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Banco Internacional del Peru (INTERBC1) investor relations material

Banco Internacional del Peru H1 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2024 earnings summary16 Jul, 2024

Executive summary

  • Net income for 2Q24 reached S/163.7 million, up S/38.7 million quarter-over-quarter, but down S/98.2 million year-over-year, driven by higher financial margin and service income, offset by increased provisions and administrative expenses.

  • Annualized ROE was 8.7% in 2Q24, above 1Q24 (6.6%) but below 2Q23 (14.8%).

  • Profitability improved sequentially, but annual performance was impacted by higher credit provisions and lower service income.

Financial highlights

  • Gross financial margin rose 3.0% quarter-over-quarter and 1.6% year-over-year, supported by lower financial expenses.

  • Net income for the first half of 2024 was S/288.7 million, down from S/575.9 million in the same period of 2023.

  • EPS for the first half of 2024 was S/0.049, compared to S/0.098 in 1H23.

  • Net interest margin (NIM) increased to 5.4% in 2Q24, up 30 bps quarter-over-quarter and 10 bps year-over-year.

  • Provisions for loan losses rose 1.0% quarter-over-quarter and 42.5% year-over-year, reaching S/536.8 million in 2Q24.

  • Administrative expenses increased 7.1% quarter-over-quarter and 1.7% year-over-year.

Outlook and guidance

  • The bank continues to focus on commercial loan growth, supported by government programs such as Impulso Myperu, while managing credit risk and maintaining strong capital ratios.

  • Regulatory capital requirements will increase to 10% by March 2025, but current capital ratios remain well above minimums.

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Frequently asked questions

Banco Internacional del Perú, also known as Interbank, is a Peru-based financial institution that provides a broad range of banking products and services to individuals, small and medium-sized enterprises, and corporate clients. The bank offers savings and checking accounts, personal and business loans, credit cards, mortgages, investment services, and insurance products. Interbank operates through a network of branches, ATMs, and digital platforms to support nationwide financial access. The company is headquartered in Lima, Peru, and its shares are listed on the BVL.

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