Intercorp Financial Services 6K Fourth Quarter 2024 Earnings | IFS 5 Feb 25


Exhibit 99.1

Intercorp Financial Services Inc.

Fourth Quarter 2024 Earnings

Lima, Peru, February 5, 2025. Intercorp Financial Services Inc. (Lima Stock Exchange/NYSE: IFS) announced today its unaudited results for the fourth quarter 2024. These results are reported on a consolidated basis under IFRS in nominal Peruvian soles.

Intercorp Financial Services: Strong recovery of earnings and profitability

• +71% YoY earnings drive ROE above 12%

• Efficiency remains a top priority

• Continuous improvement in customer experience

Banking: Low CoR, with better cost of funds

• CoR below 3.0% at 2.6% in 4Q24

• -100bps YoY cost of funds on better funding mix and fast repricing

• Gaining market relevance in mortgage and commercial banking

• Our payments ecosystem continues to strengthen

Insurance: 4Q24 profit of S/ 75.8 million

• Market leader in annuities with a 30.2% share in 4Q24

• ROIP of 6.1% in 4Q24 compared to 5.4% in 3Q24 and 7.2% in 4Q23

• Positive non-recurring impacts in 4Q23

Wealth Management: Growth in AuM and fees continue

• Continued growth in AUM: 3.9% QoQ and 18.5% YoY

• Sequential recovery of fee income continues

• Profits in other income, due to positive mark-to-market valuation

Intercorp Financial Services

SUMMARY

2024 Performance

Intercorp Financial Services’ profits were S/ 1,307.5 million in 2024, a 21.1% increase compared to 2023. The higher net profit was mainly a result of a decrease of S/ 261.6 million in impairment loss on loans, a S/ 233.8 million increase in other income as well as a S/ 112.1 million decrease in interest and similar expenses. These effects were partially offset by a S/ 150.0 million increase in other expenses, as well as a S/ 38.8 million increase in income tax and a reduction S/ 35.6 million in fee income from financial services.

IFS’s ROE was 12.6% in 2024, higher than the 11.3% registered in 2023.

Intercorp Financial Services’ P&L statement


S/ million	2023			2024			%chg 24/23
Interest and similar income		7,120.4			7,029.4			-1.3	%
Interest and similar expenses		(2,592.4	)		(2,480.3	)		-4.3	%
Net interest and similar income		4,528.0			4,549.1			0.5	%
Impairment loss on loans, net of recoveries		(1,981.8	)		(1,720.2	)		-13.2	%
Recovery (loss) due to impairment of financial investments		(7.5	)		(47.5	)	n.m.
Net interest and similar income after impairment loss		2,538.7			2,781.4			9.6	%
Fee income from financial services, net		1,178.5			1,142.9			-3.0	%
Other income		557.8			791.6			41.9	%
Insurance results		(178.3	)		(169.8	)		-4.8	%
Other expenses		(2,750.2	)		(2,900.2	)		5.5	%
Income before translation result and income tax		1,346.4			1,646.0			22.2	%
Translation result		8.4			(24.1	)	n.m.
Income tax		(275.6	)		(314.4	)		14.1	%
Profit for the period		1,079.3			1,307.5			21.1	%
Attributable to IFS' shareholders		1,072.7			1,300.1			21.2	%
EPS		14.45			9.33
ROE		11.3	%		12.6	%
ROA		1.2	%		1.4	%
Efficiency ratio		36.8	%		37.4	%

Net interest and similar income grew S/ 21.1 million, or 0.5%, mainly due to a decrease of S/ 112.1 million in interest and similar expenses, mostly related to the downward trend in interest rates in the market, as well as the efficient funding strategy in our banking business. These effects were partially offset by a S/ 91.0 million decrease in interest and similar income, which was in turn due to a change in the loan portfolio in our banking business.

Impairment loss on loans, net of recoveries decreased S/ 261.6 million, explained by lower provision requirements in both retail and commercial loan books, associated with the improvement of the macroeconomic outlook in Peru; as well as the change in the loan mix, as lower risk segments such us mortgages, payroll deductible loans and commercial loans, have gain relevance. Also, 2024 shows an impairment of financial investments of S/ -47.5 million, which is mostly due to a one-off event in the first quarter in our insurance business.

Other income showed an increase of S/ 233.8 million, due to a reversion in the results in our Wealth Management business, from a S/ -40.2 million to a S/ 80.5 million, which in turn is explained by increase in the mark-to-market valuation on the proprietary investments, as well as positive performance in our Insurance and Banking businesses.

Fee income from financial services showed a decrease of S/ 35.6 million, or 3.0%. This effect was mostly explained by a reduction of S/ 34.3 million in our Payments business, which in turn was related to higher competition and tightening margins, and a S/ 21.5 million reduction in our banking business. These effects were partially offset by a S/ 24.7 million increase in our Wealth Management business, due to the important increase in AuMs.

Insurance results, despite being negative, improved from S/ -178.3 million in 2023 to S/ -169.8 million in 2024.

The moderate increase in other expenses was mostly attributed to higher expenses in our three businesses. The efficiency ratio was 37.4% in 2024, compared to the 36.8% registered in 2023.

Intercorp Financial Services’ Statement of financial position


S/ million	12.31.23			09.30.23			12.31.23			%chg 12.31.23/ 09.30.23			%chg 12.31.23/ 12.31.23
Assets
Cash and due from banks and inter-bank funds		10,343.6			14,663.7			12,709.0			-13.3	%		22.9	%
Financial investments		26,722.0			26,686.4			26,857.9			0.6	%		0.5	%
Loans, net of unearned interest		48,869.8			50,110.6			50,959.6			1.7	%		4.3	%
Impairment allowance for loans		(2,349.4	)		(1,825.2	)		(1,730.2	)		-5.2	%		-26.4	%
Property, furniture and equipment, net		804.8			818.8			814.4			-0.5	%		1.2	%
Other assets		5,233.9			5,102.9			5,766.7			13.0	%		10.2	%
Total assets		89,624.8			95,557.2			95,377.5			-0.2	%		6.4	%
Liabilities and equity
Deposits and obligations		49,188.2			54,131.4			53,768.0			-0.7	%		9.3	%
Due to banks and correspondents and inter-bank funds		9,145.6			8,322.0			7,562.1			-9.1	%		-17.3	%
Bonds, notes and other obligations		5,551.6			5,859.0			6,075.4			3.7	%		9.4	%
Insurance contract liabilities		12,207.5			12,872.7			12,524.3			-2.7	%		2.6	%
Other liabilities		3,523.6			3,855.9			4,469.1			15.9	%		26.8	%
Total liabilities		79,616.7			85,041.0			84,398.9			-0.8	%		6.0	%
Equity, net
Equity attributable to IFS' shareholders		9,950.2			10,455.6			10,915.2			4.4	%		9.7	%
Non-controlling interest		57.9			60.6			63.4			4.5	%		9.5	%
Total equity, net		10,008.1			10,516.2			10,978.6			4.4	%		9.7	%
Total liabilities and equity net		89,624.8			95,557.2			95,377.5			-0.2	%		6.4	%

4Q24 Performance

Intercorp Financial Services’ net profit was S/ 490.1 million in 4Q24, increases of S/ 100.1 million QoQ and S/ 204.0 million YoY. IFS’s annualized ROE was 18.2% in 4Q24, higher than the 15.1% reported in 3Q24 and the 11.6% registered in 3Q23.

Intercorp Financial Services’ P&L statementu


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Interest and similar income		1,805.0			1,765.6			1,726.5			(2.2	)%		(4.4	)%
Interest and similar expenses		(681.5	)		(614.5	)		(575.4	)		(6.4	)%		(15.6	)%
Net interest and similar income		1,123.5			1,151.1			1,151.1			(0.0	)%		2.5	%
Impairment loss on loans, net of recoveries		(616.2	)		(377.2	)		(319.7	)		(15.2	)%		(48.1	)%
Recovery (loss) due to impairment of financial investments		0.8			(9.0	)		(4.6	)		(49.2	)%	n.m.
Net interest and similar income after impairment loss		508.1			764.9			826.8			8.1	%		62.7	%
Fee income from financial services, net		287.8			295.1			299.9			1.6	%		4.2	%
Other income		224.4			184.4			283.3			53.6	%		26.2	%
Insurance results		(28.7	)		(18.1	)		(38.0	)	n.m.				32.3	%
Other expenses		(691.2	)		(743.7	)		(747.2	)		0.5	%		8.1	%
Income before translation result and income tax		304.9			462.5			632.5			36.8	%	n.m.
Translation result		18.4			21.8			(15.3	)	n.m.			n.m.
Income tax		(37.2	)		(94.3	)		(127.1	)		34.8	%	n.m.
Profit for the period		286.1			390.0			490.1			25.7	%		71.3	%
Attributable to IFS' shareholders		284.9			387.9			487.5			25.7	%		71.1	%
EPS		2.48			3.38			4.25
ROE		11.6	%		15.1	%		18.2	%
ROA		1.3	%		1.6	%		2.1	%
Efficiency ratio		36.2	%		38.1	%		35.8	%

Quarter-on-quarter performance

Profits increased S/ 48.9 million QoQ, mainly due to an increase of S/ 98.9 million soles in other income, related to higher mark-to-market valuations on investments, a decrease of S/ 57.7 million in loan loss provisions and an increase of S/ 4.8 million in fee income from financial services. These effects were partially offset by increases of S/ 37.1 million in translation results, S/ 32.8 million in income tax, as well as a S/ 19.9 million reduction in insurance results.

The increase in other income was mainly explained by higher results among all the subsidiaries. In the Wealth Management business, it showed an increase of S/ 43.6 million, in our insurance business of S/ 21.7 million, and in our Banking business of S/ 12.0 million, all cases related to higher mar-to-market valuations.

Cost of risk decreased 50 basis points from 3.1% to 2.6%. Loan loss provision decreased S/57.5 million QoQ, mainly explained by lower provision requirements in both commercial and retail portfolios of our banking business, related to a change in the loan portfolio composition, in which commercial loans are 48% and the retail portfolio is 52%, and a better payment behavior of clients. Also, proactive internal management and decision making in the bank, translated into changes and improvements in models and the focus of growing in healthier credits.

The increase in fee income from financial services was mostly related to our Wealth Management business, which showed a S/ 3.7 million increase in line with the 2% increase in AuMs. Other subsidiaries showed a stable result compared to the previous quarter.

Translation results went from S/ 21.8 million in 3Q24 to S/ -15.3 million in 4Q24, explained by an increase in exchange rate, which in turn impacted negatively due to our higher exposure in liabilities in foreign currency.

The increase in income tax was explained by the increase of income before translation result and income tax of S/ 68.0 million, or 17.4% in our banking business. As a result, the implicit tax rate increased from 21.1% to 24.4%.

Insurance results went from S/ -18.1 million in 3Q24 to S/ -38.0 million in 4Q24, mainly explained by higher insurance expenses and lower insurance income.

Year-on-year performance

Profits increased S/ 204.0 million YoY, mainly due to a decrease of S/ 296.5 million in provision on loans and decreases, as well as an increase of S/ 58.8 million in other income, of S/27.5 million in net interest and similar income and of S/ 12.2 million in fee income from financial services, net. These effects were partially offset by a S/ 89.9 million increase in income tax, a S/ 55.9 million increase in other expenses and a S/ 33.7 million in translation result.

The decrease of S/ 204.0 million in provision on loans was mainly due to lower provision requirements in both commercial and retail portfolios of our banking business. Part of the explanation is described in the quarterly analysis. To complement it, the cost of risk showed a decrease of 260 basis points, from 5.2% to 2.6%.

The increase of S/ 58.8 million in other income was mostly explained by a S/ 52.3 million increase in our Wealth Management business and a S/ 17.8 million increase in our banking business, both cases related to higher mark-to-market valuations. These effects were partially offset by a S/ 30.3 million decrease in our insurance segment, which has mixed effects: decrease in the valuation of investments, partially offset by an increase in valuation of properties.

Net interest and similar income showed an increase of S/ 27.5 million, which is explained by a decrease of S/ 106.1 million in interest and similar expenses, partially offset by a decrease of S/ 78.6 million in interest and similar income, mostly related to the downward trend in interest rates in the market, as well as the efficient funding strategy in our banking business. These effects were partially offset by S/ 78.6 million decrease in interest and similar income, which was due to a change in the composition of the loan portfolio in our banking business.

Net fee income from financial services showed an increase of S/ 12.2 million, or 4.2% YoY, mostly related to higher fees from our banking, wealth management and insurance businesses. This was mainly related to a double-digit growth in AuMs in our wealth management business.

The increase in income tax of S/ 88.9 million was mostly driven by the higher income before taxes from our banking business, in turn mostly explained by a lower cost of risk.

The increase in other expenses of S/ 55.9 million was mostly explained by S/ 53.6 million increase in our Banking business. Insurance business showed a S/ 5.0 million increase and Wealth Management, a S/ 6.2 million increase. These effects were partially offset by a decrease of S/ 13.4 million decrease in our Payments business. The increase in total expenses, however, was offset by higher revenues, and the efficiency ratio was 35.8% in 4Q24, lower than the 36.2% of 4Q23.

Translation result went from S/ 18.4 million in 4Q23 to S/ -15.3 million in 4Q24, explained by an increase in exchange rate, which in turn impacted negatively due to our higher exposure in liabilities in foreign currency.

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 segment


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Banking		135.3			298.7			347.6			16.4	%	n.m.
Insurance		137.4			67.4			75.8			12.4	%		(44.9	)%
Wealth Management		24.5			33.5			71.6		n.m.			n.m.
Corporate, eliminations and other subsidiaries		(11.2	)		(9.5	)		(4.8	)		(49.2	)%		(56.7	)%
IFS profit for the period		286.1			390.0			490.1			25.7	%		71.3	%

Interbank

SUMMARY

2024 Performance

Interbank’s profits were S/ 1,007.4 million in 2024, which represented a increase of S/ 151.2 million YoY, or 17.7%.

The yearly performance was mainly attributed a decrease of S/ 262.1 million in impairment loss on loans, net of recoveries, and increases of S/ 40.2 million in net interest and similar income and of S/ 18.7 million in other income. These effects where partially offset by an increase of S/ 107.1 million in other expenses, of S/ 48.7 million in income tax and a decrease of S/ 21.5 million in fee income from financial services, net.

Interbank’s ROE was 12.2% in 2024, representing a lower profitability compared to the 11.2% reported in 2023.

Banking Segment’s P&L Statement


S/ million	2023			2024			%chg 24/23
Interest and similar income		6,076.0			5,969.6			(1.8	)%
Interest and similar expense		(2,363.8	)		(2,217.2	)		(6.2	)%
Net interest and similar income		3,712.2			3,752.4			1.1	%
Impairment loss on loans, net of recoveries		(1,982.0	)		(1,719.9	)		(13.2	)%
Recovery (loss) due to impairment of financial investments		0.0			(1.0	)	n.m.
Net interest and similar income after impairment loss		1,730.2			2,031.5			17.4	%
Fee income from financial services, net		813.3			791.8			(2.6	)%
Other income		494.8			513.5			3.8	%
Other expenses		(1,949.9	)		(2,057.0	)		5.5	%
Income before translation result and income tax		1,088.5			1,279.9			17.6	%
Translation result		(16.0	)		(7.4	)		(53.6	)%
Income tax		(216.4	)		(265.1	)		22.5	%
Profit for the period		856.1			1,007.4			17.7	%
ROE		11.2	%		12.2	%
Efficiency ratio		37.3	%		38.9	%
NIM		5.5	%		5.3	%
NIM on loans		8.3	%		7.9	%

The S/ 40.2 million increase in net interest and similar income was explained by a reduction of S/ 146.6 millions in interest and similar expense, partially offset by a decrease of S/ 106.4 million in interest and similar income. The decrease in net interest and similar expenses was mostly related to the downward trend in market rates as well as a efficient funding policy in the bank. In terms of the interest and similar income, the reduction was due to a shift in the portfolio composition, which increased its position in lower risk segments such us: commercial loans, mortgages and payroll deductible loans.

The reduction in impairment loss on loans, net of recoveries was due to a lower provision requirements in both retail and commercial loan books, associated with the improvement of the macroeconomic outlook in Peru; as well as the change in the loan mix mentioned in the previous paragraph.

Fee income from financial services, net showed a decrease of S/ 21.5 million, which in turn was related to lower commissions from saving accounts and transfers, as well as insurance income and other fees. These effects where partially offset by an increase in credit card fees. It is important to mention, that despite the yearly reduction, fee income is been increasing constantly in every quarter throughout the year.

Other income increase was mostly explained by higher net gain on foreign exchange transactions, partially offset by lower net gain on financial assets at fair value through profit or loss.

Other expenses due to higher salaries and employee benefits, administrative expenses and depreciation and amortization.

Finally, and in line with higher revenues before taxes which where explained by a lower cost of risk and cost of funds, income taxes increased in 22.5% or S/ 48.7 million YoY.

4Q24 Performance

Interbank’s profits were S/ 347.6 million in 4Q24, an increase of S/ 48.9 million, or 16.4% QoQ, and of S/ 212.5 million YoY.

The quarterly performance was mainly attributed to lower impairment loss on loans, net of recoveries, of S/ 57.5 million, followed by increases of S/ 12.0 million in other income, a S/ 10.7 million in translation results. These effects were partially offset by a S/ 29.7 million increase in income tax and of S/ 2.9 million in other expenses.

The annual performance in net profit was explained by S/ 296.5 million lower impairment loss on loans, net of recoveries, as well as an increase of S/ 20.1 million in net interest and similar income, of S/ 17.8 million in other income and of S/ 11.0 million in fee income from financial services, net. These effects were partially offset by increases of S/ 86.9 million in income tax and of S/ 53.6 million in other expenses.

Consequently, Interbank’s ROE was 16.0% in 4Q24, higher than the 14.4% registered in 3Q24 and the 6.8% reported in 4Q23.

Banking Segment’s P&L Statement


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Interest and similar income		1,556.0			1,505.8			1,469.0			(2.4	)%		(5.6	)%
Interest and similar expense		(619.0	)		(549.7	)		(511.9	)		(6.9	)%		(17.3	)%
Net interest and similar income		937.0			956.1			957.1			0.1	%		2.1	%
Impairment loss on loans, net of recoveries		(616.2	)		(377.4	)		(319.7	)		(15.3	)%		(48.1	)%
Recovery (loss) due to impairment of financial investments		(0.2	)		0.1			0.0			(65.8	)%	n.m.
Net interest and similar income after impairment loss		320.6			578.8			637.4			10.1	%		98.8	%
Fee income from financial services, net		199.6			210.3			210.6			0.1	%		5.5	%
Other income		121.4			127.2			139.2			9.5	%		14.7	%
Other expenses		(475.2	)		(525.9	)		(528.8	)		0.6	%		11.3	%
Income before translation result and income tax		166.3			390.4			458.4			17.4	%	n.m.
Translation result		(5.9	)		(9.5	)		1.2		n.m.			n.m.
Income tax		(25.1	)		(82.3	)		(112.0	)		36.1	%	n.m.
Profit for the period		135.3			298.7			347.6			16.4	%	n.m.
ROE		6.8	%		14.4	%		16.0	%
Efficiency ratio		36.2	%		39.0	%		38.2	%
NIM		5.5	%		5.3	%		5.3	%
NIM on loans		8.2	%		7.8	%		7.9	%

INTEREST-EARNING ASSETS

Interbank’s interest-earning assets reached S/ 70,555.7 million as of December 31, 2024, representing a decrease of 0.8% QoQ and an increase of 6.8% YoY.

The quarterly decrease in interest-earning assets was mainly explained by a decrease of 11.9% in cash and due from banks and inter-bank funds, partially offset by increases of 1.9% in loans and 1.3% in financial investments.

The YoY growth in interest-earning assets was attributed to increases of 28.9% in cash and due from banks and of 5.8% in loans, partially offset by a decrease of 6.5% in financial investments.

