Lima, Peru, November 6, 2025. Intercorp Financial Services Inc. (Lima Stock Exchange/NYSE: IFS) announced today its unaudited results for the third quarter 2025. These results are reported on a consolidated basis under IFRS in nominal Peruvian soles.
Intercorp Financial Services: Business momentum remains strong
▪
Net income of S/ 456 million (+17% YoY) and ROE ~16%
▪
Accumulated net income is up by 81% compared to the same period last year, accumulating 17.4% ROE
Banking: Higher yielding loans accelerated, while improving risk-adjusted NIM
▪
Net income of S/ 401 million and ROE of 16.8%
▪
Higher yielding loans accelerated, showing a 7% growth YoY
▪
Risk-adjusted NIM increasing 40pbs in the last quarter, now at 3.8%, with a still low cost of risk of 2.1%
Insurance: Double-digit growth in core business
▪
+58% YoY growth in written premiums
▪
ROIP of 4.1% in 3Q25, which would have been 6.1% without Rutas de Lima one-off effect
Wealth Management: Double-digit growth in core business
▪
Continuous growth in AuMs: 4% QoQ and 13% YoY
▪
Fee income increased 1% QoQ and 16% YoY
Intercorp Financial Services
SUMMARY
Intercorp Financial Services’ net profit was S/ 456.2 million in 3Q25, a decrease of S/ 123.4 million QoQ and an increase of S/ 66.2 million YoY. IFS’s annualized ROE was 15.6% in 3Q25, and 18.2% excluding Rutas de Lima impairment.
Intercorp Financial Services’ P&L statement)
S/ million
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Interest and similar income
1,765.6
1,715.2
1,724.4
0.5
%
(2.3
)%
Interest and similar expenses
(614.5
)
(578.6
)
(567.4
)
(1.9
)%
(7.7
)%
Net interest and similar income
1,151.1
1,136.6
1,157.0
1.8
%
0.5
%
Impairment loss on loans, net of recoveries
(377.2
)
(308.3
)
(256.9
)
(16.7
)%
(31.9
)%
Recovery (loss) due to impairment of financial investments
(9.0
)
(0.2
)
(77.1
)
n.m.
n.m.
Net interest and similar income after impairment loss
764.9
828.1
823.0
(0.6
)%
7.6
%
Fee income from financial services, net
295.1
299.4
311.1
3.9
%
5.4
%
Other income
184.4
387.9
245.5
(36.7
)%
33.2
%
Insurance results
(38.0
)
(30.7
)
(1.2
)
(96.2
)%
(96.9
)%
Other expenses
(743.7
)
(788.8
)
(810.0
)
2.7
%
8.9
%
Income before translation result and income tax
462.5
695.9
568.4
(18.3
)%
22.9
%
Translation result
21.8
11.6
5.3
(54.6
)%
(75.9
)%
Income tax
(94.3
)
(127.9
)
(117.5
)
(8.1
)%
24.6
%
Profit for the period
390.0
579.6
456.2
(21.3
)%
17.0
%
Attributable to IFS' shareholders
387.9
577.2
453.3
(21.5
)%
16.9
%
EPS
3.38
5.02
3.95
ROE
15.1
%
20.7
%
15.6
%
ROA
1.6
%
2.4
%
1.9
%
Efficiency ratio
38.1
%
35.9
%
38.9
%
Quarter-on-quarter performance
Profits decreased S/ 123.4 million QoQ, mainly due to a S/ 142.4 million reduction in other income. This reflects a normalization in investment performance, following exceptionally strong mark-to-market gains recorded in 2Q25 from our wealth management business and our holding company. Additionally, results were affected by an impairment of S/ 77.5 million in our insurance business related to Rutas de Lima, and a S/ 21.2 million increase in other expenses. These effects were partially offset by a S/ 51.4 million reduction in provisions, a S/ 29.5 million increase in insurance results, a S/ 20.4 million increase in net interest and similar income, and a S/ 11.7 million increase in fee income.
The decrease in other income was primarily explained by a normalization in mark-to-market results from our wealth management business, after the strong gains posted in 2Q25.
The increase in impairment from financial investments of S/ 77.1 million was explained by one off provisions made in the 3Q25 in our insurance business related to Rutas de Lima.
The S/ 21.2 million increase in other expenses was primarily driven by a S/ 23.9 million one-time adjustment .
The decrease of S/ 51.4 million in provisions was explained by a better performance of our retail credits, as well as our consistent disciplined management of our commercial credits. As a result, retail cost of risk stood at 4.0%, the lowest since 2023; while the commercial cost of risk excluding Integratel, previously Telefonica, was 0.4%.
The increase of S/ 29.5 million in insurance results was mainly explained by annuities, which was mainly due to lower inflation rates, higher mortality rates and reduction of claims in retail insurance.
Interest and similar income increased by S/ 20.4 million, mainly due to a reduction of S/ 11.2 million in interest expenses, in turn related to initiatives of efficient funding and the downward trend in market rates; and an increase of S/ 9.2 million in interest income, which explains a 10 basis points increase in yield on loans, in turn related to the quarterly growth of the higher yielding portfolio.
Finally, fee income from financial services continued growing another quarter increasing by S/ 11.7 million, explained by higher fees in our banking business.
Year-on-year performance
Profits increased by S/ 66.2 million, primarily driven by a S/ 120.3 million reduction in provisions, related to a better performance of the retail segment and a consistently disciplined risk management in the commercial segment, increases of S/ 61.1 million in other income, of S/ 36.8 in insurance results and of S/ 16.0 million in fee income from financial services. These effects where partially offset increases of S/ 68.1 million in impairment on financial investments, mainly related to the exposure to Rutas de Lima in our insurance business, and of S/ 66.3 million in other expenses.
The S/ 120.3 million reduction in provision expenses was mainly explained by a better performance from our retail loan book, posting a 4.0% cost of risk for the quarter (-130 bps YoY) and a consistent disciplined cost of risk of the commercial loan book, which stood at 0.4% excluding the Telefonica impact.
The S/ 61.1 million increase in other income was mainly driven by an increase of S/ 31.8 million in our banking business, explained by the sale of sovereign bond positions; and an increase of S/ 31.1 million income from our insurance business due to property appreciation.
The S/ 36.8 million increase in insurance results is explained by the increases in annuities, mostly related to the acquisitions of a DNS portfolio and in individual life due to a hypothesis adjustment in 3Q24.
The S/ 16.0 million increase in fee income was mainly driven by our banking business, supported by greater transactionality among our commercial and retail clients. In addition, our wealth management business also contributed to the increase, in line with a 13% YoY growth in assets under management.
Impairment from financial investments showed an increase of S/ 68.1 million mostly due to a one-off impairment of Rutas de Lima.
The increase of S/ 66.3 million in other expenses was mostly explained by higher salaries and administrative expenses, which in turn is mostly explained by our Banking segment. On the other hand, increases in administrative expenses are mostly related to higher technology expenses, with a strong focus in digital initiatives and cybersecurity.
CONTRIBUTION BY SEGMENTS
The following table shows the contribution of Banking, Insurance and Wealth Management businesses to Intercorp Financial Services’ net profit. The performance of each of the three segments is discussed in detail in the following sections.
Intercorp Financial Services’ Profit by business
S/ million
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Banking
298.7
328.1
401.2
22.3
%
34.3
%
Insurance
67.4
80.9
37.9
(53.1
)%
(43.7
)%
Wealth Management
33.5
117.0
52.3
(55.3
)%
56.2
%
Corporate, eliminations and other subsidiaries
(9.5
)
53.6
(35.3
)
n.m.
n.m.
IFS profit for the period
390.0
579.6
456.2
(21.3
)%
17.0
%
Interbank
SUMMARY
Interbank's profit was S/ 401.2 million in 3Q25, increases of S/ 73.1 million, or22.3% QoQ, and S/ 102.5 million, or 34.3% YoY.
The quarterly increase was mainly driven by a reduction of S/ 51.8 million in provisions, reflecting a stronger performance of the retail portfolio, disciplined risk management in the commercial segment, as well as the release of S/ 28.0 million in voluntary provisions related to Telefonica. The result also benefited from an increase of S/ 27.7 million in net interest and similar income, S/ 15.9 million in net fee income from financial services, and S/ 11.4 million in other income, partially offset by a S/ 4.4 million rise in other expenses.
The annual performance in net profit was explained by S/ 120.7 million lower provisions, as well as increases of S/ 31.7 million in other income, S/ 18.6 million in net fee income from financial services, in line with higher transactionality of clients, and S/ 11.2 million in net interest and similar income. These effects were partially compensated by a S/ 42.4 million increase in other expenses, mostly associated with technology and personnel.
Consequently, Interbank's ROE stood at 16.8% in 3Q25, higher than the 14.4% reported as of 2Q25 and 3Q24.
Banking Segment’s P&L Statement
S/ million
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Interest and similar income
1,505.8
1,450.5
1,467.2
1.2
%
(2.6
)%
Interest and similar expense
(549.7
)
(510.9
)
(499.9
)
(2.2
)%
(9.1
)%
Net interest and similar income
956.1
939.6
967.3
2.9
%
1.2
%
Impairment loss on loans, net of recoveries
(377.4
)
(308.5
)
(256.7
)
(16.8
)%
(32.0
)%
Recovery (loss) due to impairment of financial investments
0.1
0.5
0.1
(87.8
)%
(3.4
)%
Net interest and similar income after impairment loss
578.8
631.6
710.6
12.5
%
22.8
%
Fee income from financial services, net
210.3
213.0
228.9
7.5
%
8.8
%
Other income
127.2
147.5
158.9
7.7
%
25.0
%
Other expenses
(525.9
)
(563.9
)
(568.3
)
0.8
%
8.1
%
Income before translation result and income tax
390.4
428.2
530.1
23.8
%
35.8
%
Translation result
(9.5
)
1.2
1.0
(16.4
)%
n.m.
Income tax
(82.3
)
(101.3
)
(129.8
)
28.2
%
57.8
%
Profit for the period
298.7
328.1
401.2
22.3
%
34.3
%
ROE
14.4
%
14.4
%
16.8
%
Efficiency ratio
39.0
%
42.3
%
40.8
%
NIM
5.3
%
5.1
%
5.2
%
NIM on loans
7.8
%
7.5
%
7.7
%
INTEREST-EARNING ASSETS
The quarterly decrease in interest-earning assets was mainly explained by reductions of 3.8% in interest on financial investments and 2.4% in interest on cash and due from banks and inter-bank funds.
The YoY growth in interest-earning assets was attributed to an increase of 4.7% in loans and 5.3% on financial investments, partially offset by a 13.1% decrease in interest on cash and due from banks and inter-bank funds..
Interest-earning assets
S/ million
Sep24
Jun25
Sep25
%chg Sep25/ Jun25
%chg Sep25/ Sep24
Cash and due from banks and inter-bank funds
13,345.5
11,878.2
11,592.1
(2.4
)%
(13.1
)%
Financial investments
11,048.6
12,087.1
11,632.6
(3.8
)%
5.3
%
Loans
46,739.8
48,843.0
48,936.2
0.2
%
4.7
%
Total interest-earning assets
71,133.9
72,808.2
72,160.8
(0.9
)%
1.4
%
Loan portfolio
S/ million
Sep24
Jun25
Sep25
%chg Sep25/ Jun25
%chg Sep25/ Sep24
Performing loans
Retail
24,364.7
24,727.1
25,211.9
2.0
%
3.5
%
Commercial
21,806.9
23,554.9
23,109.5
(1.9
)%
6.0
%
Total performing loans
46,171.6
48,282.0
48,321.4
0.1
%
4.7
%
Restructured and refinanced loans
415.3
471.0
488.5
3.7
%
17.6
%
Past due loans
1,467.2
1,301.0
1,272.4
(2.2
)%
(13.3
)%
Total gross loans
48,054.1
50,054.1
50,082.4
0.1
%
4.2
%
Add (less)
Accrued and deferred interest
510.6
500.8
519.8
3.8
%
1.8
%
Impairment allowance for loans
(1,825.0
)
(1,711.9
)
(1,666.0
)
(2.7
)%
(8.7
)%
Total direct loans, net
46,739.8
48,843.0
48,936.2
0.2
%
4.7
%
Performing loans increased 0.1% QoQ, as retail loans increased 2.0% and commercial loans decreased1.9%.
Retail loans increased 2.0% due to all our products: 2.3% in mortgages; 2.0% in credit cards and personal loans, with more than 26% of market share in credit cards; and 1.2% in payroll deductible loans. Also, mass consumer segment grew 2.7% QoQ.
The 1.9% decrease in commercial loans, was explained by reductions of 18.1% in trade finance loans, partially offset by increases of 3.4% in working capital loans and 4.0% in leasing operations.
On the YoY analysis, performing loans increased 4.7%, explained by a 3.5% growth in retail and 7.1% in commercial loans excluding reactiva.
The 3.5% increase in retail loans was mostly driven by a 7.3% increase in mortgages, as well as a 2.9% in credit cards and personal loans, particularly in affluent clients, which grew 7.5% YoY; these effects where partially offset by a 2.3% decrease in payroll deductible loans.
The 7.1% growth in commercial loans was explained by increases of 4.4% in working capital loans, 13.2% in leasing operations and 23.1% in trade finance loans. By segment, small businesses grew 33.0%, mid sized companies 5.4% and corporate banking 5.1%.
Breakdown of retail loans
S/ million
Sep24
Jun25
Sep25
%chg Sep25/ Jun25
%chg Sep25/ Sep24
Consumer loans:
Credit cards & other loans
8,462.1
8,542.6
8,711.4
2.0
%
2.9
%
Payroll deduction loans(1)
5,868.2
5,666.3
5,735.0
1.2
%
(2.3
)%
Total consumer loans
14,330.4
14,208.9
14,446.4
1.7
%
0.8
%
Mortgages
10,034.4
10,518.3
10,765.4
2.3
%
7.3
%
Total retail loans
24,364.7
24,727.1
25,211.9
2.0
%
3.5
%
(1)
Payroll deduction loans to public sector employees.
Market share in loans
3Q24
2Q25
3Q25
bps QoQ
bps YoY
Total consumer loans
21.9
%
19.7
%
19.5
%
-20
-240
Mortgages
15.8
%
15.8
%
15.9
%
10
10
Total retail loans
18.9
%
17.9
%
17.8
%
-10
-110
Total commercial loans
10.6
%
11.1
%
10.9
%
-20
30
Total loans
13.8
%
13.8
%
13.8
%
0
0
FUNDING STRUCTURE
Funding structure
S/ million
Sep24
Jun25
Sep25
%chg Sep25/ Jun25
%chg Sep25/ Sep24
Deposits and obligations
51,354.6
52,036.0
51,193.3
(1.6
)%
(0.3
)%
Due to banks and correspondents and inter-bank funds
7,897.8
7,072.6
7,451.2
5.4
%
(5.7
)%
Bonds, notes and other obligations
4,493.8
5,602.9
4,514.2
(19.4
)%
0.5
%
Total
63,746.3
64,711.4
63,158.7
(2.4
)%
(0.9
)%
% of funding
Deposits and obligations
80.6
%
80.4
%
81.1
%
Due to banks and correspondents and inter-bank funds
12.4
%
10.9
%
11.8
%
Bonds, notes and other obligations
7.0
%
8.7
%
7.1
%
The bank’s total funding base decreased 2.4% QoQ. This was explained by a 19.4% decrease in bonds, notes and other obligations, following the repurchase of a subordinated bond in July. The decrease reflects the overlap of two outstanding bonds during the first half of the year. Additionally, deposits and obligations decreased by 1.6%. These effects were partially offset by a 5.4% increase in due to banks and correspondents and interbank funds.
The quarterly decrease in deposits of S/ 842.7 million was primarily explained by reductions of 3.6% in commercial deposits and 3.5% in institutional deposits, while retail deposits remained stable. By type, demand and time deposits decreased 3.1% and 2.7% QoQ, respectively, while savings deposits remained stable. Efficient funding increased to 35.9% as of September 30, 2025.
As a result, the bank deposit composition was 25% demand deposits, 38% savings deposits and 36% time deposits. The proportion of deposits and obligations to total funding amounted 81.1% in 3Q25, higher than the 80.4% reported in 2Q25.
The bank's total funding decreased by 0.9% YoY. This was explained by a 5.7% reduction in due to banks and correspondents and inter-bank funds and of 0.3% in deposits and obligations. These effects were partially offset by a 0.5% increase in bonds, notes and other obligations.
The annual reduction in deposits was mainly due to decreases of 2.0% and 1.1% in retail and commercial deposits, respectively; partially offset by a 6.3% increase in institutional deposits. By type, demand deposits decreased 2.7%, while time deposits as well as savings deposits showed a slight increase. The bank is strongly focus in promoting its efficient funding, which increased 2.3% YoY, and represents 35.9% of our total funding base.
As of September 30, 2025, the proportion of deposits and obligations to total funding was 81.1%, higher than the 80.6% reported in 3Q24.
Breakdown of deposits
S/ million
Sep24
Jun25
Sep25
%chg Sep25/ Jun25
%chg Sep25/ Sep24
By customer service:
Retail
26,594.3
26,017.6
26,052.1
0.1
%
(2.0
)%
Commercial
16,075.8
16,477.1
15,891.9
(3.6
)%
(1.1
)%
Institutional
8,225.5
9,061.3
8,745.5
(3.5
)%
6.3
%
Other
459.0
480.0
503.8
5.0
%
9.8
%
Total
51,354.6
52,036.0
51,193.3
(1.6
)%
(0.3
)%
By type:
Demand
13,308.3
13,358.6
12,945.3
(3.1
)%
(2.7
)%
Savings
19,938.5
19,911.3
19,979.1
0.3
%
0.2
%
Time
18,092.3
18,759.4
18,252.1
(2.7
)%
0.9
%
Other
15.5
6.6
16.7
n.m.
7.4
%
Total
51,354.6
52,036.0
51,193.3
(1.6
)%
(0.3
)%
Market share in deposits
3Q24
2Q25
3Q25
bps QoQ
bps YoY
Retail deposits
15.4
%
14.5
%
14.4
%
-10
-100
Commercial deposits
12.7
%
13.0
%
12.5
%
-50
-20
Total deposits
13.9
%
13.7
%
13.4
%
-30
-50
NET INTEREST AND SIMILAR INCOME
Net interest and similar income
S/ million
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Interest and similar income
1,505.8
1,450.5
1,467.2
1.2
%
(2.6
)%
Interest and similar expense
(549.7
)
(510.9
)
(499.9
)
(2.2
)%
(9.1
)%
Net interest and similar income
956.1
939.6
967.3
2.9
%
1.2
%
NIM
5.3
%
5.1
%
5.2
%
10
bps
-10
bps
Interest and similar income
Interest and similar income
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Interest and similar income
Due from banks and inter-bank funds
92.1
76.2
60.3
(20.8
)%
(34.5
)%
Financial investments
144.3
132.6
140.2
5.7
%
(2.8
)%
Loans
1,269.4
1,241.6
1,266.6
2.0
%
(0.2
)%
Total Interest and similar income
1,505.8
1,450.5
1,467.2
1.2
%
(2.6
)%
Average interest-earning assets
71,616.1
73,764.8
74,173.5
0.6
%
3.6
%
Average yield on assets (annualized)
8.4
%
7.9
%
7.9
%
0
bps
-50
bps
Interest and similar expense
Interest and similar expense
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Interest and similar expense
Deposits and obligations
(371.6
)
(325.1
)
(315.8
)
(2.9
)%
(15.0
)%
Due to banks and correspondents and inter-bank funds
(112.8
)
(98.2
)
(101.8
)
3.7
%
(9.8
)%
Bonds, notes and other obligations
(65.3
)
(87.6
)
(82.3
)
(6.0
)%
26.0
%
Total Interest and similar expense
(549.7
)
(510.9
)
(499.9
)
(2.2
)%
(9.1
)%
Average interest-bearing liabilities
62,628.8
63,856.9
63,935.1
0.1
%
2.1
%
Average cost of funding (annualized)
3.5
%
3.2
%
3.1
%
-10
bps
-40
bps
QoQ Performance
Net interest and similar income increased 2.9% QoQ and 1.2% YoY, with NIM increasing 10pbs QoQ, in line with the QoQ increase of 10 bps in the yield on loans.
Risk-adjusted NIM increased by 10bps QoQ and 80bps YoY, in line with a lower cost of risk, explained by a better payment behavior of the retail portfolio and a consistent disciplined performance of commercial portfolio.
Net interest and similar income increase was mainly explained by a 2.0% increase in interest on loans and of 5.7% in interest on financial investments, partially offset by a 20.8% decrease in due from banks and inter-bank funds.
Interest on loans increased S/ 25.0 million QoQ, or 2.0%, explained by a 1.2% increase in the average volume, and 10 basis points increase in the average yield.
The higher average volume of loans was attributed to a 1.7% increase in retail loans, partially offset by a 1.6% decrease in commercial loans. In the retail portfolio, all products average balances showed increases: mortgages of 2.3%, credit cards of 0.9%, payroll deductible loans of 1.4% and personal loans of 1.4%. In the commercial portfolio, average balances of trade finance loans showed a decrease of 17.7%; while working capital loans and leasing operations showed increases of 3.5% and 4.0% respectively.
The 10 basis points increase in the average yield was explained by higher yield both on commercial and retail loans.
Interest on financial investments increased S/ 7.6 million QoQ, or 5.7%, explained by an increase of 20 basis points in the average yield, and of 0.7% in the average volume.
Interest on due from banks and inter-bank funds decreased S/ 15.9 million QoQ, or 20.8%, explained by a decrease in the average yield of 40 basis points, related to 25bps lower soles reference rate.
The nominal average yield on interest-earning assets remained stable at 7.9%.
The lower interest and similar expense was due to reductions of 2.9% in deposits and obligations and 26.0% in bonds, notes and other obligations, partially offset by an increase of 3.7% in due to banks and correspondents.
Interest on deposits and obligations decreased S/ 9.3 million QoQ, or 2.9% explained by a 10 basis points reduction in the average cost, while the average volume increased 0.5%. The reduction in the average cost was in commercial and retail clients; while the increase in the average volume was of 2.0% in commercial deposits.
The reduction is also explained by efficient funding initiatives (35.9% of total funding as of September), as well as the reduction of the central bank reference rate (-25 bps QoQ).
