization of certain investment results and a gradual normalization in cost of risk as expected, following an exceptionally strong first quarter. At Interbank, quarterly net income remained strong and the underlying business continued to show positive trends. Loan growth was positive across segments with particularly strong momentum in consumer loans, where the pace of growth accelerated, and in the small business, where we continue to grow above the market. Overall, these higher yielding segments are now expanding at a double-digit rate. We continue to strengthen our payments ecosystem through Izipay and Plin. These platforms are important levers to deepen relationships, increase engagement, and support the growth of low-cost funding. Interseguro maintains strong momentum in long-term insurance supported by annuities and life, while preserving its leadership in annuities.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

The business continues to leverage synergies with Inteligo and Interbank to advance more integrated solutions to our clients. Inteligo continued to grow a double-digit rate, reaching a new record in assets under management, supported by healthy client engagement and a strong advisory model. Overall, this quarter confirms that we remain on track in terms of results and profitability, supported by a diversified platform, clear growth opportunities across businesses, and disciplined execution of our model. Our strategy remains focused on profitable growth with the customer at the center of our decisions, and continued investments in the capabilities that support long-term value creation, including investment in digital channels, data analytics, digital products, cybersecurity, and GenAI. Looking ahead, we believe IFS is well-positioned to continue growing with discipline while sustaining profitability and strengthening our leadership in Peru over the long term.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Now, let me pass on to Michela, who will walk you through this quarter's results in more detail. Thank you.

[Michela Casassa, CFO at Intercorp Financial Services]

Thank you, Luis Felipe, and good morning, and welcome everyone to Intercorp Financial Services' second quarter 2026 earnings call. Let me begin with our quarterly key messages. First, we continue to consistently deliver strong profitability. In the second quarter, IFS reported net income of PEN 585 million, an ROE of 18.5%, remaining above our midterm target and supported by solid performance across all of our businesses. Second, higher-yielding loans accelerated during the quarter, growing 12% year-over-year and almost 6% in the quarter. Third, risk-adjusted NIM remained resilient at 3.5%, up 10 basis points year-over-year, while cost of risk normalized to 2.1%, still below our risk appetite, but with a lower impact from the excess liquidity from the eighth release of the private pension funds, which took place until February this year. Fourth, we continue to deepen primary banking relationships.

[Michela Casassa, CFO at Intercorp Financial Services]

As a result, our retail primary banking customer base grew 16%, and our Net Promoter Score remained strong at 61 points. Finally, insurance and wealth management continue to deliver strong growth with premiums up 9% year-over-year, mainly driven by annuities and life, and assets under management up 14% year-over-year. Let's start with our first key message. At slide four, entering into a brief update of the macro environment, GDP growth for the second quarter is expected at around 2.8%, reflecting a more moderate pace after the strong momentum seen in late 2025 and early 2026. This lower growth in GDP is mainly due to the fishing sector, which was impacted by the global El Niño. Even so, we expect activity to improve in the second half, supported by resilient domestic demand, private spending, favorable commodity prices, and greater political stability.

[Michela Casassa, CFO at Intercorp Financial Services]

For the full year, GDP is expected to grow 3.4% in 2026 and 3.2% in 2027, already incorporated the expected impact from El Niño, which most analysts estimate at between 0.7 percentage point and 1 percentage point of GDP. Growth should continue to be supported by non-primary sectors, particularly construction, commerce, and services. Inflation rose to 4.1% year-over-year in July, and monetary policy remains supportive with the reference rate at 4.25%. We expect inflation to remain around these levels throughout the year before returning to the central bank's target range in 2027. At this point, we do not expect additional rate cuts. Peru continues to offer strong fundamentals and attractive long-term opportunities, with growth expected to remain above 3% over the next two years and with an upside potential given the new government leading the region. On domestic demand, the outlook has improved.

[Michela Casassa, CFO at Intercorp Financial Services]

The central bank revised its 2026 projection upward to 5.9% from 4.9%, mainly reflecting stronger expectations for private consumption and investment. This is consistent with confidence indicators. Business confidence climbed to 69% at the end of the second quarter with the result of the election, and is the highest level in the past year, while consumer confidence recovered to 51% in July. Together with solid fundamentals and better terms of trade, this gives us a constructive view on growth for the coming years. Having said that, we are also preparing for the potential impact of El Niño. Water temperatures have continued to increase, and the probability of a strong to extraordinary event has risen from almost zero to a combined probability of 80% for the fourth quarter 2026.

[Michela Casassa, CFO at Intercorp Financial Services]

We are maintaining a prudent risk management approach with constant portfolio monitoring by segment, sector, and geography while staying close to clients more exposed to potential El Niño-related disruption in specific areas, including agriculture and fishing, where we have Niño clauses in place. We have successfully navigated previous El Niño episodes and have a comprehensive contingency plan that allows us to respond quickly and support customers when needed through working capital solutions, grace periods, and reschedulings while preserving disciplined risk standards. Finally, we are already seeing this better backdrop reflected in credit demand. Banking system loans accelerated to 8% year-over-year as of June, mainly led by retail loans, which is consistent with the recovery we are also seeing in our own consumer and small business portfolios growth. On slide six, IFS delivered another solid quarter with net income of PEN 585 million and ROE of 18.5%.