Interest-earning assets


S/ million	12.31.23		09.30.24		12.31.24		%chg 12.31.24/ 09.30.24			%chg 12.31.24/ 12.31.23
Cash and due from banks and inter-bank funds		9,123.4		13,345.5		11,760.3		(11.9	)%		28.9	%
Financial investments		11,964.2		11,048.6		11,187.5		1.3	%		(6.5	)%
Loans		45,004.8		46,739.8		47,607.9		1.9	%		5.8	%
Total interest-earning assets		66,092.5		71,133.9		70,555.7		(0.8	)%		6.8	%

Loan portfolio


S/ million	12.31.23			09.30.24			12.31.24			%chg 12.31.24/ 09.30.24			%chg 12.31.24/ 12.31.23
Performing loans
Retail		24,785.9			24,364.7			24,408.0			0.2	%		(1.5	)%
Commercial		19,869.8			21,806.9			22,654.3			3.9	%		14.0	%
Total performing loans		44,655.8			46,171.6			47,062.3			1.9	%		5.4	%
Restructured and refinanced loans		462.0			415.3			449.4			8.2	%		(2.7	)%
Past due loans		1,652.2			1,467.2			1,318.8			(10.1	)%		(20.2	)%
Total gross loans		46,769.9			48,054.1			48,830.5			1.6	%		4.4	%
Add (less)
Accrued and deferred interest		584.2			510.6			507.4			(0.6	)%		(13.1	)%
Impairment allowance for loans		(2,349.3	)		(1,825.0	)		(1,730.0	)		(5.2	)%		(26.4	)%
Total direct loans, net		45,004.8			46,739.8			47,607.9			1.9	%		5.8	%

The evolution of performing loans in a year over year basis continues to be affected by loans under the Reactiva Peru Program. As of December 31, 2024, these performing loans amounted to S/ 157.9 million, compared to balances of S/ 244.1 million as of September 30, 2024 and S/ 625.8 million as of December 31, 2023.

Additionally, the evolution of commercial loans continued to be benefited by the Impulso MyPeru program, focused on disbursing loans to SMEs and mid-sized segments. As of December 31, 2024, Interbank has around S/ 3,000 million. It is important to mention that these loans are guaranteed by the government with coverage levels between 50% to 98%.

Performing loans increased 1.9% QoQ, as commercial loans increased 3.9% and retail loans increased 0.2%. Excluding the effect of the Reactiva Peru Program in the comparing periods, total performing loans and commercial loans would have increased 2.1% and 4.3% QoQ, respectively.

Retail loans increased 0.2% due to increases of 1.9% in mortgages and 4.9% in credit cards, partially offset by decreases of 3.0% in payroll deduction loans and 1.6% in personal loans.

The 3.9% increase in commercial loans was due to increases of 7.9% in leasing operations and 0.9% in trade finance loans, partially offset by a decrease of 2.7% in working capital loans.

Performing loans increased 5.4% YoY explained by an 14.0% increase in commercial loans, partially offset by a 1.5% decrease in retail loans. Excluding the effect of the Reactiva Peru Program in the comparing periods, performing loans and commercial loans would have increased 6.5% and 16.9% YoY, respectively.

The annual increase in commercial loans was mainly explained by an increase of 10.5% in working capital loans and of 6.0% in leasing operations. These effects were partially offset by a decrease of 5.4% in trade finance loans.

The 1.5% lower retail loans were due to decreases of 18.4% in consumer loans and 5.4% in credit cards, partially offset by increases of 7.2% in mortgages and of 7.4% in payroll deduction loans.

As of 4Q23, 3Q24 and 4Q24, Interbank’s rescheduled portfolio of Reactiva Peru loans amounted to S/ 730.5 million, S/ 315.1 million and S/ 193.4 million, respectively, representing 94.8% of total balances of Reactiva Peru loans in 4Q23, 91.9% in 3Q24 and 85.4% in 4Q24.

It is worth mentioning that these loans are guaranteed in large part by the Peruvian government. As of December 31, 2024, Interbank activated the guaranteed coverage for an amount of S/ 839.1 million. In the case of Impulso Myperu program loans, they also come with guarantees from the government.

Breakdown of retail loans


S/ million	12.31.23		09.30.24		12.31.24		%chg 12.31.24/ 09.30.24			%chg 12.31.24/ 12.31.23
Consumer loans:
Credit cards & other loans		9,951.0		8,462.1		8,494.0		0.4	%		(14.6	)%
Payroll deduction loans(1)		5,301.7		5,868.2		5,693.5		(3.0	)%		7.4	%
Total consumer loans		15,252.7		14,330.4		14,187.5		(1.0	)%		(7.0	)%
Mortgages		9,533.2		10,034.4		10,220.4		1.9	%		7.2	%
Total retail loans		24,785.9		24,364.7		24,408.0		0.2	%		(1.5	)%

(1)

Payroll deduction loans to public sector employees.

FUNDING STRUCTURE

Funding structure


S/ million	12.31.23			09.30.24			12.31.24			%chg 12.31.24/ 09.30.24			%chg 12.31.24/ 12.31.23
Deposits and obligations		46,053.6			51,354.6			51,144.4			(0.4	)%		11.1	%
Due to banks and correspondents and inter-bank funds		8,789.0			7,897.8			6,963.7			(11.8	)%		(20.8	)%
Bonds, notes and other obligations		4,253.2			4,493.8			4,669.1			3.9	%		9.8	%
Total		59,095.8			63,746.3			62,777.2			(1.5	)%		6.2	%
% of funding
Deposits and obligations		77.9	%		80.6	%		81.5	%
Due to banks and correspondents and inter-bank funds		14.9	%		12.4	%		11.1	%
Bonds, notes and other obligations		7.2	%		7.0	%		7.4	%

As of December 31, 2024, the balance of such special funding was S/ 123.8 million, compared to S/ 197.4 million as of September 30, 2024, and S/ 540.2 million as of December 31, 2023.

The bank’s total funding base decreased 1.5% in the QoQ analysis. This was explained by a decrease of 11.8% in due to banks and correspondents and inter-bank funds and of 0.4% in deposits. These effects were partially offset by a 3.9% increase in bonds, in line with issuance of CDNs in the local market.

The quarterly reduction in due to banks and correspondents and inter-bank funds was mainly due to a reduction in interbank funds, as well as lower funding from corresponding banks abroad. These effects were partially offset by an increase in funding from COFIDE and the Central Bank funds.

The quarterly reduction in deposits was primarily explained by decreases of 1.7% in retail deposits, as well as increases of 2.0% in commercial deposits, partially offset by an increase of 6.2% in institutional deposits. Likewise, current and savings accounts showed reductions of 1.5% and 2.6% respectively, while time deposits showed an increase of 2.6%.

The bank's total funding increased by 6.2% YoY, in line with the 6.5% growth in interest-earning assets. This was explained by an 11.0% increase in deposits, partially offset by a 20.8% reduction in amounts due to banks and interbank funds.

The annual increase in deposits was mainly due to increases of 6.0% in retail deposits, 5.0% in commercial deposits, and 49.5% in institutional deposits.

The YoY reduction in amounts due to banks and interbank funds was mainly the result of lower funding provided by the Central Bank and interbank funds. This factor was partially offset by an increase in COFIDE, and correspondent banks abroad.

As of December 31, 2024, the proportion of deposits and obligations to total funding was 81.5%, higher than 80.6% reported as of September 30, 2024, and the 77.9% reported as of December 31, 2023.

Breakdown of deposits


S/ million	12.31.23		09.30.24		12.31.24		%chg 12.31.24/ 09.30.24			%chg 12.31.24/ 12.31.23
By customer service:
Retail		24,683.7		26,594.3		26,154.2		(1.7	)%		6.0	%
Commercial		15,002.6		16,119.6		15,792.8		(2.0	)%		5.3	%
Institutional		5,844.8		8,225.5		8,738.1		6.2	%		49.5	%
Other		522.5		273.0		319.8		17.2	%		(38.8	)%
Total		46,053.6		51,212.3		51,004.9		(0.4	)%		10.8	%
By type:
Demand		12,474.3		13,308.3		13,177.0		(1.0	)%		5.6	%
Savings		17,756.3		19,938.5		19,412.1		(2.6	)%		9.3	%
Time		15,816.4		18,092.3		18,548.5		2.5	%		17.3	%
Other		6.6		15.5		6.7		(56.9	)%		1.6	%
Total		46,053.6		51,354.6		51,144.4		(0.4	)%		11.1	%

NET INTEREST AND SIMILAR INCOME

Net interest and similar income


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Interest and similar income		1,556.0			1,505.8			1,469.0			(2.4	)%		(5.6	)%
Interest and similar expense		(619.0	)		(549.7	)		(511.9	)		(6.9	)%		(17.3	)%
Net interest and similar income		937.0			956.1			957.1			0.1	%		2.1	%
NIM		5.5	%		5.3	%		5.3	%		0	bps		-20	bps

Interest and similar income


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Interest and similar income
Due from banks and inter-bank funds		74.2			92.1			78.6			(14.6	)%		6.0	%
Financial investments		143.1			144.3			132.0			(8.5	)%		(7.8	)%
Loans		1,338.7			1,269.4			1,258.4			(0.9	)%		(6.0	)%
Total Interest and similar income		1,556.0			1,505.8			1,469.0			(2.4	)%		(5.6	)%
Average interest-earning assets		68,656.7			71,616.1			72,622.3			1.4	%		5.8	%
Average yield on assets (annualized)		9.1	%		8.4	%		8.1	%		-30	bps		-100	bps

Interest and similar expense


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Interest and similar expense
Deposits and obligations		(431.4	)		(371.6	)		(334.9	)		(9.9	)%		(22.4	)%
Due to banks and correspondents and inter-bank funds		(126.8	)		(112.8	)		(110.9	)		(1.7	)%		(12.6	)%
Bonds, notes and other obligations		(60.8	)		(65.3	)		(66.1	)		1.3	%		8.8	%
Total Interest and similar expense		(619.0	)		(549.7	)		(511.9	)		(6.9	)%		(17.3	)%
Average interest-bearing liabilities		59,389.8			62,628.8			63,261.7			1.0	%		6.5	%
Average cost of funding (annualized)		4.2	%		3.5	%		3.2	%		-30	bps		-100	bps

QoQ Performance

Net interest and similar income increased 0.1% QoQ due to a 2.4% reduction in interest and similar income, partially offset by a 6.9% decrease in interest and similar expenses.

The lower interest and similar income were attributed to decreases of 14.6% in due from banks and inter-bank funds, 8.5% in interest on financial investments and 0.9% in interest on loans.

Interest on due from banks and inter-bank funds decreased S/ 13.5 million QoQ, or 14.6%, explained by a 70 basis point decrease in the average yield, partially offset by a 10.5% increase in the average volume.

Interest on financial investments decreased S/ 12.3 million QoQ, or 8.5%, explained by a 5.1% decrease in the average volume, as well as a reduction in the average yield, in line with lower market rates.

Interest on loans decreased S/ 11.0 million QoQ, or 0.9%, explained by a 100 basis point decrease in the average yield, from 11.3% in 4Q23 to 10.3% in 4Q24, associated with a loan mix shift towards low-risk products. This was partially offset by a 0.8% increase in the average volume.

The higher average volume of loans was attributed to a 2.4% increase in commercial loans, compensated with a 0.5% decrease in retail loans. In the commercial portfolio, average loans increased mainly in leasing operations, partially offset by a slight decrease in working capital loans. In the retail portfolio, average loans decreased due to a 2.1% reduction in consumer loans, partially compensated by 2.0% in mortgages.

The nominal average yield on interest-earning assets lowered 30 basis points QoQ, at 8.1% in 4Q24, from 8.4% in 3Q24, in line with lower yields.

The lower interest and similar expense were due to decreases of 9.9% in interest on deposits and obligations and 1.7% in interest on due to banks and correspondents, partially offset by a 1.3% increase in bonds, notes and other obligations, as a result of the issuance of CDNs in the local market.

Interest on deposits and obligations decreased S/ 36.7 million QoQ, or 9.9% explained by a 40 basis point reduction in the average cost, from 3.0% in 3Q24 to 2.6% in 4Q24, partially offset by a 2.7% increase in the average volume. By currency, the average balance of soles-denominated deposits grew 2.4% while average dollar-denominated deposits grew 3.2%.

Interest on due to banks and correspondents decreased S/ 1.9 million QoQ, or 1.7%, explained by a 10.2% reduction in the average volume.

The average cost of funding decreased 30 basis points, from 3.5% in 3Q24 to 3.2% in 4Q24, as a consequence of lower cost of deposits and obligations, as well as higher cost of banks and correspondents.

As a result of the above, net interest margin was 5.3% in 4Q24, in line with the net interest margin reported in 3Q24.

YoY Performance

Net interest and similar income increased 2.1% YoY due to a 5.6% reduction in interest and similar income, partially offset by 17.3% lower interest and similar expense.

The reduction in interest and similar income was due to decreases of 7.8% in interest on financial investments and 6.0% in interest on loans, partially offset by a 6.0% increase in interest on due from banks and inter-bank funds.

Interest on financial investments decreased S/ 11.1 million YoY, or 7.8% explained by a 5.3% reduction in the average volume, a 20 basis point decrease in the average yield.

Interest on loans decreased S/ 80.3 million YoY, or 6.0%, explained by 100 basis point reduction in the average yield, partially offset by a 2.9% increase in the average volume.

The reduction in the average yield on loans, from 11.3% in 4Q23 to 10.3% in 4Q24, was mainly due to lower yields on consumer and commercial loans, associated with higher volumes from Impulso MyPeru.

The higher average volume of loans was attributed to growth of 10.0% in commercial loans, partially offset by decrease of 2.7% in retail loans. In the commercial portfolio, average volumes grew due to increases of 9.4% in working capital loans, as well as 3.1% in leasing operations, partially offset by a 11.3% decrease in trade finance loans. In the retail portfolio, average volumes lowered due to an 8.4% decrease in total consumer loans (mainly explained by a 13.4% in credit cards, compensated by a 10.3% increase in payroll deductible loans), partially compensated by a 7.1% increase in mortgages.

Interest on due from banks and inter-bank funds increase S/ 4.4 million YoY, or 6.0%, explained by a 32.4% increase in the average volume, partially offset by a 70 basis point reduction in the average yield.

The nominal average yield on interest-earning assets decreased 90 basis points, from 9.1% in 4Q23 to 8.1% in 4Q24, in line with the lower yield on loans and due from banks.

The lower interest and similar expense were due to decreases 22.4% in interest on deposits and obligations, 12.6% in interest on due to banks and correspondents and

inter-bank funds, partially offset by an 8.8% increase in interest on bonds, notes and other obligations.

Interest on deposits and obligations decreased S/ 96.5 million YoY, or 22.4%, explained by a 120 basis point decrease in the average cost, from 3.8% in 4Q23 to 2.6% in 4Q24. These effects were partially compensated by a 11.8% increase in the average volume. By currency, average balances of dollar-denominated deposits grew 12.6% while soles-denominated deposits grew 11.3%.

Interest on due to banks and correspondents decreased S/ 15.9 million YoY, or 12.6% as a result of 18.8% reduction in the average volume, as well as a 50 basis point reduction in the average cost.

Interest on bonds, notes and other obligations increased S/ 5.3 million YoY, or 8.8%, mainly explained by a 4.6% increase in the average volume, as well as a 20 basis point increase in the average cost. Impact was associated to the issuance of $ 300 million subordinated bond in January 2024, that substituted bond BINTPE29.

The average cost of funding decreased 100 basis points, from 4.2% in 4Q23 to 3.2% in 4Q24.

As a result of the above, net interest margin was 5.3% in 4Q24, 20 basis points lower than the 5.5% reported in 4Q23.

IMPAIRMENT LOSS ON LOANS, NET OF RECOVERIES

Impairment loss on loans, net of recoveries, decreased 5.2% QoQ, and 26.4% YoY.

The quarterly and yearly performance were explained by lower provision requirements in the retail and commercial loan book. In the retail portfolio, the decrease in provisions was primarily driven by improved payment behavior, which resulted in lower requirements for consumer loans and credit cards. In the commercial portfolio, the decrease in provisions was driven by lower requirements across all segments, especially in the SME segment, due to the impact of Impulso MyPeru.

As a result of the above, the annualized ratio of impairment loss on loans to average loans was 2.6% in 4Q24, both lower than the 3.1% in 3Q24 and the 5.2% reported in 4Q23.

Impairment loss on loans, net of recoveries


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Impairment loss on loans, net of recoveries		(616.2	)		(377.4	)		(319.7	)		(15.3	)%		(48.1	)%
Impairment loss on loans/average gross loans		5.2	%		3.1	%		2.6	%		-50	bps		-260	bps
S3 NPL ratio (at end of period)		3.2	%		2.9	%		2.5	%		-40	bps		-70	bps
S3 NPL coverage ratio (at end of period)		156.8	%		131.3	%		140.2	%		890	bps	n.m.
Impairment allowance for loans		2,349.3			1,825.0			1,730.0			(5.2	)%		(26.4	)%

The Stage 3 NPL ratio lowered 50 basis points QoQ, to 2.6% in 4Q24 and 260 basis points YoY. The quarterly performance was associated to a 50 basis point reduction in commercial loans’ NPL, as well as a 20 basis point reduction in the retail loans’ NPL. Furthermore, the S3 NPL coverage ratio was 140.2% as of December 31, 2024, higher than the 131.3% reported as of September 30, 2024, and lower than the 156.8% registered as of December 31, 2023.

FEE INCOME FROM FINANCIAL SERVICES, NET

Net fee income from financial services showed a slight increase of S/ 0.3 million QoQ, or 0.1%, mainly explained by lower commissions from banking services and maintenance and mailing of accounts, transfer fees and commissions on debit card services. These effects were partially offset by a decrease of S/ 9.7 million in total expenses.

Net fee income from financial services increased S/ 11.0 million YoY, or 5.9%, mainly due to higher commissions from banking services and fees from maintenance and mailing of accounts, transfer fees and commissions on debit card services. These effects were partially offset by an increase of S/ 2.4 million in total expenses YoY.

Fee income from financial services, net


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Income
Commissions from credit card services		112.8			113.8			115.1			1.2	%		2.0	%
Commissions from banking services		80.3			89.9			84.2			(6.4	)%		4.8	%
Maintenance and mailing of accounts, transfer fees and commissions on debit card services		78.8			85.5			83.0			(2.9	)%		5.3	%
Fees from indirect loans		17.8			16.8			16.5			(2.0	)%		(7.3	)%
Collection services		13.8			15.2			13.5			(11.1	)%		(2.2	)%
Other		7.0			7.4			6.9			(6.2	)%		(1.9	)%
Total income		310.6			328.6			319.2			(2.9	)%		2.8	%
Expenses
Insurance		(16.8	)		(16.3	)		(18.9	)		15.7	%		12.7	%
Fees paid to foreign banks		(6.8	)		(7.2	)		(6.2	)		(13.1	)%		(8.2	)%
Other		(87.5	)		(94.8	)		(83.5	)		(11.9	)%		(4.6	)%
Total expenses		(111.0	)		(118.3	)		(108.6	)		(8.2	)%		(2.2	)%
Fee income from financial services, net		199.6			210.3			210.6			0.1	%		5.5	%

OTHER INCOME

Other income increased S/ 12.0 million QoQ, mainly explained by a higher contribution in extraordinary concepts due to the sale of property, partially offset by a lower net gain on foreign exchange transactions, and net gain on sale of financial investments.

Other income increased S/ 17.8 million YoY, mainly explained by a higher contribution in extraordinary concepts due to the sale of property, higher net gain on foreign exchange transactions and on financial assets at fair value through profit or loss and a higher net gain on sale of financial investments.

