IFS.NYSEIntercorp Financial Services INC
20-F: Intercorp Financial Services Reports Financial Results and Strategic Updates in Form 20-F Filing
Intercorp Financial Services files its Form 20-F, detailing financial performance, risk factors, and strategic initiatives.
Summary
- Intercorp Financial Services Inc. (IFS) has filed its Form 20-F, providing an overview of its financial performance and strategic direction.
- The document highlights expenses related to operational write-offs and technological failures, particularly in 2023 and 2022, and non-recurring COVID-19 related expenses in 2021.
- Gains from derivative financial instruments were recognized in 2023 (S/68.3 million), while losses were recorded in 2022 (S/4.5 million) and 2021 (S/60.3 million).
- The company applied expert judgment to account for the potential impact of the El Nio event in 2023 and political and economic uncertainty in 2022, leading to higher expected loss provisions.
- Interest income from rescheduled loans amounted to approximately S/9.2 million in 2023, S/22.9 million in 2022, and S/96.6 million in 2021.
- Expenses related to the Reactiva Peru program were S/38.7 million in 2023, while income was S/18.2 million in 2022 and S/23.6 million in 2021.
Positives
- The company recognized a gain of S/68.3 million in 2023 from the valuation of derivative financial instruments.
- Interest was recorded according to the rescheduled term for approximately S/9.2 million in 2023.
- The company applied its expert judgement with the purpose of reflecting the effects of the possible impact of the El Nio event during 2023, and the political and economic uncertainty during 2022.
Negatives
- The company experienced losses of S/4.5 million in 2022 and S/60.3 million in 2021 from the valuation of derivative financial instruments.
- Expenses for operational write-offs and technological failures occurred during 2023 and 2022.
- The company incurred expenses for approximately S/38.7 million due to the rescheduling of loans under the Reactiva Peru program in 2023.
Risks
- The document mentions the effects of the possible impact of the El Nio event during 2023, and the political and economic uncertainty during 2022, that were not considered in the forward-looking model, that led to incur in a higher provision for expected loss.
Key Dates
| Date | Description |
|---|---|
| 2019-07-01 | Listed shares |
| 2019-07-31 | Listed shares |
| 2020-01-01 | ReactivaPeruProgramMember |
| 2020-01-01 | RpiInternationalHoldingMember |
| 2020-05-19 | CommencementOfMajorLitigationMember |
| 2020-12-31 | ReactivaPeruProgramMember |
| 2020-12-31 | RpiInternationalHoldingMember |
| 2021-01-01 | Ifrs4Member |
| 2021-01-01 | IFRS17Member |
| 2021-01-01 | IncreaseDecreaseDueToChangesInAdoptionOfAccountingPolicyIfrs17Member |
| 2021-01-01 | InteligoGroupCorpMember |
| 2021-01-01 | InterseguroCompaaDeSegurosSaMember |
| 2021-01-01 | BancoInternacionalDelPerSaaMember |
| 2021-01-01 | IzipayMember |
| 2021-01-01 | InterbankAndSubsidiariesMember |
| 2021-01-01 | InteligoAndSubsidiariesMember |
| 2021-01-01 | InterseguroMember |