[Michela Casassa, CFO at Intercorp Financial Services]

Compared to last quarter, earnings declined 3%, mainly due to the normalizations versus the first quarter of strong financial transaction results and a greater normalization in cost of risk with the effects of the excess liquidity from private pension funds and withdrawals fading away. On a year-over-year basis, it is important to remember that the comparison includes extraordinary investment result recorded last year at both Inteligo and at the holding company level. At the bank, last quarter benefited from sovereign bond gains, strong FX results, dividends from IFS, and an unusually low cost of risk. Year-over-year, however, earnings recovered 23%, supported by lower provisions, higher income from loans, stronger fees, with ROE at 15.6%. At Interseguro, performance remains strong, mainly supported by a solid insurance result, particularly in annuities, as well as higher interest income, excluding inflation effect and the absence of impairments during the quarter.

[Michela Casassa, CFO at Intercorp Financial Services]

At Inteligo, results remain solid, supported by good performance from the investment portfolio, which delivered a 9.4% return over the last 12 months. The year-over-year decline mainly reflects the strong portfolio return achieved in the second quarter of last year. Overall, it was a solid quarter across all IFS business lines, with cooperating performance as the main driver of profitability. On slide eight, IFS revenues increased 3% year-over-year and declined slightly versus last quarter. The year-over-year comparison is again affected by the unusually strong investment gains recorded in the same quarter of last year of both Inteligo and the holding company, which created a high comparison base. At the bank, revenues declined modestly quarter-over-quarter, mainly due to lower financial transaction results after a particularly strong first quarter and some funding cost pressure. Year-over-year, revenues increased 9%, supported by higher loan volume, income, and stronger fees.

[Michela Casassa, CFO at Intercorp Financial Services]

At Interseguro, revenues improved year-over-year, mainly supported by better insurance results in annuities and life. Compared to last quarter, revenues were lower, reflecting the inflation adjustment during the period. Excluding these effects, revenues would have increased 3% quarter-over-quarter. At Inteligo, fee income remains stable while investment portfolio results continue to normalize, with returns of approximately 9% over the last 12 months. On slide nine, expenses increased 11% year-over-year, broadly in line with the investments we continue to make to support the growth and transformation of our businesses. The increase was mainly driven by personnel expenses, partly associated with the expansion of Interseguro's sales force, as well as investments in key talent to support execution and by technology as we continue strengthening digital capabilities, cybersecurity, infrastructure, and data and analytics.

[Michela Casassa, CFO at Intercorp Financial Services]

The year-over-year increase in the ratio also reflects positive non-recurring revenue effects recorded last year, which created a higher revenue comparison base. Despite this increase, we continue to sustain best-in-class efficiency with the cost-income ratio at 37%. Overall, this continues to reflect our ongoing focus on expense discipline while investing in the capabilities needed for long-term growth. Now, let's move to our second message on slide 11. We are seeing higher yielding loans regain momentum, growing 12% year-over-year and close to 6% during the quarter. The encouraging news this quarter is the acceleration in consumer lending. Consumer loans grew 9% year-over-year in June, compared to 5% in March. This was supported by stronger activity with cash loans disbursement up 37% year-over-year and credit card turnover up 21%, in line with improving confidence in a more constructive macro backdrop.

[Michela Casassa, CFO at Intercorp Financial Services]

Small businesses continue to grow steadily or 31% year-over-year, with disbursements up 54%. This remains an attractive segment for us, supported by our combined value proposition of banking and acquiring. Overall, the combination of consumer and small business growth is supporting the recovery of higher yielding loans, which now represent 22% of total loans. We are encouraged by this momentum, but we remain cautious, particularly given the higher probability of El Niño and the greater exposure of consumer and small business clients to potential weather-related disruptions in certain areas of the country. On slide 12, loans grew 6% year-over-year or 7% when adjusted for FX, reflecting a positive trend in both commercial and retail banking. In retail banking, consumer loans with a 9% year-over-year growth previously mentioned, supported by the acceleration we just discussed, while mortgages continue to grow steadily and payroll-deductible loans remain broadly stable.

[Michela Casassa, CFO at Intercorp Financial Services]

On the commercial side, the portfolio also continued to expand, supported by growth in small business and also commercial loans, in line with our strategy to deepen relationships with key clients and continue capturing opportunities in segments where we see attractive returns. Turning to our third key message on risk-adjusted margins remained resilient. On slide 14, cost of risk is normalizing while asset quality remains sound. Cost of risk increased to 2.1% from the unusually low 1.4% reported last quarter, but remained well below the risk appetite and the 2.5% recorded a year ago. We see this as a normalization towards more typical levels, not as a deterioration in credit quality. Around 30 basis points of the increase versus last quarter came from normalization, while roughly 10 basis points were related to portfolio growth and mix, particularly toward higher-yielding segments. This is consistent with the portfolio mix we are building.

[Michela Casassa, CFO at Intercorp Financial Services]

Higher-yielding segments naturally carry higher cost of risk upfront, but also higher yields and attractive risk-adjusted returns. On the retail side, cost of risk increased from 2.7%-3.3%, which remains comfortably within our risk appetite. Consumer credit quality continues to perform broadly in line with expectations, and recent vintages continue to show healthy behavior. In commercial banking, cost of risk increased to 0.8%, which remains within the range we consider normal for the business and is still consistent with healthy asset quality trends across the portfolio. At the same time, given the higher probability of El Niño, we are doing detailed monitoring and follow-up across the portfolio, staying close to clients and sectors that may be more exposed to potential weather-related disruptions. So far, we are not seeing signs of deterioration in asset quality. Our focus is preventive.

