Intercorp Financial Services Inc. released its third‑quarter 2025 earnings after market close on November 6, 2025. The company reported total revenue of S/.1.69 billion, a 12.5 % increase from the S/.1.50 billion recorded in Q3 2024. Earnings per share came in at S/.3.95, falling short of the consensus estimate of S/.4.29 by S/.0.34, or 7.9 %. The revenue beat was driven largely by a 15 % rise in the banking segment and a 20 % increase in the insurance arm, while the wealth‑management division grew 8 % on a volume‑based basis.
The Q3 2025 results build on a strong trajectory from the prior year. Net profit in Q3 2024 was S/.390 million, and the company’s return on equity (ROE) climbed to 15.1 % from 11.2 % in Q2 2024. In Q2 2025, net income reached S/.580 million and ROE hit 21 %, underscoring a period of accelerated profitability. The current quarter’s revenue growth reflects continued demand for digital banking services and a higher mix of fee‑based products, offset by modest headwinds in legacy loan portfolios.
The EPS miss can be traced to higher loan‑loss provisions and a modest increase in operating expenses. While revenue expanded, the company’s cost base grew at a faster pace, eroding earnings. Management noted that the provision for credit losses was higher than in the previous quarter, reflecting a cautious stance amid a tightening credit environment. The company also invested in technology upgrades to support its digital platforms, adding to short‑term costs.
IFS did not issue new forward guidance in the release. Management emphasized a continued focus on cost discipline and the expansion of its digital ecosystem, suggesting confidence in sustaining profitability while navigating macro‑economic uncertainties. The absence of updated guidance signals a cautious outlook, with the company likely awaiting clearer market signals before revising its forecasts.
CEO Luis Felipe Castellanos highlighted the company’s “strong performance in core businesses and solid investment results,” echoing the narrative of robust growth in banking and insurance. CFO Michela Casassa underscored the importance of maintaining a disciplined cost structure to support future expansion. These remarks reinforce the company’s strategy of balancing growth with prudent financial management.
The mixed results—revenue beat but EPS miss—indicate that while Intercorp’s core businesses are gaining traction, margin pressure remains a concern. The company’s historical performance, particularly the high ROE in Q2 2025, suggests underlying strength, but the current quarter’s earnings shortfall signals that cost control and credit risk management will be critical in the near term. Investors will likely monitor how the company translates its digital growth into sustainable profitability moving forward.
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