| 2021-01-01 | InterseguroCompaaDeSegurosSaAndSubsidiariesMember |
| 2021-01-01 | NegociosEInmueblesSaAndHoldingRetailPerSaMember |
| 2021-01-01 | InterfondosSaFundManagementCompanyMember |
| 2021-01-01 | NoncontrollingInterestsMember |
| 2021-01-01 | EquityAttributableToOwnersOfParentMember |
| 2021-01-01 | RetainedEarningsMember |
| 2021-01-01 | ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember |
| 2021-01-01 | ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember |
| 2021-01-01 | ReserveOfInsuranceFinanceIncomeExpensesFromInsuranceContractsIssuedExcludedFromProfitOrLossThatWillBeReclassifiedToProfitOrLossMember |
| 2021-01-01 | ReserveOfCashFlowHedgesMember |
| 2021-01-01 | ReserveOfExchangeDifferencesOnTranslationMember |
| 2021-01-01 | OtherReservesMember |
| 2021-01-01 | BondsGuaranteedByThePeruvianGovernmentMember |
| 2021-01-01 | SovereignBondsOfTheRepublicOfPeruMember |
| 2021-01-01 | CorporateLeasingAndSubordinatedBondsMember |
| 2021-01-01 | GlobalBondsOfTheRepublicOfColombiaMember |
| 2021-01-01 | VariableInterestCertificatesOfDepositIssuedByTheCentralReserveBankOfPeruMember |
| 2021-01-01 | NegotiableCertificatesOfDepositIssuedByTheCentralReserveBankOfPeruBcrpMember |
| 2021-01-01 | TreasuryBondsOfTheUnitedStatesOfAmericaMember |
| 2021-01-01 | GlobalBondsOfTheUnitedStatesOfMexicoMember |
| 2021-01-01 | UnderPerformingAssetsMember |
| 2021-01-01 | PerformingAssetsMember |
| 2021-01-01 | DirectLoansMember |
| 2021-01-01 | LineOfCreditFacilitiesMember |
| 2021-01-01 | MortgagesMember |
| 2021-01-01 | SmallAndMicroBusinessLoansMember |
| 2021-01-01 | CorporateLoansMember |
| 2021-01-01 | ConsumerLoansMember |
| 2021-01-01 | RentMeasurementInputMember |
| 2021-01-01 | LongtermInflationMember |
| 2021-01-01 | DiscountRateMeasurementInputMember |
| 2021-01-01 | AccumulatedDepreciationAndAmortisationMember |
| 2021-01-01 | CofideMember |
| 2021-01-01 | PromotionalCreditLinesMember |
| 2021-01-01 | DebitInLocalCurrencyMember |
| 2021-01-01 | CurrencyRepurchaseObligationsMember |
| 2021-01-01 | NetAssetValueMember |
| 2021-01-01 | PrivateEquityStocksMember |
| 2021-01-01 | NetAssetValueMethodMember |
| 2021-01-01 | PrivateEquityFundsMember |
| 2021-01-01 | EquityMethodMember |
| 2021-01-01 | Level3OfFairValueHierarchyMember |
| 2021-01-01 | FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember |
| 2021-01-01 | FinancialAssetsAtAmortisedCostMember |
| 2021-01-01 | DueToForeignEntitiesMember |
| 2021-01-01 | SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember |
| 2021-01-01 | BankJSarfaSarasinMember |
| 2021-01-01 | BankJ.SafraSarasin2Member |
| 2021-01-01 | CrossCurrencySwapsDueJan2023Member |
| 2021-01-01 | InterestRateSwapsDueBetweenJanuary2023AndJune2036Member |
| 2021-01-01 | CurrencySwapsDueBetweenJanuary2023AndMarch2029Member |
| 2021-01-01 | ForwardExchangeContractsDueBetweenJanuary2023AndDecember2023Member |
| 2021-01-01 | ForeignCurrencyOptionsMember |
| 2021-01-01 | CrossCurrencySwapsDueOct2024OneMember |
| 2021-01-01 | CrossCurrencySwapsDueAug2024OneMember |
| 2021-01-01 | CrossCurrencySwapsDueNov2024OneMember |