[Michela Casassa, CFO at Intercorp Financial Services]

To anticipate potential risk pockets, stay close to clients, and take timely actions if conditions change. On slide 15, let me spend a moment on NIM and risk-adjusted NIM. Starting with reported NIM, we saw some pressure during the quarter, mainly explained by two factors. First, funding costs increased 20 basis points quarter-over-quarter. Around half of this increase was related to higher Treasury funding associated with our forwards arbitrage strategy and inflation-related adjustments, which we view as mostly temporary. The remaining 10 basis points reflected a change in the deposit mix as funds related to pension fund withdrawals began to decline, together with keeping extra liquidity as a conservative measure during election, and also the full effect of the bond issuance that we did during the first quarter. Second, yield on assets declined 10 basis points, reflecting a larger cash position associated with Treasury's forward strategy.

[Michela Casassa, CFO at Intercorp Financial Services]

On the positive side, yield on loans remained stable during the quarter for the first time, which is encouraging as growth continues to shift towards higher yielding segments, particularly also in the mass market segment of retail. Moreover, during the month of July, we have already seen a partial recovery of NIM and an increase in yields. In terms of risk-adjusted NIM, we still see a slight improvement year-over-year. However, the decline versus the last quarter was mainly explained by the normalization of cost of risk after the unusually low level recorded in the first quarter. With NIM recovering in the next quarters, we should also see a recovery in risk-adjusted NIM. On slide 16, as discussed on the previous slide, cost of funds reached 3%, 20 basis points higher than the last quarter.

[Michela Casassa, CFO at Intercorp Financial Services]

Efficient funding declined to 37% as funds related to pension funds withdrawals started to decrease, although it remained above the 34% reported a year ago. On the commercial side, efficient deposits continued to grow strongly, up 22% year-over-year, supported by our payment ecosystem and deeper transactional relationships with clients. Importantly, deposits continue to represent more than 80% of total funding, which remains a key strength of our balance sheet. At the same time, the year-over-year trend remains favorable. Cost of funds is still 20 basis points below last year's 3.2%, while cost of deposits declined 20 basis points year-over-year to 2.4%, supported by a better funding mix. Looking ahead, we expect the funding mix to continue improving gradually, supporting a lower cost of funds over time and contributing to the recovery in margins. Moving on to our digital strategy on slide 18.

[Michela Casassa, CFO at Intercorp Financial Services]

We continue to build more transactional relationships with our clients and support the growth of low-cost funding. Our payments ecosystem, mainly through Izipay and Plin, remains a key part of this strategy, helping us increase transactional volumes, offer value-added services, and deepen the use of Interbank products across our client base. We continue to see strong traction from the synergies between Izipay and Interbank. Izipay float to Interbank increased close to 50% year-over-year, while total float to Interbank accounts grew 40%, reinforcing the value of our integrated ecosystem for business clients. In parallel, deposits in small business grew 32% and now represent around 36% of wholesale low-cost deposits. The One App Negocios is also becoming an important lever to strengthen our value proposition and drive greater transactionality.

[Michela Casassa, CFO at Intercorp Financial Services]

Transaction volumes in the app increased 117% from January to June, equivalent to 7% quarter-over-quarter, showing encouraging early traction in usage. Plin also continued to gain traction, reaching 2.8 million monthly active clients, and monthly transactions up 45% year-over-year. P2M payments remain a key driver of recurrence, now representing 60% of transactions, while QR POS payments grew 65% year-over-year. On slide 19, we continue to strengthen primary banking relationships with retail primary banking customers growing 16% year-over-year. Interbank Plin transactions reached 234 million, up 44% year-over-year, reinforcing higher engagement in daily usage. Digital engagement also continued to improve. Retail digital customers reached 86%, while commercial digital customers increased to 76%, supported by more targeted digitalization initiatives.

[Michela Casassa, CFO at Intercorp Financial Services]

This quarter, our digital assistant, Abby, became a first digital point of contact for clients not yet using the app, helping digitalize over 16,000 clients. All of this reinforces our commitment to delivering a simpler, safer, and more convenient experience for our customers. Finally, Net Promoter Score remained strong at 61 points in retail and 76 points in commercial, up 10 points and 11 points versus December, supported by the agility and simplicity of our apps and consistently strong service quality. In insurance, we continue to enhance the digital experience for our clients and expand sales through digital channels. Internal capabilities have helped increase digital self-service to 73%, while direct digital sales grew 27% year-over-year. In wealth management, we continue improving in the Interfondos app, with the goal of evolving it from a transactional tool into a more comprehensive digital advisor for mutual fund clients.

[Michela Casassa, CFO at Intercorp Financial Services]

Engagement continues to increase, with digital users reaching 39% and digital transactions representing 60% of total platform activity. Let's now move to insurance and wealth management, where both businesses continue to deliver strong growth. On slide 22, Interseguro continued to deliver strong growth in long-term insurance, with contractual service margin increasing 10% year-over-year. This was mainly supported by annuities and individual life, which remain key growth engines for the business. Short-term insurance premiums also grew 8% year-over-year, reflecting steady performance across the portfolio. On investments, results increased 28% year-over-year, with ROI at 7.1%. The quarter-over-quarter normalization was mainly related to inflation adjustments in the portfolio. Excluding this effect, the return would have been 6.7%. Overall, Interseguro continues to show strong execution in a well-diversified insurance platform.

