Interseguro written premiums同比增长77%，由私人年金和人寿保险驱动（CFO）
保险业务合约服务边际同比增长17%（CFO）
可持续贷款组合达EUR 400 million（CFO）
官方指引
全年ROE预计接近17%，上半年为18.4%（CFO）
贷款增长指引：全年约5%，上半年为6%（CFO）
净息差预计下半年略有恢复（CFO）
风险调整净息差预计全年略有改善（CFO）
成本收入比维持在36%指引范围内（CFO）
成本风险预计持续远低于指引（CFO）
管理层引语
“We continue to see a positive performance of the Peruvian economy... driven by increased dynamism in sectors linked to consumption and sustained private investment.” （CEO）
“Our net income reached PEN 580 million... with an ROE of around 21%.” （CFO）
“We had a strong second quarter, continuing with the positive trends in our core businesses. Moreover, second Q was boosted by solid investment results.” （CFO）
“Look in ahead, we remain optimistic about IFS’ prospects. The company has demonstrated resilience during the down cycle.” （CEO）
“We had solid core results in Wealth Management, boosted by investments performance with other income growing 5.3x in the last year.” （CFO）
Prepared Metrics
Metric
Value
Speaker/Context
IFRS Net Income
PEN 580 million
Q2 2025 (CFO)
IFRS ROE
~21%
Q2 2025 (CFO)
Half-Year ROE
18.4%
H1 2025 (CFO)
Total Loan Growth
6% year-over-year
June 2025 (CFO)
Consolidated Cost of Risk
2.5%
Q2 2025 (CFO)
Retail Cost of Risk
4.2%
Q2 2025 (CFO)
Cost-to-Income Ratio (IFS)
36%
Q2 2025 (CFO)
Inteligo AUM
$7.8 billion
June 2025 (CFO)
Inteligo ROE
31%
H1 2025 (CFO)
Insurance Written Premiums Growth
77% year-over-year
Q2 2025 (CFO)
CSM Growth
17% year-over-year
Q2 2025 (CFO)
Total Capital Ratio
~17%
H1 2025 (CFO)
Core Equity Tier 1 Ratio
~12%
H1 2025 (CFO)
Q&A Batch (1-2 of 2)
Q1 — Ernesto María Gabilondo Márquez
Topic: No substantive content provided in input.
Key points: (none)
Mgmt stance: (none)
Q2 — Luis Felipe Castellanos Lopez-Torres
Topic: NIM trajectory, asset quality, and expense outlook guidance clarification
Key points:
NIM pressured by two factors: (1) portfolio mix skewed towards mortgages/commercial banking; (2) extra liquidity held to repay a sub bond maturing in July, which had ~10 bps impact on NIM. Expects NIM improvement in H2 2025 and further improvement in 2026 as consumer book resumes growth (0.6% growth in Q2, accelerated in July).
Cost of risk currently at 2.5% (excluding Telefonica in Q1 and Q2), below guidance of ~3% and pre-COVID level of ~3%. High-yield portfolio (credit card, personal loans, small businesses) now accounts for 18% of total vs. ~25% pre-COVID. Expects slight increase in cost of risk as consumer loan book resumes growth.
Credit card turnover up 15% year-on-year; PLIN (largest transaction product) growing at 50% per year.
Expense increases split into three parts: (1) marketing/other (grows with business, slower than turnover), (2) personnel (filling senior positions, mostly in tech/analytics; rate of increase will be lower, a bit above inflation), (3) technology (ongoing investment program, puts pressure, but medium-term efficiency target remains 40%, likely not in H2 2025).
Mgmt stance: Neutral with cautious optimism. Expects NIM improvement and risk-adjusted NIM to increase slightly, but