| 2021-01-01 | CrossCurrencySwapsDueJan2025OneMember |
| 2021-01-01 | CrossCurrencySwapsDueOct2027OneMember |
| 2021-01-01 | NotLaterThanOneYearMember |
| 2021-01-01 | LaterThanOneYearAndNotLaterThanThreeYearsMember |
| 2021-01-01 | LaterThanThreeYearsMember |
| 2021-01-01 | InterestExpensesFromCashFlowHedgesMember |
| 2021-01-01 | ExpensesForExchangeDifferencesFromCashFlowHedgesMember |
| 2021-01-01 | InterestIncomeFromCashFlowHedgesMember |
| 2021-01-01 | IncomeForExchangeDifferencesFromCashFlowHedgesMember |
| 2021-01-01 | InterestRateSwapContractMember |
| 2021-01-01 | PositionSold6MonthLIBORMember |
| 2021-01-01 | InterestRateSwapContractMember |
| 2021-01-01 | PositionSold3MonthLIBORMember |
| 2021-01-01 | CurrencySwapContractMember |
| 2021-01-01 | PositionPurchased6MonthLIBORMember |
| 2021-01-01 | InterestRateSwapContractMember |
| 2021-01-01 | PositionPurchased6MonthLIBORMember |
| 2021-01-01 | CurrencySwapContractMember |
| 2021-01-01 | PositionSold6MonthLIBORMember |
| 2021-01-01 | InterestRateSwapContractMember |
| 2021-01-01 | PositionPurchased3MonthLIBORMember |
| 2021-01-01 | SharesconsideredInComputationMember |
| 2021-01-01 | OutstandingSharesMember |
| 2021-01-01 | BankingMember |
| 2021-01-01 | EliminationOfIntersegmentAmountsMember |
| 2021-01-01 | InsuranceMember |
| 2021-01-01 | WealthManagementMember |
| 2021-01-01 | RelatedPartiesMember |
| 2021-01-01 | SeniorNotesDue2020Member |
| 2021-01-01 | ReactivaPeruMember |
| 2021-01-01 | BankingMember |
| 2021-01-01 | IzipayMember |
| 2021-01-01 | NoncontrollingInterestsMember |
| 2021-01-01 | FinancialEffectOfChangesInAccountingPolicyMember |
| 2021-01-01 | EquityAttributableToOwnersOfParentMember |
| 2021-01-01 | RetainedEarningsMember |
| 2021-01-01 | ReserveOfInsuranceFinanceIncomeExpensesFromInsuranceContractsIssuedExcludedFromProfitOrLossThatWillBeReclassifiedToProfitOrLossMember |
| 2021-01-01 | AnnuitiesMember |
| 2021-01-01 | OtherLifeInsuranceMember |
| 2021-01-01 | LifeInsuranceContractMember |
| 2021-01-01 | GeneralInsuranceContractMember |
| 2021-01-01 | RetirementDisabilityAndSurvivalMember |
| 2021-01-01 | IndividualLifeMember |
| 2021-01-01 | GroupLifeMember |
| 2021-01-01 | RentaParticularPlusMember |
| 2021-01-01 | RentaParticularPlusVitalicioMember |
| 2021-01-01 | TopOfRangeMember |
| 2021-01-01 | UsdMember |
| 2021-01-01 | AnnuitiesAndRetirementDisabilitiesAndSurvivalAnnuitiesAndSctrInsuranceMember |
| 2021-01-01 | PenMember |
| 2021-01-01 | SOrVacMember |
| 2021-10-01 | InretailPeruCorp.Member |
| 2021-10-01 | InretailPerCorpMember |
| 2021-11-24 | InretailPeruCorp.Member |
| 2021-12-31 | InretailPeruCorp.Member |
| 2021-12-31 | ReactivaPeruProgramMember |
| 2021-12-31 | AccumulatedDepreciationAndAmortisationMember |
| 2021-12-31 | InterseguroMember |
| 2021-12-31 | country:PE |
| 2021-12-31 | ifs:RentaParticularPlusMember |
| 2022-03-31 | IzipayMember |
| 2022-03-31 | ReserveMember |
| 2022-03-31 | ReserveMember |
| 2022-03-31 | IzipayMember |
| 2022-03-31 | HsbcBranchIndiaMember |
| 2022-03-31 | SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember |
| 2022-04-01 | IzipayMember |
| 2022-04-30 | IzipayMember |
| 2022-04-30 | ForeignCurrencyMember |
| 2022-04-30 | NationalCurrencyMember |
| 2022-07-01 | CaixabankS.a.BarcelonaMember |
| 2022-07-31 | CaixabankS.a.BarcelonaMember |
| 2022-07-31 | CaixabankS.a.BarcelonaMember |
| 2022-09-01 | JpMorganChaseBankNyMember |
| 2022-09-01 | IzipayMember |
| 2022-09-30 | JpMorganChaseBankNyMember |
| 2022-09-30 | IzipayMember |
| 2022-11-01 | ForeignCurrencyMember |
| 2022-11-01 | NationalCurrencyMember |
| 2022-12-01 | SumitomoMitsuiBankingMember |
| 2022-12-31 | Ifrs4Member |
| 2022-12-31 | IFRS17Member |
| 2022-12-31 | IncreaseDecreaseDueToChangesInAdoptionOfAccountingPolicyIfrs17Member |
| 2022-12-31 | IntercorpPerLtdMember |
| 2022-12-31 | InterbankAndSubsidiariesMember |
| 2022-12-31 | InteligoAndSubsidiariesMember |
| 2022-12-31 | InterseguroMember |
| 2022-12-31 | IzipayMember |
| 2022-12-31 | InterseguroCompaaDeSegurosSaAndSubsidiariesMember |
| 2022-12-31 | DepositsInTheBcrpMember |
| 2022-12-31 | CashInVaultsMember |
| 2022-12-31 | TermDepositsInTheBCRPMember |
| 2022-12-31 | OvernightDepositsInBcrpMember |
| 2022-12-31 | CashAndClearingMember |
| 2022-12-31 | InvestmentsInEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember |
| 2022-12-31 | TotalFinancialInvestmentsMember |
| 2022-12-31 | FinancialAssetsAtAmortisedCostCategoryMember |
| 2022-12-31 | FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember |
| 2022-12-31 | FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember |
| 2022-12-31 | SovereignBondsOfTheRepublicOfPeruMember |
| 2022-12-31 | VariableInterestCertificatesOfDepositIssuedByTheCentralReserveBankOfPeruMember |
| 2022-12-31 | GlobalBondsOfTheRepublicOfPeruMember |
| 2022-12-31 | CorporateLeasingAndSubordinatedBondsMember |
| 2022-12-31 | GlobalBondsOfTheRepublicOfColombiaMember |
| 2022-12-31 | TreasuryBondsOfTheUnitedStatesOfAmericaMember |
| 2022-12-31 | GlobalBondsOfTheUnitedStatesOfMexicoMember |
| 2022-12-31 | BondsGuaranteedByThePeruvianGovernmentMember |
| 2022-12-31 | NegotiableCertificatesOfDepositIssuedByTheCentralReserveBankOfPeruBcrpMember |
| 2022-12-31 | StandardGradeMember |
| 2022-12-31 | PerformingAssetsMember |
| 2022-12-31 | UnderPerformingAssetsMember |
| 2022-12-31 | SubStandardGradeMember |
| 2022-12-31 | FinancialAssetsCollectivelyAssessedForCreditLossesMember |
| 2022-12-31 | HighGradeMember |
| 2022-12-31 | NonPerformingAssetsMember |
| 2022-12-31 | LocalAndForeignMutualFundsAndInvestmentFundsParticipationsMember |
| 2022-12-31 | NonListedSharesMember |
| 2022-12-31 | ListedSharesMember |
| 2022-12-31 | NegotiableCertificatesOfDepositsMember |
| 2022-12-31 | CorporateLeasingAndSubordinatedBondsMember |
| 2022-12-31 | LaterThanThreeYearsAndNotLaterThanFiveYearsMember |
| 2022-12-31 | LaterThanOneYearAndNotLaterThanThreeYearsMember |
| 2022-12-31 | WithoutMaturityMember |
| 2022-12-31 |
Keywords
financial instruments, derivative, rescheduled loans, El Nio, Reactiva Peru, Intercorp, losses, gains, expenses, interest
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