[Michela Casassa, CFO at Intercorp Financial Services]

On slide 23, Inteligo continues to show solid momentum with assets under management, including deposits, reaching a new record high close to $10 billion, up 14% year-over-year. This growth was supported by market performance and continued client engagement. Fee income remained broadly stable and, when adjusted for FX, increased 7% year-over-year. Overall, wealth management continues to deliver strong growth, supported by an important advisory model and healthy demand for investment solutions. Now let me move to the final part of the presentation, where we provide some takeaways. Before moving to our operating trends, let me summarize where we are focusing our growth efforts. In banking, growth is focused on segments where we see attractive risk-adjusted returns.

[Michela Casassa, CFO at Intercorp Financial Services]

Consumer loans grew 9% year-over-year, while small businesses continue to expand strongly, up 31%, supported by solid disbursement trends and our combined digital value proposition of banking and acquiring through the One App Negocios. Commercial loans also show positive momentum, growing 7% year-over-year on an FX-adjusted basis, as we continue deepening relationship with key clients and leveraging Izipay synergies to strengthen transactionality. In insurance, long-term products remain the main growth driver, with CSM stock increasing 10% year-over-year, supported by annuities and individual life. In wealth management, assets under management, including deposits, reached a new record high close to $10 billion, up 14% year-over-year. Overall, these trends reinforce our ability to grow in attractive segments across IFS while maintaining a disciplined approach to profitability, funding, and risk. On slide 26, let's go through our first semester operating trends.

[Michela Casassa, CFO at Intercorp Financial Services]

Our ROE for the first semester reached 18.9% above our guidance. While we are encouraged by this performance, we are not changing our guidance at this point and continue to expect full year ROE above 17%. We believe this is the prudent approach, particularly as we monitor potential El Niño related risks during the second half of the year. In terms of loan growth, as of June, we were up 6% or close to 7% adjusted for FX appreciation. We continue to expect high single-digit growth for the full year. Finally, we remain focused on efficiency at IFS. Our cost-income ratio is around 37%, well in line with our guidance range. Let me close with the presentation with our key takeaways. First, we are consistently delivering strong profitability. Second, our higher yielding loans are accelerating. Third, we see a resilient risk-adjusted NIM.

[Michela Casassa, CFO at Intercorp Financial Services]

Fourth, we are strengthening primary banking relationships. Finally, insurance and wealth management continue to deliver healthy growth. Thank you very much. Now, we welcome any questions you may have.

[Operator]

Thank you. At this time, we will open the floor for questions. Second, we will take the questions from the conference call and then the webcast questions. If you would like to ask a question, please press the star key followed by the number one on your touch-tone phone. Questions will be taken in the order in which they are received. If at any time you would like to remove yourself from the questioning queue, just press star then two. Again, to ask a question, please press star then one. For the webcast viewers, simply type your question in the box and click "Submit Question." We will pause momentarily to compile a list of questioners. The first question will come from Ernesto Gabilondo with Bank of America. Please go ahead.

[Ernesto Gabilondo, Analyst at Bank of America]

Thank you. Hi, good morning, Luis Felipe, Carlos, and Michela, and good morning to all your team. Congrats on your results, and thanks for the opportunity to ask questions. My first question will be on this potential threat of El Niño. We believe some of your peers will be already creating upfront provisions related to El Niño in this quarter. Can you remind us how much provisions you created for El Niño two years ago? How are you evaluating this time the potential impact of El Niño? That is my first question. My second question is on your ROE expectations. As you mentioned, the first half, the ROE is already above the 17% guided. You mentioned that you do not want to increase it because you want to be prudent because of El Niño.

[Ernesto Gabilondo, Analyst at Bank of America]

But if you created additional provisions in the second half, do you still think you can achieve your 17% ROE? Looking beyond this year, how should we think about the sustainable ROE of IFS in the medium term? Thank you.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Okay. Ernesto, thank you very much for your questions. Let me start by the latter one. Again, you mentioned it right, we want to be prudent. There are a lot of moving parts, even though we are very pleased with the way the platform and the businesses are performing. We are taking a prudent approach because not only inflation is remaining sticky high, and that could have an impact in the second half, but also El Niño is something that we are evaluating. As Michela mentioned, we are monitoring. Our first interest is to remain close to our customers, to be able to help them pass through whatever comes.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

That prudent approach take us that even though we have not finalized our analysis in terms of potential impact, to think that despite potential provisions coming from El Niño effect, we could continue guiding towards the 17%+ ROE that we have been discussing. In terms of the specifics of the El Niño effects and numbers, let me pass it on to Carlos, who obviously, being at the bank, has been much closer to building on this analysis. Carlos, if you can help us with the first question, please.

[Carlos Tori, CEO at Interbank]

Yeah, thank you. Thank you, Luis Felipe. Hello, Ernesto. Thank you for your question. El Niño, we are closely monitoring it. Obviously, it will have an impact, but there are two. We do not expect a large impact in the corporate clients. The agri-industrial clients and fishery will probably have less sales and less production, but they will be able to overcome it. There will be less activity, but all of them have an El Niño phenomenon clause in their financing. What this does is they do not have to pay capital on a year of El Niño, which allows them to manage their finances. We do not expect a big effect in the large companies. We do expect some impact in the consumer book, particularly in the areas where there will be rains and stuff like that.