Other income


S/ million	4Q23			3Q24		4Q24			%chg QoQ			%chg YoY
Net gain on foreign exchange transactions and on financial assets at fair value through profit or loss		102.5			110.7		106.2	(1)		(4.1	)%		3.5	%
Net gain on sale of financial investments		(1.8	)		3.8		1.0			(74.8	)%	n.m.
Other		20.6			12.7		32.1		n.m.				55.8	%
Total other income		121.4			127.2		139.2			9.5	%		14.7	%

OTHER EXPENSES

Other expenses increased S/2.9 million QoQ, or 0.6%, and S/ 53.6 million YoY, or 11.3%.

The efficiency ratio was 38.2% in 4Q24, lower compared to the 39.0% reported in 3Q24, but higher than the 36.2% registered in 4Q23.

Other expenses


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Salaries and employee benefits		(138.7	)		(172.2	)		(174.7	)		1.5	%		26.0	%
Administrative expenses		(247.2	)		(259.3	)		(253.1	)		(2.4	)%		2.4	%
Depreciation and amortization		(69.5	)		(73.0	)		(70.9	)		(2.8	)%		2.0	%
Other		(19.9	)		(21.5	)		(30.1	)		40.0	%		51.4	%
Total other expenses		(475.2	)		(525.9	)		(528.8	)		0.6	%		11.3	%
Efficiency ratio		36.2	%		39.0	%		38.2	%		-80	bps		200	bps

REGULATORY CAPITAL

The ratio of regulatory capital to risk weighted assets (RWA) was 15.9% reported as of December 31, 2024, as well as registered as of September 30, 2024 and higher than 15.5% registered as of December 31, 2023.

As of 4Q24, risk-weighted assets (RWA) showed an increase of 1.5% QoQ, mainly due to higher capital requirements for credit risk. Higher risk weighted assets (RWA) for credit risk were attributed to higher RWA of loans and other assets.

In terms of regulatory capital, it increased 2.0% QOQ, mainly attributed to the increase in accumulated profit and an improvement in unrealized results.

The annual increase in the capital ratio was due to a 4.4% growth in the total regulatory capital, which compensates for the increase in RWA in 1.3%. The RWA growth was the result of higher capital requirements for credit risk, mainly explained by higher other assets and loans, partially offset by lower RWA for investments.

The YoY changes in regulatory capital was largely the result of the application of profits on the result of the 2023 financial year, the profit for the current year 2024, as well as the improvement in the unrealized result of the investment portfolio available for sale. These effects were partially offset by higher adjustments for investments in companies that are part of the financial consolidated group to which Interbank belongs, as a consequence of regulatory changes published at the end of March 2024.

Also, it is worth mentioning that in December 2022, the SBS issued the Official Document No. 03952-2022, by which it established that, from March 1, 2023, the minimum regulatory capital ratio requirement would remain at 8.5% and would follow an adequation schedule until March 2024, date in which the minimum regulatory capital ratio requirement will reach 10.0%. This date was modified with later resolutions, being the Resolution N° 274-2024, published in January 2024, the last current update, which establishes the new date for the implementation of the global limit in March 2025.

As of December 31, 2024, Interbank’s total capital ratio of 15.9% was significantly higher than the global requirements plus buffers and capital assigned to cover additional risks, by disposition of the SBS. The minimum regulatory requirement was 9.5% as of December 31, 2024. Additionally, Core Equity Tier 1 (CET1) was 12.3% under the new methodology required by the SBS, compared to the 12.2% registered as of September 30, 2024, and 11.8% reported as of December 31, 2023. It is important to mention that under the new SBS regulation CET1 is the main component of the Tier I capital ratio.

Regulatory capital


S/ million	12.31.23			09.30.24			12.31.24			%chg 12.31.24/ 09.30.24			%chg 12.31.24/ 12.31.23
Tier I capital		7,461.7			7,711.9			7,892.4			2.3	%		5.8	%
Tier II capital		2,349.8			2,330.3			2,346.9			0.7	%		(0.1	)%
Total regulatory capital		9,811.5			10,042.2			10,239.3			2.0	%		4.4	%
Risk-weighted assets (RWA)		63,494.9			63,356.3			64,308.3			1.5	%		1.3	%
Total capital ratio		15.5	%		15.9	%		15.9	%		0	bps		40	bps
Tier I capital / RWA		11.8	%		12.2	%		12.3	%		10	bps		50	bps
CET1		11.8	%		12.2	%		12.3	%		10	bps		50	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

2024 Performance

Interseguro adopted IFRS17 requirements starting January 1st, 2023. As permitted by this regulation, for periods prior to 2023, we hereby present a reconstruction of results appropriate to the first adoption of IFRS17 for comparative purposes.

Interseguro’s profits reached S/ 201.9 million in 2024, a S/ 90.2 million or 30.9% decrease compared to the previous year.

The full-year performance was mainly due to an S/ 38.0 million increase in losses due to impairment of financial investments, mostly explained by the rating downgrade of a fixed income investment. In addition, yearly results were negatively impacted by an S/ 26.6 million increase in other expenses, as well as a S/ 27.8 million decrease in translation results. These factors were partially offset by a positive development of S/ 8.6 million in insurance results.

Insurance Segment’s P&L Statement


S/ million	2023			2024			%chg 24/23
Interest and similar income		851.6			871.0			2.3	%
Interest and similar expenses		(126.7	)		(153.5	)		21.1	%
Net Interest and similar income		724.9			717.5			-1.0	%
Recovery (loss) due to impairment of financial investments		(7.9	)		(45.9	)	n.m.
Net Interest and similar income after impairment loss		717.1			671.6			-6.3	%
Fee income from financial services, net		(13.4	)		(10.6	)		-20.9	%
Insurance results		(178.4	)		(169.8	)		-4.8	%
Other income		122.9			121.2			-1.4	%
Other expenses		(374.6	)		(401.2	)		7.1	%
Income before translation result and income tax		273.6			211.3			-22.8	%
Translation result		18.4			(9.4	)	n.m.
Profit for the period		292.1			201.9			-30.9	%
ROE		86.2	%		41.6	%
Efficiency ratio		13.0	%		13.8	%

Net interest and similar income was S/ 717.5 million in 2024, a decrease of S/ 7.4 million compared to 2023, mainly explained by a S/ 26.8 million increase in interest and similar expenses due to the growth of the private annuities portfolio.

Loss due to impairment of financial investments was S/ -45.9 million, compared to a S/ 7.9 million impairment in the previous year.

Other income was S/ 121.2 million, a S/ 1.7 million decrease compared to 2023, mainly due to an extraordinary growth in financial assets at fair value.

Insurance results were S/ -169.8 million in 2023, a S/ 8.6 million improvement against 2023, mainly attributed to the effect of a downward trend in inflation rates over annuities.

Other expenses were S/ 401.2 million in 2024, a S/ 26.6 million increase when compared to the previous year, mainly explained by higher salaries and employee’s benefits, as well as increased expenses related to rental income.

4Q24 Performance

Interseguro’s profits reached S/ 75.8 million in 4Q24, a positive performance compared to 3Q24.

The quarterly decrease was mainly explained by increases of S/ 21.8 and S/ 7.8 million in other income and insurance results, a S/ 7.8 million decrease in other expenses as well as a S/ 5.1 million reduction in losses due to impairment of financial investments. These effects were partially offset by a S/ 32.8 million decrease in translation result.

The annual performance in net profit was mainly explained by decreases of S/ 27.8, S/ 30.3 and S/ 6.1 million in translation results, other income and insurance results respectively. However, these factors were partially offset by an S/ 11.7 million increase in net interest and similar income

Interseguro’s ROE registered 66.5% for 4Q24 compared to the 64.1% and 138.9% registered in 3Q24 and 4Q23 respectively.

Insurance Segment’s P&L Statement


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Interest and similar income		196.9			213.7			212.6			(0.5	)%		8.0	%
Interest and similar expenses		(32.6	)		(38.2	)		(36.5	)		(4.4	)%		12.1	%
Net interest and similar income		164.4			175.5			176.1			0.3	%		7.1	%
Recovery (loss) due to impairment of financial investments		0.9			(9.1	)		(4.0	)		(55.9	)%	n.m.
Net interest and similar income after impairment loss		165.3			166.5			172.1			3.4	%		4.1	%
Fee income from financial services, net		(3.5	)		(2.8	)		(2.7	)		(1.7	)%		(22.1	)%
Insurance results		(24.1	)		(38.0	)		(30.2	)		(20.5	)%		25.3	%
Other income		75.8			23.7			45.5			91.6	%		(40.0	)%
Other expenses		(93.9	)		(104.9	)		(98.9	)		(5.8	)%		5.3	%
Income before translation result and income tax		119.5			44.5			85.7			92.7	%		(28.3	)%
Translation result		17.9			22.9			(9.9	)	n.m.			n.m.
Profit for the period		137.4			67.4			75.8			12.4	%		(44.9	)%
ROE		138.9	%		64.1	%		66.5	%
Efficiency ratio		15.0	%		14.6	%		12.7	%

RESULTS FROM INVESTMENTS

Results from Investments (1)


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Interest and similar income		197.9			213.7			212.6			12.4	%		(44.9	)%
Interest and similar expenses		(18.8	)		(21.3	)		(20.7	)		(2.9	)%		10.0	%
Net interest and similar income		179.1			192.4			191.9			(0.3	)%		7.2	%
Recovery (loss) due to impairment of financial investments		0.9			(9.1	)		(4.0	)		(55.9	)%	n.m.
Net Interest and similar income after impairment loss		180.0			183.4			187.9			2.5	%		4.4	%
Net gain (loss) on sale of financial investments		17.4			15.9			8.3			(48.1	)%		(52.4	)%
Net gain (loss) on financial assets at fair value through profit or loss		24.2			8.9			(12.7	)	n.m.			n.m.
Rental income		16.3			18.0			17.8			(0.8	)%		9.5	%
Gain on sale of investment property		0.0			(5.5	)		0.0		n.m.			n.m.
Valuation gain (loss) from investment property		14.0			(22.8	)		30.8		n.m.			n.m.
Other(1)		(5.5	)		(0.6	)		(5.1	)	n.m.				(7.9	)%
Other income		66.3			13.9			39.2		n.m.				(40.9	)%
Results from investments		246.3			197.3			227.1			15.1	%		(7.8	)%

(1) Only includes transactions related to investments.

NET INTEREST AND SIMILAR INCOME

Net interest and similar income related to investments was S/ 191.9 million in 4Q24, a decrease of S/ 0.5 million QoQ, or 0.3%, and an increase of S/ 12.8 million YoY, or 7.2%.

The quarterly performance was mainly explained by a reduction of S/ 1.1 million in interest and similar income due to lower inflation rates, partially offset by a decrease of S/ 0.6 million in interest and similar expenses.

The improvement in the yearly performance was caused by an increase of S/ 14.7 million in interest and similar income due to higher dividends received and inflation rates, partially offset by an increase in interest and similar expenses of S/ 1.9 million.

RECOVERY (LOSS) DUE TO IMPAIRMENT OF FINANCIAL INVESTMENTS

Loss due to impairment of financial investments was S/ 4.0 million in 4Q24 compared to a loss of S/ 9.1 million in 3Q24 and a recovery of S/ 0.9 million in 4Q23. This was mainly explained by the rating downgrade of a fixed income investment in 3Q24.

OTHER INCOME

Other income related to investment was S/ 39.2 million in 4Q24, a decrease of S/ 25.3 million QoQ and a decrease of S/ 27.1 million YoY.

The quarterly decrease was explained by a higher valuation gain from investment property of S/ 53.2 million resulting from a reduction in discount rates. This effect was partially offset by a net loss on financial assets at fair value of S/ 21.6 million and a decrease in net gain on sale of financial investments of S/7.9.

The annual performance in other income was mainly explained by a reduction of S/ 36.9 in net gain on financial assets at fair value resulting from an extraordinary asset revaluation of an equity investment in 4Q23. This effect was partially offset by a S/ 16.8 million increase in valuation gain from investment property due to the reduction in discount rates.

INSURANCE RESULTS

Insurance Results


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Insurance Income		181.7			193.1			192.1			-0.5	%		5.7	%
Insurance Expenses		(205.9	)		(231.1	)		(222.4	)		-3.8	%		8.0	%
Insurance Results		(24.1	)		(38.0	)		(30.2	)	n.m.				25.3	%

INSURANCE INCOME

Insurance Income


S/ million	4Q23		3Q24		4Q24		%chg QoQ			%chg YoY
Annuities		71.0		75.9		76.5		0.9	%		7.8	%
Individual Life		23.2		28.0		29.2		4.3	%		25.9	%
Retail Insurance		87.5		89.1		86.3		(3.2	)%		(1.4	)%
Total Insurance Income		181.7		193.1		192.1		(0.5	)%		5.7	%

Insurance income was S/ 192.1 million in 3Q24, a decrease of S/ 1.0 million QoQ, or 0.5%, and a growth of S/ 10.4 million YoY, or 5.7%.

The quarterly performance was mainly explained by a decrease of S/ 2.8 million in retail insurance due to a reduction in CSM release resulting from higher lapsed policies. This was partially offset by increases of S/ 0.6 and S/ 1.2 in annuities and individual life due to the growth of the insurance portfolio.

The yearly increase was mainly explained by increases of S/5.5 and S/ 6.0 million in annuities and individual life due to the higher Risk Adjustment and BEL release, resulting from an update of the fulfillment cash flows estimates. These factors were partially offset by a decrease of S/ 1.2 in retail insurance, mainly explained by a reduction in short term insurance premiums.

INSURANCE EXPENSES

Insurance Expenses


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Annuities		(203.0	)		(205.8	)		(200.4	)		(2.6	)%		(1.3	)%
Individual Life		(5.5	)		(10.0	)		7.3		n.m.			n.m.
Retail Insurance		2.7			(15.2	)		(29.2	)		91.8	%	n.m.
Total Insurance Expenses		(205.9	)		(231.1	)		(222.4	)		(3.8	)%		8.0	%

Insurance expenses were S/ 222.4 million in 4Q24, a decrease of S/ 8.7 million QoQ, or 3.8%, and an increase of S/ 16.5 million YoY, or 8.0%.

The quarterly performance was mainly explained by lower expenses of S/ 5.4 million in annuities, explained by a decrease in loss component due to higher inflation rates and a S/ 17.3 million decrease in individual life, mainly explained by adjustments of technical

reserves of VFA insurance contracts. These factors were partially offset by an increase of S/5.3 million in retail insurance acquisition costs.

The yearly increase was mainly explained by an increment of S/ 31.9 million in retail insurance due to an extraordinary Loss Component reversal in 4Q23. This result was partially offset by lower expenses of S/ 2.6 million in annuities and S/ 12.8 million in individual life due to adjustments of technical reserves of VFA insurance contracts.

OTHER EXPENSES

Other Expenses


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Salaries and employee benefits		(31.9	)		(31.5	)		(29.4	)		(6.7	)%		(7.8	)%
Administrative expenses		(23.9	)		(20.0	)		(16.9	)		(15.3	)%		(29.2	)%
Depreciation and amortization		(6.9	)		(5.4	)		(5.8	)		7.3	%		(16.4	)%
Expenses related to rental income		(1.8	)		(3.6	)		(3.9	)		7.5	%	n.m.
Other		(29.4	)		(44.4	)		(42.9	)		(3.5	)%		46.0	%
Other expenses		(93.9	)		(104.9	)		(98.9	)		(5.8	)%		5.3	%

Other expenses decreased by S/ 6.0 million QoQ, or 5.8%, and increased by S/ 5.0 million YoY, or 5.3%.

Inteligo

SUMMARY

2024 Performance

Inteligo’s profits were S/ 137.3 million in 2024, representing an increase of S/ 101.1 million compared to 2023. This was mainly attributable to the recovery of the investment portfolio, from reported losses of S/ -40.2 million in 2023 to a positive S/ 85.2 million in 2024, due to a mark-to-market profit on proprietary portfolio investments.

Partially offsetting the annual improvement in other income, the company registered a 18.5% decrease in net interest and similar income, mainly as a result of higher interest expenses, and a 14.3% increase in other expenses.

From a business development perspective, Inteligo’s prospection process continued to show positive results in terms of new account openings and assets under management growth in Private Wealth Management and mutual funds. Consequently, Inteligo’s AUM grew 18.5% on a yearly basis.

Inteligo's ROE was 14.1% in 2024, an increase of 9.9% compared to 2023.

Wealth Management Segment’s P&L Statement


S/ million	2023			2024			%chg 24/23
Interest and similar income		155.1			183.9			18.6	%
Interest and similar expenses		(50.3	)		(98.4	)		95.5	%
Net interest and similar income		104.8			85.6			(18.4	)%
Impairment loss of loans, net of recoveries		2.4			0.2			(92.8	)%
Recovery (loss) due to impairment of financial investments		(12.0	)		0.3		n.m.
Net interest and similar income after impairment loss		95.2			86.1			(9.6	)%
Fee income from financial services, net		163.3			146.2			(10.5	)%
Other income		(244.5	)		(40.2	)		(83.6	)%
Other expenses		(145.5	)		(153.6	)		5.6	%
Income before translation result and income tax		(131.5	)		38.5		n.m.
Translation result		(7.1	)		0.8		n.m.
Income tax		(2.8	)		(3.1	)		10.4	%
Profit for the period		(141.4	)		36.2		n.m.
ROE		0.0			14.1	%
Efficiency ratio		1.4			60.4	%

When compared to the previous year, Inteligo’s net interest and similar income decreased 18.5% or S/ 15.9 million, while net fee income from financial services increased S/ 24.8 million or 16.9%.

Other income represented a profit of S/ 85.2 million, a S/ 125.4 million improvement when compared to the loss reported in 2023, mainly attributable to better mark-to-market valuations on investments.

Other expenses increased by S/ 21.9 million, or 14.3% in 2023, when compared with 2023.

4Q24 Performance

Inteligo’s net profit was S/ 71.6 million in 4Q24, a S/ 38.1 million increase QoQ and S/ 47.1 million YoY.

The quarterly performance was mainly attributable to mark-to-market profits on proprietary portfolio investments, which increased by S/ 43.9 million QoQ. This effect was partially offset by a decrease of S/ 0.8 million in net interest and similar income and an increase of S/ 4.9 million in other expenses.

The annual performance was mainly attributable to mark-to-market profits on proprietary portfolio investments, which increased by S/ 50.0 million YoY, as well as fee income from financial services, which increased by S/ 10.4 million. Some effects that mitigated the YoY results were a decrease of S/ 4.3 million in net interest and similar income and an increase of S/ 6.2 million in other expenses.

Inteligo’s ROE was 28.3% in 4Q24, higher than the 13.9% reported in 3Q24.

Wealth Management Segment’s P&L Statement


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Interest and similar income		49.0			43.6			42.3			(3.1	)%		(13.7	)%
Interest and similar expenses		(29.0	)		(27.1	)		(26.6	)		(1.8	)%		(8.3	)%
Net interest and similar income		20.0			16.5			15.7			(5.2	)%		(21.5	)%
Impairment loss of loans, net of recoveries		0.0			0.2			0.0			(90.1	)%		20.2	%
Recovery (loss) due to impairment of financial investments		0.1			0.0			(0.6	)	n.m.			n.m.
Net interest and similar income after impairment loss		20.1			16.7			15.1			(9.7	)%		(24.8	)%
Fee income from financial services, net		36.6			43.2			47.0			8.7	%		28.4	%
Other income		13.2			22.8			22.8		n.m.			n.m.
Other expenses		(45.9	)		(47.2	)		(52.1	)		10.2	%		13.5	%
Income before translation result and income tax		24.0			35.5			76.4		n.m.			n.m.
Translation result		1.3			0.3			(2.4	)	n.m.			n.m.
Income tax		(0.7	)		(2.4	)		(2.4	)		1.3	%	n.m.
Profit for the period		24.5			33.5			71.6		n.m.			n.m.
ROE		10.9	%		13.9	%		28.3	%
Efficiency ratio		64.1	%		43.9	%		33.7	%

ASSETS UNDER MANAGEMENT & DEPOSITS

AUM reached S/ 27,461 million in 4Q24, a S/ 1,021 million or 3.9% increase QoQ and a S/ 4,279 million or 18.5% increase YoY, mostly explained by inflows in mutual funds and Private Wealth Management.