Bonds, notes, and other obligations showed a decrease of 6.0%, or S/ 5.3 million, which was mostly explained by a decrease of 10.7% In the average volume. This effect was partially offset by an increase of 30 basis points in the average cost.
Interest on due to banks and correspondents increased S/ 3.6 million QoQ, or 3.7%, explained by a 6.2% increase in the average volume, which was partially offset by 10 basis points reduction in average cost.
As a result, the average cost of funds decreased 10 basis points from 3.2% in 2Q25 to 3.1% in 3Q25, and net interest margin was 5.2% in 3Q25, 10 basis points higher than the 5.1% of the 2Q25.
YoY Performance
Net interest and similar income reduction was mainly explained by decreases of 34.5% in interest on due from banks and inter-bank funds, of 2.8% in interest on financial investments and of 0.2% in interest on loans.
Interest on due from banks and inter-bank funds decreased S/ 31.8 million, mostly due to a 110-basis point reduction in the average yield, in turn related to a 110-basis points reduction in the central bank reference rate, partially offset by a 3.3% increase in the average volume.
Interest on financial investments decreased S/ 4.1 million YoY, explained by 20 basis point reduction in the average yield, partially offset by a 1.2% increase in the average volume.
Interest on loans decreased S/ 2.8 million YoY, explained by 50 basis point reduction in the average yield, associated with a loan mix shift towards lower risk products. This was partially offset by a 4.2% increase in the average volume.
The higher average volume of loans was attributed to growth of 5.8% in the average volume of commercial loans, and of 2.8% in retail loans. In the commercial portfolio, average volumes grew due to increases of 22.7% in trade finance loans, 4.3% in working capital loans, as well as 13.5% in leasing operations. In the retail portfolio, average volumes increased due to increases of 7.5% in mortgages and 3.9% in credit cards, partially offset by reductions in personal loans and payroll deductible loans.
As a result, the nominal average yield on interest-earning assets lowered 60 basis points to 7.9% in 2Q25, from 8.5% in 3Q24.
The lower interest and similar expense was due to a decrease of 15.0% in deposits and obligations, and of 9.8% in due to banks and correspondents and interbank funds; partially offset by an increase of S/ 26.0% in bonds, notes and other obligations.
The decrease in interest on deposits and obligations of S/ 55.9 million soles was explained by 50 basis point decrease in the average cost, from 3.0% in 3Q24 to 2.5% in 3Q25, which reflects the impacts of the efficient and short-term funding policy of the bank, as well as the 100bps reduction in the central bank reference rate. This effect was partially compensated by a 3.4% increase in the average volume, which showed increases of 12.7% in institutional deposits, 3.8% in commercial deposits and 0.3% in retail deposits.
Interest on due to banks and correspondents decreased mainly as a result of 12.2% reduction in the average volume, while the average cost increased by 10 basis points.
Interest on bonds, notes and other obligations increased S/ 17.0 million YoY, mainly explained by a 13.8% increase in the average volume, as well as a 60 basis points increase in the average cost. This impact was associated to the issuance of $ 350 million subordinated bond in January 2025.
As a result, the average cost of funding decreased 40 basis points from 3.5% in 2Q24 to 3.1% in 2Q25; and net interest margin was 5.2% in 3Q25, 10 basis point lower than the 5.3% of the 3Q24.
IMPAIRMENT LOSS ON LOANS, NET OF RECOVERIES
Impairment loss on loans, net of recoveries, decreased 16.8% QoQ. The quarterly performance was explained by lower provision requirements across retail and commercial loan book.
Cost of risk was 2.3% in the 3Q25, excluding the Integratel effect, and is composed by a 4.0% in retail, which is the lowest since 2023, and 0.4% in commercial. This is explained by the good payment behavior in retail and commercial clients, as well as the focus of the bank of growing in healthy clients.
The S3 NPL ratio stood at 2.4%. The S3 NPL coverage ratio was 140.5% as of September 30, 2025, lower than the 141.0% as of June 30, 2025, within our risk appetite.
S3 NPLs decreased2.3% QoQ, reaching S/ 1,196 million in 3Q25. The quarterly improvement was mainly driven by a 20 bps decrease in the retailNPL S3 ratio, from 3.3% in 2Q25 to 3.1% in 3Q25. Moreover, the retail NPL coverage ratio increased by 110 bps, reaching 164.6% in 3Q25. However, commercial coverage decreased by 250 bps, from 89.9% to 87.5%. This resulted in a slight reduction in total banking coverage from 141.0% to 140.5%.
Impairment loss on loans, net of recoveries decreased 32.0% YoY. The YoY performance was driven by lower provision requirements in the retail loan book, reflecting strong payment behavior and the bank’s focus on expanding its portfolio among healthy clients. Additionally, the commercial portfolio continued to show disciplined payment performance.
Cost of risk of retail segment was the lowest since 2023, and decreased 130 basis points YoY, while commercial cost of risk was stable at 0.4% excluding the Telefonica effect.
The S3 NPL ratio decreased YoY, from 2.9% in 3Q24 to 2.4% in 3Q25. The S3 NPL coverage ratio was 140.5% as of September 30, 2025, higher than the 131.3% as of September 30, 2024, within our risk appetite.
S3 NPLs decreased by 14.8% YoY. The YoY improvement was the result of an 60 bps decrease in the commercial NPL ratio and a 40 bpsreduction in the retail NPL ratio. As a result, S3 NPL ratio lowered by 50 bps, from 2.9% to 2.4% YoY. This effect was also reflected in the coverage ratio, which improved from 131.3% to 141.5%, explained by a significant increase in the commercial coverage, from 68.2% to 87.4%.
Reported cost of risk was 2.1% for the 3Q25 and it was 2.3% excluding Telefonica. Quarterly and yearly performance is mostly explained by decreases of 20 basis points and 130 basis points respectively, in the retail loan book. Commercial cost of risk remained stable, QoQ and YoY.
Impairment loss on loans, net of recoveries
Impairment loss on loans, net of recoveries
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Impairment loss on loans, net of recoveries
(377.4
)
(308.5
)
(256.7
)
(16.8
)%
(32.0
)%
Impairment loss on loans/average gross loans
3.1
%
2.5
%
2.1
%
-40
bps
-100
bps
S3 NPL ratio (at end of period)
2.9
%
2.4
%
2.4
%
0
bps
-50
bps
S3 NPL coverage ratio (at end of period)
131.3
%
141.0
%
140.5
%
-50
bps
n.m.
Impairment allowance for loans
1,825.0
1,711.9
1,666.0
(2.7
)%
(8.7
)%
FEE INCOME FROM FINANCIAL SERVICES, NET
Net fee income from financial services showed S/ 15.9 million increase QoQ. Explained by higher commissions from banking services and from credit card services, related to the increase in transactionality. These effects were partially compensated by a S/ 4.2 million growth in total expenses QoQ.
Net fee income from financial services increased S/ 18.6 million YoY, in turn related to an increase of 9.6% in retail clients and 9.5% in commercial clients. Explained by higher commissions from banking services, credit card services, and fees from indirect loans. These effects were partially offset by a S/ 2.4 million decrease in collection services. In addition, total expenses decreased S/ 5.8 million YoY.
Fee income from financial services, net
Fee income from financial services, net
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Income
Commissions from credit card services
113.8
110.8
116.6
5.3
%
2.5
%
Commissions from banking services
89.9
89.4
101.1
13.1
%
12.4
%
Maintenance and mailing of accounts, transfer fees and commissions on debit card services
85.5
81.8
85.5
4.5
%
(0.0
)%
Fees from indirect loans
16.8
16.8
17.8
6.3
%
5.8
%
Collection services
15.2
12.6
12.8
1.6
%
(15.6
)%
Other
7.4
9.9
7.5
(23.8
)%
2.1
%
Total income
328.6
321.3
341.3
6.2
%
3.9
%
Expenses
Insurance
(16.3
)
(15.6
)
(18.0
)
15.1
%
10.4
%
Fees paid to foreign banks
(7.2
)
(6.6
)
(6.9
)
4.6
%
(3.0
)%
Other
(94.8
)
(86.0
)
(87.5
)
1.7
%
(7.7
)%
Total expenses
(118.3
)
(108.3
)
(112.5
)
3.8
%
(4.9
)%
Fee income from financial services, net
210.3
213.0
228.9
7.5
%
8.8
%
OTHER INCOME
Other income rose by S/ 11.4 million quarter-on-quarter, mainly due to higher net gains from the sale of financial investments, particularly sovereign bonds. Meanwhile, net gains from foreign exchange transactions and financial assets remained stable.
Other income increased by S/ 31.7 million year-on-year, mainly due to higher net gains from financial investments, particularly from the sale of sovereign bonds. In addition, a S/ 5.1 million increase was recorded in net gains from foreign exchange transactions and financial assets at fair value through profit or loss, driven by property sales and stronger results from foreign exchange operations.
Other income
Other income
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Net gain on foreign exchange transactions and on financial assets at fair value through profit or loss
110.7
115.8
115.8
(1)
(0.0
)%
4.6
%
Net gain on sale of financial investments
3.8
12.2
28.4
n.m.
n.m.
Other
12.7
19.5
14.7
(24.4
)%
15.9
%
Total other income
127.2
147.5
158.9
7.7
%
25.0
%
OTHER EXPENSES
Other expenses increased S/ 4.4 million QoQ, or 0.8%, due to an increase of S/ 12.3 million, or 6.4%, in salaries and employee benefits, which includes employees’ profit sharing, and increases of technology expenses
Other expenses decreased S/ 42.4 million YoY, or 8.1%, due an increase of S/ 31.1 million, or 18.1%, in higher salaries and employee benefits, which includes employees’ profit sharing; as well as increases of S/ 24 million in technology expenses.
Other expenses
Other expenses
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Salaries and employee benefits
(172.2
)
(191.0
)
(203.3
)
6.4
%
18.1
%
Administrative expenses
(259.3
)
(280.7
)
(274.2
)
(2.3
)%
5.7
%
Depreciation and amortization
(73.0
)
(78.1
)
(75.9
)
(2.8
)%
4.0
%
Other
(21.5
)
(14.0
)
(15.0
)
6.7
%
(30.3
)%
Total other expenses
(525.9
)
(563.9
)
(568.3
)
0.8
%
8.1
%
Efficiency ratio
39.0
%
42.3
%
40.8
%
-150
bps
180
bps
REGULATORY CAPITAL
The bank’s total capital ratio was 15.8% as of 3Q25, below the 16.9% reported in 2Q25 and the 15.9% recorded in 3Q24.
Core Equity Tier 1 (CET1) stood at 12.1%, slightly above the 11.7% registered in 2Q25 and below the 12.2% reported as of 3Q24.
Both ratio are significantly exceeding their limits plus additional buffers and capital allocated to cover additional risks, as required by the SBS.
In December 2022, the Superintendencia de Banca, Seguros y AFP (SBS) issued Resolution No. 03952-2022, establishing that starting March 1, 2023, the global limit would remain at 8.5%, following a progressive adjustment schedule until March 2024, when the limit would increase to 10.0%. This deadline was later modified by subsequent resolutions, with Resolution No. 274-2024, published in January 2024, being the latest valid modification. This resolution set the final implementation deadline for the global limit to March 2025.
As of 3Q25, risk-weighted assets (RWA) increased by 1.2% quarter-over-quarter, driven by higher capital requirements for credit risk. The increase in RWAs for credit risk was mainly due to higher RWAs from loan placements. Meanwhile, eligible capital decreased by 5.2% quarter-over-quarter, attributed to a lower computation of subordinated debt following the redemption of $300 million in subordinated bonds.
The slight year-over-year decrease in the capital ratio was due to an 8.6% increase in RWAs, offset by an 8.2% growth in eligible capital. The increase in RWAs resulted from higher capital requirements for credit risk, explained by greater loan placements.
The YoY movement in eligible capital was mainly the result of the application of profits from the 2024 fiscal year, profit for 2025, and the improvement in unrealized results from the available-for-sale investment portfolio.
Thus, as of 3Q25, the capital ratio stood at 15.8%, significantly above the global limit plus buffers and capital allocated to cover additional risks as required by SBS regulations. The minimum regulatory requirement was 10.0% as of 3Q25.
Additionally, the Core Equity Tier 1 (CET1) ratio stood at 12.1%, above the 11.7% recorded in 2Q25 due to the application of 2024 profits, but below the 12.2% reported in 3Q24. Following the implementation of the new solvency regulation, CET1 is now part of Tier 1 eligible capital.
Regulatory capital
Regulatory capital
Sep24
Jun25
Sep25
%chg Sep25/ Jun25
%chg Sep25/ Sep24
Tier I capital
7,711.9
7,932.8
8,335.5
5.1
%
8.1
%
Tier II capital
2,330.3
3,537.8
2,533.0
(28.4
)%
8.7
%
Total regulatory capital
10,042.2
11,461.6
10,868.5
(5.2
)%
8.2
%
Risk-weighted assets (RWA)
63,356.3
67,973.0
68,810.0
1.2
%
8.6
%
Total capital ratio
15.9
%
16.9
%
15.8
%
-110
bps
-10
bps
Tier I capital / RWA
12.2
%
11.7
%
12.1
%
40
bps
-10
bps
CET1
12.2
%
11.7
%
12.1
%
40
bps
-10
bps
(1)
Under the new SBS regulation on solvency, in effect from January 1st, 2023 onwards, CET1 is part of the Total capital ratio, in line with Basel III guidelines.
Interseguro
SUMMARY
Interseguro’s profits reached S/ 37.9 million in 3Q25, a quarterly decrease of S/ 43.0 million, or 53.1%, and a decrease of S/ 29.5 million, or 43.7%, compared to 3Q24.
The quarterly decrease was mainly explained by decreases of S/ 77.3 million in loss due to impairment of financial investments, primarily related to Rutas de Lima. This effect was partially offset by a S/ 29.5 million increase in insurance results, due higher BEL and CSM release in annuities and retail insurance, as well as a reduction in loss component, in turn related to lower inflation rates. Also, other income showed an increase of S/ 18.1 million.
The annual reduction in net profit was mainly explained by a increase of S/ 68.6 million in loss due to impairment of financial investments related to Rutas de Lima. This effect was partially offset by a S/ 36.8 million increase in insurance results, explained by the acquisition of a D&S portfolio, and a S/ 34.3 million increase in other income, in turn related to property valuations gains.
As a result, Interseguro’sROE was 22.3% for 3Q25 lower than the 47.5% and 64.1% of 2Q25 and 3Q24, respectively. When excluding Rutas de Lima impact, ROE would stand at 67.7%.
Insurance Segment’s P&L Statement
S/ million
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Interest and similar income
213.7
221.0
216.3
(2.1
)%
1.2
%
Interest and similar expenses
(38.2
)
(44.1
)
(43.2
)
(2.1
)%
13.1
%
Net interest and similar income
175.5
176.8
173.1
(2.1
)%
(1.4
)%
Recovery (loss) due to impairment of financial investments
(9.1
)
(0.4
)
(77.7
)
n.m.
n.m.
Net interest and similar income after impairment loss
166.5
176.4
95.4
(45.9
)%
(42.7
)%
Fee income from financial services, net
(2.8
)
(3.2
)
(3.4
)
4.9
%
20.7
%
Insurance results
(38.0
)
(30.7
)
(1.2
)
(96.2
)%
(96.9
)%
Other income
23.7
36.8
54.9
49.0
%
n.m.
Other expenses
(104.9
)
(108.2
)
(112.6
)
4.1
%
7.3
%
Income before translation result and income tax
44.5
71.1
33.2
(53.4
)%
(25.5
)%
Translation result
22.9
9.8
4.8
(51.1
)%
(79.1
)%
Profit for the period
67.4
80.9
37.9
(53.1
)%
(43.7
)%
ROE
64.1
%
47.5
%
22.3
%
Efficiency ratio
14.7
%
12.0
%
12.3
%
RESULTS FROM INVESTMENTS
Results from Investments (1)
Results from Investments (1)
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Interest and similar income
213.7
221.0
216.3
(2.1
)%
1.2
%
Interest and similar expenses
(21.3
)
(21.7
)
(20.1
)
(7.6
)%
(5.7
)%
Net interest and similar income
192.4
199.3
196.2
(1.5
)%
2.0
%
Recovery (loss) due to impairment of financial investments
(9.1
)
(0.4
)
(77.7
)
n.m.
n.m.
Net Interest and similar income after impairment loss
183.4
198.8
118.5
(40.4
)%
(35.4
)%
Net gain (loss) on sale of financial investments
15.9
8.0
6.1
(24.6
)%
(62.0
)%
Net gain (loss) on financial assets at fair value through profit or loss
8.9
12.5
19.2
53.6
%
n.m.
Rental income
18.0
19.1
19.7
3.1
%
9.8
%
Gain on sale of investment property
0.0
0.3
0.0
n.m.
n.m.
Valuation gain (loss) from investment property
(22.8
)
(5.6
)
(0.2
)
(96.9
)%
(99.3
)%
Other(1)
(6.1
)
(3.4
)
(3.8
)
11.6
%
(37.6
)%
Other income
13.9
31.0
40.9
32.2
%
n.m.
Results from investments
197.3
229.8
159.5
(30.6
)%
(19.2
)%
(1)
Only includes transactions related to investments.
NET INTEREST AND SIMILAR INCOME
Net interest and similar income related to investments was S/ 196.2 million in 3Q25, a decrease of S/ 3.1 million QoQ, or 1.5%, and an increase of S/ 3.8 million YoY, or 2.0%.
The quarterly reduction was mainly driven by a S/ 4.7 million reduction in interest and similar income, reflecting lower returns from inflation-indexed bonds. This effect was partially offset by higher dividend income.
On an annual basis, the increase was mainly explained by higher dividend income, which contributed to a S/ 2.6 million rise in interest and similar income.
RECOVERY (LOSS) DUE TO IMPAIRMENT OF FINANCIAL INVESTMENTS
Loss due to impairment of financial investments totaled S/ 77.7 million in 3Q25, primarily driven by an impairment of Rutas de Lima after its liquidation announcement. This result compares with a loss of S/ 0.4 million in 2Q25, mainly associated with accrued interest, and a loss of S/ 9.1 million in 3Q24, resulting from rating downgrades of local bonds.
OTHER INCOME
Other income related to investment was S/ 40.9 million in 3Q25, an increase of S/ 9.9 million QoQ and S/ 27.0 million YoY.
The quarterly increase was explained by a S/ 6.7 million increase in net gain on financial assets at fair value through profit, and a S/ 5.4 million higher valuation gain from investment property. These effects were partially offset by a decrease of S/ 1.9 million in net loss on sale of financial investments.
The annual increase was mainly explained by S/ 22.6 million in valuation gain from investment property, mainly due to fluctuations in FX rates and S/ 10.3 million in net gain on financial assets at fair value. These factors were partially offset by net loss on financial investments of S/ 9.8 million.
INSURANCE RESULTS
Insurance Results
Insurance Results
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Annuities
(129.9
)
(122.6
)
(96.5
)
(21.2
)%
(25.7
)%
Individual Life
18.0
25.8
25.5
(1.2
)%
41.8
%
Retail insurance
73.9
66.1
69.9
5.8
%
(5.5
)%
Insurance Results
(38.0
)
(30.7
)
(1.2
)
(96.2
)%
(96.9
)%
Insurance results increased S/ 29.5 million QoQ mostly due to a growth of S/ 26.1 million in annuities and of S/ 3.8 million in retail insurance, partially offset by a decrease of S/ 0.3 million in individual life.
The quarterly growth in annuities was mainly due to lower inflation rates and higher mortality rates, while in retail insurance it was mainly explained by a reduction in claims.
Insurance results increased S/ 36.8 million YoY, mostly due to an increase of S/ 33.4 million in annuities and of S/ 7.5 million in individual life, partially offset by a decrease of S/ 4.0 million in retail insurance.
The increase in annuities was mostly related to the acquisition of a D&S portfolio and in individual life due to a hypothesis adjustment in 3Q24. These effects were partially offset by a reduction in retail insurance which was explained by a lower CSM release.
CSM Stock increased 7.0% QoQ and 19.4% YoY
The QoQ performance was driven by new individual life profitable contracts issued in 3Q25, mainly digital life products. Also, the YoY performance shows an increase in individual life and credit life CSM due to higher premiums.
OTHER EXPENSES
Other Expenses
Other Expenses
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Salaries and employee benefits
(31.5
)
(32.6
)
(33.5
)
2.8
%
6.5
%
Administrative expenses
(20.0
)
(19.6
)
(21.4
)
9.0
%
7.1
%
Depreciation and amortization
(5.4
)
(4.4
)
(5.3
)
21.5
%
(1.4
)%
Expenses related to rental income
(3.6
)
(2.9
)
(3.0
)
3.6
%
(18.3
)%
Other
(41.3
)
(48.7
)
(49.4
)
1.4
%
19.7
%
Other expenses
(101.7
)
(108.2
)
(112.6
)
4.1
%
10.6
%
Inteligo
SUMMARY
Inteligo’snet profit was S/ 52.3 million in 3Q25, reflecting a quarterlyreduction of S/ 64.7 million and an increase of S/ 18.8 million on a YoY basis.
The quarterly performance was mainly affected by lower mark-to-market valuations in the proprietary investment portfolio, resulting in a S/ 95.4 million reduction in other income. This decrease reflected the significant appreciation of fintech and tech-enabled financial platform positions recorded in the previous quarter. The negative impact was partially offset by a S/ 32.5 million positive effect from income tax, due to the reversal of previously recognized tax provisions at Inteligo Bank, and a S/ 5.4 million decrease in other expenses, mainly related to lower salaries and employee benefits.
The annual improvement was explained by a S/ 6.8 million increase in fee income from financial services, primarily due to higher revenues from the local mutual funds subsidiary (Interfondos), as well as a 13.4% increase in total assets under management, and a S/ 5.3 million decrease in other expenses. These positive effects were partially offset by a S/ 6.5 million reduction in other income from mark-to-market valuations on proprietary portfolio of investments.
From a business development prospective, Inteligo’sclient acquisition efforts continued to deliver solid results, reflected in growth in new account openings and assets under management (AUM) across both private wealth managementand mutual funds. As of September 30, 2025, AUMs increased by 4.1% QoQ and 13.4% YoY.
