The Q2 results show a resilient but mixed quarter: banking profit grew strongly YoY but declined QoQ as provisioning normalized, while insurance continued its strong trajectory. The key headwind is rising funding costs compressing NIM (4.9% vs 5.1% a year ago). Monitor whether the QoQ provisioning normalization continues into Q3 and whether expense growth (up 8.5% YoY) moderates. The Wealth Management segment's volatility in mark-to-market gains remains a swing factor.
Price Chart
Executive Summary
Intercorp Financial Services (IFS) reported Q2 2026 net income of S/585.3 million, essentially flat YoY (+1.0%) and down -2.8% QoQ. Banking segment profit grew +22.7% YoY driven by lower loan loss provisions and higher fee income, but QoQ profit fell -18.7% due to a normalization in provisioning. Insurance profit surged +46.8% YoY on improved annuities and individual life results. Wealth Management profit dropped -39.0% YoY on lower mark-to-market gains. The core banking business shows solid loan growth and improving credit quality, but rising funding costs and expense growth are compressing margins. The cross-filing 20-F provides annual context but does not change the quarterly read. The cross-filing actuarial verdicts flag this combo as an amplifier, but the standalone results are mixed — positive YoY trends in banking and insurance offset by QoQ margin compression and wealth management weakness.
Key Facts
- IFS Q2 2026 net income S/585.3M, +1.0% YoY, -2.8% QoQ
- Banking segment net income S/402.5M, +22.7% YoY, -18.7% QoQ
- Insurance segment net income S/118.8M, +46.8% YoY, +13.2% QoQ
- Wealth Management net income S/71.3M, -39.0% YoY, +13.2% QoQ
- Consolidated ROE 18.5% vs 20.7% in 2Q25 and 19.4% in 1Q26
- Bank NIM declined to 4.9% from 5.1% in 2Q25 and 5.2% in 1Q26
- Cost of risk normalized to 2.1% from 1.4% in 1Q26, but improved from 2.5% in 2Q25
- S3 NPL ratio improved to 2.1% from 2.4% in 2Q25
- H1 2026 EPS S/10.648 vs S/9.058 in H1 2025, +17.6% YoY
- Dividend of US$1.80 per share declared for 2025, paid May 2026
Financial Impact
Net income essentially flat YoY at S/585.3M; H1 EPS grew 17.6% to S/10.648; Banking ROE improved to 15.6% from 14.4% YoY
Risk Factors
- Rising funding costs compressing NIM further
- Normalization of cost of risk from low 1Q26 levels could pressure banking earnings
- Expense growth (8.5% YoY) outpacing revenue growth
- Wealth Management earnings volatility from mark-to-market swings
- Ongoing tax disputes with SUNAT with potential material payments
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (IFS) — Batch item 1 | 0001193125-26-344966 |
| Document: ifs_-_20260630.htm | 0001193125-26-344966 |
| Document: 0001193125-26-344966-index-headers.html | 0001193125-26-344966 |
| Document: 0001193125-26-344966-index.html | 0001193125-26-344966 |
| Document: 0001193125-26-344966.txt | 0001193125-26-344966 |
| 6-K Filing (IFS) — Batch item 6 | 0001193125-26-344966 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 10w ago | 6-K | $54.87 | awaiting T+60 | — | $51.65 (−5.87%) |
Jun 12, 2026 19w ago | 6-K | $54.64 $54.63 | ▼ −0.02% | ▼ −1.02% | $51.65 (−5.47%) |
Apr 7, 2026 29w ago | 6-K | $48.09 $58.13 | ▲ +20.87% | ▲ +7.60% | $51.65 (+7.40%) |
Mar 31, 2026 29w ago | 6-K | $48.27 $56.30 | ▲ +16.62% | ▲ +3.24% | $51.65 (+6.99%) |
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