Client deposits were S/ 2,929 million in 4Q24, a S/ 159 million or 5.1% decrease QoQ and a S/ 382 million or 11.5% decrease YoY, mostly affected by a lower exchange rate.

NET INTEREST AND SIMILAR INCOME

Net interest and similar income


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Interest and similar income
Due from banks and inter-bank funds		11.3			6.2			4.3			(30.5	)%		(61.5	)%
Financial Investments		14.2			13.7			13.8			1.4	%		(2.5	)%
Loans		23.5			23.7			24.1			1.5	%		2.4	%
Total interest and similar income		49.0			43.6			42.3			(3.1	)%		(13.7	)%
Interest and similar expenses
Deposits and obligations		(27.0	)		(25.5	)		(24.2	)		(5.3	)%		(10.3	)%
Due to banks and correspondents		(2.1	)		(1.6	)		(2.4	)		55.2	%		16.6	%
Total interest and similar expenses		(29.0	)		(27.1	)		(26.6	)		(1.8	)%		(8.3	)%
Net interest and similar income		20.0			16.5			15.7			(5.2	)%		(21.5	)%

Inteligo’s net interest and similar income was S/ 15.7 million in 4Q24, a S/ 0.8 million, or 5.2% decrease when compared with 3Q24, mainly explained by lower interests in due from banks and inter-bank funds.

Net interest and similar income decreased S/ 4.3 million YoY, or 21.5%, also because of a lower interest income on due from banks and inter-bank funds.

FEE INCOME FROM FINANCIAL SERVICES

Fee income from financial services, net


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Income
Brokerage and custody services		2.5			3.3			3.6			9.8	%		43.7	%
Funds management		34.4			40.3			43.7			8.4	%		27.3	%
Total income		36.9			43.7			47.4			8.5	%		28.4	%
Expenses
Brokerage and custody services		(0.2	)		(0.2	)		(0.2	)		11.2	%		35.2	%
Others		(0.1	)		(0.2	)		(0.2	)		(23.3	)%		25.2	%
Total expenses		(0.3	)		(0.4	)		(0.4	)		(6.6	)%		30.8	%
Fee income from financial services, net		36.6			43.2			47.0			8.7	%		28.4	%

Net fee income from financial services was S/ 47.0 million in 4Q24, an increase of S/ 3.8 million or 8.7% when compared to the previous quarter, mainly explained by higher fees from the wealth management segment.

On a YoY basis, net fee income from financial services increased S/ 10.4 million, or 28.4%, mainly due to higher fees from funds management. This was explained by assets under management growth in Private Wealth Management and mutual funds.

OTHER INCOME

Other income


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Net gain on sale of financial investments		(3.5	)		(0.8	)		(0.8	)		(5.8	)%		(78.3	)%
Net trading gain (loss)		18.3			24.4			68.3		n.m.			n.m.
Other		(1.6	)		(0.8	)		(1.2	)		53.5	%		(27.3	)%
Total other income		13.2			22.8			66.4		n.m.			n.m.

Inteligo’s other income reached S/ 66.4 million in 4Q24, which means an increase of S/ 43.6 million QoQ, due to positive mark-to-market valuations on proprietary portfolio investments.

OTHER EXPENSES

Other expenses


S/ million	4Q23			3Q24			4Q24			%chg QoQ			%chg YoY
Salaries and employee benefits		(27.4	)		(21.4	)		(27.5	)		28.3	%		0.0	%
Administrative expenses		(13.5	)		(12.8	)		(13.7	)		6.6	%		1.2	%
Depreciation and amortization		(3.8	)		(2.1	)		(2.2	)		1.7	%		(42.7	)%
Other		(1.1	)		(10.9	)		(8.8	)		(19.4	)%	n.m.
Total other expenses		(45.9	)		(47.2	)		(52.1	)		10.2	%		13.5	%
Efficiency ratio		64.1	%		43.9	%		33.7	%

Other expenses reached S/ 52.1 million in 4Q24, an increase of S/ 4.9 million or 10.2% QoQ and of S/ 6.2 million or 13.5% YoY, mainly due to other provisions.

Intercorp Financial Services Inc. and Subsidiaries

Interim consolidated financial statements as of December 31, 2024, and 2023 and for the years ended December 31, 2024 and 2023

Content

Interim consolidated financial statements



Interim consolidated statement of financial position	3

Interim consolidated statement of income

Interim consolidated statement of other comprehensive income

Interim consolidated statement of changes in equity

Interim consolidated statement of cash flows

Notes to the interim consolidated financial statements

Interim consolidated statement of financial position

As of December 31, 2024 and 2023



	Note	31.12.2024			31.12.2023
		S/(000)			S/(000)
Assets
Cash and due from banks	4(a)
Non-interest bearing			3,895,612			3,059,226
Interest bearing			7,973,580			6,038,794
Restricted funds			619,766			720,691
			12,488,958			9,818,711
Inter-bank funds	4(e)		220,060			524,915
Financial investments	5		26,857,925			26,721,991
Loans, net:	6
Loans, net of unearned interest			50,959,615			48,869,807
Impairment allowance for loans			(1,730,167	)		(2,349,425	)
			49,229,448			46,520,382
Investment property	7		1,381,788			1,298,892
Property, furniture and equipment, net			814,432			804,832
Due from customers on acceptances			9,163			40,565
Intangibles and goodwill, net			1,667,753			1,687,120
Other accounts receivable and other assets, net	8		2,670,178			2,125,148
Reinsurance contract assets	12		18,602			26,287
Deferred Income Tax asset, net			19,206			55,936
Total assets			95,377,513			89,624,779
Liabilities and equity
Deposits and obligations	9
Non-interest bearing			7,614,593			7,960,318
Interest bearing			46,153,435			41,227,916
			53,768,028			49,188,234
Inter-bank funds	4(e)		—			119,712
Due to banks and correspondents	10		7,562,057			9,025,930
Bonds, notes and other obligations	11		6,075,433			5,551,629
Due from customers on acceptances			9,163			40,565
Insurance and reinsurance contract liabilities	12		12,524,320			12,207,536
Other accounts payable, provisions and other liabilities	8		4,319,264			3,407,360
Deferred Income Tax liability, net			140,653			75,712
Total liabilities			84,398,918			79,616,678
Equity, net	13
Equity attributable to IFS’s shareholders:
Capital stock			1,038,017			1,038,017
Treasury stock			(206,997	)		(84,309	)
Capital surplus			532,771			532,771
Reserves			8,300,000			6,000,000
Unrealized results, net			(187,830	)		(457,793	)
Retained earnings			1,439,274			2,921,531
			10,915,235			9,950,217
Non-controlling interest			63,360			57,884
Total equity, net			10,978,595			10,008,101
Total liabilities and equity, net			95,377,513			89,624,779

The accompanying notes are an integral part of these interim consolidated financial statements.

Interim consolidated statement of income

For the years ended December 31, 2024 and 2023



	Note	31.12.2024			31.12.2023
		S/(000)			S/(000)
Interest and similar income	15		7,029,391			7,120,411
Interest and similar expenses	15		(2,480,270	)		(2,592,366	)
Net interest and similar income			4,549,121			4,528,045
Impairment loss on loans, net of recoveries	6(d.1) and (d.2)		(1,720,179	)		(1,981,818	)
Loss due to impairment of financial investments	5(c) and 5(d)		(47,521	)		(7,500	)
Net interest and similar income after impairment loss			2,781,421			2,538,727
Fee income from financial services, net	16		1,142,943			1,178,462
Net gain on foreign exchange transactions			433,691			306,431
Net gain on sale of financial investments			26,544			6,431
Net gain on financial assets at fair value through profit or loss	5(e) and 10(b)		81,990			15,181
Net gain on investment property	7(b)		128,164			73,072
Other income	17		121,222			156,700
			1,934,554			1,736,277
Result from insurance activities	18		(169,789	)		(178,392	)
			(169,789	)		(178,392	)
Other expenses
Salaries and employee benefits			(955,246	)		(897,275	)
Administrative expenses			(1,336,954	)		(1,288,862	)
Depreciation and amortization			(413,057	)		(379,038	)
Other expenses	17		(194,959	)		(184,992	)
			(2,900,216	)		(2,750,167	)
Income before translation result and Income Tax			1,645,970			1,346,445
Exchange difference			(24,144	)		8,427
Income Tax	14(f)		(314,365	)		(275,596	)
Net profit for the year			1,307,461			1,079,276
Attributable to:
IFS’s shareholders			1,300,078			1,072,728
Non-controlling interest			7,383			6,548
			1,307,461			1,079,276
Earnings per share attributable to IFS’s shareholders, basic and diluted (in Soles)	19		11.376			9.327
Outstanding shares (weighted average in thousands)	19		114,287			115,012

The accompanying notes are an integral part of these interim consolidated financial statements.

Interim consolidated statement of other comprehensive income

For the years ended December 31, 2024 and 2023



	31.12.2024			31.12.2023
	S/(000)			S/(000)
Net profit for the year		1,307,461			1,079,276
Other comprehensive income that will not be reclassified to the consolidated statement of income in subsequent periods:
Gains on valuation of equity instruments at fair value through other comprehensive income		3,048			16,220
Income Tax		(1,595	)		(157	)
Total unrealized gain that will not be reclassified to the consolidated statement of income in subsequent periods		1,453			16,063
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		286,738			1,134,509
Income Tax		(3,595	)		(3,645	)
		283,143			1,130,864
Insurance reserves at fair value		(61,389	)		(970,191	)
Net movement of cash flow hedges		(18,605	)		(29,112	)
Income Tax		1,402			6,336
		(17,203	)		(22,776	)
Translation of foreign operations		11,747			(21,970	)
Total unrealized gain to be reclassified to the consolidated statement of income in subsequent periods		216,298			115,927
Other comprehensive income for the year		217,751			131,990
Total comprehensive income for the year, net of Income Tax		1,525,212			1,211,266
Attributable to:
IFS’s shareholders		1,516,304			1,202,789
Non-controlling interest		8,908			8,477
		1,525,212			1,211,266

The accompanying notes are an integral part of these interim consolidated financial statements.

Interim consolidated statement of changes in equity

For the years ended December 31, 2024 and 2023


													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 premiums 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, 2023		115,447		(29	)		1,038,017		(3,363	)		532,771		6,000,000		(46,763	)		(2,420,809	)		1,711,493			(9,262	)		210,920			2,359,464			9,372,468			53,759			9,426,227
Net profit for the period		—		—			—		—			—		—		—			—			—			—			—			1,072,728			1,072,728			6,548			1,079,276
Other comprehensive income		—		—			—		—			—		—		16,055			1,127,246			(968,599	)		(22,671	)		(21,970	)		—			130,061			1,929			131,990
Total comprehensive income		—		—			—		—			—		—		16,055			1,127,246			(968,599	)		(22,671	)		(21,970	)		1,072,728			1,202,789			8,477			1,211,266
Declared and paid dividends, Note 13(a)		—		—			—		—			—		—		—			—			—			—			—			(511,788	)		(511,788	)		—			(511,788	)
Purchase of shares, Note 13(b)		—		(938	)		—		(80,946	)		—		—		—			—			—			—			—			—			(80,946	)		—			(80,946	)
Dividends paid to non-controlling interest of Subsidiaries		—		—			—		—			—		—		—			—			—			—			—			—			—			(4,242	)		(4,242	)
Sale of equity instruments at fair value through other comprehensive income		—		—			—		—			—		—		(33,433	)		—			—			—			—			33,433			—			—			—
Others		—		—			—		—			—		—		—			—			—			—			—			(32,306	)		(32,306	)		(110	)		(32,416	)
Balance as of December 31, 2023		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

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		—		—			—		—			—		—		—			—			—			—			—			1,300,078			1,300,078			7,383			1,307,461
Other comprehensive income		—		—			—		—			—		—		1,263			281,695			(61,299	)		(17,180	)		11,747			—			216,226			1,525			217,751
Total comprehensive income		—		—			—		—			—		—		1,263			281,695			(61,299	)		(17,180	)		11,747			1,300,078			1,516,304			8,908			1,525,212
Declared and paid dividends, Note 13(a)		—		—			—		—			—		—		—			—			—			—			—			(427,369	)		(427,369	)		—			(427,369	)
Purchase of shares, Note 13(b)		—		(1,192	)		—		(122,688	)		—		—		—			—			—			—			—			—			(122,688	)		—			(122,688	)
Transfer of retained earnings to reserves, Note 13(d)		—		—			—		—			—		2,300,000		—			—			—			—			—			(2,300,000	)		—			—			—
Dividends paid to non-controlling interest of Subsidiaries		—		—			—		—			—		—		—			—			—			—			—			—			—			(3,056	)		(3,056	)
Sale of equity instruments at fair value through other comprehensive income		—		—			—		—			—		—		53,737			—			—			—			—			(53,737	)		—			—			—
Others		—		—			—		—			—		—		—			—			—			—			—			(1,229	)		(1,229	)		(376	)		(1,605	)
Balance as of December 31, 2024		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

The accompanying notes are an integral part of these interim consolidated financial statements.

Interim consolidated statement of cash flows

For the years ended December 31, 2024 and 2023



	31.12.2024			31.12.2023
	S/(000)			S/(000)
Cash flows from operating activities
Net profit for the year		1,307,461			1,079,276
Plus (minus) adjustments to net profit
Impairment loss on loans, net of recoveries		1,720,179			1,981,818
Loss due to impairment of financial investments		47,521			7,500
Depreciation and amortization		413,057			379,038
Provision for sundry risks		29,290			4,138
Deffered Income Tax		100,053			102,244
Net gain on sale of financial investments		(26,544	)		(6,431	)
Net gain of financial assets at fair value through profit or loss		(81,990	)		(15,181	)
Net gain for valuation of investment property		(60,260	)		(7,111	)
Net loss on sale of investment property		3,176			—
Sale of fixed asset		(12,879	)		(15,300	)
Exchange difference		24,144			(8,427	)
Decrease (increase) in interest receivable		58,688			(167,468	)
(Decrease) increase in interest payable		(120,753	)		194,285
Net changes in assets and liabilities
Net increase in loan portfolio		(4,523,015	)		(2,883,998	)
Net increase in other accounts receivable and other assets		(200,394	)		(295,748	)
Decrease (increase) in restricted funds		100,925			(246,775	)
Increase in deposits and obligations		4,680,603			503,544
(Decrease) increase in due to banks and correspondents		(1,407,852	)		1,837,830
Increase in other accounts payable, provisions and other liabilities		980,227			108,846
Tax payment
(Increase) decrease of investments at fair value through profit or loss		(123,744	)		323,112
Net cash provided by operating activities		2,907,893			2,875,192

The accompanying notes are an integral part of these interim consolidated financial statements.

Interim consolidated statements of cash flows (continued)



	31.12.2024			31.12.2023
	S/(000)			S/(000)
Cash flows from investing activities
Net sale (purchase) of investments at fair value through other comprehensive income and at amortized cost		258,991			(3,120,456	)
Purchase of property, furniture and equipment		(104,719	)		(147,645	)
Purchase of intangible assets		(245,334	)		(280,388	)
Purchase of investment property		(61,812	)		(16,903	)
Sale of investment property		39,176			—
Sale of property, furniture and equipment		—			32,667
Net cash used in investing activities		(113,698	)		(3,532,725	)
Cash flows from financing activities
Dividends paid		(427,369	)		(511,788	)
Issuance of bonds, notes and other obligations		1,706,371			—
Payments of bonds, notes and other obligations		(1,266,504	)		(2,189,040	)
Net decrease (increase) in receivable inter-bank funds		304,855			(228,796	)
Net (decrease) increase in payable inter-bank funds		(119,712	)		91,245
Purchase of treasury stock, net		(122,688	)		(80,946	)
Dividend payments to non-controlling interest		(3,056	)		(4,776	)
Lease payments		(82,644	)		(89,334	)
Net cash used in financing activities		(10,747	)		(3,013,435	)
Net increase (decrease) in cash and cash equivalents		2,783,448			(3,670,968	)
Translation (loss) gain on cash and cash equivalents		(6,561	)		37,403
Cash and cash equivalents at the beginning of the year		9,074,211			12,707,776
Cash and cash equivalents at the end of the year		11,851,098			9,074,211

The accompanying notes are an integral part of these interim consolidated financial statements.

Notes to the interim consolidated financial statements

As of December 31, 2024 and 2023

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”), a holding Company incorporated in 1997 in the Commonwealth of the Bahamas. As of December 31, 2024, Intercorp Peru holds directly and indirectly 72.47 percent of the issued capital stock of IFS, equivalent to 71.95 percent of the outstanding capital stock of IFS (71.44 percent of the issued capital stock, equivalent to 71.20 percent of the outstanding capital stock as of December 31, 2023).

IFS’s legal domicile is located at Av. Carlos Villarán 140 Urb. Santa Catalina, La Victoria, Lima, Peru.

As of December 31, 2024 and 2023, IFS holds 99.31 percent and 99.30 percent of the capital stock of Banco Internacional del Peru S.A.A. – Interbank (henceforth “Interbank”), 99.85 percent and 99.84 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, balances and other relevant information are presented in Note 2.

The interim consolidated financial statements as of December 31, 2024, have been approved in Board’s Meeting held on February 05, 2025. The audited consolidated financial statements as of December 31, 2023, (henceforth, Annual Consolidated Financial Statements) were approved by the General Shareholders’ Meeting held on April 01, 2024.

2. Subsidiaries

Below is information on the main IFS’s Subsidiaries:

(a) Banco Internacional del Peru S.A.A. - Interbank and Subsidiaries -

Interbank is incorporated in Peru and is authorized by the 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 December 31, 2024, Interbank had 149 offices (153 offices as of December 31, 2023).

Below is information on the main Subsidiaries, in which IFS holds approximately 100 percent of the shareholding:


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 Holding (henceforth “Patrimonio Fideicometido – Interproperties Holding”), that is a structured entity, incorporated in April 2008, and in

which several investors (related parties to the Intercorp Group) contributed investment properties. Each investor has ownership of and specific control over the contributed investment property. The fair values of the properties contributed by Interseguro, included in this structured entity as of December 31, 2024 and 2023, amounted to S/89,124,000 and S/85,272,000, respectively; see Note 7. For accounting purposes and under IFRS 10 “Consolidated Financial Statements” the assets included in said structure are considered “silos”, because they are ring-fenced parts of the wider structured entity (the Patrimonio Fideicometido - Interproperties Peru). 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.

Inteligo is an entity incorporated in the Republic of Panama. As of December 31, 2024 and 2023, it holds 100 percent of the shares of 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 December 31, 2024 and 2023, 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. -

This entity, incorporated in Peru, was acquired by IFS as part of the purchase of Seguros Sura and Hipotecaria Sura in year 2017. As of December 31, 2024 and 2023, Negocios e Inmuebles S.A., holds 8.50 percent of Interseguro’s capital stock.

(e) San Borja Global Opportunities S.A.C. -

Entity 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. (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 both companies 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 accompanying interim consolidated financial statements as of December 31, 2024 and 2023, 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 IFS’s Audited Consolidated Financial Statements as of December 31, 2023 and 2022 (henceforth “Annual Consolidated Financial Statements”).

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 financial information with its Subsidiaries s describ in Note 3.3 to the Annual Consolidated Financial Statements and has not changed to date.