Inteligo’s ROE stood at 19.3% in 3Q25, lower than 43.9% reported in 2Q25, but higher than the 13.9% of 3Q24.
Wealth Management Segment’s P&L Statement
S/ million
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Interest and similar income
43.6
43.1
39.7
(8.0
)%
(9.1
)%
Interest and similar expenses
(27.1
)
(25.3
)
(25.9
)
2.6
%
(4.3
)%
Net interest and similar income
16.5
17.8
13.7
(23.1
)%
(16.9
)%
Impairment loss of loans, net of recoveries
0.2
0.2
(0.1
)
n.m.
n.m.
Recovery (loss) due to impairment of financial investments
0.0
(0.2
)
0.6
n.m.
n.m.
Net interest and similar income after impairment loss
16.7
17.8
14.1
(20.7
)%
(15.3
)%
Fee income from financial services, net
43.2
49.6
50.0
0.9
%
15.6
%
Other income
(12.1
)
22.3
22.3
n.m.
n.m.
Other expenses
(47.2
)
(47.4
)
(42.0
)
(11.4
)%
(11.1
)%
Income before translation result and income tax
35.5
131.7
38.4
(70.8
)%
8.3
%
Translation result
0.3
2.2
(1.8
)
n.m.
n.m.
Income tax
(2.4
)
(16.9
)
15.6
n.m.
n.m.
Profit for the period
33.5
117.0
52.3
(55.3
)%
56.2
%
ROE
13.9
%
43.9
%
19.3
%
Efficiency ratio
43.9
%
25.6
%
50.2
%
ASSETS UNDER MANAGEMENT & DEPOSITS
AUM reached S/ 8,083.5 million in 3Q25, a S/ 317.8 million or 4.1% increase QoQ, mostly explained by inflows in mutual funds and private wealth management.
Client deposits were S/ 2,820.8 million in 3Q25, a S/ 501.7 million or 15.1% decrease QoQ.
AUM reached S/ 8,083.5 million in 3Q25, a S/ 955.0 million or 13.4% increase YoY, mostly explained by inflows in mutual funds and private wealth management.
Client deposits were S/ 2,820.8 million in 3Q25, a S/ 267 million or 9.5% decrease YoY
NET INTEREST AND SIMILAR INCOME
Net interest and similar income
Net interest and similar income
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Interest and similar income
Due from banks and inter-bank funds
6.2
4.3
3.4
(22.1
)%
(45.8
)%
Financial Investments
13.7
15.5
13.7
(11.5
)%
0.3
%
Loans
23.7
23.3
22.6
(3.1
)%
(4.8
)%
Total interest and similar income
43.6
43.1
39.7
(8.0
)%
(9.1
)%
Interest and similar expenses
Deposits and obligations
(25.5
)
(23.1
)
(22.7
)
(2.0
)%
(11.2
)%
Due to banks and correspondents
(1.6
)
(2.2
)
(3.3
)
51.7
%
n.m.
Total interest and similar expenses
(27.1
)
(25.3
)
(25.9
)
2.6
%
(4.3
)%
Net interest and similar income
16.5
17.8
13.7
(23.1
)%
(16.9
)%
Net interest and similar income was S/ 13.7 million in 3Q25, a S/ 4.1 million or 23.1% decrease when compared with 2Q25, mainly explained by lower interests in financial investments and due from banks and inter-bank funds.
Net interest and similar income decreased by S/ 2.8 million YoY or 16.9%, mainly because of lower interests in due from banks and inter-bank fund and loans, in turn related to lower market rates.
FEE INCOME FROM FINANCIAL SERVICES
Fee income from financial services, net
Fee income from financial services, net
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Income
Brokerage and custody services
3.3
5.3
5.3
0.2
%
59.7
%
Funds management
40.3
44.8
45.2
0.8
%
12.0
%
Total income
43.7
50.1
50.5
0.8
%
15.6
%
Expenses
Brokerage and custody services
(0.2
)
(0.3
)
(0.2
)
(17.5
)%
21.7
%
Others
(0.2
)
(0.2
)
(0.2
)
4.1
%
7.3
%
Total expenses
(0.4
)
(0.5
)
(0.5
)
(8.3
)%
14.3
%
Fee income from financial services, net
43.2
49.6
50.0
0.9
%
15.6
%
Net fee income from financial services was S/ 50.0 million in 3Q25, a S/ 0.4 million or 0.9% increase when compared with 2Q25, mainly explained by higher fees from funds management. This effect was lowered due to lower exchange rates.
On a YoY basis, net fee income from financial services increased by S/ 6.8 million YoY or 15.6%, also explained by higher fees from funds management, due to assets under management growth at InteligoBank and Interfondos.
OTHER INCOME
Other income
Other income
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Net gain on sale of financial investments
(0.8
)
0.6
0.2
(69.9
)%
n.m.
Net trading gain (loss)
24.4
113.2
21.0
(81.4
)%
(13.7
)%
Other
(0.8
)
(2.2
)
(4.9
)
n.m.
n.m.
Total other income
22.8
111.7
16.3
(85.4
)%
(28.6
)%
Other income reached S/ 16.3 million in 3Q25, a S/ 95.4 million or 85.4% decrease QoQ due to lower mark-to-market valuations on proprietary portfolio investments, in turn related to significant appreciation of fintech and tech-enabled financial platform positions recorded in the previous quarter
On a YoY basis, other income posted a S/ 6.5 million or 28.6% decrease mostly related to lower mark-to-market valuations on proprietary portfolio of investments.
OTHER EXPENSES
Other expenses
Other expenses
3Q24
2Q25
3Q25
%chg QoQ
%chg YoY
Salaries and employee benefits
(21.4
)
(31.0
)
(25.3
)
(18.5
)%
18.0
%
Administrative expenses
(12.8
)
(12.9
)
(13.1
)
1.0
%
1.8
%
Depreciation and amortization
(2.1
)
(2.0
)
(2.1
)
4.4
%
(2.5
)%
Other
(10.9
)
(1.5
)
(1.6
)
6.0
%
(85.6
)%
Total other expenses
(47.2
)
(47.4
)
(42.0
)
(11.4
)%
(11.1
)%
Efficiency ratio
43.9
%
25.6
%
50.2
%
Other income reached -S/ 42.0 million in 3Q25, a S/ 5.4 million or 11.4% decrease QoQ mainly due to lower salaries and employee benefits.
On a YoY basis a S/ 5.3 million or 11.1% decrease driven by lower risk provisions and partially offset by higher personnel expenses.
STRATEGY
We aim to become a leading digital platform with profitable growth. IFS has demonstrated solid recovery, with a net income 17% higher than the same period last year, achieving an ROE of 15.6% in 3Q25 and 17.4% for as of September 2025.
We strive to build primary banking relationships by placing the customer at the center of our decisions and offering the best digital experience. As a result, NPS for retail banking stood at 56, and our retail digital clients are more than 80%.
We continue to focus on our key businesses, maintaining a significant market share in consumer banking loans around 20%, ranking second in the market. Retail deposits are around 15%, ranking third in the market, and commercial banking holds approximately an 11% market share, growing its relevance in the market. In annuities, we are the leader with over a 30% market share. Finally, in wealth management, AUMs continue to grow at double-digit rates, reaching 13% YoY reaching historical highs.
STRATEGIC KPIS
Banking & Payments KPIs
3Q24
2Q25
3Q25
Digital Metrics
% Digital customers retail
80
83
83
% Digital customers commercial
71
74
73
% Digital self-service retail
76
78
82
% Digital sales retail
69
71
68
NPS Retail (points)
66
54
56
Transactional Metrics
IBK Plin transactions (millions) (*)
130
162
179
Izipay Transaction volume (S/ MM)
16,868
17,259
17,617
IBK share of Izipay transaction flows (%)
38
39
39
(*) Sent transactions
Banking & Payments
We continue to strengthen our position as a digital bank. In the nine months of 2025, our banking customer base grew 4% YoY. Our digital transformation strategy continues to show positive momentum, with the share of retail digital customers increasing YoY from 80% to 83% . Digital self-service usage among retail clients remained stable QoQ but improved to 82% in the last year. Additionally, retail digital sales rose to 68% of retail sales.
We continue to see strong performance in our payment's ecosystem with Plin and Izipay. Plin active users grew 8.7% YoY, while Plin transactions rose by 1.4x YoY. Izipay also continued to expand, with transaction volumes increasing 4.4% YoY. Despite a slight reduction QoQ, synergies between Izipay and Interbank improved compared to the previous year, reinforcing our integrated payments strategy. As a result, cash flows directed to Interbank accounts through Izipay increased by 5.3%; as well as an increase of more than 30% in the float.
Insurance & Wealth Management KPIs
3Q24
2Q25
3Q25
Insurance
Digital insurance premiums (S/ thousands)
27.0
28.0
32.4
% Digital Self-Service
65.2
68.8
70.9
Wealth Management
% Interfondos digital transactions
53.3
54.3
55.4
% Interfondos digital users
25.3
28.8
30.2
% Digital transactions SAB
25.3
35.6
39.0
Insurance
In the insurance segment, digital adoption continued to accelerate in 3Q25. The share of digital self-service reached 70.9%, up from 68.8% in 2Q25 and 65.2% in 3Q24, reflecting stronger engagement with online channels.
As a result of this growing digital penetration, digital insurance premiums rose to S/ 32.4 millions in 3Q25, continuing the positive trajectory observed in prior periods. This performance highlights the company’s ongoing efforts to enhance customer experience and streamline product distribution through digital platforms.
Wealth Management
In the wealth management segment, digital engagement continued to strengthen during 3Q25. Interfondos’ digital users accounted for 30.2% of total users, up from 28,8% in 2Q25. This reflects sustained momentum in client adoption of digital investment tools and
advisory services.
Digital transaction penetration also improved across key platforms. In InteligoSAB (brokerage) channel, the share of digital transactions increased to 30.2%, up from 28.8% in 2Q25 and 25.3% in 3Q24.
Similarly, digital transactions in Interfondosreached 55.4%, continuing their upward trend from 54.3% and 53.3% in prior periods. These results underscore the growing preference among clients for seamless and fully digital investment experiences
Intercorp Financial Services Inc. and Subsidiaries
Interim consolidated financial statements as of September 30, 2025, December 31, 2024 and for the nine-month period ended September 30, 2025 and 2024
Intercorp Finalncial Services Inc. and Subsidiaries
Interim consolidated financial statements as of September 30, 2025, December 31, 2024 and for the nine-month period ended September 30, 2025 and 2024
Intercorp Financial Services Inc. and Subsidiaries
Interim consolidated statement of financial position
As of September 30, 2025 and December 31, 2024
Note
30.09.2025
31.12.2024
S/(000)
S/(000)
Assets
Cash and due from banks
4(a)
Non-interest bearing
2,957,695
4,021,880
Interest bearing
8,506,350
7,973,580
Restricted funds
1,155,588
619,766
12,619,633
12,615,226
Inter-bank funds
4(e)
115,013
220,060
Financial investments
5
27,619,722
26,857,925
Loans, net:
6
Loans, net of unearned interest
52,113,437
50,959,615
Impairment allowance for loans
(1,666,317
)
(1,730,167
)
50,447,120
49,229,448
Investment property
7
1,451,889
1,381,788
Property, furniture and equipment, net
858,145
814,432
Due from customers on acceptances
28,599
9,163
Intangibles and goodwill, net
1,607,649
1,667,753
Other accounts receivable and other assets, net
8
2,286,230
2,670,178
Reinsurance contract assets
12
57,558
18,602
Deferred Income Tax asset, net
35,976
19,206
Total assets
97,127,534
95,503,781
Liabilities and equity
Deposits and obligations
9
Non-interest bearing
7,068,696
7,614,593
Interest bearing
46,541,570
46,153,435
53,610,266
53,768,028
Inter-bank funds
4(e)
69,008
—
Due to banks and correspondents
10
7,928,070
7,562,057
Bonds, notes and other obligations
11
5,887,532
6,075,433
Due from customers on acceptances
28,599
9,163
Insurance and reinsurance contract liabilities
12
12,933,513
12,524,320
Other accounts payable, provisions and other liabilities
8
4,595,738
4,445,532
Deferred Income Tax liability, net
123,713
140,653
Total liabilities
85,176,439
84,525,186
Equity, net
13
Equity attributable to IFS’s shareholders:
Capital stock
1,038,017
1,038,017
Treasury stock
(433,225
)
(206,997
)
Capital surplus
532,771
532,771
Reserves
9,100,000
8,300,000
Unrealized results, net
(77,855
)
(187,830
)
Retained earnings
1,721,474
1,439,274
11,881,182
10,915,235
Non-controlling interest
69,913
63,360
Total equity, net
11,951,095
10,978,595
Total liabilities and equity, net
97,127,534
95,503,781
The accompanying notes are an integral part of these consolidated financial statements.
Intercorp Financial Services Inc. and Subsidiaries
Interim consolidated statement of income
For the nine-month period ended September 30, 2025 and 2024
Note
30.09.2025
30.09.2024
S/(000)
S/(000)
Interest and similar income
15
5,169,143
5,302,925
Interest and similar expenses
15
(1,716,746
)
(1,904,860
)
Net interest and similar income
3,452,397
3,398,065
Impairment loss on loans, net of recoveries
6(d.1) and (d.2)
(908,150
)
(1,400,459
)
Loss due to impairment of financial investments
5(c) and 5(d)
(136,807
)
(42,945
)
Net interest and similar income after impairment loss
2,407,440
1,954,661
Fee income from financial services, net
16
906,446
843,024
Net gain on foreign exchange transactions
282,080
325,919
Net gain on sale of financial investments
69,625
18,084
Net gain on financial assets at fair value through profit or loss
5(e) and 10(b)
347,908
11,285
Net gain on investment property
7(b)
85,885
79,387
Other income
17
108,847
73,662
1,800,791
1,351,361
Result from insurance activities
18
(46,662
)
(139,535
)
(46,662
)
(139,535
)
Other expenses
Salaries and employee benefits
(826,528
)
(700,375
)
Administrative expenses
(1,051,353
)
(1,004,551
)
Depreciation and amortization
(341,043
)
(311,159
)
Other expenses
17
(118,558
)
(136,953
)
(2,337,482
)
(2,153,038
)
Income before translation result and Income Tax
1,824,087
1,013,449
Exchange difference
29,270
(8,809
)
Income Tax
14(e)
(371,475
)
(187,273
)
Net profit for the period
1,481,882
817,367
Attributable to:
IFS’s shareholders
1,474,066
812,530
Non-controlling interest
7,816
4,837
1,481,882
817,367
Earnings per share attributable to IFS’s shareholders, basic and diluted (in Soles)
19
13.134
7.098
Weighted average number of outstanding shares (in thousands)
19
112,233
114,479
The accompanying notes are an integral part of these consolidated financial statements.
Intercorp Financial Services Inc. and Subsidiaries
Interim consolidated statement of other comprehensive income
For the nine-month period ended September 30, 2025 and 2024
30.09.2025
30.09.2024
S/(000)
S/(000)
Net profit for the period
1,481,882
817,367
Other comprehensive income that will not be reclassified to the consolidated statement of income in subsequent periods:
(Losses) gains on valuation of equity instruments at fair value through other comprehensive income
(3,379
)
5,985
Income Tax
9,019
(1,590
)
Total unrealized gain that will not be reclassified to the consolidated statement of income in subsequent periods
5,640
4,395
Other comprehensive income to be reclassified to the consolidated statement of income in subsequent periods:
Net movement of debt instruments at fair value through other comprehensive income
707,431
647,636
Income Tax
(3,723
)
(4,652
)
703,708
642,984
Insurance reserves at fair value
(538,485
)
(507,851
)
Net movement of cash flow hedges
36,373
(13,658
)
Income Tax
(4,944
)
2,039
31,429
(11,619
)
Translation of foreign operations
(74,050
)
(676
)
Total unrealized gain to be reclassified to the consolidated statement of income in subsequent periods
122,602
122,838
Other comprehensive income for the period
128,242
127,233
Total comprehensive income for the period, net of Income Tax
1,610,124
944,600
Attributable to:
IFS’s shareholders
1,600,473
938,418
Non-controlling interest
9,651
6,182
1,610,124
944,600
The accompanying notes are an integral part of these consolidated financial statements.
Intercorp Financial Services Inc. and Subsidiaries
Interim consolidated statement of changes in equity
For the nine-month period ended September 30, 2025 and 2024
Attributable to IFS’s shareholders
Unrealized results, net
Number of shares
Instruments that will not be reclassified to the consolidated statement of income
Instruments that will be reclassified to the consolidated statement of income
Issued
In treasury
Capital stock
Treasury stock
Capital surplus
Reserves
Equity instruments at fair value
Debt instruments at fair value
Insurance contracts reserves
Cash flow hedges reserve
Translation of foreign operations
Retained earnings
Total
Non-controlling interest
Total equity, net
(in thousands)
(in thousands)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Balance as of January 1, 2024
115,447
(967)
1,038,017
(84,309)
532,771
6,000,000
(64,141)
(1,293,563)
742,894
(31,933)
188,950
2,921,531
9,950,217
57,884
10,008,101
Net profit for the period
—
—
—
—
—
—
—
—
—
—
—
812,530
812,530
4,837
817,367
Other comprehensive income
—
—
—
—
—
—
4,307
640,947
(507,105)
(11,585)
(676)
—
125,888
1,345
127,233
Total comprehensive income
—
—
—
—
—
—
4,307
640,947
(507,105)
(11,585)
(676)
812,530
938,418
6,182
944,600
Declared dividends and paid, Note 13(a)
—
—
—
—
—
—
—
—
—
—
—
(427,369)
(427,369)
—
(427,369)
Purchase of treasury stock, Note 13(b)
—
(48)
—
(4,638)
—
—
—
—
—
—
—
—
(4,638)
—
(4,638)
Dividends paid to non-controlling interest of Subsidiaries
—
—
—
—
—
—
—
—
—
—
—
—
—
(3,056)
(3,056)
Sale of equity instruments at fair value through other comprehensive income
—
—
—
—
—
—
(18,435)
—
—
—
—
18,435
—
—
—
Others
—
—
—
—
—
—
—
—
—
—
—
(1,067)
(1,067)
(379)
(1,446)
Balance as of September 30, 2024
115,447
(1,015)
1,038,017
(88,947)
532,771
6,000,000
(78,269)
(652,616)
235,789
(43,518)
188,274
3,324,060
10,455,561
60,631
10,516,192
Balance as of January 1, 2025
115,447
(2,159)
1,038,017
(206,997)
532,771
8,300,000
(9,141)
(1,011,868)
681,595
(49,113)
200,697
1,439,274
10,915,235
63,360
10,978,595
Net profit for the period
—
—
—
—
—
—
—
—
—
—
—
1,474,066
1,474,066
7,816
1,481,882
Other comprehensive income
—
—
—
—
—
—
5,104
701,700
(537,694)
31,347
(74,050)
—
126,407
1,835
128,242
Total comprehensive income
—
—
—
—
—
—
5,104
701,700
(537,694)
31,347
(74,050)
1,474,066
1,600,473
9,651
1,610,124
Declared dividends, Note 13(a)
—
—
—
—
—
—
—
—
—
—
—
(420,096)
(420,096)
—
(420,096)
Transfer of retained earnings to reserves, Note 13(d)
—
—
—
—
—
800,000
—
—
—
—
—
(800,000)
—
—
—
Purchase of treasury stock, Note 13(b)
—
(1,937)
—
(226,228)
—
—
—
—
—
—
—
—
(226,228)
—
(226,228)
Dividends paid to non-controlling interest of Subsidiaries
—
—
—
—
—
—
—
—
—
—
—
—
—
(3,097)
(3,097)
Sale of equity instruments at fair value through other comprehensive income
—
—
—
—
—
—
(16,432)
—
—
—
—
16,432
—
—
—
Others
—
—
—
—
—
—
—
—
—
—
—
11,798
11,798
(1)
11,797
Balance as of September 30, 2025
115,447
(4,096)
1,038,017
(433,225)
532,771
9,100,000
(20,469)
(310,168)
143,901
(17,766)
126,647
1,721,474
11,881,182
69,913
11,951,095
The accompanying notes are an integral part of these consolidated financial statements.
Intercorp Financial Services Inc. and Subsidiaries
Interim consolidated statement of cash flows
For the nine-month periods ended September 30, 2025 and 2024
30.09.2025
30.09.2024
S/(000)
S/(000)
Cash flows from operating activities
Net profit for the period
1,481,882
817,367
Plus (minus) adjustments to net profit
Impairment loss on loans, net of recoveries
908,150
1,400,459
Loss due to impairment of financial investments
136,807
42,945
Depreciation and amortization
341,043
311,159
Provision for sundry risks
2,291
21,091
Deffered Income Tax
(42,299
)
68,682
Net gain on sale of financial investments
(69,625
)
(18,084
)
Net gain on financial assets at fair value through profit or loss
(347,908
)
(11,285
)
Net gain on valuation of investment property
(27,944
)
(29,418
)
Net (gain) loss on sale of investment property
(320
)
3,176
Exchange difference
(29,270
)
8,809
Decrease in accrued interest receivable
204,828
242,687
(Decrease) increase in accrued interest payable
(122,822
)
53,610
Net changes in assets and liabilities
Net increase in loan portfolio
(2,115,053
)
(3,245,991
)
Net decrease in other accounts receivable and other assets
495,067
13,686
Net (increase) decrease in restricted funds
(535,822
)
453,664
(Decrease) increase in deposits and obligations
(95,168
)
4,864,726
Increase (decrease) in due to banks and correspondents
381,957
(1,485,404
)
(Decrease) increase in other accounts payable, provisions and other liabilities
(1,663,554
)
471,122
Decrease (increase) of investments at fair value through profit or loss
69,088
(34,855
)
Net cash (used in) provided by operating activities
(1,028,672
)
3,948,146
The accompanying notes are an integral part of these consolidated financial statements.
