Intercorp Financial Services Inc. (IFS)

Price$55.74Cached quoteAs of 2026-09-06 15:22 UTC

AI: Fair-priced

Price checkThe shares look roughly fairly priced after strong earnings and a sizable valuation rerating.

At the verified close, the company traded at about 9.9 times trailing earnings and 1.6 times book value. That is no longer a bargain versus its own 2021-2025 range: year-end earnings multiples were roughly 6.3-9.6 and book multiples 0.94-1.42. Still, 2026 first-half profit rose about 16%, second-quarter return on equity was 18.5%, and larger Peruvian peer Credicorp recently traded around 13 times earnings. The mix supports Fair-priced: quality is strong, but the rerating already discounts much of the recovery.

Big pictureProfit growth is healthy, but cash flow is volatile because this is a financial group.

Supplied history shows net income rising from S/1.08 billion in 2023 to S/1.31 billion in 2024 and S/1.93 billion in 2025, while first-quarter 2026 net income reached S/598 million, up from S/444 million a year earlier. Reported operating cash flow is much less steady: S/2.91 billion in 2024, S/1.83 billion in 2025 and slightly negative in first-quarter 2026. For a bank-led group, loan and deposit movements distort cash flow, so recurring profit, capital and credit losses are better durability checks.

Business strengthHigh returns, solid capital, and a shrinking share count support durable per-share value.

At March 2026, cash and equivalents were S/13.29 billion against S/12.33 billion of reported debt, while equity stood at S/12.33 billion; for a financial group, regulatory capital matters more than a simple net-cash test. By June, Interbank's total capital ratio was 15.5%, while its core equity tier-one ratio, a measure of the bank's highest-quality capital buffer, was 11.9%. The company also reduced shares from 115.4 million in 2020 to 111.1 million in 2025 while paying dividends and repurchasing shares, so recent capital allocation has favored owners rather than diluted them.

What could change the storyThe valuation works if credit costs stay controlled and near-nineteen-percent returns persist.

Bull case: higher-yielding loans grew 12% year over year in the second quarter, first-half net profit grew about 16%, and return on equity was 18.9%; sustaining that with continued buybacks would make a near-ten-times earnings price attractive. Bear case: the bank's credit-loss cost, losses charged against loans, rose to 2.1% from 1.4% in the first quarter, while group return on equity slipped to 18.5%. If credit losses keep rising and returns fall toward the low teens, the current roughly 1.6-times book valuation would look demanding.

AI: News

Second-quarter earningsSecond-quarter profit held near record levels, but credit costs rose and the shares fell afterward.

On August 11, the company reported second-quarter net profit of S/585.3 million, up 1% year over year, and first-half profit of S/1.187 billion, up about 16%. Higher-yielding loans grew 12%, but the bank's credit-loss cost rose to 2.1% from 1.4% in the first quarter, while group return on equity eased to 18.5%. The next session's close was about 4% lower; timing suggests caution, but does not prove the report caused the move.

First-quarter profit jumpFirst-quarter earnings jumped as loan losses fell, confirming a strong start to the year.

On May 11, the company reported first-quarter net profit of S/601.9 million, up 34.9% year over year, with return on equity at 19.4%. Loan impairment charges fell 46.3%, higher-yielding loans grew 9%, and net interest income rose 6.5%. The result mattered because it showed that 2025's earnings recovery was continuing into 2026, while the lower credit-loss burden supported the case that stronger profitability was not coming only from aggressive balance-sheet growth.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	PEN6.91B	PEN4.2M	PEN10.2M	PEN6.5M	PEN8.1M	PEN11.5M	PEN13.4M	PEN10.9M	PEN9.3M
Operating expenses	—	PEN2.90B	PEN2.75B	PEN2.63B	PEN2.26B	PEN1.91B	PEN1.98B	PEN1.84B	PEN1.71B
Operating income	—	PEN1.65B	PEN1.35B	PEN2.17B	PEN2.39B	PEN356.3M	PEN1.93B	PEN1.54B	—
Operating margin	—	39,547.57%	13,248.50%	33,381.55%	29,471.48%	3,085.99%	14,411.55%	14,135.50%	—
EBITDA	—	PEN2.06B	PEN1.73B	PEN2.50B	PEN2.67B	PEN625.1M	PEN2.19B	PEN1.71B	—
EBITDA margin	—	49,472.06%	16,978.09%	38,563.03%	32,918.07%	5,413.43%	16,372.44%	15,645.38%	—
Net income	PEN1.93B	PEN1.31B	PEN1.08B	PEN1.68B	PEN1.80B	PEN383.5M	PEN1.45B	PEN1.09B	PEN1.03B
Net profit margin	27.98%	31,414.25%	10,619.66%	25,860.90%	22,183.35%	3,321.63%	10,852.53%	10,005.45%	11,144.76%
Basic EPSper basic share	PEN 17.30	PEN 11.38	PEN 9.33	PEN 14.45	PEN 15.51	PEN 3.32	PEN 12.78	PEN 9.82	PEN 9.63
Diluted EPSper diluted share	PEN 17.30	PEN 11.38	PEN 9.33	PEN 14.45	PEN 15.51	PEN 3.32	PEN 12.78	PEN 9.82	PEN 9.63

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of IFS
Holder	Shares held
FMR LLC	2.31M
BlackRock, Inc.	1.56M
LAZARD ASSET MANAGEMENT LLC	1.12M
ACADIAN ASSET MANAGEMENT LLC	1.09M
NWI MANAGEMENT LP	1.02M
FRANKLIN RESOURCES INC	1.01M
MARSHALL WACE, LLP	983.08K
SCHRODER INVESTMENT MANAGEMENT GROUP	695.29K
JPMORGAN CHASE & CO	538.78K
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	511.57K
MORGAN STANLEY	433.04K
GLOBEFLEX CAPITAL L P	408.95K
SPX Gestao de Recursos Ltda	401.55K
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	383.72K
Qube Research & Technologies Ltd	331.34K
STATE STREET CORP	301.66K
HSBC HOLDINGS PLC	272.74K
Driehaus Capital Management LLC	245.23K
Hood River Capital Management LLC	154.96K
AMERICAN CENTURY COMPANIES INC	146.39K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)1$10.7K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 26, 2026Form 4	Santa Maria Guzman Hugo AntonioDirector	SellCommon Shares · indirect	225	$47.76	$10.7K	0

Review ownership filings at SEC.gov ↗

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Intercorp Financial Services Inc. (IFS)

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