4. Cash and due from banks and inter-bank funds

(a) The detail of cash and due from banks is as follows:


	31.12.2024		31.12.2023
	S/(000)		S/(000)
Cash and clearing (b)		2,815,563		2,248,845
Deposits in the BCRP (b)		7,333,818		5,215,762
Deposits in banks (c)		1,701,717		1,609,604
Total cash and cash equivalent		11,851,098		9,074,211
Accrued interest		18,094		23,809
Restricted funds (d)		619,766		720,691
Total		12,488,958		9,818,711

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:


	31.12.2024		31.12.2023
	S/(000)		S/(000)
Legal reserve (*)
Deposits in the BCRP		5,969,218		4,593,592
Cash in vaults		2,644,386		2,005,760
Subtotal legal reserve		8,613,604		6,599,352
Non-mandatory reserve
Term deposits in BCRP (**)		800,000		—
Overnight deposits in BCRP (***)		564,600		622,170
Cash and clearing		170,924		243,029
Subtotal non-mandatory reserve		1,535,524		865,199
Cash balances not subject to legal reserve		253		56
Total		10,149,381		7,464,607

(*) 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 (Secured Overnight Financing Rate - SOFR). As of December 31, 2024 and 2023, the Group presented excess in foreign currency that accrued interest in US Dollars at an annual average rate of 3.90 and 4.86 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 December 31, 2024, corresponds to overnight deposits in local currency, with maturity in the first days of January 2025, with accrued interest an annual interest rate of 4.83 percent.

(***) As of December 31, 2024, corresponds to an 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, which accrued interest an annual interest rate of 4.44 percent (as of December 31, 2023, it corresponded to an overnight deposit in foreign currency for US$130,000,000 (approximately equivalent to S/482,170,000) and an overnight deposit in local currency for S/140,000,000, with maturity in the first days of January 2024, which accrued interest an annual interest rate of 5.33 and 4.0 percent, respectively).

(c) Correspond to 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:


	31.12.2024		31.12.2023
	S/(000)		S/(000)
Inter-bank transfers (*)		596,648		694,118
Derivative financial instruments, Note 8(b)		21,568		24,725
Others		1,550		1,848
Total		619,766		720,691

(*) Corresponds to 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 December 31, 2024, Inter-bank funds assets accrue interest at an annual rate of 5.00 percent in local currency (annual rate of 6.75 percent in local currency and 5.50 percent in foreign currency for Inter-bank funds assets and liabilities as of December 31, 2023); and do not have specific guarantees.

5. Financial investments

(a) This caption is made up as follows:


	31.12.2024		31.12.2023
	S/(000)		S/(000)

Debt instruments measured at fair value through other comprehensive income (b) and (c)		20,377,805		20,912,184
Investments at amortized cost (d)		3,784,912		3,383,014
Investments at fair value through profit or loss (e)		1,776,567		1,556,540
Equity instruments measured at fair value through other comprehensive income (f)		458,268		444,878
Total financial investments		26,397,552		26,296,616
Accrued income
Debt instruments measured at fair value through other comprehensive income (b)		347,087		334,385
Investments at amortized cost (d)		113,286		90,990
Total		26,857,925		26,721,991

(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 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

			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, 2023
Corporate, leasing and subordinated bonds		9,443,384		83,511		(865,654	)		8,661,241	Jan-24 / Feb-97		2.22		14.52		4.00		18.00
Sovereign Bonds of the Republic of Peru		8,320,671		13,599		(558,282	)		7,775,988	Aug-24 / Feb-55		0.95		6.82		—		—
Negotiable Certificates of Deposit issued by the Central Reserve Bank of Peru		3,445,361		3,638		(15	)		3,448,984	Jan-24 / Sep-24		5.60		6.66		—		—
Bonds guaranteed by the Peruvian Government		475,542		7,810		(9,722	)		473,630	Oct-24 / Oct-33		2.81		4.65		7.39		7.92
Global Bonds of the Republic of Peru		498,897		—		(35,564	)		463,333	Jul-25 / Dec-32		—		—		4.76		5.23
Treasury Bonds of the United States of America		76,556		26		(3,252	)		73,330	Jan-24 / Feb-32		—		—		3.87		5.00
Global Bonds of the United States of Mexico		17,769		—		(2,091	)		15,678	Feb-34		—		—		5.51		5.51
Total		22,278,180		108,584		(1,474,580	)		20,912,184
Accrued interest									334,385
Total									21,246,569

(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 early 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:


	31.12.2024			31.12.2023
	S/(000)			S/(000)
Expected credit loss at the beginning of the year		61,046			53,974
New assets originated or purchased		1,420			1,689
Assets derecognized or matured (excluding write-offs)		(3,915	)		(993	)
Effect on the expected credit loss due to the change of the stage during the year		8,680			(589	)
Loss for impairment		37,325			9,440
Others		4,058			(2,059	)
Total		47,568			7,488
Effect of foreign exchange variation		(481	)		(416	)
Expected credit loss at the end of the year		108,133			61,046

(d) As of December 31, 2024, investments at amortized cost correspond mainly to Sovereign Bonds of the Republic of Peru issued in Soles for an amount of S/3,799,540,000, including accrued interest for an amount of S/101,143,000 (as of December 31, 2023, corresponds to Sovereign Bonds of the Republic of Peru issued in Soles for an amount of S/3,393,962,000, including accrued interest for an amount of S/86,652,000). Said investments present low credit risk and the impairment loss is not significant.

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 estimated fair value amounting to approximately S/3,775,935,000 (as of December 31, 2023, their maturity dates ranged from August 2024 to August 2037, have accrued interest at effective annual rates between 4.36 percent and 7.50 percent, and estimated fair value amounting to approximately S/3,277,672,000).

Additionally, as of December 31, 2024, term deposits mainly issued in Soles are held, for an amount of S/98,658,000, included accrued interest amounting to S/12,143,000 (as of December 31, 2023, term deposits mainly issued in Soles are held, for an amount of S/80,042,000, included accrued interest amounting to S/4,338,000). Said investments present low credit risk and the impairment loss is not material. As of December 31, 2024, the maturity of these investments fluctuates between January 2025 and February 2029, have accrued interest at an annual effective rate between 3.10 percent and 8.80 percent, and their estimated fair value amounts to approximately S/98,658,000 (as of December 31, 2023, the maturity of these investments fluctuates between April 2024 and February 2029, accrued interest at an annual effective rate between 3.10 percent and 8.80 percent, and their estimated fair value amounted to approximately S/80,042,000).

During 2024 and 2023, 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 offering, 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, as of December 31, 2024 and 2023, Interbank took part of these public offering and sold to the Government of the Republic of Peru sovereign bonds classified as investments at amortized cost for approximately S/630,749,000 and S/482,632,000, generating a gain and a loss amounting to S/866,000 and S/490,000, respectively; 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, as of December 31, 2024 and 2023, Interbank purchased simultaneously other sovereign bonds of the Republic of Peru for approximately S/628,675,000 and S/488,127,000, respectively; and classified them as investments at amortized cost.

As of December 31, 2024 and 2023, Interbank holds loans with the BCRP that are guaranteed with these sovereign bonds, classified as restricted, for approximately S/1,861,524,000 and S/2,058,931,000, respectively; see Note 10(a).

As of December 31, 2024 and 2023, Interbank holds loans with foreign banks that are guaranteed with these sovereign bonds, classified as restricted, for approximately S/435,242,000 and S/445,909,000, respectively, see Note 10(a).

(e) The composition of financial instruments at fair value through profit or loss is as follows:


	31.12.2024		31.12.2023
	S/(000)		S/(000)
Equity instruments
Local and foreign mutual funds and investment funds participations		1,396,582		1,169,491
Listed shares		202,054		253,203
Non-listed shares		154,856		122,482
Debt instruments
Negotiable Certificates of Deposits		12,365		6,075
Sovereign Bonds of the Republic of Peru		8,538		—
Corporate, leasing and subordinated bonds		2,172		5,289
Total		1,776,567		1,556,540

As of December 31, 2024 and 2023, investments at fair value through profit or loss include investments held for trading for approximately S/152,755,000 and S/194,033,000, respectively; and those assets that are necessarily measured at fair value through profit or loss for approximately S/1,623,812,000 and S/1,362,507,000, respectively.

(f) The composition of equity instruments measured at fair value through other comprehensive income is as follow:


	31.12.2024		31.12.2023
	S/(000)		S/(000)
Listed shares (g)		420,474		407,636
Non-listed shares		37,794		37,242
Total		458,268		444,878

As of December 31, 2024 and 2023, 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, classified by stages, according to the definition by IFRS 9 as of December 31, 2024 and 2023:


	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		11,643,673		—		—		11,643,673
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		52,526		—		—		52,526
Global Bonds of the United States of Mexico		14,941		—		—		14,941
Others		86,515		—		—		86,515
Total		23,116,667		1,046,050		—		24,162,717

	31.12.2023
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		11,083,297		—		—		11,083,297
Corporate, leasing and subordinated bonds		7,909,365		750,179		1,697		8,661,241
Negotiable Certificates of Deposit issued by the BCRP		3,448,984		—		—		3,448,984
Bonds guaranteed by the Peruvian government		473,630		—		—		473,630
Global Bonds of the Republic of Peru		463,333		—		—		463,333
Treasury Bonds of the United States of America		73,330		—		—		73,330
Global Bonds of the United States of Mexico		15,678		—		—		15,678
Others		75,705		—		—		75,705
Total		23,543,322		750,179		1,697		24,295,198

6. Loans, net

(a) This caption is made up as follows:


	31.12.2024			31.12.2023
	S/(000)			S/(000)
Direct loans (*)
Loans (**)		38,456,682			35,789,130
Credit cards and other loans (***)		5,386,427			6,023,769
Discounted notes		1,706,886			1,567,411
Leasing		1,584,357			1,495,290
Factoring		1,410,968			1,244,795
Advances and overdrafts		101,848			14,617
Refinanced loans		449,438			461,995
Past due and under legal collection loans		1,318,758			1,652,151
		50,415,364			48,249,158
Plus (minus)
Accrued interest from performing loans		569,384			657,355
Unearned interest and interest collected in advance		(25,133	)		(36,706	)
Impairment allowance for loans (d)		(1,730,167	)		(2,349,425	)
Total direct loans, net		49,229,448			46,520,382
Indirect loans		5,068,694			4,743,480

(*) 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 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 December 31, 2023 amounted to S/848,886,000, including accrued interest for S/46,277,000; S/675,492,000 being the amount covered by the guarantee of the Peruvian Government).

(**) As of December 31, 2024 and 2023, Interbank maintains repo operations of loans represented in securities according to the BCRP’s definition. In consequence, loans provided as guarantee amounts to S/123,772,000 and S/504,158,000, 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 December 31, 2024 and 2023, it includes non-revolving consumer loans related to credit card lines for approximately S/2,666,284,000 and S/3,149,149,000, respectively.

(b) The classification of the direct loan portfolio is as follows:


	31.12.2024		31.12.2023
	S/(000)		S/(000)
Commercial loans (c.1)		22,770,495		21,155,476
Consumer loans (c.1)		15,036,411		16,325,460
Mortgage loans (c.1)		10,571,300		9,834,398
Small and micro-business loans (c.1)		2,037,158		933,824
Total		50,415,364		48,249,158

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 characteristic. 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 December 31, 2024 and 2023. The amounts presented do not consider impairment.


	31.12.2024								31.12.2023
Direct loans, see (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		32,184,807		340,472		—		32,525,279		35,098,364		1,068,674		—		36,167,038
Standard grade		8,332,692		1,513,955		—		9,846,647		2,832,251		1,510,897		—		4,343,148
Substandard grade		2,705,012		1,582,401		—		4,287,413		1,367,503		1,450,751		—		2,818,254
Past due but not impaired		1,335,553		1,172,779		—		2,508,332		1,949,892		1,460,138		—		3,410,030
Impaired
Individually		—		—		23,214		23,214		—		—		36,257		36,257
Collectively		—		—		1,224,479		1,224,479		—		—		1,474,431		1,474,431
Total direct loans		44,558,064		4,609,607		1,247,693		50,415,364		41,248,010		5,490,460		1,510,688		48,249,158


	31.12.2024								31.12.2023
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		3,434,095		31,240		—		3,465,335		3,988,999		457,518		—		4,446,517
Standard grade		1,055,740		118,821		—		1,174,561		32,433		214,806		—		247,239
Substandard grade		272,352		132,498		—		404,850		2,823		31,101		—		33,924
Past due but not impaired		—		—		—		—		—		—		—		—
Impaired		—		—		—
Individually		—		—		6,181		6,181		—		—		6,181		6,181
Collectively		—		—		17,767		17,767		—		—		9,619		9,619
Total indirect loans		4,762,187		282,559		23,948		5,068,694		4,024,255		703,425		15,800		4,743,480

(c.1) The following tables show the credit quality and maximum exposure to credit risk for each classification of the direct loans:


	31.12.2024								31.12.2023
	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		11,636,968		290,927		—		11,927,895		14,979,356		855,890		—		15,835,246
Standard grade		6,274,653		1,024,426		—		7,299,079		1,347,961		1,013,803		—		2,361,764
Substandard grade		1,749,950		356,019		—		2,105,969		450,577		314,063		—		764,640
Past due but not impaired		770,026		345,062		—		1,115,088		1,431,064		364,603		—		1,795,667
Impaired
Individually		—		—		23,214		23,214		—		—		36,257		36,257
Collectively		—		—		299,250		299,250		—		—		361,902		361,902
Total direct loans		20,431,597		2,016,434		322,464		22,770,495		18,208,958		2,548,359		398,159		21,155,476


	31.12.2024								31.12.2023
	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		10,914,268		28,813		—		10,943,081		11,475,514		199,501		—		11,675,015
Standard grade		1,210,504		320,220		—		1,530,724		945,060		452,811		—		1,397,871
Substandard grade		593,507		765,324		—		1,358,831		717,526		755,121		—		1,472,647
Past due but not impaired		180,748		508,336		—		689,084		217,712		829,119		—		1,046,831
Impaired
Individually		—		—		—		—		—		—		—		—
Collectively		—		—		514,691		514,691		—		—		733,096		733,096
Total direct loans		12,899,027		1,622,693		514,691		15,036,411		13,355,812		2,236,552		733,096		16,325,460


	31.12.2024								31.12.2023
	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		8,407,045		20,165		—		8,427,210		8,093,031		13,283		—		8,106,314
Standard grade		528,923		3,714		—		532,637		433,968		17,124		—		451,092
Substandard grade		318,802		400,671		—		719,473		193,340		348,274		—		541,614
Past due but not impaired		322,348		244,537		—		566,885		261,100		200,873		—		461,973
Impaired
Individually		—		—		—		—		—		—		—		—
Collectively		—		—		325,095		325,095		—		—		273,405		273,405
Total direct loans		9,577,118		669,087		325,095		10,571,300		8,981,439		579,554		273,405		9,834,398


	31.12.2024								31.12.2023
	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		1,226,526		567		—		1,227,093		550,463		—		—		550,463
Standard grade		318,612		165,595		—		484,207		105,262		27,159		—		132,421
Substandard grade		42,753		60,387		—		103,140		6,060		33,293		—		39,353
Past due but not impaired		62,431		74,844		—		137,275		40,016		65,543		—		105,559
Impaired
Individually		—		—		—		—		—		—		—		—
Collectively		—		—		85,443		85,443		—		—		106,028		106,028
Total direct loans		1,650,322		301,393		85,443		2,037,158		701,801		125,995		106,028		933,824

(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


	31.12.2024												31.12.2023
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
	S/(000)			S/(000)			S/(000)			S/(000)			S/(000)			S/(000)			S/(000)			S/(000)
Expected credit loss at beginning of year balances		545,242			833,912			970,271			2,349,425			608,558			737,286			682,011			2,027,855
Impact of the expected credit loss in the consolidated statement of income -
New originated or purchased assets		345,800			—			—			345,800			624,484			—			—			624,484
Assets matured or derecognized (excluding write-offs)		(117,510	)		(63,854	)		(24,285	)		(205,649	)		(147,086	)		(66,329	)		(25,445	)		(238,860	)
Transfers to Stage 1		115,241			(114,022	)		(1,219	)		—			106,745			(104,939	)		(1,806	)		—
Transfers to Stage 2		(142,315	)		149,763			(7,448	)		—			(327,728	)		339,051			(11,323	)		—
Transfers to Stage 3		(88,212	)		(380,565	)		468,777			—			(163,156	)		(269,881	)		433,037			—
Impact on the expected credit loss for credits that change stage in the period		(98,820	)		193,935			1,476,103			1,571,218			(90,594	)		259,309			1,407,191			1,575,906
Others		(120,334	)		(52,823	)		185,680			12,523			(65,775	)		(60,358	)		163,834			37,701
Total		(106,150	)		(267,566	)		2,097,608			1,723,892			(63,110	)		96,853			1,965,488			1,999,231
Write-offs		—			—			(2,524,919	)		(2,524,919	)		—			—			(1,813,670	)		(1,813,670	)
Recovery of written–off loans		—			—			179,683			179,683			—			—			138,886			138,886
Foreign exchange effect		232			290			1,564			2,086			(206	)		(227	)		(2,444	)		(2,877	)
Expected credit loss at the end of period		439,324			566,636			724,207			1,730,167			545,242			833,912			970,271			2,349,425

(d.1.1) The following tables show the movement of the allowance for expected credit losses for each classification of the direct loan portfolio:


	31.12.2024												31.12.2023
Commercial loans	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)
Expected credit loss at beginning of year		51,611			64,470			162,385			278,466			45,474			47,311			154,299			247,084
Impact of the expected credit loss in the consolidated statement of income -
New originated or purchased assets		35,739			—			—			35,739			47,129			—			—			47,129
Assets derecognized or matured (excluding write-offs)		(27,765	)		(18,765	)		(4,083	)		(50,613	)		(26,668	)		(10,113	)		(2,924	)		(39,705	)
Transfers to Stage 1		5,405			(5,405	)		—			—			2,920			(2,687	)		(233	)		—
Transfers to Stage 2		(20,669	)		21,431			(762	)		—			(27,598	)		30,826			(3,228	)		—
Transfers to Stage 3		(2,208	)		(14,571	)		16,779			—			(10,620	)		(16,046	)		26,666			—
Impact on the expected credit loss for credits that change stage in the period		(4,722	)		(1,638	)		12,108			5,748			(1,988	)		7,333			40,748			46,093
Others		(20,973	)		(9,539	)		9,402			(21,110	)		23,154			8,006			6,579			37,739
Total		(35,193	)		(28,487	)		33,444			(30,236	)		6,329			17,319			67,608			91,256
Write-offs		—			—			(78,217	)		(78,217	)		—			—			(62,960	)		(62,960	)
Recovery of written–off loans		—			—			4,254			4,254			—			—			5,189			5,189
Foreign exchange effect		222			175			1,147			1,544			(192	)		(160	)		(1,751	)		(2,103	)
Expected credit loss at the end of period		16,640			36,158			123,013			175,811			51,611			64,470			162,385			278,466


	31.12.2024												31.12.2023
Consumer loans	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)
Expected credit loss at beginning of year		466,606			713,361			682,417			1,862,384			534,005			657,474			430,902			1,622,381
Impact of the expected credit loss in the consolidated statement of income -
New originated or purchased assets		219,439			—			—			219,439			552,847			—			—			552,847
Assets derecognized or matured (excluding write-offs)		(75,335	)		(38,022	)		(8,120	)		(121,477	)		(98,984	)		(54,036	)		(10,863	)		(163,883	)
Transfers to Stage 1		96,900			(95,895	)		(1,005	)		—			95,173			(93,918	)		(1,255	)		—
Transfers to Stage 2		(101,634	)		104,024			(2,390	)		—			(282,373	)		287,164			(4,791	)		—
Transfers to Stage 3		(73,066	)		(338,289	)		411,355			—			(135,476	)		(231,432	)		366,908			—
Impact on the expected credit loss for credits that change stage in the period		(81,900	)		174,052			1,369,154			1,461,306			(81,051	)		221,421			1,263,515			1,403,885
Others		(47,271	)		(44,916	)		188,121			95,934			(117,534	)		(73,259	)		162,060			(28,733	)
Total		(62,867	)		(239,046	)		1,957,115			1,655,202			(67,398	)		55,940			1,775,574			1,764,116
Write-offs		—			—			(2,310,032	)		(2,310,032	)		—			—			(1,647,576	)		(1,647,576	)
Recovery of written–off loans		—			—			165,081			165,081			—			—			123,679			123,679
Foreign exchange effect		1			101			119			221			(1	)		(53	)		(162	)		(216	)
Expected credit loss at the end of period		403,740			474,416			494,700			1,372,856			466,606			713,361			682,417			1,862,384