[Carlos Tori, CEO at Interbank]

We will probably see some forward-looking credit provisions in the third quarter and fourth quarter as we get closer to that. We have been looking obviously at what happened in 2023 and 2017, but I do not think we are in the same scenario as 2023. 2023, El Niño came really fast. It was a coastal El Niño. We found out probably a week or two weeks before, and the country was recovering from post-COVID, high inflation. There were a lot of problems in 2023 in addition to El Niño, so I do not think it is representative. Plus, we had a much higher risk portfolio back then. We are going into this El Niño with a more lower risk portfolio. I would say probably 2017 is closer to what we expect, but we were a much smaller bank as well. We are monitoring.

[Carlos Tori, CEO at Interbank]

I think the focus right now is to be close to our clients during these next couple of months, the larger fishing, agricultural clients, and then probably when the rains start in December, January, February, being very close to our consumer clients and being able to work through their loans. I do not know if that answered your question, Ernesto.

[Ernesto Gabilondo, Analyst at Bank of America]

Yeah. This is very helpful, especially as you were saying, it is a different economic situation like two years ago in 2023. You have the recovering of post-COVID, high inflation, have a riskier portfolio. All of that, you do not have it today. Still, being prudent, are you evaluating to create upfront provisions in the fourth quarter as usually, the El Niño effect is usually materializing during January, February? How much did you create it last time? Do you think you need to create the same amount for this time? Or it will be different because of what you mentioned? Just to have an idea of how you are thinking about this potential impact of El Niño.

[Carlos Tori, CEO at Interbank]

We do not want to commit to a number right now. We will do that in the third quarter and the fourth quarter. As we are seeing it today, probably the El Niño, the phenomenon, will be stronger than 2023, in terms of the amount of rain that we are going to receive. I believe the impact in our portfolio will be lower based on everything that I mentioned before. Plus the expectations of growth, how the country is doing, we believe there will be an impact. It will be a short-term impact, in terms of what we are building and what the expectation of what the country will do in the next couple of quarters. We will have a number, obviously, in the third quarter. We are monitoring, we have an idea, but I do not think we should share it until we have it finalized, no?

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Yeah, but to sum up-

[Ernesto Gabilondo, Analyst at Bank of America]

Okay, fair enough.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Sorry, to sum up, you are right. Even though the impact will come probably closer to January, February next year, we do see a scenario where we will be booking the forward-looking provisions in the second half of this year.

[Carlos Tori, CEO at Interbank]

Yeah, absolutely.

[Ernesto Gabilondo, Analyst at Bank of America]

Perfect. Thank you so much.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Thank you.

[Carlos Tori, CEO at Interbank]

Thank you.

[Operator]

The next question will come from Yuri Fernandes with JPMorgan. Please go ahead.

[Yuri Fernandes, Analyst at JPMorgan]

Hello, everyone. Good morning, and thank you for the opportunity. I will ask you just one question regarding margins. Michela already mentioned a little bit the funding and the other moving pieces, but I guess a highlight for me here that I was not expecting was margins coming down, and the funding cost going up in a more stable outlook. If you can help us with some explanation, some guidance here, what should we expect on margins? Also refresh what drove this weakness this quarter? Thank you.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Hey, Yuri. Thank you very much for your question. I think you are right, though we have seen pressure this quarter by very specific reasons. We do expect a recovery for the latter part of this year, in line with the actions that we are taking, the rebuilding of the higher-yielding loans, and getting out certain pressures that we have had at the end of this quarter. To go into detail, I guess Carlos or Michela can go a little bit more in the explanation that you are looking for. I guess it is Carlos, no?

[Carlos Tori, CEO at Interbank]

Okay, perfect. Yeah, on that cost of funds side, there were a couple of effects that were not that big, but they are accumulating in the second quarter. The first one, which we were not expecting, is we have some funding that is inflation-pegged, and April was a very high inflation month, so that impacted cost of funds for the quarter. The other impact that we had is, as you know, we issued bonds in the first quarter, and the second quarter was the first quarter that we had the full impact of those bonds. We are amortizing or paying out the old bonds in the fourth quarter, so that also will be a short-term effect. The inflation was short-term, the bonds were short-term.

[Carlos Tori, CEO at Interbank]

Also, we found in the market, we saw in the market opportunities for forwards arbitrage, which was profitable and came in in terms of fees, but that required more funding. That increased the cost and affected NIM, but overall income obviously was positive. The other impact that we had in cost of funds is that we had the elections period, and we were conservative in terms of the liquidity we held in May and June. That's also a short-term impact. Yes, it was affected. I don't believe there's anything structural. As Luis Felipe and Michela mentioned, we expect that to recover in the next couple of months and quarters. In terms of margins, we've been growing the higher yield portfolio well. Credit cards and loans have grown over the last three months consistently. We expect that to continue. Small businesses as well.

[Carlos Tori, CEO at Interbank]

We should see a recovery on both sides of that equation. I don't know, Michela, if you have anything to add, but I think that's probably the, the gist of it.

[Michela Casassa, CFO at Intercorp Financial Services]

Just one more piece of information is that the positive impact of the forward arbitrage strategy we see in the results of financial operations. If you see the accumulated income coming from that has grown as of June, 26% year-over-year.

[Carlos Tori, CEO at Interbank]

Yeah.

[Michela Casassa, CFO at Intercorp Financial Services]

The negative you see in NIM, the positive you see in another line of the total revenues of the company. Only that.

[Carlos Tori, CEO at Interbank]

Thank you.