Interim consolidated statements of cash flows (continued)
30.09.2025
30.09.2024
S/(000)
S/(000)
Cash flows from investing activities
(Purchase) sale of investments at fair value through other comprehensive income and at amortized cost
(104,254
)
600,727
Purchase of property, furniture and equipment
(154,085
)
(79,334
)
Purchase of intangible assets
(132,557
)
(143,304
)
Purchase of investment property
(47,157
)
(40,516
)
Sale of investment property
—
39,176
Net cash (used in) provided by investing activities
(438,053
)
376,749
Cash flows from financing activities
Dividends paid
(420,096
)
(427,369
)
Issuance of securities, bonds and obligations in circulation
1,557,937
1,366,199
Payments of bonds, notes and other obligations
—
(1,111,837
)
Decrease in receivable inter-bank funds
105,047
474,915
Increase in payable inter-bank funds
69,008
701,404
Purchase of treasury stock, net
(226,228
)
(4,638
)
Dividend payments to non-controlling interest
(3,097
)
(3,056
)
Lease payments
(62,750
)
(61,403
)
Net cash provided by financing activities
1,019,821
934,215
Net (decrease) increase in cash and cash equivalents
(446,904
)
5,259,110
Translation loss on cash and cash equivalents
(79,700
)
(10,585
)
Cash and cash equivalents at the beginning of the period
11,977,366
9,074,211
Cash and cash equivalents at the end of the period
11,450,762
14,322,736
The accompanying notes are an integral part of these consolidated financial statements.
Notes to the interim consolidated financial statements
As of September 30, 2025 and December 31, 2024
1. Business activity
Intercorp Financial Services Inc. and Subsidiaries (henceforth "IFS", “the Company” or “the Group”), is a limited liability holding company incorporated in the Republic of Panama on September 19, 2006, and is a Subsidiary of Intercorp Peru Ltd. (henceforth “Intercorp Peru”), holding of Intercorp Group, incorporated in 1997 in the Commonwealth of the Bahamas. As of September 30, 2025, Intercorp Peru holds directly and indirectly 74.15 percent of the issued capital stock of IFS, equivalent to 73.20 percent of the outstanding capital stock of IFS (72.47 percent of the issued capital stock, equivalent to 71.95 percent of the outstanding capital stock as of December 31, 2024).
IFS’s legal domicile is located at Av. Carlos Villarán 140 Urb. Santa Catalina, La Victoria, Lima, Peru.
As of September 30, 2025 and December 31, 2024, IFS holds 99.31 percent of the capital stock of Banco Internacional del Peru S.A.A. – Interbank (henceforth “Interbank”), 99.85 percent of the capital stock of Interseguro Compañía de Seguros S.A. (henceforth “Interseguro”), 100 percent of the capital stock of Inteligo Group Corp. (henceforth “Inteligo”) and 100 percent of Procesos de Medios de Pago and its subsidiary Izipay S.A.C (henceforth and together "Izipay"), acquired in April 2022.
The operations of Interbank, Interseguro and Izipay are concentrated in Peru, while the operations of Inteligo and its Subsidiaries (Interfondos S.A. Sociedad Administradora de Fondos, Inteligo Sociedad Agente de Bolsa S.A. and Inteligo Bank Ltd.) are mainly concentrated in Peru and Panama.
The main activities of IFS’s Subsidiaries and their assets, liabilities, equity, operating income, net income and other relevant information are presented in Note 2.
The interim consolidated financial statements as of September 30, 2025, have been approved by the Audit Committee and Board’s Meeting held on November 04 and 06, 2025, respectively. The audited consolidated financial statements as of December 31, 2024, (henceforth “Annual Consolidated Financial Statements”) were approved by the General Shareholders’ Meeting held on March 31, 2025.
2. Subsidiaries
IFS’s Subsidiaries are the following:
(a) Banco Internacional del Peru S.A.A. - Interbank and Subsidiaries -
Interbank is incorporated in Peru and is authorized by the Superintendencia de Banca, Seguros y AFP (henceforth “SBS”) to operate as a universal bank in accordance with Peruvian law. The Interbank's operations are governed by the General Act of the Banking and Insurance System and Organic Act of the SBS – Act No. 26702 and its amendments (henceforth “the Banking and Insurance Act”), that establishes the requirements, rights, obligations, restrictions and other operating conditions that financial and insurance entities must comply with in Peru.
As of September 30, 2025 and December 31, 2024, Interbank has 149 offices.
Additionally, it holds approximately 100 percent of the shares of the following Subsidiaries:
Entity
Activity
Internacional de Títulos Sociedad Titulizadora S.A. - Intertítulos S.T.
Manages securitization funds.
Compañía de Servicios Conexos Expressnet S.A.C.
Services related to credit card transactions or products related to the brand “American Express”.
(b) Interseguro Compañía de Seguros S.A. and Subsidiary -
Interseguro is incorporated in Peru and its operations are governed by the Banking and Insurance Act. It is authorized by the SBS to issue life and general risk insurance contracts.
Interseguro holds participations in Patrimonio Fideicometido D.S.093-2002-EF, Interproperties Peru (henceforth “Patrimonio Fideicometido – Interproperties Peru”), that is a structured entity, incorporated in April 2008, and in which several investors (related parties to the Group) contributed investment properties. Each investor or investors have ownership of and specific control over the contributed investment property. The fair values of the properties contributed by Interseguro that were included in this structured entity as of September 30, 2025 and December 31, 2024, amounted to S/89,534,000 and S/89,124,000, respectively; see Note 7. IFS has ownership and decision-making power over these properties and the Group has the exposure or rights to their returns; therefore, IFS consolidates the silos containing the investment properties that it controls.
(c) Inteligo Group Corp. and Subsidiaries -
Inteligo is incorporated in the Republic of Panama and as of September 30, 2025 and December 31, 2024,owns mainly the following Subsidiaries:
Entity
Activity
Inteligo Bank Ltd.
It is incorporated in The Commonwealth of the Bahamas and has a branch established in the Republic of Panama that operates under an international license issued by the Superintendence of Banks of the Republic of Panama. Its main activity is to provide private and institutional banking services, mainly to Peruvian citizens.
Inteligo Sociedad Agente de Bolsa S.A.
Brokerage firm incorporated in Peru.
Inteligo Peru Holding S.A.C.
Financial holding company incorporated in Peru in December 2018. As of September 30, 2025 and December 31, 2024, it holds 99.99 percent interest in Interfondos S.A. Sociedad Administradora de Fondos, company that manages mutual funds and investment funds.
Inteligo USA, Inc.
Incorporated in the United States of America in January 2019, provides investment consultancy and related services.
(d) Negocios e Inmuebles S.A. -
Negocios e Inmuebles is incorporated in Peru, was acquired by IFS as part of the purchase of Seguros Sura and Hipotecaria Sura in year 2017. As of September 30, 2025 and December 31, 2024, Negocios e Inmuebles S.A., holds 8.50 percent of Interseguro’s capital stock .
(e) San Borja Global Opportunities S.A.C. -
San Borja Global Opportunities is incorporated in Peru. Its corporate purpose is the marketing of products and services through Internet, telephony or related and it operates under the commercial name of Shopstar (online Marketplace) dedicated to the sale of products from different stores locally.
(f) Procesos de Medios de Pago S.A. and subsidiary Izipay S.A.C. (collectively, "Izipay") –
Procesos de Medios de Pago is dedicated to the development, management and operation of the shared service of transaction processing of credit and debit cards, through the acquirer role for the brands MasterCard, Visa and other private brands; also, it renders the processing service, through the issuer role, to entities of the financial system. Izipay is dedicated to the facilitation of payments and services, offering its services of technological, operating and safety infrastructure through the affiliation of commercial stores, as well as installation and maintenance of infrastructure for transactions through the electronic commerce modality, interconnected with the networks of payment methods processors. Until March 2022, Interbank maintained 50 percent of Procesos de Medios de Pago, company incorporated in Peru and in April 2022, IFS acquired the remaining 50 percent, acquiring control of Izipay. Since this time, Izipay consolidates its financial information together with IFS.
3. Significant accounting policies
3.1 Basis of presentation and use of estimates –
The interim consolidated financial statements as of September 30, 2025 and December 31, 2024, have been prepared in accordance with IAS 34 “Interim Financial Reporting”.
The interim consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Annual Consolidated Financial Statements as of December 31, 2024.
The accompanying interim consolidated financial statements have been prepared on the historical cost basis, except for investment property, derivative financial instruments, financial investments at fair value through profit or loss and through other comprehensive income, which have been measured at fair value. The interim consolidated financial statements are presented in Soles, which is the functional currency of the Group, and all values are rounded to the nearest thousand (S/(000)), except when otherwise indicated.
The preparation of the interim consolidated financial statements, in accordance with the International Financial Reporting Standards (henceforth “IFRS”) as issued by the International Accounting Standards Board (IASB), requires Management to make estimations and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of significant events in the notes to the interim consolidated financial statements.
In that sense, the estimates and criteria are continually assessed and are based on historical experience, as well as other factors, including expectations of future events that are believed to be reasonable under the current circumstances. Existing circumstances and assumptions about future developments, however, may change due to markets’ behavior or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Actual results could differ from those estimates. The most significant estimates comprised in the accompanying interim consolidated financial statements are related to the calculation of the impairment of the portfolio of loan and financial investments, the measurement of the fair value of the financial investments and investment property, the assessment of the impairment of goodwill and the intangible of indefinite life, the liabilities for insurance contracts and measurement of the fair value of derivative financial instruments; also, there are other estimates such as provisions for litigation, the estimated useful life of intangible assets and property, furniture and equipment, the estimation of deferred Income Tax and the determination of the terms and estimation of the interest rate of the lease contracts.
3.2 Basis of consolidation –
The interim consolidated financial statements of IFS comprise the financial statements of Intercorp Financial Services Inc. and Subsidiaries. The method adopted by IFS to consolidate its financial information with its Subsidiaries is described in Note 3.3 to the Annual Consolidated Financial Statements and has not changed since then.
4. Cash and due from banks and inter-bank funds
(a) The detail of cash and due from banks is as follows:
30.09.2025
31.12.2024
S/(000)
S/(000)
Cash and clearing (b)
2,164,762
2,853,187
Deposits in the BCRP (b)
7,723,769
7,333,818
Deposits in banks (c)
1,562,231
1,790,361
Total cash and cash equivalent
11,450,762
11,977,366
Accrued interest
13,283
18,094
Restricted funds (d)
1,155,588
619,766
Total
12,619,633
12,615,226
The balance of cash and cash equivalents presented in the interim consolidated statements of cash flows exclude the restricted funds and accrued interest.
(b) In accordance with rules in force, Interbank is required to maintain a legal reserve to honor its obligations with the public. This reserve is comprised of funds kept in Interbank and in the BCRP and is made up as follows:
30.09.2025
31.12.2024
S/(000)
S/(000)
Legal reserve (*)
Deposits in the BCRP
4,918,269
5,969,218
Cash in vaults
2,164,707
2,644,386
Subtotal legal reserve
7,082,976
8,613,604
Non-mandatory reserve
Overnight deposits in BCRP (**)
2,355,500
564,600
Term deposits in BCRP (***)
450,000
800,000
Cash and clearing
—
208,548
Subtotal non-mandatory reserve
2,805,500
1,573,148
Cash balances not subject to legal reserve
55
253
Total
9,888,531
10,187,005
(*) The legal reserve funds maintained in the BCRP are non-interest bearing, except for the part that exceeds the minimum reserve required that accrued interest at a nominal annual rate, established by the BCRP. As of September 30, 2025 and December 31, 2024, the Group presented only excess in foreign currency that accrued interest in US Dollars at an annual average rate of 3.67 and 3.90 percent, respectively.
In Group Management’s opinion, Interbank has complied with the requirements established by the rules in force related to the computation of the legal reserve.
(**) As of September 30, 2025, corresponds to one overnight deposit in local currency for S/100,000,000 and one overnight deposit in foreign currency for US$650,000,000 (approximately equivalent to S/2,255,500,000), with maturity in the first days of October 2025, and accrued interest at an annual interest rate of 2.25 and 4.16 percent, respectively (as of December 31, 2024, corresponded to one overnight deposit in foreign currency for US$150,000,000 (approximately equivalent to S/564,600,000), with maturity in the first days of January 2025, and accrued interest at an annual interest rate of 4.44 percent).
(***) As of September 30, 2025, corresponds to overnight deposits in local currency, with maturity in October 2025, which accrued interest at an average annual interest rate of 4.23 percent (as of December 31, 2024, corresponded to overnight deposits in local currency, with maturity in the first days of January 2025, and accrued interest at an average annual interest rate of 4.83 percent).
(c) Deposits in domestic banks and abroad are mainly in Soles and US Dollars, they are freely available and accrue interest at market rates.
(d) The Group maintains restricted funds related to:
30.09.2025
31.12.2024
S/(000)
S/(000)
Repurchase agreements with the BCRP (*)
813,411
—
Inter-bank transfers (**)
294,551
596,648
Derivative financial instruments, Note 8(b)
45,735
21,568
Others
1,891
1,550
Total
1,155,588
619,766
(*) As of September 30, 2025, corresponds to deposits in the BCRP that guarantee loans with said entity, see Note 10(b).
(**) Funds held at BCRP to guarantee transfers made through the Electronic Clearing House ("CCE", by its Spanish acronym).
(e) Inter-bank funds -
These are loans made between financial institutions with maturity, in general, minor than 30 days. As of September 30, 2025, Inter-bank funds’ assets accrue interest at an annual rate of 4.11 percent in local currency (as of December 31, 2024, Inter-bank funds’ assets accrue interest at an annual rate of 5.00 percent in local currency); and do not have specific guarantees. As of September 30, 2025, Inter-bank funds liabilities accrue interest at an annual rate of 4.25 percent in local currency.
5. Financial investments
(a) This caption is made up as follows:
30.09.2025
31.12.2024
S/(000)
S/(000)
Debt instruments measured at fair value through other comprehensive income (b) and (c)
20,994,458
20,377,805
Investments at amortized cost (d)
3,876,624
3,784,912
Investments at fair value through profit or loss (e)
1,979,248
1,776,567
Equity instruments measured at fair value through other comprehensive income (f)
511,123
458,268
Total financial investments
27,361,453
26,397,552
Accrued income
Debt instruments measured at fair value through other comprehensive income (b)
217,776
347,087
Investments at amortized cost (d)
40,493
113,286
Total
27,619,722
26,857,925
(b) Following is the detail of debt instruments measured at fair value through other comprehensive income:
Unrealized gross amount
Annual effective interest rates
Amortized
Estimated
S/
US$
cost
Gains
Losses (c)
fair value
Maturity
Min
Max
Min
Max
S/(000)
S/(000)
S/(000)
S/(000)
%
%
%
%
As of September 30, 2025
Corporate, leasing and subordinated bonds
9,539,774
227,184
(623,995
)
9,142,963
Dec-25 / Feb-97
3.17
22.13
4.24
11.64
Sovereign Bonds of the Republic of Peru
8,765,312
125,049
(205,176
)
8,685,185
Aug-26 / Feb-55
1.99
6.56
—
—
Negotiable Certificates of Deposit issued by the Central Reserve Bank of Peru
2,036,495
381
(25
)
2,036,851
Oct-25 / Feb-26
3.90
3.90
—
—
Global Bonds of the Republic of Peru
541,965
5,602
(8,717
)
538,850
Jan-26 / Nov-50
—
—
3.83
5.74
Bonds guaranteed by the Peruvian Government
494,702
13,025
(818
)
506,909
Apr-28 / Oct-33
3.28
4.20
5.57
6.67
Treasury Bonds of the United States of America
48,284
118
(2,342
)
46,060
Oct-25 / Aug-55
—
—
3.86
4.62
Global Bonds of the United States of Mexico
27,355
232
(1,676
)
25,911
May-31 / Feb-34
—
—
4.89
5.49
Global Bonds of the Republic of Chile
11,708
94
(73
)
11,729
Jan-29 / Jan-32
—
—
4.11
4.53
Total
21,465,595
371,685
(842,822
)
20,994,458
Accrued interest
217,776
Total
21,212,234
Unrealized gross amount
Annual effective interest rates
Amortized
Estimated
S/
US$
cost
Gains
Losses (c)
fair value
Maturity
Min
Max
Min
Max
S/(000)
S/(000)
S/(000)
S/(000)
%
%
%
%
As of December 31, 2024
Corporate, leasing and subordinated bonds
9,867,060
111,866
(805,981
)
9,172,945
Jan-25 / Feb-97
2.20
14.00
3.70
10.86
Sovereign Bonds of the Republic of Peru
8,331,426
24,387
(410,536
)
7,945,277
Aug-26 / Feb-55
2.81
7.12
-
-
Negotiable Certificates of Deposit issued by the Central Reserve Bank of Peru
2,113,571
370
(17
)
2,113,924
Jan-25 / Jun-25
4.51
4.68
-
-
Bonds guaranteed by the Peruvian Government
554,359
6,798
(4,603
)
556,554
Apr-28 / Oct-33
3.65
4.74
6.37
7.22
Global Bonds of the Republic of Peru
548,697
—
(27,058
)
521,639
Jul-25 / Nov-50
-
-
5.00
6.14
Treasury Bonds of the United States of America
57,607
—
(5,082
)
52,525
Nov-31 / Aug-34
-
-
4.46
4.53
Global Bonds of the United States of Mexico
18,100
—
(3,159
)
14,941
Feb-34
-
-
6.51
6.51
Total
21,490,820
143,421
(1,256,436
)
20,377,805
Accrued interest
347,087
Total
20,724,892
(c) The Group, according to the business model applied to these debt instruments, has the capacity to hold these investments for a sufficient period that allows the recovery of the fair value, up to the maximum period for the early recovery or the due date.
Following is the movement of the provision for expected credit loss for these debt instruments, measured at fair value through other comprehensive income:
30.09.2025
31.12.2024
30.09.2024
S/(000)
S/(000)
S/(000)
Expected credit loss at the beginning of the period
95,090
61,046
61,046
New assets originated or purchased
1,907
1,095
1,049
Assets derecognized or matured (excluding write-offs)
(2,876
)
(3,915
)
(3,672
)
Effect on the expected credit loss due to the change of the stage during the year
61,351
8,958
7,693
Loss for impairment
74,386
37,325
38,348
Others
2,039
4,058
(473
)
Movement of the period
136,807
47,521
42,945
Write-offs
(69,639
)
(13,043
)
—
Effect of foreign exchange variation
(2,000
)
(434
)
(465
)
Expected credit loss at the end of the period
160,258
95,090
103,526
(d) As of September 30, 2025, investments at amortized cost corresponds mainly to Sovereign Bonds of the Republic of Peru issued in Soles for an amount of S/3,775,985,000, including accrued interest of S/34,265,000 (as of December 31, 2024, investments at amortized cost corresponds mainly to Sovereign Bonds of the Republic of Peru issued in Soles for an amount of S/3,799,540,000, including accrued interest of S/101,143,000). Said investments present low credit risk and the impairment loss is not significant.
As of September 30, 2025, these investments have maturity dates that range from August 2026 to August 2039, have accrued interest at effective annual rates between 4.36 percent and 7.76 percent, and a fair value amounting to approximately S/3,918,550,000 (As of December 31, 2024, these investments have maturity dates that range from August 2026 to August 2039, have accrued interest at effective annual rates between 4.36 percent and 7.76 percent, and a fair value amounting to approximately S/3,775,935,000).
Additionally, as of September 30, 2025, term deposits mainly issued in local currency are held, for an amount of S/141,132,000, including accrued interest amounting to S/6,228,000 (as of December 31, 2024, term deposits mainly issued in local currency are held, for an amount of S/98,658,000, including accrued interest amounting to S/12,143,000).Said investments present low credit risk and the impairment loss is not material. As of September 30, 2025, the maturity of these investments fluctuates between February 2026 and February 2029, have accrued interest at effective annual rates between 3.00 percent and 5.00 percent, and their fair value amounts to approximately S/141,132,000 (as of December 31, 2024, the maturity of these investments fluctuated between January 2025 and February 2029, have accrued interest at effective annual rates between 3.10 percent and 8.80 percent, and their fair value amounted to approximately S/98,658,000).
During the year 2024, the Government of the Republic of Peru performed public offerings to repurchase certain sovereign bonds, with the purpose of renewing its debt and funding the fiscal deficit. Considering the purpose of this offer, subsequently to it, there should not be existing remaining sovereign bonds of the repurchased issuances or, in case of existing, they would become illiquid on the market. In that sense, during the year 2024, sold S/630,749,000, generating a gain amounting to S/866,000, which was recorded in the caption “Net gain on sale of financial investments” of the interim consolidated statement of income. Additionally, with the purpose of maintaining its asset management strategy, Interbank, during the year 2024, purchased simultaneously other sovereign bonds of the Republic of Peru for approximately S/628,675,000, and classified them as investments at amortized cost. In Management’s opinion and pursuant to IFRS 9, said transaction is congruent with the Group’s business model because although said sales were significant, they were infrequent and were performed with the sole purpose of facilitating the renewal and the funding of the fiscal deficit of the Republic of Peru, and thus the business model regarding these assets has always been to collection of the contractual cash flows.
As of September 30, 2025 and December 31, 2024, Interbank holds loans with the BCRP that are guaranteed with these sovereign bonds, classified as restricted, for approximately S/1,074,103,000 and S/1,861,524,000, respectively, see Note 10(a).
As of September 30, 2025 and December 31, 2024, Interbank holds loans with foreign banks that are guaranteed with these sovereign bonds, classified as restricted, for approximately S/418,538,000 and S/435,242,000, respectively; see Note 10(a).
(e) The composition of financial instruments at fair value through profit or loss is as follows:
30.09.2025
31.12.2024
S/(000)
S/(000)
Equity instruments
Local and foreign mutual funds and investment funds participations
1,714,892
1,396,582
Listed shares
73,514
202,054
Non-listed shares
172,753
154,856
Debt instruments
Sovereign Bonds of the Republic of Peru
11,953
8,538
Sovereign Bonds issued by foreign governments
3,976
2,431
Corporate, leasing and subordinated bonds
2,160
2,172
Negotiable Certificates of Deposits issued by the BCRP
—
9,934
Total
1,979,248
1,776,567
As of September 30, 2025 and December 31, 2024, investments at fair value through profit or loss include investments held for trading for approximately S/174,318,000 and S/152,755,000, respectively; and those assets that are necessarily measured at fair value through profit or loss for approximately S/1,804,930,000 and S/1,623,812,000, respectively.