	31.12.2024												31.12.2023
Mortgage loans	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)
Expected credit loss at beginning of year		6,794			25,753			54,651			87,198			4,236			12,285			45,101			61,622
Impact of the expected credit loss in the consolidated statement of income -
New originated or purchased assets		4,114			—			—			4,114			3,949			—			—			3,949
Assets derecognized or matured (excluding write-offs)		(429	)		(1,689	)		(9,267	)		(11,385	)		(181	)		(833	)		(10,625	)		(11,639	)
Transfers to Stage 1		9,983			(9,983	)		—			—			6,414			(6,414	)		—			—
Transfers to Stage 2		(2,348	)		6,551			(4,203	)		—			(2,052	)		5,115			(3,063	)		—
Transfers to Stage 3		(2,025	)		(3,142	)		5,167			—			(1,915	)		(2,423	)		4,338			—
Impact on the expected credit loss for credits that change stage in the period		(9,606	)		16,451			15,411			22,256			(5,956	)		15,996			20,982			31,022
Others		(969	)		10,001			(15,977	)		(6,945	)		2,312			2,040			2,018			6,370
Total		(1,280	)		18,189			(8,869	)		8,040			2,571			13,481			13,650			29,702
Write-offs		—			—			(1,755	)		(1,755	)		—			—			(3,580	)		(3,580	)
Recovery of written–off loans		—			—			—			—			—			—			—			—
Foreign exchange effect		9			14			294			317			(13	)		(13	)		(520	)		(546	)
Expected credit loss at the end of period		5,523			43,956			44,321			93,800			6,794			25,753			54,651			87,198


	31.12.2024												31.12.2023
Small and micro-business loans	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)
Expected credit loss at beginning of year		20,231			30,328			70,818			121,377			24,843			20,216			51,709			96,768
Impact of the expected credit loss in the consolidated statement of income -
New originated or purchased assets		86,508			—			—			86,508			20,559			—			—			20,559
Assets derecognized or matured (excluding write-offs)		(13,981	)		(5,378	)		(2,815	)		(22,174	)		(21,253	)		(1,347	)		(1,033	)		(23,633	)
Transfers to Stage 1		2,953			(2,739	)		(214	)		—			2,238			(1,920	)		(318	)		—
Transfers to Stage 2		(17,664	)		17,757			(93	)		—			(15,705	)		15,946			(241	)		—
Transfers to Stage 3		(10,913	)		(24,563	)		35,476			—			(15,145	)		(19,980	)		35,125			—
Impact on the expected credit loss for credits that change stage in the period		(2,592	)		5,070			79,430			81,908			(1,599	)		14,559			81,946			94,906
Others		(51,121	)		(8,369	)		4,134			(55,356	)		26,293			2,855			(6,823	)		22,325
Total		(6,810	)		(18,222	)		115,918			90,886			(4,612	)		10,113			108,656			114,157
Write-offs		—			—			(134,915	)		(134,915	)		—			—			(99,554	)		(99,554	)
Recovery of written–off loans		—			—			10,348			10,348			—			—			10,018			10,018
Foreign exchange effect		—			—			4			4			—			(1	)		(11	)		(12	)
Expected credit loss at the end of period		13,421			12,106			62,173			87,700			20,231			30,328			70,818			121,377

(d.2) Indirect loans (substantially, all indirect loans correspond to commercial loans)


	31.12.2024												31.12.2023
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
	S/(000)			S/(000)			S/(000)			S/(000)			S/(000)			S/(000)			S/(000)			S/(000)
Expected credit loss at beginning of year balances		6,624			3,939			7,369			17,932			8,354			18,205			8,936			35,495
Impact of the expected credit loss in the consolidated statement of income -
New originated or purchased assets		2,110			—			—			2,110			4,770			—			—			4,770
Assets derecognized or matured		(3,275	)		(1,484	)		(330	)		(5,089	)		(1,988	)		(4,205	)		(631	)		(6,824	)
Transfers to Stage 1		1,265			(1,265	)		—			—			180			(180	)		—			—
Transfers to Stage 2		(697	)		961			(264	)		—			(1,986	)		3,626			(1,640	)		—
Transfers to Stage 3		(229	)		(91	)		320			—			(1	)		(50	)		51			—
Impact on the expected credit loss for credits that change stage in the period		(1,001	)		(109	)		1,202			92			(57	)		(837	)		684			(210	)
Others		(2,155	)		294			1,035			(826	)		(2,521	)		(12,600	)		(28	)		(15,149	)
Total		(3,982	)		(1,694	)		1,963			(3,713	)		(1,603	)		(14,246	)		(1,564	)		(17,413	)
Foreign exchange effect		21			5			3			29			(127	)		(20	)		(3	)		(150	)
Expected credit loss at the end of period, Note 8(a)		2,663			2,250			9,335			14,248			6,624			3,939			7,369			17,932

7. Investment property

(a) This caption is made up as follows:


	31.12.2024		31.12.2023		Acquisition or construction year	Valuation methodology as of December 31, 2024 and 2023
	S/(000)		S/(000)
Land (i)
San Isidro – Lima		279,774		269,194	2009	Appraisal
San Martín de Porres – Lima		80,389		77,970	2015	Appraisal
Nuevo Chimbote		37,384		34,724	2021	Appraisal
Santa Clara – Lima		28,615		27,229	2017	Appraisal
Sullana		25,203		23,751	2012	Appraisal
Others		8,779		8,987	-	Appraisal/Cost
		460,144		441,855
Completed investment property - “Real Plaza” shopping malls (i)
Talara		26,722		28,991	2015	DCF
		26,722		28,991
Buildings (i)
Ate Vitarte – Lima		165,964		160,208	2006	DCF/Appraisal
Orquídeas - San Isidro – Lima		150,720		128,593	2017	DCF
Paseo del Bosque		100,022		87,168	2021	DCF
Chorrillos – Lima		95,848		94,184	2017	DCF
Piura		94,909		131,144	2008/2020	DCF/Appraisal
Pardo		68,201		12,903	2021	DCF
Chimbote		48,688		47,054	2015	DCF
Maestro-Huancayo		35,003		34,978	2017	DCF
Cuzco		29,842		28,167	2017	DCF
Panorama – Lima		22,475		22,136	2016	DCF
Cercado de Lima – Lima		18,010		15,908	2017	DCF
Trujillo		17,094		16,225	2016	DCF
Pardo y Aliaga – Lima		16,357		14,790	2008	DCF
Others		31,789		34,588	-	DCF
		894,922		828,046

Total		1,381,788		1,298,892

DCF: Discounted cash flow

(i) As of December 31, 2024 and 2023, there are no liens on investment property.

(b) The net gain on investment properties as of December 31, 2024 and 2023, consists of the following:


	31.12.2024			31.12.2023
	S/(000)			S/(000)
Income from rental		71,080			65,961
Gain on valuation		60,260			7,111
Loss on sale		(3,176	)		—
Net gain		128,164			73,072


	31.12.2024			31.12.2023
	S/(000)			S/(000)
Balance at the beginning of period		1,298,892			1,287,717
Additions		61,812			16,903
Sales		(39,176	)		—
Gain on valuation		60,260			7,111
Others		—			(12,839	)
Balance at the end of the period		1,381,788			1,298,892

8. Other accounts receivable and other assets, net, and other accounts payable, provisions and other liabilities

(a) These captions are comprised of the following:



	31.12.2024		31.12.2023
	S/(000)		S/(000)
Other accounts receivable and other assets
Financial instruments
Other accounts receivable, net		554,581		660,956
Accounts receivable from sale of investments		493,532		63,466
POS commission receivable		390,126		420,644
Operations in process		149,105		83,640
Accounts receivable related to derivative financial instruments (b)		143,201		158,101
Others		14,954		17,774
		1,745,499		1,404,581
Non-financial instruments
Tax paid to recover		660,088		422,248
Deferred charges		99,776		101,551
Deffered cost of POS affiliation and registration		85,006		92,511
Tax credit for General Sales Tax - IGV		35,391		32,482
Investments in associates		24,795		22,548
Others		19,623		49,227
		924,679		720,567
Total		2,670,178		2,125,148



	31.12.2024		31.12.2023
	S/(000)		S/(000)
Other accounts payable, provisions and other liabilities
Financial instruments
Contract liability with investment component		1,308,422		1,010,429
Third party compensation (*)		866,665		763,039
Other accounts payable		665,296		727,906
Operations in process		430,275		226,428
Accounts payable for acquisitions of investments		414,940		106,955
Lease liabilities		143,803		90,513
Workers’ profit sharing and salaries payable		109,395		105,734
Accounts payable related to derivative financial instruments (b)		102,288		145,395
Allowance for indirect loan losses, Note 6(d.2)		14,248		17,932
Accounts payable to reinsurers and coinsurers		6,354		7,260
		4,061,686		3,201,591
Non-financial instruments
Provision for other contingencies		107,078		70,671
Taxes payable		87,262		80,331
Deferred income (**)		36,394		23,490
Registration for use of POS		18,005		21,962
Others		8,839		9,315
		257,578		205,769
Total		4,319,264		3,407,360

(*) Corresponds mainly to outstanding balances payable to affiliated businesses, for the consumptions made by the card’s users, net of the respective fee, 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 related to installments pending of accrual within the contract’s term with affiliated businesses.

(b) The following table presents, as of December 31, 2024 and 2023, 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 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	)


	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, 2023	S/(000)		S/(000)		S/(000)		S/(000)
Derivatives held for trading -
Forward exchange contracts		36,595		29,517		4,875,692		—		Between January 2024 and December 2025		-	-
Interest rate swaps		40,350		25,196		1,530,493		—		Between March 2024 and June 2036		-	-
Cross swaps		20,982		44,897		1,370,799		—		Between January 2024 and April 2028		-	-
Options		1,172		1,174		279,047		—		Between January 2024 and December 2024		-	-
		99,099		100,784		8,056,031		—
Derivatives held as hedges- Cash flow hedges:
Cross currency swaps (CCS)		2,958		7,383		1,112,700		(10,199	)	October 2026		Corporate bonds	Bonds, notes and obligations outstanding
Cross currency swaps (CCS)		56,044		—		556,950		(3,309	)	October 2027		Senior bond	Bonds, notes and obligations outstanding
Cross currency swaps (CCS)		—		3,020		241,085		(1,374	)	Between January 2025 and June 2025		Due to banks	Due to banks and correspondents
Cross currency swaps (CCS)		—		3,823		185,450		(1,234	)	May 2025		Due to banks	Due to banks and correspondents
Cross currency swaps (CCS)		—		6,708		111,270		(578	)	August 2024		Due to banks	Due to banks and correspondents
Cross currency swaps (CCS)		—		9,442		111,270		(277	)	October 2024		Due to banks	Due to banks and correspondents
Cross currency swaps (CCS)		—		5,245		74,260		(2,401	)	October 2027		Senior bond	Bonds, notes and obligations outstanding
Cross currency swaps (CCS)		—		5,041		74,260		(1,923	)	October 2027		Senior bond	Bonds, notes and obligations outstanding
Cross currency swaps (CCS)		—		811		74,180		(619	)	February 2025		Due to banks	Due to banks and correspondents
Cross currency swaps (CCS)		—		3,138		37,090		(88	)	November 2024		Due to banks	Due to banks and correspondents
Cross currency swaps (CCS)		—		—		—		(669	)		—	Corporate bonds	Bonds, notes and obligations outstanding
		59,002		44,611		2,578,515		(22,671	)
		158,101		145,395		10,634,546		(22,671	)

(i) As of December 31, 2024 and 2023, 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 December 31, 2024 and 2023. During 2024 and 2023, 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:


	31.12.2024		31.12.2023
	S/(000)		S/(000)
Time deposits		19,891,128		17,288,629
Saving deposits		19,411,720		17,756,097
Demand deposits		13,746,684		13,376,375
Compensation for service time (c)		711,806		760,551
Other obligations		6,690		6,582
Total		53,768,028		49,188,234

(b) Interest rates applied to deposits and obligations are determined based on the market interest rates.

(c) In May 2024 and 2022, through Act No. 32027 “Act Authorizing workers to withdraw 100 percent of their severance indemnity deposits (“CTS”, by its Spanish acronym) in order to meet their needs due to the current economic crisis” and Act No. 31480 “Act Authorizing the Withdrawal of Severance Indemnities to Cover Economic Needs Caused by the Covid-19 Pandemic”, respectively, the Peruvian government authorized clients, to withdraw the 100 percent of these deposits until December 31, 2024 and 2023, respectively. As part of this regulation, approximately 324,000 clients withdrew approximately S/1,014,252,000 during 2024 (308,000 clients withdrew approximately S/1,061,734,000 during 2023).

(d) As of December 31, 2024 and 2023, deposits and obligations of approximately S/19,978,058,000 and S/18,668,431,000, 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/121,600 and S/123,810, respectively.

10. Due to banks and correspondents

(a) This caption is comprised of the following:


	31.12.2024		31.12.2023
	S/(000)		S/(000)
By type -
Banco Central de Reserva del Peru (b)		1,756,687		3,683,687
Promotional credit lines		2,090,825		2,014,600
Loans received from foreign entities		3,304,169		2,895,637
Loans received from Peruvian entities		332,165		309,525
		7,483,846		8,903,449
Interest and commissions payable		78,211		122,481
		7,562,057		9,025,930
By term -
Short term		3,586,376		4,852,495
Long term		3,975,681		4,173,435
Total		7,562,057		9,025,930

(b) As part of the exceptional measures implemented to mitigate the financial and economic impact generated by the Covid-19 pandemic, see Note 1(c), the BCRP issued regulation related to loans repurchase agreements. As of December 31, 2024 and 2023, Interbank maintains this type of operations guaranteed by a loan portfolio for approximately S/123,772,000 and S/540,158,000, 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	31.12.2024		31.12.2023
						(000)	S/(000)		S/(000)
Local issuances
Subordinated bonds – third program (b)
Second - single series	Interseguro	7.094%	Semi-annually		2034	US$34,780		130,912		—
Third - single series	Interseguro	4.844%	Semi-annually		2030	US$25,000		94,100		92,725
First - single series	Interseguro	6.000%	Semi-annually		2029	US$20,000		—		74,102
Second - single series	Interseguro	4.340%	Semi-annually		2029	US$20,000		—		74,180
								225,012		241,007
Subordinated bonds – fourth program
First - single series	Interseguro	6.750%	Semi-annually		2034	US$28,706		108,049		—

Corporate bonds – second program
Fifth (A series)	Interbank	3.41% + VAC (*)	Semi-annually		2029	S/150,000		150,000		150,000

Negotiable certificates of deposits – second program
First (series A)	Interbank	5.219%	Annual		2025	S/112,964		110,010		—
First (series B)	Interbank	4.938%	Annual		2025	S/138,435		133,852		—
First (series C)	Interbank	4.594%	Annual		2025	S/102,000		97,643		—
								341,505		—
Total local issuances								824,566		391,007
International issuances
Subordinated bonds	Interbank	7.625%	Semi-annually	2034		US$300,000		1,122,122		—
Subordinated bonds	Interbank	4.000%	Semi-annually	2030		US$300,000		1,124,502		1,107,228
Senior bonds	IFS	4.125%	Semi-annually	2027		US$300,000		1,062,514		1,045,258
Corporate bonds	Interbank	5.000%	Semi-annually	2026		S/312,000		311,788		311,644
Corporate bonds	Interbank	3.250%	Semi-annually	2026		US$400,000		1,501,894		1,477,909
Subordinated bonds	Interbank	6.625%	Semi-annually	2029		US$300,000		—		1,112,438
Total international issuances								5,122,820		5,054,477
Total local and international issuances								5,947,386		5,445,484
Interest payable								128,047		106,145
Total								6,075,433		5,551,629

(*) 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. In the opinion of the Group’s Management and its legal advisers, these clauses have been meet.

12. Assets and Liabilities for insurance and reinsurance contracts

(a) The composition of these items is presented below:


	31.12.2024								31.12.2023
	Assets			Liabilities		Net			Assets			Liabilities		Net
	S/(000)			S/(000)		S/(000)			S/(000)			S/(000)		S/(000)
Reinsurance contracts held (*)		(18,602	)		1,968		(16,634	)		(26,287	)		1,895		(24,392	)

Insurance contracts issued
Remaining coverage liability		—			12,337,481		12,337,481			—			12,000,220		12,000,220
Liability for claims incurred		—			184,871		184,871			—			205,421		205,421
Total insurance contracts issued (b) and (c)		—			12,522,352		12,522,352			—			12,205,641		12,205,641
Total reinsurance contracts held and issued		(18,602	)		12,524,320		12,505,718			(26,287	)		12,207,536		12,181,249

(*) Correspond to the ceded part of the reinsurance contracts mainly life insurance contracts.

(b) The movement of reinsurance contract assets is presented below:


	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		136,435			6,872		454,447			(990	)		101,245			(497	)		697,512
Claims and other expenses incurred		—			—		979,960			106			47,549			(497	)		1,027,118
Amortization of insurance acquisition cash flows		136,435			—		—			—			—			—			136,435
Losses 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		(632,323	)		6,872		454,447			(990	)		101,245			(497	)		(71,246	)

Insurance financial expenses		622,313			32,557		—			—			—			—			654,870
Insurance financial result		562,759			32,557		—			—			—			—			595,316
Effect of variation in interest rate		59,554			—		—			—			—			—			59,554

Effect of movements in exchange rates		67,427			3,668		294			4			146			1			71,540
Total changes in the statement of income and other comprehensive income		57,417			43,097		454,741			(986	)		101,391			(496	)		655,164
Net cash flow and investment component		235,186			—		(462,286	)		—			(111,352	)		—			(338,452	)
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		(216,567	)		—		—			—			—			—			(216,567	)
Investment component		(577,329	)		—		577,329			—			—			—			—
Balance as of December 31, 2024		11,593,752			742,168		148,104			4,271			33,276			782			12,522,353


	31.12.2023
	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, 2023		10,337,035			685,630			151,594			5,411			45,278			2,897			11,227,845
Insurance revenue		(720,636	)		—			—			—			—			—			(720,636	)
Contracts under fair value, BBA and VFA approach		(495,923	)		—			—			—			—			—			(495,923	)
Contracts under PAA approach		(224,713	)		—			—			—			—			—			(224,713	)
Insurance service expenses		127,009			(12,547	)		433,958			(81	)		106,801			(1,566	)		653,574
Claims and other expenses incurred		—			—			965,054			(81	)		58,884			(1,566	)		1,022,291
Amortization of insurance acquisition cash flows		127,009			—			—			—			—			—			127,009
Losses on onerous contracts and reversals of those losses		—			(12,547	)		—			—			—			—			(12,547	)
Changes to liabilities for incurred claims		—			—			(531,096	)		—			47,917			—			(483,179	)
Insurance service result		(593,627	)		(12,547	)		433,958			(81	)		106,801			(1,566	)		(67,062	)

Insurance financial expenses		1,499,572			29,771			—			—			(545	)		—			1,528,798
Insurance financial result		543,941			29,771			—			—			(545	)		—			573,167
Effect of variation in interest rate		955,631			—			—			—			—			—			955,631

Effect of movements in exchange rates		(135,726	)		(3,736	)		(447	)		(73	)		(213	)		(53	)		(140,248	)
Total changes in the statement of income and other comprehensive income		770,219			13,488			433,511			(154	)		106,043			(1,619	)		1,321,488
Net cash flow and investment component		193,895			(47	)		(429,456	)		—			(108,084	)		—			(343,692	)
Premiums received		974,312			—			—			—			—			—			974,312
Claims and other expenses paid		—			—			(996,755	)		—			(108,084	)		—			(1,104,839	)
Insurance acquisition cash flows		(213,118	)		(47	)		—			—			—			—			(213,165	)
Investment component		(567,299	)		—			567,299			—			—			—			—
Balance as of December 31, 2023		11,301,149			699,071			155,649			5,257			43,237			1,278			12,205,641

(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:


	31.12.2024												31.12.2023
	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		11,072,275			302,764			742,870			12,117,909			10,256,194			277,973			599,799			11,133,966
Changes that relate to current services
Contractual service margin recognized for services provided		—			—			(92,896	)		(92,896	)		—			—			(80,622	)		(80,622	)
Risk adjustment recognized for the risk expired		—			(12,257	)		—			(12,257	)		—			(306	)		—			(306	)
Experience adjustments		(30,427	)		—			—			(30,427	)		(114,952	)		—			—			(114,952	)
Changes that relate to future services
Contracts initially recognized in the period		(260,895	)		13,417			269,737			22,259			(249,907	)		9,441			289,323			48,857
Changes in estimates that adjust the contractual service margin		101,713			(6,470	)		(95,243	)		—			98,096			609			(98,705	)		—
Changes in estimates that do not adjust the contractual service margin		88,456			(36,502	)		—			51,954			70,637			17,930			—			88,567
Changes that relate to past services
Adjustments to liabilities for incurred claims		(6,806	)		—			—			(6,806	)		2,866			—			—			2,866
Insurance service result		(107,959	)		(41,812	)		81,598			(68,173	)		(193,260	)		27,674			109,996			(55,590	)

Insurance financial expenses		608,723			15,090			44,648			668,461			1,471,337			111			37,712			1,509,160
Insurance financial result		549,169			15,090			44,648			608,907			515,706			111			37,712			553,529
Interest rate effect		59,554			—			—			59,554			955,631			—			—			955,631

Effect of movements in Exchange rates		52,995			1,242			1,734			55,971			(111,021	)		(2,994	)		(4,637	)		(118,652	)
Total changes in the statement of income and other comprehensive income		553,759			(25,480	)		127,980			656,259			1,167,056			24,791			143,071			1,334,918
Cash flows		(320,910	)		—			—			(320,910	)		(350,975	)		—			—			(350,975	)
Premiums received		812,221			—			—			812,221			749,090			—			—			749,090
Claims and other expenses paid		(1,038,556	)		—			—			(1,038,556	)		(1,008,640	)		—			—			(1,008,640	)
Insurance acquisition cash flows		(94,575	)		—			—			(94,575	)		(91,425	)		—			—			(91,425	)
Balances		11,305,124			277,284			870,850			12,453,258			11,072,275			302,764			742,870			12,117,909

(*) Balance does not include premium allocation approach (PPA) movement of liability for remaining coverage (LRC) and liability for incurred claims (LIC), amounting to S/69,904,000 and S/87,732,000 as of December 31, 2024 and 2023, respectively.