[Yuri Fernandes, Analyst at JPMorgan]

No, super. Thank you very much.

[Carlos Tori, CEO at Interbank]

Thank you.

[Operator]

The next question will come from Carlos Gómez with HSBC. Please go ahead. You know, outside of that, I think-

[Carlos Gómez, Analyst at HSBC]

Hello, and thank you for taking my question, and congratulations on the quarter. We are entering a new presidency in Peru, and I guess what I would like to know is, obviously, the environment is very good. There are high hopes. What in particular are you expecting from this administration? What should we be looking at in terms of positive or negative news for the sector? The second thing is, in this new environment, would you consider entering businesses in which you are not currently present? I'm thinking in particular about microfinance or pension fund management. Is that something that interests you? Finally, again, to go back to the margin, and thank you for the detailed explanations. Should we understand that those pressures coming from the elections and perhaps tighter liquidity have eased in the third and fourth quarter? I think you have already answered, but still.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Okay. Thank you, Carlos, for your question. The political environment or the macro environment role, we have a positive sentiment regarding the Peruvian economy evolution as a whole. Obviously, what we've seen from the government, it's a market-friendly government. It's very early days. They just took over at the end of July. However, I think they've appointed a good set of ministers, that are a mix of experienced people with lots of technical expertise as well. The focus is concentrated in fighting insecurity, promoting investments, trying to make structural reforms. In terms of the team that they've put together, and in terms of the announcement they've done in the inaugural speech from the president before Congress, the expectation is positive. I think that the next step, we have to take it day by day.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

The next step will be the way they present before Congress the action plan and the legislative actions they want to take. One very important focus is organizing the country to be able to face El Niño in a better situation. Again, the sentiment, and it's expressed in the confidence level, both of the consumers and the business community that we've seen late July in terms of the indicators. Overall positive, but obviously very early in the situation. In terms of looking at different businesses, okay, we're always open for business and looking at new alternatives. The time will come when we decide to continue expanding our operation, and it's not only a matter of the change of presidency. We've been very active throughout the years, even after COVID, through COVID, a couple of years ago as well, in buying businesses, in expanding.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

As long as the equation of risk profitability pays off and we can bring something to the table, we can help the Peruvian clients, the consumers, along with our purpose of making sure that they can achieve what they're looking for in their life, achieve their dreams, as they called, we'll be there. Anything related to financial services is something we're exploring. Obviously, we don't have something specifically in mind right now that we can comment, but IFS is one of the leading platforms in the region and one of the leading platforms in Peru. We're always looking at different alternatives.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

In terms of margin, I think a lot have been said, but maybe I can pass it on again to Carlos so he can double point some of the things that he mentioned so you can get a little bit more of the feeling in terms of how are we looking into it.

[Carlos Tori, CEO at Interbank]

So yeah, in terms of margin, what we're seeing is we're growing on the higher yielding segments, and that should continue to happen over the next couple of months. We have good traction in our credit card portfolio and our loans, as well as our small businesses. So that's something that as the mix changes, the income is going to improve. It's not immediate. We've already seen some growth, but you haven't seen it for the whole quarter. You'll probably see a little more impact the next quarter with higher levels.

[Carlos Tori, CEO at Interbank]

Then on the cost, I went through it pretty. I think there's a couple of one-timers that will take care of themselves, and obviously, we continue to be very disciplined and focused on both our cost of funds and our pricing on our loans. So yeah. I think, I don't know if you have a more specific question on one of those.

[Carlos Gómez, Analyst at HSBC]

Sure. So I was specifically asking about what you mentioned in the original presentation about higher funding costs ahead of the election. Again, not unusual because we had a very contested election the previous time. Right? So that should be over right now. So I was wondering if there is less liquidity pressure? That's one question, and the other that I did not ask is what would you assess your current sensitivity to policy rates would be in case that the central bank in Peru moves up or down, or your sensitivity to Fed rates? Thank you.

[Carlos Tori, CEO at Interbank]

Yeah. Just to answer the first one, I will let Michela help me with the sensitivity. It is not necessarily that rates went up before the elections, but we did carry more liquidity. We had more deposits to be able to manage any changes. At the end, thankfully, we did not need anything, but I think it was good, looking forward now, that we had all that liquidity that we need and excess. We did not need it, and maybe it was a little bit inefficient for a couple of days, but that is why we had it all. But there was no increase in costs necessarily. It is just a mix. Then in terms of sensitivity to the rate, Michela, if you can tell us the exact number, please.

[Michela Casassa, CFO at Intercorp Financial Services]

Yes. The theoretical number that we have for the sensitivity is that for each 100 basis points increase in rates, we have close to 10 basis points negative impact on NIM due to the fastest repricing of liabilities in our balance sheet. Then, as I always mention, in all the things that we have seen, that has never taken place because there are a number of factors that come together that make things different, but the theoretical number is the one I mentioned.

[Carlos Gómez, Analyst at HSBC]

That is sensitivity to Sol rates, presumably. Right?

[Michela Casassa, CFO at Intercorp Financial Services]

[Non-English content] Dollar is actually more neutral. It is very marginal, the impact.

[Carlos Gómez, Analyst at HSBC]

Dollar is neutral. That's very interesting. Thank you.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Thank you, Carlos.

[Operator]

Again, if you have a question, please press star then one. Our next question will come from Andrés Soto with Santander. Please go ahead.