(f) The composition of equity instruments measured at fair value through other comprehensive income is as follows:
30.09.2025
31.12.2024
S/(000)
S/(000)
Listed shares
469,106
420,474
Non-listed shares
42,017
37,794
Total
511,123
458,268
As of September 30, 2025 and December 31, 2024, it corresponds to investments in shares in the biological sciences, distribution of machinery, energy, telecommunications, financial and massive consumption sectors that are listed on the domestic and foreign markets.
(g) Below are the debt instruments measured at fair value through other comprehensive income and at amortized cost according to the stages indicated IFRS 9, as of September 30, 2025 and December 31, 2024:
30.09.2025
Debt instruments measured at fair value through other comprehensive income and at amortized cost
Stage 1
Stage 2
Stage 3
Total
S/(000)
S/(000)
S/(000)
S/(000)
Sovereign Bonds of the Republic of Peru
12,426,905
—
—
12,426,905
Corporate, leasing and subordinated bonds
8,546,881
592,543
3,539
9,142,963
Negotiable Certificates of Deposit issued by the BCRP
2,036,851
—
—
2,036,851
Global Bonds of the Republic of Peru
538,850
—
—
538,850
Bonds guaranteed by the Peruvian government
506,909
—
—
506,909
Treasury Bonds of the United States of America
46,060
—
—
46,060
Global Bonds of the United States of Mexico
25,911
—
—
25,911
Global Bonds of the Republic of Chile
11,729
—
—
11,729
Term deposits
134,904
—
—
134,904
Total
24,275,000
592,543
3,539
24,871,082
31.12.2024
Debt instruments measured at fair value through other comprehensive income and at amortized cost
Stage 1
Stage 2
Stage 3
Total
S/(000)
S/(000)
S/(000)
S/(000)
Sovereign Bonds of the Republic of Peru
11,643,674
—
—
11,643,674
Corporate, leasing and subordinated bonds
8,126,895
1,046,050
—
9,172,945
Negotiable Certificates of Deposit issued by the BCRP
2,113,924
—
—
2,113,924
Bonds guaranteed by the Peruvian government
556,554
—
—
556,554
Global Bonds of the Republic of Peru
521,639
—
—
521,639
Treasury Bonds of the United States of America
52,525
—
—
52,525
Global Bonds of the United States of Mexico
14,941
—
—
14,941
Term deposits
86,515
—
—
86,515
Total
23,116,667
1,046,050
—
24,162,717
6. Loans, net
(a) This caption is made up as follows:
30.09.2025
31.12.2024
S/(000)
S/(000)
Direct loans (*)
Loans (**)
40,244,120
38,456,682
Credit cards and other loans (***)
5,450,345
5,386,427
Leasing
1,662,532
1,584,357
Discounted notes
1,367,782
1,706,886
Factoring
1,014,186
1,410,968
Advances and overdrafts
57,808
101,848
Refinanced loans
488,548
449,438
Past due and under legal collection loans
1,272,408
1,318,758
51,557,729
50,415,364
Plus (minus)
Accrued interest from performing loans
571,471
569,384
Unearned interest and interest collected in advance
(15,763
)
(25,133
)
Impairment allowance for loans (d)
(1,666,317
)
(1,730,167
)
Total direct loans, net
50,447,120
49,229,448
Indirect loans
5,390,897
5,068,694
(*) Under the program “Reactiva Peru”, launched by the Peruvian Government in the context of the pandemic Covid-19, as a credit program guaranteed by it, Interbank granted loans for S/6,617,142,000, and the balance as of September 30, 2025 amounts to S/133,172,000, including accrued interest for S/46,753,000; S/25,718,000 being the amount covered by the guarantee of the Peruvian Government (as of December 31, 2024 amounts to S/315,379,000, including accrued interest for S/45,229,000; S/192,948,000 being the amount covered by the guarantee of the Peruvian Government).
(**) As of September 30, 2025 and December 31, 2024, Interbank maintains repo operations of loans represented in securities according to the BCRP’s definition. In consequence, loans provided as guarantee amounts to S/917,000 and S/123,772,000, respectively, and is presented in the caption “Loan, net”, and the related liability is presented in the caption “Due to banks and correspondents” of the interim consolidated statement of financial position; see Note 10(b).
(***) As of September 30, 2025 and December 31, 2024, it includes non-revolving consumer loans for approximately S/2,714,729,000 and S/2,666,284,000, respectively.
(b) The classification of the direct loan portfolio is as follows:
30.09.2025
31.12.2024
S/(000)
S/(000)
Commercial loans (c.1)
23,149,054
22,770,495
Consumer loans (c.1)
15,210,673
15,036,411
Mortgage loans (c.1)
11,138,869
10,571,300
Small and micro-business loans (c.1)
2,059,133
2,037,158
Total
51,557,729
50,415,364
For purposes of estimating the impairment loss in accordance with IFRS 9, the Group's loans are segmented into homogeneous groups that share similar risk characteristics. In this sense, the Group has determined three types of loan portfolios: Retail Banking (consumer and mortgage loans), Commercial Banking (commercial loans) and Small Business Banking (loans to small and micro-business).
(c) The following table shows the credit quality and maximum exposure to credit risk based on the Group's internal credit rating as of September 30, 2025 and December 31, 2024. The amounts presented do not consider impairment.
30.09.2025
31.12.2024
Direct loans, (c.1)
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Not impaired
High grade
36,598,386
124,382
—
36,722,768
32,184,807
340,472
—
32,525,279
Standard grade
5,578,412
1,552,645
—
7,131,057
8,332,692
1,513,955
—
9,846,647
Substandard grade
2,497,088
1,571,217
—
4,068,305
2,705,012
1,582,401
—
4,287,413
Past due but not impaired
1,344,722
1,091,271
—
2,435,993
1,335,553
1,172,779
—
2,508,332
Impaired
Individually
—
—
22,988
22,988
—
—
23,214
23,214
Collectively
—
—
1,176,618
1,176,618
—
—
1,224,479
1,224,479
Total direct loans
46,018,608
4,339,515
1,199,606
51,557,729
44,558,064
4,609,607
1,247,693
50,415,364
30.09.2025
31.12.2024
Contingent Credits: Guarantees and stand by letters, import and export letters of credit (substantially, all indirect loans correspond to commercial loans)
Stage 1 S/(000)
Stage 2 S/(000)
Stage 3 S/(000)
Total S/(000)
Stage 1 S/(000)
Stage 2 S/(000)
Stage 3 S/(000)
Total S/(000)
Not impaired
High grade
4,237,675
139,666
—
4,377,341
3,434,095
31,240
—
3,465,335
Standard grade
317,646
178,671
—
496,317
1,055,740
118,821
—
1,174,561
Substandard grade
372,347
132,462
—
504,809
272,352
132,498
—
404,850
Past due but not impaired
—
—
—
—
—
—
—
—
Impaired
Individually
—
—
6,181
6,181
—
—
6,181
6,181
Collectively
—
—
6,249
6,249
—
—
17,767
17,767
Total indirect loans
4,927,668
450,799
12,430
5,390,897
4,762,187
282,559
23,948
5,068,694
(c.1) The following tables show the credit quality and maximum exposure to credit risk for each classification of the direct loans:
30.09.2025
31.12.2024
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Commercial loans
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Not impaired
High grade
15,476,960
76,230
—
15,553,190
11,636,968
290,927
—
11,927,895
Standard grade
3,205,765
1,123,012
—
4,328,777
6,274,653
1,024,426
—
7,299,079
Substandard grade
1,402,330
395,620
—
1,797,950
1,749,950
356,019
—
2,105,969
Past due but not impaired
871,196
302,955
—
1,174,151
770,026
345,062
—
1,115,088
Impaired
Individually
—
—
22,988
22,988
—
—
23,214
23,214
Collectively
—
—
271,998
271,998
—
—
299,250
299,250
Total direct loans
20,956,251
1,897,817
294,986
23,149,054
20,431,597
2,016,434
322,464
22,770,495
30.09.2025
31.12.2024
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Consumer loans
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Not impaired
High grade
10,836,746
25,874
—
10,862,620
10,914,268
28,813
—
10,943,081
Standard grade
1,504,433
319,101
—
1,823,534
1,210,504
320,220
—
1,530,724
Substandard grade
730,815
714,207
—
1,445,022
593,507
765,324
—
1,358,831
Past due but not impaired
165,075
438,687
—
603,762
180,748
508,336
—
689,084
Impaired
Individually
—
—
—
—
—
—
—
—
Collectively
—
—
475,735
475,735
—
—
514,691
514,691
Total direct loans
13,237,069
1,497,869
475,735
15,210,673
12,899,027
1,622,693
514,691
15,036,411
30.09.2025
31.12.2024
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Mortgage loans
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Not impaired
High grade
9,010,665
22,111
—
9,032,776
8,407,045
20,165
—
8,427,210
Standard grade
524,520
5,967
—
530,487
528,923
3,714
—
532,637
Substandard grade
288,464
408,863
—
697,327
318,802
400,671
—
719,473
Past due but not impaired
268,024
263,553
—
531,577
322,348
244,537
—
566,885
Impaired
Individually
—
—
—
—
—
—
—
—
Collectively
—
—
346,702
346,702
—
—
325,095
325,095
Total direct loans
10,091,673
700,494
346,702
11,138,869
9,577,118
669,087
325,095
10,571,300
30.09.2025
31.12.2024
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Small and micro-business loans
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Not impaired
High grade
1,274,015
167
—
1,274,182
1,226,526
567
—
1,227,093
Standard grade
343,694
104,565
—
448,259
318,612
165,595
—
484,207
Substandard grade
75,479
52,527
—
128,006
42,753
60,387
—
103,140
Past due but not impaired
40,427
86,076
—
126,503
62,431
74,844
—
137,275
Impaired
Individually
—
—
—
—
—
—
—
—
Collectively
—
—
82,183
82,183
—
—
85,443
85,443
Total direct loans
1,733,615
243,335
82,183
2,059,133
1,650,322
301,393
85,443
2,037,158
(d) The balances of the direct and indirect loan portfolio and the movement of the respective allowance for expected credit loss, calculated according to IFRS 9, is as follows:
(d.1) Direct loans
30.09.2025
30.09.2024
31.12.2024
Changes in the allowance for expected credit losses for direct loans, see (d.1.1)
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Expected credit loss at beginning of year balances
439,324
566,636
724,207
1,730,167
545,242
833,912
970,271
2,349,425
2,349,425
Impact of the expected credit loss on the consolidated statement of income -
New originated or purchased assets
267,253
—
(2)
267,251
273,534
—
—
273,534
345,800
Assets matured or derecognized (excluding write-offs)
(92,201)
(78,644)
(31,343)
(202,188)
(95,316)
(50,949)
(19,118)
(165,383)
(205,649)
Transfers to Stage 1
88,167
(87,571)
(596)
—
116,524
(114,998)
(1,526)
—
—
Transfers to Stage 2
(104,890)
112,722
(7,832)
—
(117,659)
124,885
(7,226)
—
—
Transfers to Stage 3
(28,812)
(127,254)
156,066
—
(66,994)
(359,623)
426,617
—
—
Impact on the expected credit loss for credits that change stage in the period
(74,244)
137,226
593,826
656,808
(97,946)
180,005
1,227,905
1,309,964
1,571,218
Others
(25,261)
(38,727)
250,130
186,142
(107,507)
(59,548)
149,214
(17,841)
12,523
Total
30,012
(82,248)
960,249
908,013
(95,364)
(280,228)
1,775,866
1,400,274
1,723,892
Write-offs
—
—
(1,087,637)
(1,087,637)
—
—
(2,058,381)
(2,058,381)
(2,524,919)
Recovery of written–off loans
—
—
124,319
124,319
—
—
133,332
133,332
179,683
Foreign exchange effect
(466)
(820)
(7,259)
(8,545)
118
108
276
502
2,086
Expected credit loss at the end of period
468,870
483,568
713,879
1,666,317
449,996
553,792
821,364
1,825,152
1,730,167
(d.1.1) The following tables show the movement of the allowance for expected credit losses for each classification of the direct loan portfolio:
30.09.2025
30.09.2024
31.12.2024
Commercial loans
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Expected credit loss at beginning of year
16,640
36,158
123,013
175,811
51,611
64,470
162,385
278,466
278,466
Impact of the expected credit loss on the consolidated statement of income -
New originated or purchased assets
36,545
—
(2)
36,543
62,948
—
—
62,948
35,739
Assets derecognized or matured (excluding write-offs)
(11,338)
(13,459)
(5,121)
(29,918)
(25,587)
(17,138)
(1,818)
(44,543)
(50,613)
Transfers to Stage 1
3,568
(3,568)
—
—
4,854
(4,854)
—
—
—
Transfers to Stage 2
(18,287)
18,561
(274)
—
(25,009)
25,765
(756)
—
—
Transfers to Stage 3
(68)
(1,629)
1,697
—
(3,223)
(14,189)
17,412
—
—
Impact on the expected credit loss for credits that change stage in the period
(3,054)
2,063
(1,752)
(2,743)
(3,446)
1,909
20,058
18,521
5,748
Others
(2,571)
(4,281)
57,156
50,304
(14,482)
(8,473)
744
(22,211)
(21,110)
Total
4,795
(2,313)
51,704
54,186
(3,945)
(16,980)
35,640
14,715
(30,236)
Write-offs
—
—
(26,949)
(26,949)
—
—
(52,152)
(52,152)
(78,217)
Recovery of written–off loans
—
—
4,258
4,258
—
—
3,162
3,162
4,254
Foreign exchange effect
(426)
(349)
(5,702)
(6,477)
88
61
216
365
1,544
Expected credit loss at the end of period
21,009
33,496
146,324
200,829
47,754
47,551
149,251
244,556
175,811
30.09.2025
30.09.2024
31.12.2024
Consumer loans
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Expected credit loss at beginning of year
403,740
474,416
494,700
1,372,856
466,606
713,361
682,417
1,862,384
1,862,384
Impact of the expected credit loss on the consolidated statement of income -
New originated or purchased assets
193,398
—
—
193,398
170,401
—
—
170,401
219,439
Assets derecognized or matured (excluding write-offs)
(67,915)
(52,129)
(9,994)
(130,038)
(57,677)
(28,170)
(6,914)
(92,761)
(121,477)
Transfers to Stage 1
70,527
(69,931)
(596)
—
98,905
(97,703)
(1,202)
—
—
Transfers to Stage 2
(75,720)
78,154
(2,434)
—
(82,864)
85,379
(2,515)
—
—
Transfers to Stage 3
(26,467)
(114,853)
141,320
—
(56,062)
(319,550)
375,612
—
—
Impact on the expected credit loss for credits that change stage in the period
(57,891)
112,650
568,994
623,753
(82,543)
161,864
1,126,963
1,206,284
1,461,306
Others
(34,508)
(35,479)
172,039
102,052
(70,856)
(52,459)
156,997
33,682
95,934
Total
1,424
(81,588)
869,329
789,165
(80,696)
(250,639)
1,648,941
1,317,606
1,655,202
Write-offs
—
—
(1,015,421)
(1,015,421)
—
—
(1,899,656)
(1,899,656)
(2,310,032)
Recovery of written–off loans
—
—
110,673
110,673
—
—
122,422
122,422
165,081
Foreign exchange effect
(1)
(286)
(384)
(671)
29
42
51
122
221
Expected credit loss at the end of period
405,163
392,542
458,897
1,256,602
385,939
462,764
554,175
1,402,878
1,372,856
30.09.2025
30.09.2024
31.12.2024
Mortgage loans
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Expected credit loss at beginning of year
5,523
43,956
44,321
93,800
6,794
25,753
54,651
87,198
87,198
Impact of the expected credit loss on the consolidated statement of income -
New originated or purchased assets
2,324
—
—
2,324
2,818
—
—
2,818
4,114
Assets derecognized or matured (excluding write-offs)
(307
)
(1,951
)
(8,697
)
(10,955
)
(304
)
(1,161
)
(7,760
)
(9,225
)
(11,385
)
Transfers to Stage 1
12,158
(12,158
)
—
—
9,768
(9,768
)
—
—
—
Transfers to Stage 2
(1,454
)
6,551
(5,097
)
—
(2,053
)
5,964
(3,911
)
—
—
Transfers to Stage 3
(862
)
(2,938
)
3,800
—
(1,239
)
(2,881
)
4,120
—
—
Impact on the expected credit loss for credits that change stage in the period
(11,960
)
11,885
8,826
8,751
(9,401
)
13,043
18,574
22,216
22,256
Others
(538
)
(593
)
7,882
6,751
(2,460
)
(528
)
(2,489
)
(5,477
)
(6,945
)
Total
(639
)
796
6,714
6,871
(2,871
)
4,669
8,534
10,332
8,040
Write-offs
—
—
(2,380
)
(2,380
)
—
—
(1,274
)
(1,274
)
(1,755
)
Recovery of written–off loans
—
—
—
—
—
—
—
—
—
Foreign exchange effect
(35
)
(105
)
(1,124
)
(1,264
)
1
5
10
16
317
Expected credit loss at the end of period
4,849
44,647
47,531
97,027
3,924
30,427
61,921
96,272
93,800
30.09.2025
30.09.2024
31.12.2024
Small and micro-business loans
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Expected credit loss at beginning of year
13,421
12,106
62,173
87,700
20,231
30,328
70,818
121,377
121,377
Impact of the expected credit loss on the consolidated statement of income -
New originated or purchased assets
34,986
—
—
34,986
37,367
—
—
37,367
86,508
Assets derecognized or matured (excluding write-offs)
(12,641)
(11,105)
(7,531)
(31,277)
(11,748)
(4,480)
(2,626)
(18,854)
(22,174)
Transfers to Stage 1
1,914
(1,914)
—
—
2,997
(2,673)
(324)
—
—
Transfers to Stage 2
(9,429)
9,456
(27)
—
(7,733)
7,777
(44)
—
—
Transfers to Stage 3
(1,415)
(7,834)
9,249
—
(6,470)
(23,003)
29,473
—
—
Impact on the expected credit loss for credits that change stage in the period
(1,339)
10,628
17,758
27,047
(2,556)
3,189
62,310
62,943
81,908
Others
12,356
1,626
13,053
27,035
(19,709)
1,912
(6,038)
(23,835)
(55,356)
Total
24,432
857
32,502
57,791
(7,852)
(17,278)
82,751
57,621
90,886
Write-offs
—
—
(42,887)
(42,887)
—
—
(105,299)
(105,299)
(134,915)
Recovery of written–off loans
—
—
9,388
9,388
—
—
7,748
7,748
10,348
Foreign exchange effect
(4)
(80)
(49)
(133)
—
—
(1)
(1)
4
Expected credit loss at the end of period
37,849
12,883
61,127
111,859
12,379
13,050
56,017
81,446
87,700
(d.2) Indirect loans (substantially, all indirect loans correspond to commercial loans):
30.09.2025
30.09.2024
31.12.2024
Changes in the allowance for expected credit losses for indirect loans
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Expected credit loss at beginning of year balance
2,663
2,250
9,335
14,248
6,624
3,939
7,369
17,932
17,932
Impact of the expected credit loss on the consolidated statement of income -
New originated or purchased assets
2,655
—
—
2,655
3,982
—
—
3,982
2,110
Assets derecognized or matured
(928
)
(574
)
(1,262
)
(2,764
)
(2,792
)
(1,346
)
(328
)
(4,466
)
(5,089
)
Transfers to Stage 1
118
(118
)
—
—
1,308
(1,308
)
—
—
—
Transfers to Stage 2
(971
)
1,012
(41
)
—
(936
)
1,200
(264
)
—
—
Transfers to Stage 3
(117
)
—
117
—
(240
)
(71
)
311
—
—
Impact on the expected credit loss for credits that change stage in the period
(47
)
420
(34
)
339
(832
)
104
1,227
499
92
Others
269
108
(470
)
(93
)
(308
)
88
390
170
(826
)
Total
979
848
(1,690
)
137
182
(1,333
)
1,336
185
(3,713
)
Foreign exchange effect
(17
)
(6
)
(2
)
(25
)
—
—
—
—
29
Expected credit loss at the end of period, Note 8(a)
3,625
3,092
7,643
14,360
6,806
2,606
8,705
18,117
14,248
7. Investment property
(a) This caption is made up as follows:
30.09.2025
31.12.2024
Acquisition or construction year
Valuation methodology
S/(000)
S/(000)
Land (i)
San Isidro – Lima
267,784
279,775
2009
Appraisal
Pardo (Vivanda)
109,979
68,200
2021
Appraisal/Cost
San Martín de Porres – Lima
80,752
80,389
2015
Appraisal
Nuevo Chimbote
35,848
37,382
2021
Appraisal
Ate Vitarte – Lima
31,550
32,195
2006
Appraisal
Santa Clara – Lima
27,382
28,613
2017
Appraisal
Others
32,802
33,982
-
Appraisal/Cost
586,097
560,536
Completed investment property - “Real Plaza” shopping malls (i)
Talara
26,008
26,720
2015
DCF
26,008
26,720
Buildings (i)
Orquideas - San Isidro – Lima
152,105
150,718
2017
DCF
Ate Vitarte – Lima
144,666
133,768
2006
DCF
Chorrillos – Lima
103,347
95,849
2017
DCF
Piura
102,033
94,907
2020
DCF
Paseo del Bosque
100,808
100,023
2021
DCF
Chimbote
52,382
48,690
2015
DCF
Maestro-Huancayo
37,848
35,004
2017
DCF
Cuzco
33,213
29,843
2017
DCF
Panorama – Lima
24,223
22,474
2016
DCF
Others
89,159
83,256
-
DCF/Appraisal
839,784
794,532
Total
1,451,889
1,381,788
DCF: Discounted cash flow
(i) As of September 30, 2025 and December 31, 2024, there are no liens on investment property.