(d) Following is the CSM composition for insurance contract portfolios for the periods as of December 31, 2024 and 2023:


	31.12.2024			31.12.2023
	Total Contracts using the fair value approach			Total Contracts using the fair value approach
	S/(000)			S/(000)
Contractual Service Margin as of January 1		742,870			599,799
Changes that relate to current services
Contractual service margin recognized for services provided		(92,896	)		(80,622	)
Changes that relate to future services
Contracts initially recognized in the period		269,737			289,323
Changes in estimates that adjust the contractual service margin		(95,243	)		(98,705	)
Insurance service result		81,598			109,996
Insurance financial expenses		44,648			37,712
Effect of movements in exchange difference		1,734			(4,637	)
Total changes in the statement of income		127,980			143,071
Other movements		—			—
Balance		870,850			742,870

(e) Reconciliation of the amount included in net unrealized income for insurance premium reserves. The composition in the fair value reserve for related financial assets measured at fair value through other comprehensive income is disclosed below:


	31.12.2024			31.12.2023
	S/(000)			S/(000)
Cumulative other comprehensive income, opening balance		744,116			1,714,334
Losses recognized in other comprehensive income in the period		(59,554	)		(955,631	)
Rate effect of “Renta Particular” contract (*)		1,065			(14,587	)
Others		(2,900	)		—
Cumulative other comprehensive income, closing balance		682,727			744,116

(*) 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

(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 December 31, 2024 and 2023, IFS’s capital stock is represented by 115,447,705 subscribed and paid-in common shares.

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); a rate of US$1.00 per share, which were paid on April 29, 2024.

The General Shareholders’ Meeting of IFS held on March 31, 2023, agreed to distribute dividends charged to profits for the year 2022 for approximately US$136,222,000 (equivalent to S/511,788,000); a rate of US$1.18 per share, which were paid on May 8, 2023.

(b) Treasury stock and Share Repurchase Program -

As of December 31, 2024 and 2023, the Company and some Subsidiaries hold 2,159,000 and 967,000 shares issued by IFS, with an acquisition cost equivalent to S/206,997,000 and S/84,309,000, respectively.

On March 31, 2023, the General Shareholders of IFS approved the Share Repurchase Program up to US$100 million, which may be carried out simultaneously on the Lima Stock Exchange – BVL and New York Stock Exchange – NYSE, on one or more dates at market value. The program is expected to continue until terminated by the Board of Directors. Within the framework of this Program, as of December 31, 2024, Interbank has purchased 2,129,924 shares, at market values, for the approximate sum of US$54,799,000 (approximately equivalent to S/203,710,000).

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 IFS’s Board of Directors, 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) -

As of December 31, 2024, IFS must comply with several equity requirements, established by the SBS, within the framework of its consolidated supervision, applicable to the Financial Group that is part of the Intercorp Group. Additionally, the subsidiaries Interbank, Interseguro and Inteligo Bank must comply with regulatory requirements on an individual basis, defined by their regulators (the SBS or the Central Bank of The Bahamas, in the case of Inteligo Bank). As of December 31, 2024, IFS and its subsidiaries have complied with the equity requirements and complementary provisions made by their regulators.

14. Tax situation

(a) IFS and its Subsidiaries are incorporated and domiciled in the Republic of Panama and the Commonwealth of the Bahamas (see Note 2), and are 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 participations of the legal person domiciled is equivalent to 50 percent or more of the market value of shares or participations 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.

(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 December 31, 2024 and 2023, the Company has recorded a provision for S/26,076,000 and S/33,020,000, 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 December 31, 2024 and 2023, was 29.5 percent, over the taxable income.

(d) The Tax Authority (henceforth “SUNAT”, by its Spanish acronym) is legally entitled to perform tax audit procedures for up to four years subsequent to the date at which the tax return regarding a taxable period must be filed.

Below are the taxable periods subject to inspection by the SUNAT as of December 31, 2024:

- Interbank: Income Tax for the years 2020 to 2024, and Value-Added-Tax returns for the years 2019 to 2024.

- Interseguro: Income Tax for the years 2019, 2021 to 2024, and Value-Added-Tax returns for the years 2019 to 2024.

- Procesos de Medios de Pago: Income Tax for the years 2019, 2021 to 2024, and Value-Added-Tax returns for the years 2019 to 2024.

- Izipay: Income Tax and Value-Added-Tax returns for the years 2019 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.

Following is the description of the main ongoing tax procedures and processes for the main Subsidiaries:

Interbank:

Between 2004 and 2010, Interbank received several Tax Determination and Tax Penalty notices corresponding mainly to the Income Tax determination for the fiscal years 2000 to 2006. As a result, claims and appeals were filed and subsequent contentious administrative proceedings were started. The most relevant matter subject

to discrepancy with SUNAT corresponds to whether the “interest in suspense” are subject to Income Tax or not. The tax periods under review and related to the aforementioned discrepancy are detailed below:

- Regarding the income tax for the period 2003, Interbank has presented various appeals on the tax debt, reducing said fine from S/69,000,000 to S/25,000,000. In October 2024, through Resolution of Coactive Collection, SUNAT required the payment of the liability for approximately S/17,800,000 (comprising the tax, penalties and moratorium interest), an amount that was paid by Interbank on November 6, 2024. However, the process is ongoing at the Judiciary. Interbank recorded this payment as account receivable from SUNAT, which was recorded as “Recoverable taxes”, in the caption “Other accounts receivable and other assets, net”; see Note 8(a).

Regarding the advance payments of the income tax for the period 2004, in April 2023, the Tax Administration rectified, through a Resolution, the determination of said payments. In this regard Interbank filed the respective Appeal Recourse and in August 2023, it concluded favorably for Interbank.

- Regarding the income tax and the advance payments of the income tax for the period 2005, in May 2020, the Tax Administration, through a Resolution, increased the tax debt linked to the suspension of interest compensation from S/1,000,000 to S/35,000,000. As of the date of this report, the case is pending resolution by the Tax Court.

- Regarding the income tax and the advance payments of the income tax for the period 2006, in February 2021, the Tax Administration, through a Resolution, rejected an excess payment of S/3,500,000 related to litigations about interest in suspense and determined a tax debt of S/23,000,000. In December 2022, the Tax Court revoked the objection for suspended interest, coefficient of payments on account and fines.In December 2024, the Tax Court ordered to maintain and continue with the updated collection of the tax liability, thus upholding the previous resolutions related to repairs and penalties. As of the date of this report, the case is pending resolution by the Judiciary.

As of December 31, 2024 the tax liability requested for the periods 2000 to 2006 for the interest in suspense and other minor contingencies, amounts to approximately S/84,000,000 which includes the tax, fines and interest arrears, out of which S/56,000,000 corresponded to interest in suspense and S/28,000,000 corresponded to other repairs (as of December 31, 2023, the tax liability amounted to S/124,000,000 and includes taxes, fines, and interest arrears, out of which S/59,000,000 corresponded to interest in suspense and S/65,000,000 corresponded to other repairs).

Regarding the income tax for the period 2010, in 2017, SUNAT closed the audit procedure. Interbank paid the debt under protest and filed a claim recourse. As of today, the procedure has been appealed and it is pending resolution by the Tax Court.

Regarding the income tax for the period 2012, in 2020, Interbank received several Tax Determination and Tax Penalty notices. As of December 31, 2024 and 2023, the tax debt claimed by the SUNAT with respect to income tax amounted to S/14,600,000 and S/14,400,000, respectively. As of the date of this report, the process is on appeal, pending resolution by the Tax Court.

Regarding the income tax for the period 2013, in 2019, Interbank was notified with Determination Resolutions being the main concept observed, the deduction of loan write-offs without proof by the SBS in the income tax return. During 2021, Interbank was notified with a Tax Court Resolution, which confirms, revokes and orders to resettle the aforementioned concepts. Therefore, Interbank challenged said Resolution before the Judiciary. At the end of 2022, the Tax Court reconfirmed its ruling in the aforementioned Resolution and through Resolution of Coactive Collection demanded the payment of the debt for approximately S/62,000,000, which was paid by Interbank on February 2, 2023; however, the process continues in the Judiciary instance. Interbank recorded this payment as account receivable from SUNAT, that was recorded as “Tax paid to recover”, in the caption “Other accounts receivable and other assets, net”; see Note 8(a).

Regarding the Income Tax for the periods 2014 and 2015, in the year 2019, SUNAT notified Interbank about the beginning of the definitive audit procedure of the third-category Income Tax for the period 2014, determining a tax liability on the additional Income Tax rate of 4.1%, that as of December 31, 2024 and 2023, amounted to S/ 178,000 and S/ 177,000, respectively. In the year 2021, Interbank was notified with Resolutions of Determination and Penalty corresponding to the period 2015. As of December 31, 2024 and 2023, the tax liability requested by

SUNAT relating the advance payments of the 2015 Income Tax amounts to S/14,800,000 and S/14,600,000, respectively. As of the date of this report, both cases are on appeal, pending resolution.

Regarding the income tax and the advance payments of the income tax for the period 2017, in December 2021, SUNAT notified Interbank about the beginning of the definitive audit procedure. In this regard, no additional amounts to pay related to Income Tax were determined; however, in November 2022, Interbank filed a claim recourse on other minor concepts, observed by the SUNAT, which is pending of pronouncement.

In November, 2023, SUNAT notified Interbank of different Resolutions of Determination corresponding to the Income Tax and advance payments for the period 2018, as well as Resolutions of Penalty on an alleged infringement of Article 178.1 of the Tax Code. As of December 31, 2024 and 2023, the tax debt claimed by SUNAT amounts to S/78,000,000 and S/74,000,000, respectively. As of the date of this report, the case is under appeal, pending resolution by the Tax Court.

In October 2023 and February 2024, SUNAT notified of the beginning of the audit procedure on Interbank for the Income Tax corresponding to the period 2019, and transfer prices for the period 2019, respectively. As of December 31, 2024, the audit procedure for the period 2019 is under way.

Interseguro:

In October 2023, SUNAT completed the fiscalization procedure regarding the Income Tax corresponding to the year 2020, without additional observations.

Procesos Medios de Pago:

In December 2024, SUNAT concluded the definite audit procedure of the Income Tax for the period 2020, without material observations.

(e) As of December 31, 2024 and 2023, Izipay maintains carryforward tax losses amounting to S/70,043,812 and S/71,324,359, respectively. In application of current tax regulations, Management opted for system “B” to offset its tax losses. In application of this system, the tax loss can 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 advisers, any eventual additional tax would not be significant for the financial statements as of December 31, 2024 and 2023.

(f) 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 year ended as of December 31,

	2024		2023
	S/(000)		S/(000)
Current – Expense		188,236		140,332
Current – Dividend expense, Note 14(b)		26,076		33,020
Deferred – Expense		100,053		102,244
		314,365		275,596

15. Interest income and expenses, and similar accounts

(a)

This caption is comprised of the following:



	31.12.2024			31.12.2023
	S/(000)			S/(000)
Interest and similar income
Interest on loan portfolio		5,157,744			5,353,991
Impact from the modification of contractual cash flows due to the loan rescheduling schemes		510			(29,404	)
Interest on investments at fair value through other comprehensive income		1,218,304			1,199,059
Interest on due from banks and inter-bank funds		372,622			367,167
Interest on investments at amortized cost		217,716			172,602
Dividends on financial instruments		49,396			42,779
Others		13,099			14,217
Total		7,029,391			7,120,411
Interest and similar expenses
Interest and fees on deposits and obligations		(1,495,881	)		(1,662,139	)
Interest and fees on obligations with financial institutions		(482,392	)		(474,362	)
Interest on bonds, notes and other obligations		(327,385	)		(311,665	)
Deposit insurance fund fees		(86,776	)		(81,171	)
Interest on lease payments		(7,627	)		(5,562	)
Others		(80,209	)		(57,467	)
Total		(2,480,270	)		(2,592,366	)

16. Fee income from financial services, net

(a)

Following is the composition on this caption for the years ended December 31, 2024 and 2023:


	31.12.2024			31.12.2023
	S/(000)			S/(000)
Income
Performance obligations at a point in time:
Accounts maintenance, carriage, transfers, and debit and credit card fees		755,432			747,568
Income from services (acquirer and issuer role) (b)		733,885			738,177
Banking service fees		196,985			208,420
Brokerage and custody services		8,116			5,811
Others		30,370			36,393

Performance obligations during a period:
Funds management		158,928			137,137
Contingent loans fees		67,045			68,355
Collection services		55,978			60,648
Others		18,694			28,757
Total		2,025,433			2,031,266
Expenses
Expenses for services (acquirer and issuer role) (b)		(343,038	)		(339,846	)
Credit cards		(177,492	)		(199,464	)
Commissions Mastercard - Visa		(103,838	)		(85,741	)
Local banks fees		(71,564	)		(58,956	)
Credit life insurance premiums		(71,239	)		(71,796	)
Foreign banks fees		(25,778	)		(26,285	)
Others		(89,541	)		(70,716	)
Total		(882,490	)		(852,804	)
Net		1,142,943			1,178,462

(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)

(a)

This caption is comprised of the following:



	31.12.2024			31.12.2023
	S/(000)			S/(000)
Other income
Maintenance, installation and sale of POS equipment		23,269			28,743
Profit from sale of property, furniture and equipment (b)		12,879			15,300
Services rendered to third parties		8,223			7,512
Income from ATM rentals		5,507			5,365
Other technical income from insurance operations		4,162			10,163
Gain from sale of written-off-loans		2,542			18,770
Others		64,640			70,847
Total other income		121,222			156,700
Other expenses
Commissions from insurance activities		(38,780	)		(42,400	)
Provision for sundry risk		(29,290	)		(4,138	)
Administrative and tax penalties		(16,277	)		(20,198	)
Sundry technical insurance expenses		(14,414	)		(10,066	)
Expenses related to rental income		(12,607	)		(5,814	)
Provision for accounts receivable		(11,508	)		(13,847	)
Write-off of intangibles		(10,809	)		(3,455	)
Donations		(4,826	)		(4,529	)
Cost of sale of POS equipment		(1,154	)		(12,819	)
Others		(55,294	)		(67,726	)
Total other expenses		(194,959	)		(184,992	)

(b)

As of December 31, 2024 and 2023, it corresponds to the sale to third parties for US$12,090,000 (approximately equivalent to S/45,461,000) and US$8,552,000 (approximately equivalent to S/32,667,000), respectively.

18. Result from insurance activities, before expenses

(a) This caption is comprised of the following:


	31.12.2024												31.12.2023
	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		61,800			3,970			28,826			94,596			49,191			3,609			27,978			80,778
Change in Risk adjustment for non-financial risk		3,083			7,756			(358	)		10,481			1,476			255			(1,850	)		(119	)
Insurance service expenses and expected claims incurred		68,268			282,141			74,944			425,353			69,145			273,396			62,348			404,889
Recovery of cash for insurance acquisition		4,846			536			10,023			15,405			3,489			273			6,613			10,375

Contracts measured under PAA:
Premiums assigned to the period		219,600			—			3,323			222,923			220,616			—			4,097			224,713
		357,597			294,403			116,758			768,758			343,917			277,533			99,186			720,636

Insurance service expenses -
Claims incurred expenses and other expenses		(84,337	)		(816,857	)		(125,923	)		(1,027,117	)		(108,805	)		(798,733	)		(114,753	)		(1,022,291	)
Onerous contract losses and loss reversion		7,095			(13,779	)		(188	)		(6,872	)		38,101			(37,190	)		11,636			12,547
Amortization of insurance acquisition cash flows		(125,876	)		(536	)		(10,021	)		(136,433	)		(120,123	)		(273	)		(6,613	)		(127,009	)
Changes to liabilities for incurred claims		(70,556	)		487,468			56,001			472,913			(58,030	)		477,027			64,182			483,179
		(273,674	)		(343,704	)		(80,131	)		(697,509	)		(248,857	)		(359,169	)		(45,548	)		(653,574	)
Insurance service results		83,923			(49,301	)		36,627			71,249			95,060			(81,636	)		53,638			67,062
Reinsurance income		—			—			—			(14,273	)		—			—			—			(6,889	)
Financial result of insurance operations (b)		—			(562,413	)		(33,237	)		(595,650	)		—			(542,361	)		(30,806	)		(573,167	)
Result from insurance activities (**)		83,923			(611,714	)		3,390			(538,674	)		95,060			(623,997	)		22,832			(512,994	)

(*) BBA Method (Building Block Approach) and VFA Method (Variable Fee Approach).

(**) 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/368,885,000 and S/334,602,000 as of December 31, 2024 and 2023, respectively.