[Andrés Soto, Analyst at Santander]

Good morning to all. Thank you for the presentation. Given the probability of a strong El Niño, should we expect you guys to take a more cautious approach to loan origination over the next few quarters, particularly in the consumer and SME business? Or are you comfortable maintaining the current growth trajectory and managing the risk, primarily through provisions and selective underwriting?

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Yeah. Thank you, Andrés. Thanks for your questions. I think we're comfortable with the approach we have. Obviously, we're looking at certain areas that could be impacted, but here we have a double role. We're not only conservative in terms of growth, we need to help our customers. That's the approach. We're close to our customers to help them pass through this. Again, this will be a short-term effect, and we are building towards the medium and long term. I guess the trajectory of growth should not change that much. Maybe a couple of adjustments, but the overall sentiment that we have is we need to be there for customers. Carlos mentioned the view we have on corporate and companies, and for consumer and SMEs, depends on the situation.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

It's going to be focused very specific on certain regions, and the mindset is to help them and be next to them. I don't know if, Carlos, you want to complement something on that front.

[Carlos Tori, CEO at Interbank]

Absolutely. We're monitoring right now. I think the impact in the consumer will come with a range in December, January, February, and we will be close to our clients. We'll give them what they need to get over it, and it will be a short-term impact as it has been in the past. We are going into this El Niño with a much lower risk profile than we have before, so that's also helpful. We're spending a lot of time on analysis on this, but overall, our guiding star is that we want to be close to our clients and help them get through it.

[Andrés Soto, Analyst at Santander]

Thank you, Luis Felipe and Carlos. Taking advantage of those comments, Carlos, I remember from your 2023-2024 cycle, you built provisions equivalent to 1 percentage point additional cost of risk for the full year in 2023. Can you help us understand, was this related to the SME and retail portfolios, or those were provisions related to specific corporates exposed directly to El Niño, such as fishing and agriculture?

[Carlos Tori, CEO at Interbank]

Yeah. Okay. Back in 2023, we had a very small SME portfolio, so there probably was some of those provisions were related to SMEs, but it was small. It was mostly related to our consumer portfolio. Again, in 2023, I do not think it is necessarily comparable. There were many other things happening in 2023, post-COVID, post-inflation, no growth. I do not think it is comparable, but it did come from the consumer book. We did not have any provisions from the corporate or business book back then.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Carlos, just to complement 2023, you are right. It was not only no growth, it was a small recession.

[Carlos Tori, CEO at Interbank]

Yeah.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

We had social unrest at the beginning of the year, which had a real strong impact on activity during that year. 2023, as Carlos mentioned, is a different animal because it was the perfect storm. Everything came together.

[Carlos Tori, CEO at Interbank]

Yeah.

[Andrés Soto, Analyst at Santander]

That is very clear. Thank you, guys. The other question that I had was related to margins. You already mentioned some recovery in NIM in July. Can you help us quantify this recovery after the sharp decrease in the second quarter? Given that part of the origination in the loan portfolio was tilted to the end of the quarter, I imagine that is going to help. But can you give us a sense of how much of recovery can we expect for the third quarter?

[Michela Casassa, CFO at Intercorp Financial Services]

Maybe let me take that, Carlos Luis Felipe. [Non-English content] Andrés, how are you? Listen, the projections that we have, we see a recovery of NIM above not the levels of June, but that is like ceteris paribus, okay? What happens is that as what has happened during the second quarter, for example, with the forward arbitrage strategy, we have increased cost of funds, but then we've had interesting income coming from other financial transactions. That is one element which, for example, depending on market conditions, I'm not sure whether or not it's going to take place again during the second half. But if you see, for example, yield on loans, I guess that number, which if you see the trend in the past 12 months, it was slightly decreasing, because of decreasing rates and the mix of the portfolio, et cetera.

[Michela Casassa, CFO at Intercorp Financial Services]

We have seen this quarter yield on loans stable. What should happen is that due to the recomposition of the portfolio, yield on loans should gradually increase. The other portion, if you want, of the interest earning assets, which have to do with the percentage of cash investment and other things, is maybe the one that is a little bit more volatile. But yield on loans, you should see a positive trend up until the end of the year and going forward, during 2026. That should help NIM.

[Andrés Soto, Analyst at Santander]

That's very helpful. Thank you, Michela.

[Michela Casassa, CFO at Intercorp Financial Services]

You're welcome.

[Carlos Tori, CEO at Interbank]

Thank you, Andrés.

[Operator]

The next question will come from Alonso Aramburú with BTG. Please go ahead.

[Alonso Aramburú, Analyst at BTG]

Yes. Hi, good morning. Thank you for the call. I wanted to ask about cost of risk, which increased in the quarter. Just wondering if this is the normal level we should expect for the second half of the year, excluding whatever provisions you decide to do for El Niño. Thank you.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

[Non-Englis content] Alonso.

[Michela Casassa, CFO at Intercorp Financial Services]

[Non-English content]

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Thanks very much for your question. I think Michela is eager to jump into answering that question.

[Michela Casassa, CFO at Intercorp Financial Services]

[Non-English content] Hello, Alonso, how are you? Listen, we will expect cost of risk should still gradually increase going forward, as the portfolio high yield continues to increase. Remember that in IFRS, we need to do this upfront provision, so as consumer loans and small businesses continue to grow double digit, I guess we should see a slightly higher cost of risk going forward despite El Niño. Now, remember that when we have discussed this before pre-COVID, we used to be close to 3% cost of risk. We are not saying that we want to get there. But for sure, this number will continue to go, I do not know exactly in which time, but closer to 2.5%, and even maybe a little bit above that.