(b) The net gain on investment properties, as of September 30, 2025 and 2024, consists of the following:
30.09.2025
30.09.2024
S/(000)
S/(000)
Gain on valuation
27,944
29,418
Income from rental
57,621
53,145
Gain (loss) on sale
320
(3,176
)
Total gain, net
85,885
79,387
(c) The movement of investment property for the nine-month period ended September 30, 2025 and 2024, is as follows:
30.09.2025
30.09.2024
S/(000)
S/(000)
Beginning of period balance
1,381,788
1,298,892
Additions
47,157
40,516
Sales
—
(39,176
)
Gain on valuation
27,944
29,418
Net transfers
(5,000
)
—
Balance as of September 30
1,451,889
1,329,650
Balance as of December 31, 2024
1,381,788
8. Other accounts receivable and other assets, net, and other accounts payable, provisions and other liabilities
(a) These captions are comprised of the following:
30.09.2025
31.12.2024
S/(000)
S/(000)
Other accounts receivable and other assets
Financial instruments
Accounts receivable from sale of investments
611,352
432,341
Other accounts receivable, net
496,826
540,883
POS commission receivable
180,689
390,126
Operations in process
172,617
149,105
Accounts receivable related to derivative financial instruments (b)
161,021
143,201
Accounts receivable from short sale operations
45,847
61,191
Others
22,837
14,954
1,691,189
1,731,801
Non-financial instruments
Tax paid to recover
263,150
673,786
Deferred charges
161,262
99,776
Deferred cost of POS affiliation and registration
71,349
85,006
Tax credit for General Sales Tax - IGV
46,500
35,391
Investments in associates
25,089
24,795
POS equipment supplies
12,777
12,966
Assets received as payment and seized through legal actions
5,319
4,158
Others
9,595
2,499
595,041
938,377
Total
2,286,230
2,670,178
30.09.2025
31.12.2024
S/(000)
S/(000)
Other accounts payable, provisions and other liabilities
Financial instruments
Insurance contract liability with investment component
1,900,835
1,308,422
Other accounts payable
623,466
665,296
Accounts payable for purchase of investments
559,937
353,787
Third party compensation (*)
396,967
866,665
Operations in process
320,137
556,543
Accounts payable related to derivative financial instruments (b)
195,527
102,288
Workers’ profit sharing and salaries payable
171,701
109,395
Lease liabilities
149,392
143,803
Financial liabilities at fair value through profit or los
51,360
61,153
Allowance for indirect loan losses, Note 6(d.2)
14,360
14,248
Accounts payable to reinsurers and coinsurers
11,403
6,354
4,395,085
4,187,954
Non-financial instruments
Taxes payable
92,414
87,262
Provision for other contingencies
44,461
107,078
Deferred income (**)
40,660
36,394
Registration for use of POS
12,248
18,005
Others
10,870
8,839
200,653
257,578
Total
4,595,738
4,445,532
(*) Corresponds mainly to outstanding balances payable to affiliated businesses, for the consumptions made by the card’s users, net of the respective fee charged by Izipay, which are mainly settled the day after the transaction was made.
(**) Corresponds mainly to deferred fees for indirect loans (mainly guarantee letters) and the transactions registered in Izipay related to installments pending of accrual within the contract’s term with affiliated businesses.
(b) The following table presents, as of September 30, 2025 and December 31, 2024, the fair value of derivative financial instruments recorded as assets or liabilities, including their notional amounts.
Assets
Liabilities
Notional amount
Effective part recognized in other comprehensive income during the year
Maturity
Hedged instruments
Caption of the consolidated statement of financial position where the hedged item has been recognized
As of September 30, 2025
S/(000)
S/(000)
S/(000)
S/(000)
Derivatives held for trading -
Forward exchange contracts
107,146
57,823
6,870,127
—
Between October 2025 and February 2027
-
-
Interest rate swaps
22,050
13,722
3,302,066
—
Between October 2025 and June 2036
-
-
Cross swaps
9,205
20,918
1,068,858
—
Between October 2025 and April 2030
-
-
Options
—
2
2,328
—
Between November 2025 and April 2026
-
-
138,401
92,465
11,243,379
—
Derivatives held as hedges - Cash flow hedges:
Cross currency swaps (CCS)
—
75,951
1,041,000
11,208
October 2026
Corporate bonds
Bonds, notes and obligations outstanding
Cross currency swaps (CCS)
22,620
—
521,400
14,778
October 2027
Senior bond
Bonds, notes and obligations outstanding
Cross currency swaps (CCS)
—
2,279
173,500
(365)
October 2027
Due to banks
Due to banks and correspondents
Cross currency swaps (CCS)
—
2,664
173,500
(229)
September 2027
Due to banks
Due to banks and correspondents
Cross currency swaps (CCS)
—
9,713
69,520
2,119
October 2027
Senior bond
Bonds, notes and obligations outstanding
Cross currency swaps (CCS)
—
9,693
69,520
2,027
October 2027
Senior bond
Bonds, notes and obligations outstanding
Cross currency swaps (CCS)
—
2,762
34,760
688
October 2027
Senior bond
Bonds, notes and obligations outstanding
Cross currency swaps (CCS)
—
—
—
596
-
Due to banks
Due to banks and correspondents
Cross currency swaps (CCS)
—
—
—
492
-
Due to banks
Due to banks and correspondents
Cross currency swaps (CCS)
—
—
—
33
-
Due to banks
Due to banks and correspondents
22,620
103,062
2,083,200
31,347
161,021
195,527
13,326,579
31,347
Assets
Liabilities
Notional amount
Effective part recognized in other comprehensive income during the year
Maturity
Hedged instruments
Caption of the consolidated statement of financial position where the hedged item has been recognized
As of December 31, 2024
S/(000)
S/(000)
S/(000)
S/(000)
Derivatives held for trading -
Forward exchange contracts
22,336
45,012
7,092,071
—
Between January 2025 and June 2026
-
-
Cross swaps
11,593
13,277
1,899,348
—
Between January 2025 and November 2029
-
-
Interest rate swaps
38,817
28,812
1,742,139
—
Between January 2025 and June 2036
-
-
Options
—
—
2,518
—
Between January 2025 and July 2025
-
-
72,746
87,101
10,736,076
—
Derivatives held as hedges- Cash flow hedges:
Cross currency swaps (CCS)
5,953
3,415
1,129,200
(6,754)
October 2026
Corporate bonds
Bonds, notes and obligations outstanding
Cross currency swaps (CCS)
54,218
—
565,500
(10,463)
October 2027
Senior bond
Bonds, notes and obligations outstanding
Cross currency swaps (CCS)
3,168
—
188,200
1,002
June 2025
Due to banks
Due to banks and correspondents
Cross currency swaps (CCS)
—
404
188,200
742
May 2025
Due to banks
Due to banks and correspondents
Cross currency swaps (CCS)
—
5,518
75,400
(1,418)
October 2027
Senior bond
Bonds, notes and obligations outstanding
Cross currency swaps (CCS)
—
5,433
75,400
(1,537)
October 2027
Senior bond
Bonds, notes and obligations outstanding
Cross currency swaps (CCS)
7,116
—
75,280
588
February 2025
Due to banks
Due to banks and correspondents
Cross currency swaps (CCS)
—
417
37,700
(433)
October 2027
Senior bond
Bonds, notes and obligations outstanding
Cross currency swaps (CCS)
—
—
—
218
-
Due to banks
Due to banks and correspondents
Cross currency swaps (CCS)
—
—
—
632
-
Due to banks
Due to banks and correspondents
Cross currency swaps (CCS)
—
—
—
243
-
Due to banks
Due to banks and correspondents
70,455
15,187
2,334,880
(17,180)
143,201
102,288
13,070,956
(17,180)
(i) As of September 30, 2025 and December 31, 2024, certain derivative financial instruments hold collateral deposits; see Note 4(d).
(ii) For the designated hedging derivatives mentioned in the table above, changes in fair values of hedging instruments completely offset the changes in fair values of hedged items; therefore, there has been no hedge ineffectiveness as of September 30, 2025 and December 31, 2024. During 2025 and 2024, there were no discontinued hedges accounting.
(iii) Derivatives held for trading are traded mainly to satisfy clients’ needs. The Group may also take positions with the expectation of profiting from favorable movements in prices or rates. Also, this caption includes any derivatives which do not comply with IFRS 9 hedging accounting requirements.
9. Deposits and obligations
(a) This caption is made up as follows:
30.09.2025
31.12.2024
S/(000)
S/(000)
Time deposits
19,509,609
19,891,128
Saving deposits
19,979,099
19,411,720
Demand deposits
13,408,441
13,746,684
Compensation for service time
696,455
711,806
Other obligations
16,662
6,690
Total
53,610,266
53,768,028
(b) Interest rates applied to deposits and obligations are determined based on the market interest rates.
(c) As of September 30, 2025 and December 31, 2024, deposits and obligations of approximately S/19,822,844,000 and S/19,978,058,000, respectively, are covered by the Peruvian Deposit Insurance Fund. Likewise, at those dates, the coverage of the Deposit Insurance Fund by each client is up to S/118,300 and S/121,600, respectively.
10. Due to banks and correspondents
(a) This caption is comprised of the following:
30.09.2025
31.12.2024
S/(000)
S/(000)
By type -
Banco Central de Reserva del Peru (b)
1,872,800
1,756,687
Promotional credit lines
2,027,407
2,090,825
Loans received from foreign entities
3,737,572
3,304,169
Loans received from Peruvian entities
251,642
332,165
7,889,421
7,483,846
Interest and commissions payable
38,649
78,211
7,928,070
7,562,057
By term -
Short term
5,168,570
3,586,376
Long term
2,759,500
3,975,681
Total
7,928,070
7,562,057
(b) As part of the exceptional measures implemented to mitigate the financial and economic impact generated by the Covid-19 pandemic, the BCRP issued a series of regulations related to the loans repurchase agreements. As of September 30, 2025 and December 31, 2024, Interbank maintains this type of operations guaranteed by a loan portfolio for approximately S/917,000 and S/123,772,000, respectively. See Note 6(a).
11. Bonds, notes and other obligations
(a) This caption is comprised of the following:
Issuance
Issuer
Annual interest rate
Payment frequency
Maturity
Amount issued
30.09.2025
31.12.2024
(000)
S/(000)
S/(000)
Local issuances
Subordinated bonds – third program (b)
Fourth - single series
Interseguro
7.09375%
Semi-annually
2034
US$34,780
120,687
130,912
Third - single series
Interseguro
4.84375%
Semi-annually
2030
US$25,000
86,750
94,100
207,437
225,012
Subordinated bonds – fourth program
First (A series)
Interseguro
6.75%
Semi-annually
2034
US$28,706
99,610
108,049
First (B series)
Interseguro
6.50%
Semi-annually
2035
US$18,217
63,213
—
162,823
108,049
Negotiable certificates of deposits – second program
First (A series)
Interbank
5.21875%
Annual
2025
S/112,964
—
110,010
First (B series)
Interbank
4.9375%
Annual
2025
S/138,435
—
133,852
First (C series)
Interbank
4.59375%
Annual
2025
S/102,000
101,124
97,643
First (D series)
Interbank
4.56250%
Annual
2026
S/ 106,650
102,943
—
First (E series)
Interbank
4.46875%
Annual
2026
S/ 101,250
97,008
—
301,075
341,505
Corporate bonds – second program
Fifth (A series)
Interbank
3.41% + VAC (*)
Semi-annually
2029
S/150,000
150,000
150,000
Total local issuances
821,335
824,566
International issuances
Subordinated bonds
Interbank
4.000%
Semi-annually
2030
US$300,000
—
1,124,502
Corporate bonds
Interbank
5.000%
Semi-annually
2026
S/312,000
311,879
311,788
Corporate bonds
Interbank
3.250%
Semi-annually
2026
US$400,000
1,386,074
1,501,894
Senior bonds
IFS
4.125%
Semi-annually
2027
US$300,000
980,360
1,062,514
Subordinated bonds
Interbank
7.625%
Semi-annually
2034
US$300,000
1,035,718
1,122,122
Subordinated bonds
Interbank
6.397%
Semi-annually
2035
US$350,000
1,208,994
—
Total international issuances
4,923,025
5,122,820
Total local and international issuances
5,744,360
5,947,386
Interest payable
143,172
128,047
Total
5,887,532
6,075,433
(*) The Spanish term “Valor de actualización constante“ is referred to amounts in Soles indexed by inflation.
(b) International issuances are listed at the Luxembourg Stock Exchange. On the other hand, the local and international issuances include standard clauses of compliance with financial ratios, the use of funds and other administrative matters, which have met by the Group as of September 30, 2025 and December 31, 2024.
12. Assets and Liabilities for insurance and reinsurance contracts
(a) This caption is comprised of the following:
30.09.2025
31.12.2024
Assets
Liabilities
Net
Assets
Liabilities
Net
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Reinsurance contracts held (*)
(19,048
)
5,358
(13,690
)
(18,602
)
1,968
(16,634
)
Insurance contracts issued
Remaining coverage liability
(38,510
)
12,631,413
12,592,903
—
12,335,922
12,335,922
Liability for claims incurred
—
296,742
296,742
—
186,430
186,430
Total insurance contracts issued (b) and (c)
(38,510
)
12,928,155
12,889,645
—
12,522,352
12,522,352
Total reinsurance contracts held and issued
(57,558
)
12,933,513
12,875,955
(18,602
)
12,524,320
12,505,718
(*) Correspond to the ceded part of the reinsurance contracts mainly life insurance contracts.
(b) The composition of issued insurance contract liabilities is presented below:
30.09.2025
Liabilities remaining coverage
Liabilities remaining coverage for claims incurred in contracts measured by the general model (BBA) and variable rate model (VFA)
Liabilities Claim incurred contracts measured by the Premium Allocation Approach (PAA)
Excluding loss component
Loss component
Fulfillment Cash Flows (FCF)
Risk Adjustment (RA)
Fulfillment Cash Flows (FCF)
Risk Adjustment (RA)
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Balance as of January 1, 2025
11,593,754
742,168
148,101
4,271
33,276
782
12,522,352
Insurance revenue
(802,751
)
—
—
—
—
—
(802,751
)
Contracts under fair value, BBA and VFA approach
(435,941
)
—
—
—
—
—
(435,941
)
Contracts under PAA approach
(366,810
)
—
—
—
—
—
(366,810
)
Insurance service expenses
128,700
(27,699
)
326,103
(1,789
)
250,314
4,596
680,225
Claims and other expenses incurred
—
—
724,780
71
173,884
4,596
903,331
Amortization of insurance acquisition cash flows
128,700
—
—
—
—
—
128,700
Gains on onerous contracts and reversals of those losses
—
(27,699
)
—
—
—
—
(27,699
)
Changes to liabilities for incurred claims
—
—
(398,677
)
(1,860
)
76,430
—
(324,107
)
Insurance service result
(674,051
)
(27,699
)
326,103
(1,789
)
250,314
4,596
(122,526
)
Insurance financial expenses
982,051
22,096
—
—
—
—
1,004,147
Insurance financial result
446,271
22,096
—
—
—
—
468,367
Interest rate effect
535,780
—
—
—
—
—
535,780
Effect of movements in exchange rates
(348,723
)
(16,511
)
(1,581
)
(192
)
(555
)
(7
)
(367,569
)
Total changes in the statement of income and other comprehensive income
(40,723
)
(22,114
)
324,522
(1,981
)
249,759
4,589
514,052
Net cash flow and investment component
319,818
—
(341,314
)
—
(125,263
)
—
(146,759
)
Premiums received
943,266
—
—
—
—
—
943,266
Claims and other expenses paid
—
—
(774,803
)
—
(125,263
)
—
(900,066
)
Insurance acquisition cash flows
(189,959
)
—
—
—
—
—
(189,959
)
Investment component
(433,489
)
—
433,489
—
—
—
—
Balance as of September 30, 2025
11,872,849
720,054
131,309
2,290
157,772
5,371
12,889,645
31.12.2024
Liabilities remaining coverage
Liabilities remaining coverage for claims incurred in contracts measured by the general model (BBA) and variable rate model (VFA)
Liabilities Claim incurred contracts measured by the Premium Allocation Approach (PAA)
Excluding loss component
Loss component
Fulfillment Cash Flows (FCF)
Risk Adjustment (RA)
Fulfillment Cash Flows (FCF)
Risk Adjustment (RA)
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Balance as of January 1, 2024
11,301,149
699,071
155,649
5,257
43,237
1,278
12,205,641
Insurance revenue
(768,758
)
—
—
—
—
—
(768,758
)
Contracts under fair value, BBA and VFA approach
(545,835
)
—
—
—
—
—
(545,835
)
Contracts under PAA approach
(222,923
)
—
—
—
—
—
(222,923
)
Insurance service expenses
136,433
6,872
454,446
(990
)
101,245
(497
)
697,509
Claims and other expenses incurred
—
—
979,959
106
47,549
(497
)
1,027,117
Amortization of insurance acquisition cash flows
136,433
—
—
—
—
—
136,433
Gains on onerous contracts and reversals of those losses
—
6,872
—
—
—
—
6,872
Changes to liabilities for incurred claims
—
—
(525,513
)
(1,096
)
53,696
—
(472,913
)
Insurance service result
(632,325
)
6,872
454,446
(990
)
101,245
(497
)
(71,249
)
Insurance financial expenses
622,647
32,557
—
—
—
—
655,204
Insurance financial result
563,093
32,557
—
—
—
—
595,650
Interest rate effect
59,554
—
—
—
—
—
59,554
Effect of movements in exchange rates
67,098
3,668
292
4
146
1
71,209
Total changes in the statement of income and other comprehensive income
57,420
43,097
454,738
(986
)
101,391
(496
)
655,164
Net cash flow and investment component
235,185
—
(462,286
)
—
(111,352
)
—
(338,453
)
Premiums received
1,029,082
—
—
—
—
—
1,029,082
Claims and other expenses paid
—
—
(1,039,615
)
—
(111,352
)
—
(1,150,967
)
Insurance acquisition cash flows
(216,568
)
—
—
—
—
—
(216,568
)
Investment component
(577,329
)
—
577,329
—
—
—
—
Balance as of December 31, 2024
11,593,754
742,168
148,101
4,271
33,276
782
12,522,352
(c) Following is the present value estimates of future cash flows, risk adjustment and the contractual service margin (CSM) for portfolios included in the life insurance unit of insurance contracts issued:
30.09.2025
31.12.2024
Estimates of the present value of future cash flows
Risk Adjustment
Contractual Service Margin
Total
Estimates of the present value of future cash flows
Risk Adjustment
Contractual Service Margin
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Balance as of January 1
11,305,123
277,284
870,851
12,453,258
11,072,275
302,764
742,870
12,117,909
Changes that relate to current services
Contractual service margin recognized for services provided
—
—
(67,740
)
(67,740
)
—
—
(94,596
)
(94,596
)
Risk adjustment recognized for the risk expired
—
(15,385
)
—
(15,385
)
—
(12,257
)
—
(12,257
)
Experience adjustments
(46,862
)
—
—
(46,862
)
(30,427
)
—
—
(30,427
)
Changes that relate to future services
Contracts initially recognized in the period
(239,199
)
13,484
252,488
26,773
(260,895
)
13,417
269,737
22,259
Changes in estimates that adjust the contractual service margin
40,347
(1,976
)
(38,371
)
—
101,713
(6,470
)
(95,243
)
—
Changes in estimates that do not adjust the contractual service margin
4,156
(8,662
)
—
(4,506
)
88,456
(36,502
)
—
51,954
Changes that relate to past services
Adjustments to liabilities for incurred claims
(15,005
)
(1,997
)
—
(17,002
)
(6,806
)
—
—
(6,806
)
Insurance service result
(256,563
)
(14,536
)
146,377
(124,722
)
(107,959
)
(41,812
)
79,898
(69,873
)
Insurance financial expenses
889,103
20,405
37,853
947,361
593,390
15,090
46,348
654,828
Insurance financial result
353,323
20,405
37,853
411,581
533,836
15,090
46,348
595,274
Interest rate effect (*)
535,780
—
—
535,780
59,554
—
—
59,554
Effect of movements in Exchange rates
(294,188
)
(6,656
)
(9,050
)
(309,894
)
68,328
1,242
1,735
71,305
Total changes in the statement of income and other comprehensive income
338,352
(787
)
175,180
512,745
553,759
(25,480
)
127,981
656,260
Cash flows
(237,720
)
—
—
(237,720
)
(320,911
)
—
—
(320,911
)
Premiums received
614,910
—
—
614,910
812,221
—
—
812,221
Claims and other expenses paid
(774,803
)
—
—
(774,803
)
(1,039,615
)
—
—
(1,039,615
)
Insurance acquisition cash flows
(77,827
)
—
—
(77,827
)
(93,517
)
—
—
(93,517
)
Balances
11,405,755
276,497
1,046,031
12,728,283
11,305,123
277,284
870,851
12,453,258
(*) Balance does not include PPA movement of LRC and LIC amounting to S/161,362,000 and S/69,094,000 as of September 30, 2025 and December 31, 2024, respectively.
(d) Following is the CSM movement for insurance contract portfolios using the fair value approach, as of September 30, 2025 and December 31, 2024:
30.09.2025
31.12.2024
S/(000)
S/(000)
Contractual Service Margin as of January 1
870,851
742,870
Changes that relate to current services
Contractual service margin recognized for services provided
(67,740
)
(94,596
)
Changes that relate to future services
Contracts initially recognized in the period
252,488
269,737
Changes in estimates that adjust the contractual service margin
(38,371
)
(95,243
)
Insurance service result
146,377
79,898
Insurance financial expenses
37,853
46,348
Effect of movements in exchange difference
(9,050
)
1,735
Total changes in the statement of income
175,180
127,981
Other movements
—
—
Balance
1,046,031
870,851
(e) Reconciliation of the amount included in net unrealized results for insurance premium reserves. On transition to IFRS 17, the Group applied the fair value approach for certain groups of contracts with term-life cover and surrender options. The movement in the fair value reserve for related financial assets measured at fair value through other comprehensive income is disclosed below:
30.09.2025
31.12.2024
S/(000)
S/(000)
Cumulative other comprehensive income, opening balance
682,727
744,116
Losses recognized in other comprehensive income in the period
(535,780
)
(59,554
)
Rate effect of “Renta Particular” contract (*)
(530
)
1,065
Others
(2,175
)
(2,900
)
Cumulative other comprehensive income, closing balance
144,242
682,727
(*) Comprises the variation in market interest rate of contracts with investment component recorded in the caption “other accounts payable, provisions and other liabilities”, see Note 8.
13. Equity, net
(a) Capital stock and distribution of dividends -
IFS’s shares are listed on the Lima Stock Exchange and, since July 2019, they are listed also on the New York Stock Exchange. IFS’s shares have no nominal value and their issuance value was US$9.72 per share. As of September 30, 2025 and December 31, 2024, IFS’s capital stock is represented by 115,447,705 subscribed and paid-in common shares.