(b) The composition of the financial result of insurance operations, is as follows:


	31.12.2024									31.12.2023
	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		—			96			96			—			(10,499	)		(10,499	)
Interest credited		(562,252	)		(35,858	)		(598,110	)		(541,468	)		(23,088	)		(564,556	)
Changes in interest rate and other financial hypotheses		(162	)		3,879			3,717			(433	)		3,257			2,824
Effect of changes in current estimates and in CSM adjustment rates in relation to the rates used in the initial recognition		1			(1,020	)		(1,019	)		4			(621	)		(617	)
		(562,413	)		(32,903	)		(595,316	)		(541,897	)		(30,951	)		(572,848	)

Financial income from insurance contracts -
Interest credited		—			(16	)		(16	)		(388	)		(1,086	)		(1,474	)
Effect of changes in interest rates and other financial hypotheses		—			(373	)		(373	)		(76	)		1,130			1,054
Exchange differences		—			—			—			—			—			—
Effect of changes in current estimates and in CSM adjustment rates in relation to the rates used in the initial recognition		—			55			55			—			101			101
		—			(334	)		(334	)		(464	)		145			(319	)
Result from insurance activities		(562,413	)		(33,237	)		(595,650	)		(542,361	)		(30,806	)		(573,167	)

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 year		Weighted average number of shares
	(in thousands)			(in thousands)					(in thousands)
Year 2023
Balance as of January 1st		115,418			115,418			365		115,418
Sale of treasury stock		1			1			277		1
Purchase of treasury stock		(939	)		(939	)		158		(407	)
Balance as of December 31, 2023		114,480			114,480					115,012
Net earnings attributable to IFS’s shareholders S/(000)										1,072,728
Basic and diluted earnings per share attributable to IFS’s shareholders (Soles)										9.327
Year 2024
Balance as of January 1st		114,480			114,480			365		114,480
Sale of treasury stock		2			2			41		0
Purchase of treasury stock		(1,194	)		(1,194	)		59		(193	)
Balance as of December 31, 2024		113,288			113,288					114,288
Net earnings attributable to IFS’s shareholders S/(000)										1,300,078
Basic and diluted earnings per share attributable to IFS’s shareholders (Soles)										11.376

20. Transactions with related parties and affiliated entities

(a) The table below presents the main transactions with related parties and affiliated entities as of December 31, 2024 and 2023 and for the years ended on those dates:


	31.12.2024			31.12.2023
	S/(000)			S/(000)
Assets
Instruments at fair value through profit or loss		819			1,165
Investments at fair value through other comprehensive income		72,906			64,229
Loans, net (b)		1,805,083			1,686,288
Accounts receivable		87,889			87,902
Accounts receivable related to derivative financial instruments		—			—
Other assets		11,454			21,260
Liabilities
Deposits and obligations		1,084,713			1,066,505
Other liabilities		224,391			225,034
Off-balance sheet accounts
Indirect loans (b)		59,811			76,652

	31.12.2024			31.12.2023
	S/(000)			S/(000)
Income (expenses)
Interest and similar income		117,713			95,604
Rental income		28,833			25,532
Valuation of financial derivative instruments		—			106
Interest and similar expenses		(32,031	)		(39,749	)
Administrative expenses		(45,320	)		(39,897	)
Loss on sale of investment property		(3,176	)		—
Others, net		59,921			63,626

(b) As of December 31, 2024 and 2023, the detail of loans is the following:


	31.12.2024						31.12.2023
	Direct Loans		Indirect Loans		Total		Direct Loans		Indirect Loans		Total
	S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)
Affiliated		1,502,218		3,422		1,505,640		1,389,463		3,557		1,393,020
Associates		302,865		56,389		359,254		296,825		73,095		369,920
		1,805,083		59,811		1,864,894		1,686,288		76,652		1,762,940

(c) As of December 31, 2024 and 2023, 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 December 31, 2024 and 2023, direct loans to employees, directors and executives amounted to S/231,237,000 and S/209,671,000, 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 years ended December 31, 2024 and 2023, is presented below:


	31.12.2024		31.12.2023
	S/(000)		S/(000)
Salaries		32,003		28,325
Board of Directors’ compensations		3,456		3,151
Total		35,459		31,476

(e) (e) As of December 31, 2024 and 2023, the Group holds participation in different mutual funds that are managed by Interfondos, which are classified as investments at fair value through profit or loss and amount to S/2,364,000 and S/7,358,000, respectively.

(f) In Management’s opinion, transactions with related companies have been performed under market conditions and within the limits set by the SBS.

21. Business segments

The operating segments monitor the operating results of their business units separately for the purpose of making decisions on the distribution of resources and performance assessment. Segment performance is evaluated based on operating profit or loss and it 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 December 31, 2023, the Company presented four operating segments: Banking, Insurance, Wealth Management and Payments. During the period 2024, the Company performed an assessment on the reportable segments, considering among other criteria; the relevance to the Group's consolidated income, profits and assets, concluding that the Payments segment would not be deemed as a reportable segment henceforth. It is worth to mention that said conclusion is aligned with the quantitative thresholds established by IFRS 8 “Operating Segments”, according to which, the segment Payments does not surpass the following thresholds:

- At the revenues level: Payments segment’s revenues do not represent 10 percent or more of the combined revenues of all operating segments.

- At the profit or loss level: Payments segment’s absolute amount of profit or loss is not equal or greater than 10 percent of the amount greater between: (i) the combined reported profit of all operating segments that did not report a loss, and (ii) the combined reported loss of all operating segments that reported a loss.

- At the assets level: Payments segment’s assets are not 10 per cent or more of the combined assets of all operating segments.

As result of the explained above, the Group presents three operating segments based on products and services, as follows:

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 years ended December 31, 2024 and 2023:


	31.12.2024
	Banking			Insurance			Wealth management			Holding, other subsidiaries and consolidation adjustments (*)			Total consolidated
	S/(000)			S/(000)			S/(000)			S/(000)			S/(000)
Consolidated statement of income data
Interest and similar income		5,969,629			870,993			178,160			10,609			7,029,391
Interest and similar expenses		(2,217,197	)		(153,464	)		(108,466	)		(1,143	)		(2,480,270	)
Net interest and similar income		3,752,432			717,529			69,694			9,466			4,549,121
Loss on loans, net of recoveries		(1,719,913	)		—			(266	)		—			(1,720,179	)
Loss due to impairment of financial investments		(982	)		(45,910	)		(585	)		(44	)		(47,521	)
Net interest and similar income after impairment loss on loans		2,031,537			671,619			68,843			9,422			2,781,421
Fee income from financial services, net		791,815			(10,628	)		170,955			190,801			1,142,943
Net gain (loss) on sale of financial investments		12,995			17,664			(4,115	)		—			26,544
Other income		500,512			103,571			89,331			71,653			765,067
Result from insurance activities, before expenses		—			(169,750	)		—			(39	)		(169,789	)
Depreciation and amortization		(294,514	)		(22,091	)		(8,734	)		(87,718	)		(413,057	)
Other expenses		(1,762,494	)		(379,087	)		(166,789	)		(178,789	)		(2,487,159	)
Income before translation result and Income Tax		1,279,851			211,298			149,491			5,330			1,645,970
Exchange difference		(7,402	)		(9,390	)		(2,066	)		(5,286	)		(24,144	)
Income Tax		(265,096	)		—			(10,089	)		(39,180	)		(314,365	)
Net profit (loss) for the year		1,007,353			201,908			137,336			(39,136	)		1,307,461
Attributable to:
IFS’s shareholders		1,007,353			201,908			137,336			(46,519	)		1,300,078
Non-controlling interest		—			—			—			7,383			7,383
		1,007,353			201,908			137,336			(39,136	)		1,307,461

(*) Corresponds to financial information separate from IFS and other subsidiaries, as well as consolidation adjustments and elimination of intercompany transactions.


	31.12.2023
	Banking			Insurance			Wealth management			Holding, other subsidiaries and consolidation adjustments (*)			Total consolidated
	S/(000)			S/(000)			S/(000)			S/(000)			S/(000)
Consolidated statement of income data
Interest and similar income		6,076,020			851,648			183,926			8,817			7,120,411
Interest and similar expenses		(2,363,800	)		(126,704	)		(98,370	)		(3,492	)		(2,592,366	)
Net interest and similar income		3,712,220			724,944			85,556			5,325			4,528,045
(Loss) reversal on loans		(1,981,988	)		—			170			—			(1,981,818	)
(Loss) recovery due to impairment of financial investments		15			(7,858	)		347			(4	)		(7,500	)
Net interest and similar income after impairment loss on loans		1,730,247			717,086			86,073			5,321			2,538,727
Fee income from financial services, net		813,279			(13,431	)		146,223			232,391			1,178,462
Net (loss) gain on sale of financial investments		(660	)		9,948			(2,857	)		—			6,431
Other income		495,500			112,990			(37,332	)		(19,774	)		551,384
Result from insurance activities, before expenses		—			(178,379	)		—			(13	)		(178,392	)
Depreciation and amortization		(271,526	)		(21,658	)		(15,018	)		(70,836	)		(379,038	)
Other expenses		(1,678,356	)		(352,933	)		(138,589	)		(201,251	)		(2,371,129	)
Income (loss) before translation result and Income Tax		1,088,484			273,623			38,500			(54,162	)		1,346,445
Exchange difference		(15,969	)		18,430			761			5,205			8,427
Income Tax		(216,366	)		—			(3,081	)		(56,149	)		(275,596	)
Net profit (loss) for the year		856,149			292,053			36,180			(105,106	)		1,079,276
Attributable to:
IFS’s shareholders		856,149			292,053			36,180			(111,654	)		1,072,728
Non-controlling interest		—			—			—			6,548			6,548
		856,149			292,053			36,180			(105,106	)		1,079,276

(*) (*) Corresponds to financial information separate from IFS and other subsidiaries, as well as consolidation adjustments and elimination of intercompany transactions.


	31.12.2024
	Banking		Insurance		Wealth management		Holding, other subsidiaries and consolidation adjustments (*)		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		73,500,151		16,175,883		4,316,010		1,385,469		95,377,513
Total liabilities		64,627,207		15,618,274		3,271,899		881,538		84,398,918

	31.12.2023
	Banking		Insurance		Wealth management		Holding, other subsidiaries and consolidation adjustments (*)		Total consolidated
	S/(000)		S/(000)		S/(000)		S/(000)		S/(000)
Capital investments (**)		327,513		21,184		6,430		89,809		444,936
Total assets		68,437,614		15,225,254		4,374,266		1,587,645		89,624,779
Total liabilities		60,380,895		14,787,105		3,453,408		995,270		79,616,678

(*) Corresponds to financial information separate from 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 year ended December 31, 2024, is S/10,232,012,000 in Peru and S/383,179,000 in Panama (for the year ended December 31, 2023, was S/10,185,755,000 in Peru and S/244,373,000 in Panama). The distribution of the Group’s total assets based on the location of the customer and its assets as of December 31, 2024 is S/91,197,601,000 in Peru and S/4,179,912,000 in Panama (for the year ended December 31, 2023, was S/85,387,995,000 in Peru and S/4,236,784,000 in Panama).

22. Financial instruments classification

The financial assets and liabilities of the consolidated statement of financial position as of December 31, 2024 and 2023, are presented below:


	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		—		—		—		12,488,958		12,488,958
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		—		—		1,602,298		1,745,499
Reinsurance contracts assets		—		—		—		18,602		18,602
		1,919,768		20,724,892		458,268		67,466,727		90,569,655
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		102,288		—		—		3,959,398		4,061,686
		102,288		—		—		83,898,399		84,000,687


	As of December 31, 2023
	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		—		—		—		9,818,711		9,818,711
Inter-bank funds		—		—		—		524,915		524,915
Financial investments		1,556,540		21,246,569		444,878		3,474,004		26,721,991
Loans, net		—		—		—		46,520,382		46,520,382
Due from customers on acceptances		—		—		—		40,565		40,565
Other accounts receivable and other assets, net		158,101		—		—		1,246,480		1,404,581
Reinsurance contracts assets		—		—		—		26,287		26,287
		1,714,641		21,246,569		444,878		61,651,344		85,057,432
Financial liabilities
Deposits and obligations		—		—		—		49,188,234		49,188,234
Inter-bank funds		—		—		—		119,712		119,712
Due to banks and correspondents		—		—		—		9,025,930		9,025,930
Bonds, notes and other obligations		—		—		—		5,551,629		5,551,629
Due from customers on acceptances		—		—		—		40,565		40,565
Insurance and reinsurance contract liabilities		—		—		—		12,207,536		12,207,536
Other accounts payable, provisions and other liabilities		145,395		—		—		3,056,196		3,201,591
		145,395		—		—		79,189,802		79,335,197

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 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 (credit card, mortgage, payroll loan, consumer loan and vehicular loan), (ii) Small Business Banking (segments S1, S2 and S3), and (iii) Commercial Banking (corporate, institutional, companies and real estate). 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 impact in the estimation of the loan’s 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 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 December 31, 2024 and 2023, 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		Financial instruments (including non-cash guarantees)			Cash guarantees received			Net amount
	S/(000)		S/(000)		S/(000)		S/(000)			S/(000)			S/(000)
As of December 31, 2024
Derivatives, Note 8(b)		143,201		—		143,201		(30,231	)		(35,645	)		77,325
Total		143,201		—		143,201		(30,231	)		(35,645	)		77,325
As of December 31, 2023
Derivatives, Note 8(b)		158,101		—		158,101		(65,099	)		(9,755	)		83,247
Total		158,101		—		158,101		(65,099	)		(9,755	)		83,247

(b.2) Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements as of December 31, 2024 and 2023, 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		Financial instruments (including non-cash guarantees)			Cash guarantees pledged, Note 4(d)			Net amount
	S/(000)		S/(000)		S/(000)		S/(000)			S/(000)			S/(000)
As of December 31, 2024
Derivatives, Note 8(b)		102,288		—		102,288		(30,231	)		(21,568	)		50,489
Total		102,288		—		102,288		(30,231	)		(21,568	)		50,489
As of December 31, 2023
Derivatives, Note 8(b)		145,395		—		145,395		(65,099	)		(24,725	)		55,571
Total		145,395		—		145,395		(65,099	)		(24,725	)		55,571

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 December 31, 2024, the weighted average exchange rate of free market published by the SBS for transactions in US Dollars was S/3.758 per US$1 bid and S/3.770 per US$1 ask (S/3.705 and S/3.713 as of December 31, 2023, respectively). As of December 31, 2024, the exchange rate for the accounting of asset and liability accounts in foreign currency set by the SBS was S/3.764 per US$1 (S/3.709 as of December 31, 2023).

The table below presents the detail of the Group’s position:


	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		8,526,486			3,639,715			322,757		12,488,958
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		405,454			1,339,819			226		1,745,499
Reinsurance contract assets		207			18,395			—		18,602
		30,770,322			59,422,884			376,449		90,569,655
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		1,600,580			2,447,521			13,585		4,061,686
		32,790,730			50,681,842			528,115		84,000,687
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		57,935			6,384,381			126,652		6,568,968


	As of December 31, 2023
	US Dollars			Soles			Other currencies		Total
	S/(000)			S/(000)			S/(000)		S/(000)
Assets
Cash and due from banks		6,745,220			2,710,275			363,216		9,818,711
Inter-bank funds		55,660			469,255			—		524,915
Financial investments		7,090,138			19,569,726			62,127		26,721,991
Loans, net		14,131,543			32,388,839			—		46,520,382
Due from customers on acceptances		40,565			—			—		40,565
Other accounts receivable and other assets, net		242,935			1,161,624			22		1,404,581
Reinsurance contract assets		166			26,121			—		26,287
		28,306,227			56,325,840			425,365		85,057,432
Liabilities
Deposits and obligations		18,277,393			30,420,832			490,009		49,188,234
Inter-bank funds		63,081			56,631			—		119,712
Due to banks and correspondents		2,342,325			6,683,605			—		9,025,930
Bonds, notes and other obligations		5,049,942			501,687			—		5,551,629
Due from customers on acceptances		40,565			—			—		40,565
Insurance and reinsurance contract liabilities		3,997,075			8,210,461			—		12,207,536
Other accounts payable, provisions and other liabilities		1,272,832			1,928,716			43		3,201,591
		31,043,213			47,801,932			490,052		79,335,197
Forwards position, net		(631,449	)		505,661			125,788		—
Currency swaps position, net		951,864			(951,864	)		—		—
Cross currency swaps position, net		2,430,155			(2,430,155	)		—		—
Options position, net		(51	)		51			—		—
Monetary position, net		13,533			5,647,601			61,101		5,722,235

As of December 31, 2024, the Group granted indirect loans (contingent operations) in foreign currency for approximately US$770,827,000, equivalent to S/2,901,393,000 (US$741,882,000, equivalent to S/2,751,640,000 as of December 31, 2023).

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 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


	As of December 31, 2023
	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 (*)		329,609		344,155		882,776		1,556,540
Debt instruments measured at fair value through other comprehensive income		11,779,535		9,132,649		—		20,912,184
Equity instruments measured at fair value through other comprehensive income		397,247		10,541		37,090		444,878
Derivatives receivable		—		158,101		—		158,101
		12,506,391		9,645,446		919,866		23,071,703
Accrued interest								334,385
Total financial assets								23,406,088
Financial liabilities
Derivatives payable		—		145,395		—		145,395

(*) As of December 31, 2024 and 2023, correspond mainly to participations in mutual funds and investment funds.

Financial assets included in Level 1 are those measured on the basis of 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 2024 and 2023, there were transfers of certain financial instruments from Level 2 to Level 1 for an amount of S/81,290,000 and S/717,011,000, respectively. During 2024 and 2023, 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:


	31.12.2024			31.12.2023
	S/(000)			S/(000)
Initial balance as of January 1		919,866			977,835
Purchases		81,369			85,777
Sales		(78,231	)		(35,625	)
Gain (loss) recognized on the statement of income		126,777			(108,121	)
Ending balance		1,049,781			919,866

(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 December 31, 2024										As of December 31, 2023
	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		—		12,488,958		—		12,488,958		12,488,958		—		9,818,711		—		9,818,711		9,818,711
Inter-bank funds		—		220,060		—		220,060		220,060		—		524,915		—		524,915		524,915
Investments at amortized cost		3,775,935		98,658		—		3,874,593		3,898,198		3,277,672		80,042		—		3,357,714		3,474,004
Loans, net		—		48,333,964		—		48,333,964		49,229,448		—		44,737,995		—		44,737,995		46,520,382
Due from customers on acceptances		—		9,163		—		9,163		9,163		—		40,565		—		40,565		40,565
Other accounts receivable and other assets, net		—		1,602,298		—		1,602,298		1,602,298		—		1,246,480		—		1,246,480		1,246,480
Reinsurance contract assets		—		18,602		—		18,602		18,602		—		26,287		—		26,287		26,287
Total		3,775,935		62,771,703		—		66,547,638		67,466,727		3,277,672		56,474,995		—		59,752,667		61,651,344
Liabilities
Deposits and obligations		—		53,770,487		—		53,770,487		53,768,028		—		49,394,868		—		49,394,868		49,188,234
Inter-bank funds		—		—		—		—		—		—		119,712		—		119,712		119,712
Due to banks and correspondents		—		7,706,223		—		7,706,223		7,562,057		—		9,028,209		—		9,028,209		9,025,930
Bonds, notes and other obligations		5,163,150		838,662		—		6,001,812		6,075,433		4,587,631		708,643		—		5,296,274		5,551,629
Due from customers on acceptances		—		9,163		—		9,163		9,163		—		40,565		—		40,565		40,565
Insurance and reinsurance contract liabilities		—		12,524,320		—		12,524,320		12,524,320		—		12,207,536		—		12,207,536		12,207,536
Other accounts payable and other liabilities		—		3,959,398		—		3,959,398		3,959,398		—		3,056,196		—		3,056,196		3,056,196
Total		5,163,150		78,808,253		—		83,971,403		83,898,399		4,587,631		74,555,729		—		79,143,360		79,189,802

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 December 31, 2024 and 2023, 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.

Following is the value of the managed off-balance sheet financial assets as of December 31, 2024 and 2023:


	31.12.2024		31.12.2023
	S/(000)		S/(000)
Investment funds		19,534,337		17,829,262
Mutual funds		7,926,478		5,352,241
Total		27,460,815		23,181,503

26. Subsequent event

On January 27, 2025, Interbank issued subordinated bonds called “6.397% Subordinated Notes” for the amount of US$350,000,000, under Rule 144-A and/or Regulation S of the U.S. Securities Act of 1933 of the United States of America. This issuance has maturity in January 2035 and the agreed annual interest rate was 6.397 percent.

Intercorp Financial Services (IFS) 6-KFourth Quarter 2024 Earnings