Intercorp Financial Services Exceeds Expectations in Q1 2025, Riding the Wave of Peru's Consecutive Growth
Peru's economy has been on a tear, with consecutive quarters of growth exceeding 3%, and Intercorp Financial Services (IFS) is right at the forefront of this momentum. In their first quarter 2025 earnings call, IFS presented a robust set of results that exceeded expectations.
In his opening remarks, Chief Executive Officer Luis Felipe Castellanos highlighted the company's positive sentiment towards serving the stability in the Peruvian economy. With private investments growing by 6.7% year-over-year as of March 2025 and consumption driving growth, IFS remains moderately optimistic about Peru's future growth.
The forecast for GDP growth is a respectable 3.2%, according to the Central Bank, with external factors that could impact global growth being offset by persistent high commodity prices. Notably, the International Monetary Fund has recently updated its growth estimates, adjusting global growth downwards while increasing Peru's GDP estimate by 0.2%, positioning Peru as one of the highest-growing countries in the region for the year.
IFS's results were equally impressive, with Return on Equity (ROE) exceeding 16% in the first quarter of 2025. This performance aligned with expectations and sets the company on a path towards achieving its long-term targets. The positive trend is expected to continue throughout the year.
Interbank, a subsidiary of IFS, had a better-than-expected start to the year, increasing its market share in loans and strengthening its position as the third-largest bank in the country. Commercial banking business drove this growth, with a gain of over 120 basis points in market share. Meanwhile, Interseguro saw relevant growth in its core business, mainly in individual life and annuities, where it continues to be the market leader.
Wealth Management segment at Interseguro continued to see positive dynamics, with assets under management reaching a new all-time high, growing by 16% year-over-year. IFS's strategic priority remains digital excellence for its customers, fostering primary relationships and providing a comprehensive suite of services supported by a world-class digital experience.
The company's ambition is to become a leading digital platform, focusing on key businesses and profitable growth while leveraging analytics as their competitive advantage. With these solid results and a clear vision for the future, IFS is well-positioned to continue riding the wave of Peru's consecutive growth.