The General Shareholders’ Meeting of IFS held on March 31, 2025, agreed to distribute dividends charged to profits for the year 2024 for approximately US$115,443,000 (equivalent to S/420,096,000); at a rate of US$1.00 per share, paid in May 2025.
The General Shareholders’ Meeting of IFS held on April 1, 2024, agreed to distribute dividends charged to profits for the year 2023 for approximately US$115,443,000 (equivalent to S/427,369,000); at a rate of US$1.00 per share, paid on April 29, 2024.
(b) Treasury stock -
On March 31, 2023, IFS’s shareholders approved the Share Repurchase Program for an amount of up to US$100 million of common shares (“2023 Share Repurchase Program”). Additionally, on March 31, 2025, IFS’s shareholders approved a new Share Repurchase Program, which is expected to begin after the previous program is exhausted or terminated.
In the context of both programs, as of September 30, 2025 and December 31, 2024, the Company and certain subsidiaries hold 4,096,000 and 2,159,000 shares issued by IFS, with an acquisition cost of US$117,097,000 (equivalent to S/433,225,000) and US$55,704,000 (equivalent to S/206,997,000), respectively.
(c) Capital surplus -
Corresponds to the difference between the nominal value of the shares issued and their public offerings price, which were performed in 2007 and 2019. Capital surplus is presented net of the expenses incurred and related to the issuance of such shares.
(d) Reserves -
The Board of Directors’ Meeting of IFS held on March 31, 2025, agreed to constitute reserves for S/800,000,000 charged to retained earnings.
The Board of Directors’ Meeting of IFS held on November 12, 2024, agreed to constitute reserves for S/2,300,000,000 charged to retained earnings.
(e) Equity for legal purposes (regulatory capital) -
Within the framework of the Consolidated Supervision set out by the Regulation for the Consolidated Supervision of Financial and Mixed Conglomerates, approved by SBS Resolution No. 11823-2010 and amendments, the Intercorp Group must meet certain capital requirements as well as global and concentration limits, among other requirements, applicable to its Financial Group, which is defined by the SBS. As of September 30, 2025 and December 31, 2024, the Financial Group is comprised of Intercorp Financial Services Inc. and its subsidiaries plus Financiera Oh, a related entity and subsidiary of Intercorp Peru Ltd.
On the other hand, Interbank, Interseguro and Inteligo Bank (a Subsidiary of Inteligo Group Corp.), are individually supervised by their respective regulators. In this context, they are also subject to capital requirements and global and concentration limits, among other requirements, which are calculated based on the separate financial statement of each Subsidiary and prepared following the accounting principles and practices of their respective regulators (the SBS or the Central Bank of the Bahamas, in the case of Inteligo Bank).
As of September 30, 2025 and December 31, 2024, the Company and its subsidiaries have complied with the capital requirements and complementary provisions established by their regulators for consolidated and individual supervision purposes, as applicable.
14. Tax situation
(a) IFS is incorporated and domiciled in the Republic of Panama, is not subject to any Income Tax, or any other taxes on capital gains, equity or property. The Subsidiaries incorporated and domiciled in Peru (see Note 2) are subject to the Peruvian Tax legislation; see paragraph (c).
Peruvian life insurance companies are exempt from Income Tax regarding the income derived from assets linked to technical reserves for pension insurance and pensions from the Private Pension Fund Administration System; as well as income generated through assets related to life insurance contracts with savings component.
In Peru, all income from Peruvian sources obtained from the direct or indirect sale of shares of stock capital representing participation of legal persons domiciled in the country are subject to income tax. For that purpose, an indirect sale shall be considered to have occurred when shares of stock or ownership interests of a legal entity are sold and this legal entity is not domiciled in the country and, in turn, is the holder — whether directly or through other legal entity or entities — of shares of stock or ownership interests of one or more legal entities domiciled in the country, provided that certain conditions established by law occur.
In this sense, the Act states that an assumption of indirect transfer of shares arises when in any of the 12 months prior to disposal, the market value of shares or participation of the legal person domiciled is equivalent to 50 percent or more of the market value of shares or participation of the legal person non-domiciled. Additionally, as a concurrent condition, it is established that in any period of 12 months shares or participations representing 10 percent or more of the capital of legal persons non-domiciled be disposal.
Also, an indirect disposal assumption arises when the total amount of the shares of the domiciled legal person whose indirect disposal is performed, is equal or greater than 40,000 Taxation Units (henceforth “UIT”, by its Spanish acronym).
(b) Legal entities or individuals not domiciled in Peru are subject to an additional tax (equivalent to 5 percent) on dividends received from entities domiciled in Peru. The corresponding tax is withheld by the entity that distributes the dividends. In this regard, since IFS controls the entities that distribute the dividends, it records the amount of the Income Tax on dividends as expense of the financial year of the dividends received. In this sense,as of September 30, 2025 and 2024, the Company has recorded a provision for income tax on dividends amounting S/30,109,000 and S/19,314,000, respectively, in the caption “Income Tax” of the interim consolidated statement of income.
(c) IFS’s Subsidiaries incorporated in Peru are subject to the payment of Peruvian taxes; hence, they must calculate their tax expenses on the basis of their separate financial statements. The Income Tax rate as of September 30, 2025 and December 31, 2024, was 29.5 percent, over the taxable income.
(d) With regard to subsidiaries domiciled in Peru, the Tax Authority (henceforth “Superintendencia Nacional de Aduanas y Administración Tributaria” or “SUNAT”, by its Spanish acronym) is legally entitled to review, if applicable, modify the income tax for up to four years subsequent to the tax return regarding a taxable period must be filed.
Following is the detail of the taxable periods subject to inspection by the SUNAT as of September 30, 2025:
Entity
Periods subject to review
Interbank
From 2021 to 2024
Interseguro
From 2021 to 2024
Izipay
From 2020 to 2024
Procesos de Medios de Pago
From 2021 to 2024
Due to the possible interpretations that the SUNAT may have on the legislation in force, it is not possible to determine at this date whether or not the reviews carried out will result in liabilities for the Subsidiaries; therefore, any higher tax or surcharge that may result from possible tax reviews would be applied to the results of the year in which it is determined.
In the normal course of its operations, some subsidiaries maintain tax procedures related with activities performed in Peru. Following is the description of the most relevant tax procedures for the main businesses:
Interbank:
- Tax periods from 2000 to 2006:
For these periods, the most relevant matter subject to discrepancy with SUNAT corresponds to whether the “interest in suspense” are subject to Income Tax or not. In this sense, Interbank considers that the interest in suspense does not constitute accrued income, in accordance with the SBS’s regulations and IFRS accounting standards, which is also supported by a ruling by the Permanent Constitutional and Social Law Chamber of the Supreme Court issued in August 2009 and a pronouncement in June 2019.
In this context, regarding the Tax Period 2003 review, in October 2024, through Resolution of Coactive Collection, SUNAT required Interbank the payment of the liability from the third-category Income Tax corresponding the period 2003 for approximately S/17,800,000 (including taxes, fines and arrears). Although this amount was paid in November 2024, the case continues at the Judiciary and the payment made has been recorded as “Tax paid to recover” in the caption “Other accounts receivable and other assets, net”; see Note 8(a).
Regarding Tax Period 2004 review, in May 2025, through Resolution of Coactive Collection, SUNAT required Interbank to pay the tax liability regarding the advance payments of the Income Tax corresponding to the periods March to December 2004, for approximately S/7,000,000 (including fines and arrears). Interbank paid in May 2025; however, the case continues its course at the Judiciary. This payment has been recorded as “Tax paid to recover” in the caption “Other accounts receivable and other assets, net”; see Note 8(a).
Regarding Tax Period 2005 review, in March 2025, through Resolution of Coactive Collection, SUNAT notified the payment of the tax liability for S/11,300,000 (comprising the tax, fines and arrears). Interbank paid in April 2025; however, the process is under way in the Judiciary. This payment has been recorded as “Tax paid to recover” in the caption “Other accounts receivable and other assets, net”; see Note 8(a).
On the other hand, regarding Tax period 2006 review, Interbank was notified with Resolutions of Coactive Collection regarding the Income Tax and the advance payments of the third-category Income Tax for approximately S/3,100,000 and S/28,800,000, respectively. Interbank paid in June 2025; however, the case continues its course at Judiciary. This payment has been recorded as “Tax paid to recover” in the caption “Other accounts receivable and other assets, net”; see Note 8(a).
- Tax period 2010:
In February 2017, SUNAT closed the audit procedure corresponding to the Income Tax for the year 2010. Interbank paid the debt under protest and filed a claim recourse. As of the date of this report, the procedure has been appealed, and it is pending resolution by the Tax Court.
- Tax period 2012:
In July 2020, Interbank was notified of the Determination and Penalty Resolutions corresponding to the audit of the third-category Income Tax for the fiscal year 2012. As of the date of this report, the process is on appeal, pending resolution by the Tax Court.
- Tax period 2013:
In December 2022, the SUNAT through Resolution of Coactive Collection, notified the payment of the third-category Income Tax debt corresponding to the period 2013, for approximately S/62,000,000 (which includes the tax, fines and interest arrears). Interbank paid in February 2023; however, the process continues before the Judiciary instance. This payment was recorded as “Tax paid to recover”, in the caption “Other accounts receivable and other assets, net”; see Note 8(a).
- Tax period 2014, 2025, 2017 and 2018:
On the other hand, tax audits for periods 2014, 2015, 2017 and 2018 are under appeal, pending resolution by the Tax Court.
- Tax period 2019:
In May 2025, Interbank was notified with Resolutions of Determination and of Penalties corresponding the Income Tax and advance payments of the third-category Income Tax for the period 2019, for approximately S/5,000,000. Interbank paid and recorded this amount as “Tax paid to recover”, in the caption “Other accounts receivable and other assets, net”, see Note 8(a).
- Tax period 2020:
As of the date of this report, the 2020 tax period is under audit.
In the opinion of Management and its legal advisors, any eventual additional tax payment would not be significant for the financial statements as of September 30, 2025, and December 31, 2024.
Proceso de Medios de Pago:
In December 2024, SUNAT concluded the definite audit procedure of the Income Tax for the period 2020, without material observations.
Izipay:
As of September 30, 2025 and December 31, 2024, Izipay maintains carryforward tax losses amounting to S/91,515,432 and S/70,043,812, respectively. In application of current tax regulations, the Company opted for system “B” to offset its tax losses. Through this system, the tax loss may be offset against the net income obtained in the following years, up to 50 percent of said income until they are extinguished; therefore, they do not have an expiration date.
In the opinion of IFS' Management, its Subsidiaries and its legal advisors, any eventual additional tax would not be significant for the financial statements as of September 30, 2025 and December 31, 2024.
(e) IFS’s Subsidiaries recognize the period’s Income Tax expense using the best estimate of the tax rate. The table below presents the amounts reported in the interim consolidated statements of income:
For the nine-month ended as of September 30,
2025
2024
S/(000)
S/(000)
Current – Expense
383,665
99,277
Current – Dividend expense, Note 14(b)
30,109
19,314
Deferred – (Income) expense
(42,299
)
68,682
371,475
187,273
(f) In 2024, The Bahamas implemented a Qualified Domestic Minimum Top-Up Tax (QDMTT) pursuant to the rules of the global minimum corporate tax rate, published by the Organization for Economic Co-operation and Development (“OECD”). This tax is applicable starting in the period 2025 to multinational groups with consolidated annual revenues of at least €750,000,000, which will be subject to a minimum effective tax rate of 15 percent.
15. Interest income and expenses, and similar accounts
This caption is comprised of the following:
30.09.2025
30.09.2024
S/(000)
S/(000)
Interest and similar income
Interest on loan portfolio
3,798,975
3,873,762
Impact from the modification of contractual cash flows due to the loan rescheduling schemes
(585
)
2,063
Interest on investments at fair value through other comprehensive income
890,311
933,345
Interest on due from banks and inter-bank funds
233,170
288,156
Interest on investments at amortized cost
172,361
159,265
Dividends on financial instruments
64,732
36,198
Others
10,179
10,136
Total
5,169,143
5,302,925
Interest and similar expenses
Interest and fees on deposits and obligations
(952,076
)
(1,161,345
)
Interest and fees on obligations with financial institutions
(308,748
)
(367,351
)
Interest on bonds, notes and other obligations
(299,761
)
(245,069
)
Insurance contract expense with investment component
(75,090
)
(55,338
)
Deposit insurance fund fees
(67,060
)
(64,357
)
Interest on lease payments
(7,216
)
(5,448
)
Others
(6,795
)
(5,952
)
Total
(1,716,746
)
(1,904,860
)
16. Fee income from financial services, net
(a)
This caption is comprised of the following:
30.09.2025
30.09.2024
S/(000)
S/(000)
Income
Performance obligations at a point in time:
Accounts maintenance, carriage, transfers, and debit and credit card fees
581,846
558,917
Income from services (acquirer and issuer role) (b)
540,142
542,081
Banking service fees
179,100
148,753
Brokerage and custody services
8,586
5,934
Others
18,761
23,305
Performance obligations over time:
Funds management
131,553
115,219
Contingent loans fees
50,847
50,538
Collection services
38,724
42,470
Others
21,224
15,005
Total
1,570,783
1,502,222
Expenses
Expenses for services (acquirer and issuer role) (b)
(257,736)
(251,793)
Credit cards
(117,563)
(145,127)
Credit card processing commissions
(85,417)
(76,822)
Local banks fees
(54,737)
(52,105)
Digital services fees
(54,503)
(37,507)
Credit life insurance premiums
(50,011)
(52,367)
Foreign banks fees
(20,252)
(19,557)
Others
(24,118)
(23,920)
Total
(664,337)
(659,198)
Net
906,446
843,024
(b) Corresponds to the management and operation of the shared service of transaction processing of credit and debit cards, for clients of Izipay.
17. Other income and (expenses)
This caption is comprised of the following:
30.09.2025
30.09.2024
S/(000)
S/(000)
Other income
Gain from sale of written-off-loans
28,702
1,012
Maintenance, installation and sale of POS equipment
14,903
17,900
Other technical income from insurance operations
9,265
4,317
Participation in investments in associates
5,487
5,564
Services rendered to third parties
5,287
6,421
Income from ATM rentals
4,069
4,106
Others
41,134
34,342
Total other income
108,847
73,662
Other expenses
Commissions from insurance activities
(44,403
)
(31,371
)
Administrative and tax penalties
(13,691
)
(10,731
)
Expenses related to rental income
(10,478
)
(8,719
)
Provision for accounts receivable
(10,205
)
(7,863
)
Sundry technical insurance expenses
(8,976
)
(10,970
)
Donations
(3,296
)
(3,381
)
Provision for sundry risk
(2,291
)
(21,091
)
Others
(25,218
)
(42,827
)
Total other expenses
(118,558
)
(136,953
)
.
18. Result from insurance activities
(a) This caption is comprised of the following:
30.09.2025
30.09.2024
Massive
Pensions
Life
Total
Massive
Pensions
Life
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Insurance service income -
Contracts measured under BBA and VFA (*):
CSM recognized for services rendered
37,729
3,709
26,302
67,740
47,578
2,878
21,062
71,518
Change in Risk adjustment for non-financial risk
2,047
11,469
1,010
14,526
2,361
3,763
(564
)
5,560
Insurance service expenses and expected claims incurred
(**) Before expenses attributed to the insurance activity that are presented in the caption “Other expenses” in the interim consolidated statement of income, and that correspond to salaries and employee benefits, administrative expenses, depreciation and amortization, and other expenses for S/304,041,000 and S/277,677,000 as of September 30, 2025 and 2024, respectively. See also segment information in Note 21.
(b) The composition of the financial result of insurance operations, is as follows:
30.09.2025
30.09.2024
Pensions
Life
Total
Pensions
Life
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Financial expenses for issued insurance contracts -
Changes in the obligation to pay the fair value holder of the underlying assets of direct participation agreements due to the investment’s return
—
(11,469
)
(11,469
)
—
(6,022
)
(6,022
)
Interest credited
(426,631
)
(32,764
)
(459,395
)
(419,718
)
(24,755
)
(444,473
)
Changes in interest rate and other financial hypotheses
(284
)
3,016
2,732
(243
)
3,588
3,345
Effect of changes in current estimates and in CSM adjustment rates in relation to the rates used in the initial recognition
(15
)
(220
)
(235
)
1
(2
)
(1
)
Financial results from insurance operations
(426,930
)
(41,437
)
(468,367
)
(419,960
)
(27,191
)
(447,151
)
19. Earnings per share
The following table presents the calculation of the weighted average number of shares and the basic and diluted earnings per share, determined and calculated based on the earnings attributable to the Group:
Outstanding shares
Shares considered in computation
Effective days in the period
Weighted average number of shares outstanding
(in thousands)
(in thousands)
(in thousands)
Period 2024
Balance as of January 1
114,480
114,480
270
114,480
Purchase of treasury stock
(48
)
(48
)
5
(1
)
Balance as of September 30, 2024
114,432
114,432
114,479
Net earnings attributable to IFS’s shareholders for the period S/(000)
812,530
Earnings per share attributable to IFS’s shareholders in Soles (basic and diluted)
7.098
Period 2025
Balance as of January 1
113,288
113,288
270
113,288
Purchase of treasury stock
(1,937
)
(1,937
)
147
(1,055
)
Balance as of September 30, 2025
111,351
111,351
112,233
Net earnings attributable to IFS’s shareholders for the period S/(000)
1,474,066
Earnings per share attributable to IFS’s shareholders in Soles (basic and diluted)
13.134
20. Transactions with related parties and affiliated entities
(a) The table below presents the main transactions with related parties and affiliated entities as of September 30, 2025 and December 31, 2024 and for the nine-month period ended September 30, 2025 and 2024:
30.09.2025
31.12.2024
S/(000)
S/(000)
Assets
Instruments at fair value through profit or loss
209
819
Investments at fair value through other comprehensive income
71,117
72,906
Loans, net (b)
1,938,105
1,805,083
Accounts receivable
89,041
87,889
Other assets
8,286
11,454
Liabilities
Deposits and obligations
1,052,783
1,084,713
Other liabilities
74,098
224,391
Off-balance sheet accounts
Indirect loans (b)
68,811
59,399
30.09.2025
30.09.2024
S/(000)
S/(000)
Income (expenses)
Interest and similar income
104,745
88,273
Rental income
25,793
21,565
Interest and similar expenses
(19,288
)
(24,935
)
Administrative expenses
(31,681
)
(29,943
)
Gain (loss) on sale of investment property
320
(3,176
)
Others, net
47,002
46,535
(b) As of September 30, 2025 and December 31, 2024, the detail of loans is the following:
30.09.2025
31.12.2024
Direct Loans
Indirect Loans
Total
Direct Loans
Indirect Loans
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Affiliated
1,418,481
15,077
1,433,558
1,502,218
3,409
1,505,627
Associates
519,624
53,734
573,358
302,865
55,990
358,855
1,938,105
68,811
2,006,916
1,805,083
59,399
1,864,482
(c) As of September 30, 2025 and December 31, 2024, the directors, executives and employees of the Group have been involved in credit transactions with certain subsidiaries of the Group, between the permitted limits by Peruvian law for financial entities. As of September 30, 2025 and December 31, 2024, direct loans to employees, directors and executives amounted to S/254,620,000 and S/235,235,000, respectively; said loans are repaid monthly and bear interest at market rates.
There are no loans to the Group’s directors and key personnel guaranteed with shares of any Subsidiary.
(d) The Group’s key personnel basic remuneration for the nine-month period ended September 30, 2025 and 2024, is presented below:
30.09.2025
30.09.2024
S/(000)
S/(000)
Salaries
28,070
26,673
Board of Directors’ compensations
3,074
3,023
Total
31,144
29,696
(e) As of September 30, 2025 and December 31, 2024, the Group holds participation in different mutual funds that are managed by its subsidiary Interfondos, which are classified as investments at fair value through profit or loss for S/366,000 and S/2,364,000, respectively.
(f) In Management’s opinion, transactions with related companies have been performed under market conditions and within the limits permitted by the SBS.
21. Business segments
The Chief Operating Decision Maker (“CODM”) of IFS is the Chief Executive Officer (“CEO”).
The business segments monitor the operating results of their business units separately in order to make decisions on the distribution of resources and performance assessment. The segments' performance is assessed based on operating profit or loss and is measured consistently with operating profit or loss in the consolidated financial statements. Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties.
As of September 30, 2025 and December 31, 2024, the Group presents three operating business segments:
Banking -
Mainly loans, credit facilities, deposits and current accounts.
Insurance -
It provides life annuity products with single-premium payment and conventional life insurance products, as well as other retail insurance products.
Wealth management -
It provides brokerage and investment management services. Inteligo serves mainly Peruvian citizens.
The following table presents the Group’s financial information by business segments for the nine-month period ended September 30, 2025 and 2024:
30.09.2025
Banking
Insurance
Wealth management
Holding, other subsidiaries and eliminations (*)
Total consolidated
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Consolidated statement of income data
Interest and similar income
4,359,835
695,473
123,344
(9,509
)
5,169,143
Interest and similar expenses
(1,508,670
)
(136,846
)
(75,053
)
3,823
(1,716,746
)
Net interest and similar income
2,851,165
558,627
48,291
(5,686
)
3,452,397
Loss due to impairment of loans
(907,997
)
—
(153
)
—
(908,150
)
(Loss) recovery due to impairment of financial investments
(156
)
(137,082
)
416
15
(136,807
)
Net interest and similar income after impairment loss on loans
1,943,012
421,545
48,554
(5,671
)
2,407,440
Fee income from financial services, net
654,730
(9,763
)
145,521
115,958
906,446
Net gain (loss) on sale of financial investments
52,083
19,005
(1,463
)
—
69,625
Other income
410,918
133,262
151,746
128,794
824,720
Result from insurance activities
—
(46,642
)
—
(20
)
(46,662
)
Depreciation and amortization
(226,615
)
(15,124
)
(6,141
)
(93,163
)
(341,043
)
Other expenses
(1,427,176
)
(319,638
)
(122,385
)
(127,240
)
(1,996,439
)
Income before translation result and Income Tax
1,406,952
182,645
215,832
18,658
1,824,087
Exchange difference
576
28,628
747
(681
)
29,270
Income Tax
(335,398
)
—
(9,822
)
(26,255
)
(371,475
)
Net profit for the period
1,072,130
211,273
206,757
(8,278
)
1,481,882
Attributable to:
IFS’s shareholders
1,072,130
211,273
206,757
(16,094
)
1,474,066
Non-controlling interest
—
—
—
7,816
7,816
1,072,130
211,273
206,757
(8,278
)
1,481,882
(*) Corresponds to financial information of IFS and other subsidiaries, as well as consolidation adjustments and elimination of intercompany transactions.