[Michela Casassa, CFO at Intercorp Financial Services]

Because of the mix of the portfolio, only because of the mix of the portfolio, we should see a gradual increase in cost of risk that should come together with yield on loans, so to have a positive impact overall in NIM and risk-adjusted NIM.

[Carlos Tori, CEO at Interbank]

Just to complement that-

[Alonso Aramburú, Analyst at BTG]

Okay. Thank you.

[Carlos Tori, CEO at Interbank]

Michela.

[Alonso Aramburú, Analyst at BTG]

Sure.

[Carlos Tori, CEO at Interbank]

Alonso, if you grow in consumer or high-yielding portfolios, even if the loans perform well, you get a front effect on provisions, because it is forward-looking. That is what Michela was referring to. It does not necessarily mean that there will be a credit deterioration, but the way the accounting works is front-loaded.

[Alonso Aramburú, Analyst at BTG]

Right. That makes sense. I had a question also on the loan yields, because you grew more on credit cards, and I would have expected loan yields to increase in the quarter. They were flat. I do not know if that is a timing issue, or how do you explain that?

[Carlos Tori, CEO at Interbank]

Yes. It is mostly a timing issue. You grow, you see the end balance, but not the average. We would expect to see the impact of that growth in the following full quarter, that you will get the full impact. Yeah.

[Alonso Aramburú, Analyst at BTG]

Okay. Thank you.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Especially, Alonso, because the acceleration we have seen was not that present in April, where there was lots of liquidity still in the system, but we have seen the acceleration at the latter part of the quarter.

[Alonso Aramburú, Analyst at BTG]

Yeah. Perfect. That makes sense. Thank you.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Thank you.

[Operator]

At this time, we will take the webcast questions. I will now turn the call over to Mr. Ivan Peill from InspIR Group. Please go ahead.

[Ivan Peill, Managing Director at InspIR Group]

Thank you, operator. The first question comes from Daniel Moura of Credicorp Capital. Where should the risk-adjusted net interest margin land in the second half of 2026 and in 2027, considering that the cost of risk is normalizing faster than the expansion of loan yields, along with a marginal increase in the cost of funding?

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Yes. Thank you, Daniel. I think we've begun lots of explanations around NIM. Just to reinforce the fact that, again, in IFRS, when you book consumer loans or even SMEs, the provisions get front-loaded, and the yield will show up through time. So I guess that's a concept that Carlos just mentioned, and that reinforces the position. I think we've discussed also the cost of funding that should, if you want, normalize during that second half of the year. So the impact on the NIM for the second half should be positive. Next question, please.

[Ivan Peill, Managing Director at InspIR Group]

The next question comes from Tejkiran. Could you please explain again why cash balances grew strongly at 25% year-over-year? Is this a conscious strategy? That's Tejkiran of WhiteOak Capital Management.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Yeah. Okay. Thank you, Tejkiran. I think that also was addressed by Carlos and Michela. By the end of the quarter, we were conservative in terms of the potential outcome of the political scenario of the elections. We've seen what happened five years ago, and we wanted to be with lots of liquidity. That was the situation, but that has already been normalized. Thank you.

[Ivan Peill, Managing Director at InspIR Group]

The next question comes from Johan Clavijo of Sagil Capital. Thank you for the call. Could you please provide more details on your treasury forward strategy to better understand the impact of NIMs, both on interest income and interest expense, and the other factors that impacted net interest income this quarter? Are these impacts expected to be temporary? Thank you.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Yeah. Again, I guess these questions enter early into the roster of questions. I think we've expanded significantly and explained both the NIM impact, the potential evolution. I don't know, Carlos, if you want to comment specifically on the treasury forward strategy point, but I guess we've touched upon most of these points.

[Carlos Tori, CEO at Interbank]

Yes. We've touched on most. The treasury forward strategy, we don't take a forward position, but if we see an arbitrage opportunity, we take it. There's nothing right now, and if it appears, we'll probably take it. Obviously, it has to be a profitable position. We don't have anything in the pipeline. It's something that we continue to monitor daily, and our treasury looks at the positions and what our clients need. For now, we don't see anything in the short future.

[Ivan Peill, Managing Director at InspIR Group]

At this time, there are no further questions from the webcast. I would like to turn the call over to the operator.

[Operator]

Thank you. As we are showing no more audio questions, I would like to pass the call back over to Ms. Casassa for closing remarks.

[Michela Casassa, CFO at Intercorp Financial Services]

Thank you very much. Thank you, everybody, for a very active Q&A session and conference call. We will see each other again for the third quarter results. Bye. Stay safe.

[Carlos Tori, CEO at Interbank]

Thank you, everyone.

[Luis Felipe Castellanos, CEO at Intercorp Financial Services]

Thank you.

[Operator]

This concludes today's conference call. You may now disconnect.

Participants

Executives

• Luis Felipe Castellanos, CEO
• Michela Casassa, CFO

Analysts

• Ivan Peill, Managing Director at InspIR Group
• Ernesto Gabilondo, Analyst at Bank of America
• Carlos Tori, CEO at Interbank
• Yuri Fernandes, Analyst at JPMorgan
• Carlos Gómez, Analyst at HSBC
• Andrés Soto, Analyst at Santander
• Alonso Aramburú, Analyst at BTG