30.09.2024
Banking
Insurance
Wealth management
Holding, other subsidiaries and eliminations (*)
Total consolidated
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Consolidated statement of income data
Interest and similar income
4,500,616
658,398
135,903
8,008
5,302,925
Interest and similar expenses
(1,705,305
)
(116,943
)
(81,865
)
(747
)
(1,904,860
)
Net interest and similar income
2,795,311
541,455
54,038
7,261
3,398,065
Loss on loans, net of recoveries
(1,400,176
)
—
(283
)
—
(1,400,459
)
Loss due to impairment of financial investments
(1,003
)
(41,907
)
9
(44
)
(42,945
)
Net interest and similar income after impairment loss on loans
1,394,132
499,548
53,764
7,217
1,954,661
Fee income from financial services, net
581,233
(7,881
)
123,962
145,710
843,024
Net gain (loss) on sale of financial investments
12,039
9,403
(3,358
)
—
18,084
Other income
362,248
66,343
22,186
39,476
490,253
Result from insurance activities
—
(139,506
)
—
(29
)
(139,535
)
Depreciation and amortization
(223,573
)
(16,312
)
(6,557
)
(64,717
)
(311,159
)
Other expenses
(1,304,617
)
(286,013
)
(116,898
)
(134,351
)
(1,841,879
)
Income before translation result and Income Tax
821,462
125,582
73,099
(6,694
)
1,013,449
Exchange difference
(8,585
)
558
344
(1,126
)
(8,809
)
Income Tax
(153,142
)
—
(7,665
)
(26,466
)
(187,273
)
Net profit (loss) for the period
659,735
126,140
65,778
(34,286
)
817,367
Attributable to:
IFS’s shareholders
659,735
126,140
65,778
(39,123
)
812,530
Non-controlling interest
—
—
—
4,837
4,837
659,735
126,140
65,778
(34,286
)
817,367
(*) Corresponds to financial information of IFS and other subsidiaries, as well as consolidation adjustments and elimination of intercompany transactions.
30.09.2025
Banking
Insurance
Wealth management
Holding, other subsidiaries and eliminations (*)
Total consolidated
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Capital investments (**)
242,271
49,263
5,675
36,590
333,799
Total assets
75,034,189
17,155,144
4,313,846
624,355
97,127,534
Total liabilities
65,237,352
16,444,485
3,209,822
284,780
85,176,439
31.12.2024
Banking
Insurance
Wealth management
Holding, other subsidiaries and eliminations (*)
Total consolidated
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Capital investments (**)
277,836
65,335
5,879
62,815
411,865
Total assets
73,626,419
16,175,883
4,316,010
1,385,469
95,503,781
Total liabilities
64,753,475
15,618,274
3,271,899
881,538
84,525,186
(*) Corresponds to financial information of IFS and other subsidiaries, as well as consolidation adjustments and elimination of intercompany transactions.
(**) It includes the purchase of property, furniture and equipment, intangible assets and investment properties.
The distribution of the Group’s total income based on the location of the customer and its assets for the nine-month period ended September 30, 2025, is S/8,067,180,000 in Peru and S/369,842,000 in Panama (for the nine-month period ended September 30, 2024, was S/7,644,660,000 in Peru and S/240,987,000 in Panama). The distribution of the Group’s total assets based on the location of the customer and its assets as of September 30, 2025 is S/92,952,104,000 in Peru and S/4,175,430,000 in Panama (for the year ended December 31, 2024, was S/91,323,869,000 in Peru and S/4,179,912,000 in Panama).
22. Financial instruments classification
The financial assets and liabilities of the consolidated statement of financial position as of September 30, 2025 and December 31, 2024, are presented below.
As of September 30, 2025
At fair value through profit or loss
Debt instruments measured at fair value through other comprehensive income
Equity instruments measured at fair value through other comprehensive income
Amortized cost
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Financial assets
Cash and due from banks
—
—
—
12,619,633
12,619,633
Inter-bank funds
—
—
—
115,013
115,013
Financial investments
1,979,248
21,212,234
511,123
3,917,117
27,619,722
Loans, net
—
—
—
50,447,120
50,447,120
Due from customers on acceptances
—
—
—
28,599
28,599
Other accounts receivable and other assets, net
161,021
—
—
1,530,168
1,691,189
Reinsurance contracts assets
—
—
—
57,558
57,558
2,140,269
21,212,234
511,123
68,715,208
92,578,834
Financial liabilities
Deposits and obligations
—
—
—
53,610,266
53,610,266
Inter-bank funds
—
—
—
69,008
69,008
Due to banks and correspondents
—
—
—
7,928,070
7,928,070
Bonds, notes and other obligations
—
—
—
5,887,532
5,887,532
Due from customers on acceptances
—
—
—
28,599
28,599
Insurance and reinsurance contract liabilities
—
—
—
12,933,513
12,933,513
Other accounts payable, provisions and other liabilities
246,887
—
—
4,148,198
4,395,085
246,887
—
—
84,605,186
84,852,073
As of December 31, 2024
At fair value through profit or loss
Debt instruments measured at fair value through other comprehensive income
Equity instruments measured at fair value through other comprehensive income
Amortized cost
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Financial assets
Cash and due from banks
—
—
—
12,615,226
12,615,226
Inter-bank funds
—
—
—
220,060
220,060
Financial investments
1,776,567
20,724,892
458,268
3,898,198
26,857,925
Loans, net
—
—
—
49,229,448
49,229,448
Due from customers on acceptances
—
—
—
9,163
9,163
Other accounts receivable and other assets, net
143,201
—
—
1,588,600
1,731,801
Reinsurance contracts assets
—
—
—
18,602
18,602
1,919,768
20,724,892
458,268
67,579,297
90,682,225
Financial liabilities
Deposits and obligations
—
—
—
53,768,028
53,768,028
Due to banks and correspondents
—
—
—
7,562,057
7,562,057
Bonds, notes and other obligations
—
—
—
6,075,433
6,075,433
Due from customers on acceptances
—
—
—
9,163
9,163
Insurance and reinsurance contract liabilities
—
—
—
12,524,320
12,524,320
Other accounts payable, provisions and other liabilities
163,441
—
—
4,024,513
4,187,954
163,441
—
—
83,963,514
84,126,955
23. Financial risk management
It comprises the management of the main risks, that due to the nature of their operations, IFS and its Subsidiaries are exposed to; and correspond to: credit risk, market risk, liquidity risk, insurance risk and real estate risk.
To manage the risks detailed above, every Subsidiary of the Group has a specialized structure and organization in their management, measurement systems, as well as mitigation and coverage processes, according to specific regulatory needs and requirements for the development of its business. The Group and its Subsidiaries, mainly Interbank, Interseguro and Inteligo Bank, operate independently but in coordination with the general provisions issued by the Board of Directors and Management of IFS. The Board of Directors and Management of IFS are ultimately responsible for identifying and controlling risks. The Company has an Audit Committee comprised of three independent directors, pursuant to Rule 10A-3 of the Securities Exchange Act of the United States; and one of them is a financial expert according to the regulations of the New York Stock Exchange. The Audit Committee is appointed by the Board of Directors and its main purpose is to monitor and supervise the preparation processes of financial and accounting information, as well as the audits over the financial statements of IFS and its Subsidiaries. Also, the Company has an Internal Audit Division which is responsible for monitoring the key processes and controls to ensure an adequate low risk control according to the standards defined in the Sarbanes Oxley Act.
A full description of the Group’s financial risk management is presented in Note 29 “Financial risk management” of the Annual Consolidated Financial Statements; following is presented the financial information related to credit risk management for the loan portfolio, offsetting of financial assets and liabilities, and foreign exchange risk.
(a) Credit risk management for loans -
Interbank’s loan portfolio is segmented into homogeneous groups that shared similar credit risk characteristics. These groups are: (i) Retail Banking (consumer and mortgage loans), (ii) Small Business Banking (small and micro-business loans), and (iii) Commercial Banking (commercial loans). In addition, at Inteligo Bank, the internal model developed (scorecard) assigns 5 levels of credit risk classified as follows: low risk, medium low risk, medium risk, medium high risk, and high risk. These categories are described in Note 29.1(d) of the audited Annual Consolidated Financial Statements.
Additionally, Interbank monitors constantly the occurrence or not of certain events thar might affect the behavior and performance of the expected credit losses of its clients. Therefore, certain subsequent adjustments to the expected loss model are recorded to be able to capture the effects of the current situation, which has generated a high level of uncertainty in the estimation of the loans’ expected loss.
In compliance with the policy of monitoring the Group’s credit risk, during 2024 Interbank performed the recalibration process of its risk parameters for the calculation of the expected credit losses.
The Group structures the levels of credit risk it undertakes by placing limits on the amount of risk accepted in relation to one borrower or groups of borrowers, geographical and industry segments. Said risks are monitored on a revolving basis and subject to continuous review.
(b) Offsetting of financial assets and liabilities -
The information contained in the tables below includes financial assets and liabilities that:
- Are offset in the statement of financial position of the Group; or
- Are subject to an enforceable master netting arrangement or similar agreement that covers similar financial instruments, regardless of whether they are offset in the interim consolidated statement of financial position or not.
Similar arrangements of the Group include derivatives clearing agreements. Financial instruments such as loans and deposits are not disclosed in the following tables since they are not offset in the interim consolidated statement of financial position.
The offsetting framework agreement issued by the International Swaps and Derivatives Association Inc. (“ISDA”) and similar master netting arrangements do not meet the criteria for offsetting in the statement of financial position, because of such agreements were created in order for both parties to have an enforceable offsetting right in cases of default, insolvency or bankruptcy of the Group or the counterparties or following other predetermined events. In addition, the Group and its counterparties do not intend to settle such instruments on a net basis or to realize the assets and settle the liabilities simultaneously.
The Group receives and delivers guarantees in the form of cash with respect to transactions with derivatives; see Note 4.
(b.1) Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements as of September 30, 2025 and December 31, 2024, are presented below:
Related amounts not offset in the consolidated statement of financial position
Gross amounts of recognized financial assets
Gross amounts of recognized financial liabilities and offset in the consolidated statement of financial position
Net amounts of financial assets presented in the consolidated statement of financial position
(b.2) Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements as of September 30, 2025 and December 31, 2024, are presented below:
Related amounts not offset in the consolidated statement of financial position
Gross amounts of recognized financial liabilities
Gross amounts of recognized financial assets and offset in the consolidated statement of financial position
Net amounts of financial liabilities presented in the consolidated statement of financial position
The Group is exposed to fluctuations in the exchange rates of the foreign currency prevailing in its financial position and cash flows. Management sets limits on the levels of exposure by currency and total daily and overnight positions, which are monitored daily. Most of the assets and liabilities in foreign currency are stated in US Dollars. Transactions in foreign currency are made at the exchange rates of free market.
As of September 30, 2025, the weighted average exchange rate of free market published by the SBS for transactions in US Dollars was S/3.464 per US$1 bid and S/3.476 per US$1 ask (S/3.758 and S/3.770 as of December 31, 2024, respectively). As of September 30, 2025, the exchange rate for the accounting of asset and liability accounts in foreign currency set by the SBS was S/3.470 per US$1 (S/3.764 as of December 31, 2024).
The table below presents the detail of the Group’s position:
As of September 30, 2025
US Dollars
Soles
Other currencies
Total
S/(000)
S/(000)
S/(000)
S/(000)
Assets
Cash and due from banks
9,819,615
2,489,463
310,555
12,619,633
Inter-bank funds
—
115,013
—
115,013
Financial investments
7,797,800
19,778,111
43,811
27,619,722
Loans, net
14,000,225
36,435,857
11,038
50,447,120
Due from customers on acceptances
28,599
—
—
28,599
Other accounts receivable and other assets, net
631,909
1,059,260
20
1,691,189
Reinsurance contract assets
817
56,741
—
57,558
32,278,965
59,934,445
365,424
92,578,834
Liabilities
Deposits and obligations
19,104,453
33,974,322
531,491
53,610,266
Inter-bank funds
—
69,008
—
69,008
Due to banks and correspondents
2,596,158
5,331,912
—
7,928,070
Bonds, notes and other obligations
5,075,395
812,137
—
5,887,532
Due from customers on acceptances
28,599
—
—
28,599
Insurance and reinsurance contract liabilities
3,756,792
9,176,721
—
12,933,513
Other accounts payable, provisions and other liabilities
2,021,188
2,372,650
1,247
4,395,085
32,582,585
51,736,750
532,738
84,852,073
Forwards position, net
(1,901,018)
1,698,593
202,425
—
Currency swaps position, net
920,430
(920,430)
—
—
Cross currency swaps position, net
1,909,700
(1,909,700)
—
—
Options position, net
(102)
102
—
—
Monetary position, net
625,390
7,066,260
35,111
7,726,761
As of December 31, 2024
US Dollars
Soles
Other currencies
Total
S/(000)
S/(000)
S/(000)
S/(000)
Assets
Cash and due from banks
8,615,546
3,676,441
323,239
12,615,226
Inter-bank funds
—
220,060
—
220,060
Financial investments
7,456,057
19,356,325
45,543
26,857,925
Loans, net
14,372,955
34,848,570
7,923
49,229,448
Due from customers on acceptances
9,163
—
—
9,163
Other accounts receivable and other assets, net
405,658
1,326,121
22
1,731,801
Reinsurance contract assets
207
18,395
—
18,602
30,859,586
59,445,912
376,727
90,682,225
Liabilities
Deposits and obligations
19,802,404
33,451,094
514,530
53,768,028
Due to banks and correspondents
2,210,040
5,352,017
—
7,562,057
Bonds, notes and other obligations
5,227,805
847,628
—
6,075,433
Due from customers on acceptances
9,163
—
—
9,163
Insurance and reinsurance contract liabilities
3,940,738
8,583,582
—
12,524,320
Other accounts payable, provisions and other liabilities
1,689,640
2,484,247
14,067
4,187,954
32,879,790
50,718,568
528,597
84,126,955
Forwards position, net
(1,842,468
)
1,564,150
278,318
—
Currency swaps position, net
1,849,472
(1,849,472
)
—
—
Cross currency swaps position, net
2,071,400
(2,071,400
)
—
—
Options position, net
(61
)
61
—
—
Monetary position, net
58,139
6,370,683
126,448
6,555,270
As of September 30, 2025, the Group granted indirect loans (contingent operations) in foreign currency for approximately US$978,577,000, equivalent to S/3,395,661,000 (US$770,827,000, equivalent to S/2,901,393,000 as of December 31, 2024).
24. Fair value
(a) Financial instruments measured at their fair value and fair value hierarchy -
The following table presents an analysis of the financial instruments that are measured at their fair value, including the level of hierarchy of fair value. The amounts are based on the balances presented in the consolidated statement of financial position:
As of September 30, 2025
Level 1
Level 2
Level 3
Total
Financial assets
S/(000)
S/(000)
S/(000)
S/(000)
Financial investments
At fair value through profit or loss (*)
292,849
631,409
1,054,990
1,979,248
Debt instruments measured at fair value through other comprehensive income
13,773,049
7,221,409
—
20,994,458
Equity instruments measured at fair value through other comprehensive income
466,008
10,414
34,701
511,123
Derivatives receivable
—
161,021
—
161,021
14,531,906
8,024,253
1,089,691
23,645,850
Accrued interest
217,776
Total financial assets
23,863,626
Financial liabilities
Derivatives payable
—
195,527
—
195,527
Liabilities at fair value through profit or loss
51,360
—
—
51,360
Total financial liabilities
51,360
195,527
—
246,887
As of December 31, 2024
Level 1
Level 2
Level 3
Total
Financial assets
S/(000)
S/(000)
S/(000)
S/(000)
Financial investments
At fair value through profit or loss (*)
304,659
459,767
1,012,141
1,776,567
Debt instruments measured at fair value through other comprehensive income
12,722,114
7,655,691
—
20,377,805
Equity instruments measured at fair value through other comprehensive income
406,778
13,850
37,640
458,268
Derivatives receivable
—
143,201
—
143,201
13,433,551
8,272,509
1,049,781
22,755,841
Accrued interest
347,087
Total financial assets
23,102,928
Financial liabilities
Derivatives payable
—
102,288
—
102,288
Liabilities at fair value through profit or loss
61,153
—
—
61,153
Total financial liabilities
61,153
102,288
—
163,441
(*) As of September 30, 2025 and December 31, 2024, correspond mainly to participation in mutual funds and investment funds and shares.
Financial assets included in Level 1 are those measured based on information that is available on the market, to the extent that their quoted prices reflect an active and liquid market and that are available in some centralized trading mechanism, trading agent, price supplier or regulatory entity.
Financial instruments included in Level 2 are valued based on the market prices of other instruments with similar characteristics or with financial valuation models based on information of variables observable in the market (interest rate curves, price vectors, etc.).
Financial assets included in Level 3 are valued by using assumptions and data that do not correspond to prices of operations traded on the market. The valuation requires Management to make certain assumptions about the model variables and data, including the forecast of cash flow, discount rate, credit risk and volatility.
During 2025, there were transfers from Level 1 to Level 2. During 2024, there were transfers of certain financial instruments from Level 1 to Level 2, for an amount of S/7,995,000, because they stopped being actively traded during the year, and consequently, fair values were obtained by using observable market data. During 2025 and 2024, there were transfers of certain financial instruments from Level 2 to Level 1 for an amount of S/155,565,000 and S/42,195,000, respectively. During 2025 and 2024, there were no transfers of financial instruments to or from level 3 to level 1 or level 2.
The table below includes a reconciliation of fair value measurement of financial instruments classified by the Group within Level 3 of the valuation hierarchy:
30.09.2025
31.12.2024
S/(000)
S/(000)
Initial balance as of January 1
1,049,781
919,866
Purchases
67,802
81,369
Sales
(88,785
)
(78,231
)
Gain recognized on the interim consolidated statement of income
60,893
126,777
Ending balance
1,089,691
1,049,781
(b) Financial instruments not measured at their fair value -
The table below presents the disclosure of the comparison between the carrying amounts and fair values of the Group’s financial instruments that are not measured at their fair value, presented by level of fair value hierarchy:
As of September 30, 2025
As of December 31, 2024
Level 1
Level 2
Level 3
Fair value
Book value
Level 1
Level 2
Level 3
Fair value
Book value
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Assets
Cash and due from banks
12,619,633
—
—
12,619,633
12,619,633
12,615,226
—
—
12,615,226
12,615,226
Inter-bank funds
—
115,013
—
115,013
115,013
—
220,060
—
220,060
220,060
Investments at amortized cost
3,918,550
141,132
—
4,059,682
3,917,117
3,775,935
98,658
—
3,874,593
3,898,198
Loans, net
—
49,777,484
—
49,777,484
50,447,120
—
48,333,964
—
48,333,964
49,229,448
Due from customers on acceptances
—
28,599
—
28,599
28,599
—
9,163
—
9,163
9,163
Other accounts receivable and other assets, net
—
1,530,168
—
1,530,168
1,530,168
—
1,588,600
—
1,588,600
1,588,600
Reinsurance contract assets
—
57,558
—
57,558
57,558
—
18,602
—
18,602
18,602
Total
16,538,183
51,649,954
—
68,188,137
68,715,208
16,391,161
50,269,047
—
66,660,208
67,579,297
Liabilities
Deposits and obligations
—
53,616,842
—
53,616,842
53,610,266
—
53,770,487
—
53,770,487
53,768,028
Inter-bank funds
—
69,008
—
69,008
69,008
—
—
—
—
—
Due to banks and correspondents
—
7,953,111
—
7,953,111
7,928,070
—
7,706,223
—
7,706,223
7,562,057
Bonds, notes and other obligations
5,135,852
852,600
—
5,988,452
5,887,532
5,163,150
838,662
—
6,001,812
6,075,433
Due from customers on acceptances
—
28,599
—
28,599
28,599
—
9,163
—
9,163
9,163
Insurance and reinsurance contract liabilities
—
12,933,513
—
12,933,513
12,933,513
—
12,524,320
—
12,524,320
12,524,320
Other accounts payable and other liabilities
—
4,148,198
—
4,148,198
4,148,198
—
4,024,513
—
4,024,513
4,024,513
Total
5,135,852
79,601,871
—
84,737,723
84,605,186
5,163,150
78,873,368
—
84,036,518
83,963,514
The methodologies and assumptions used to determine fair values depend on the terms and risk characteristics of each financial instrument and they include the following:
(i) Long-term fixed-rate and variable-rate loans are assessed by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are taken into account for the estimated losses of these loans. As of September 30, 2025 and December 31, 2024, the book value of loans, net of allowances, was not significantly different from the calculated fair values.
(ii) Instruments whose fair value approximates their book value: For financial assets and financial liabilities that are liquid or have short-term maturity (less than 3 months) it is assumed that the carrying amounts approximate to their fair values. This assumption is also applied to demand deposits, savings accounts without a specific maturity and variable-rate financial instruments.
(iii) Fixed-rate financial instruments: The fair value of fixed-rate financial assets and financial liabilities at amortized cost is determined by comparing market interest rates when they were first recognized with current market rates related to similar financial instruments for their remaining term to maturity. The fair value of fixed interest rate deposits is based on discounted cash flows using market interest rates for financial instruments with similar credit risk and maturity. For quoted debt issued, the fair value is determined based on quoted market prices. When quotations are not available, a discounted cash flow model is used based on the yield curve of the appropriate interest rate for the remaining term to maturity.
25. Fiduciary activities and management of funds
The Group provides custody, trustee, investment management and advisory services to third parties; therefore, the Group makes purchase and sale decisions in relation to a wide range of financial instruments. Assets that are held as trust are not included in these interim consolidated financial statements. These services give rise to the risk that the Group could eventually be held responsible of poor yielding of the assets under its management.
As of September 30, 2025 and December 31, 2024, the value of the managed off-balance sheet financial assets is as follows:
