Intercorp Financial Services Inc.

Third Quarter 2023 Earnings

Lima, Peru, November 8, 2023. Intercorp Financial Services Inc. (Lima Stock Exchange/NYSE: IFS) announced today its unaudited results for the third quarter 2023. These results are reported on a consolidated basis under IFRS in nominal Peruvian soles.

Intercorp Financial Services: 3Q23 earnings of S/ 195.2 mm impacted by CoR and investment results

• Total revenues grew 3.8% QoQ, banking NIM stable at 5.6%

• Deceleration in fees due to decreased level of activity

• Solid efficiency levels, IFS C/I ratio at 33.8%

• ROE impacted by CoR and investment results

Banking: 3Q23 profitability still affected by rising cost of risk in retail

• NIM remains stable at 5.6%, as rising funding costs offset increasing yields

• Tight management of expenses further improves efficiency ratio to 36.5% in 3Q23

• Contained NPLs and strong coverage despite high growth in provisions

• Increasing market shares with moderation in consumer loans

Insurance: 3Q23 earnings of S/ 35.5 million

• Negative translation result in 3Q23 spoiled an otherwise good quarterly performance in insurance income

• ROIP of 6.0% in 3Q23 was flat compared to 2Q23, but lower than the 7.9% registered in 3Q22

• Market leader in annuities with a 30.5% share in 3Q23

• For periods prior to 2023, a reconstruction of results appropriate to the first adoption of IFRS17 has been performed for comparative purposes

Wealth Management: Results affected by negative impacts on investment portfolio

• Investment income still impacted by market conditions

• Slight quarterly growth in fees from financial services

• AuM grew 6% QoQ

Payments: Resilient business activity

• Payments acquirer fees increased 4% QoQ and 8% YoY

• Number of affiliated merchants and transactional volumes continue to expand

• Share of e-commerce transactions within Izipay slightly grew from 16.6% to 16.9% YoY Intercorp Financial Services’ Statement of financial position (1)

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Intercorp Financial Services

SUMMARY

Intercorp Financial Services’ net profit was S/ 195.2 million in 3Q23, representing a decrease of S/ 135.8 million QoQ, or 41.0%, and S/ 371.6 million YoY, or 65.6%.

It is worth mentioning that IFS’ results in 3Q22 were supported by extraordinary income of S/ 222.5 million from revaluation of Izipay’s assets at IFS. Excluding such impact, profits would have resulted in S/ 344.3 million in 3Q22, resulting in a decrease of S/ 149.1 million YoY, or 43.3%.

IFS’s annualized ROE was 8.2% in 3Q23, below the 14.3% registered in 2Q23 and the 25.9% reported in 3Q22. For a comparison basis, ROE would have resulted in 16.0% in 3Q22, when excluding the above-mentioned extraordinary income in such quarter.

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Intercorp Financial Services’ P&L statement (1)

Quarter-on-quarter performance

Profits decreased S/ 135.8 million QoQ, or 41.0%, mainly due to a S/ 164.4 million increase in impairment loss on loans, net of recoveries, together with an S/ 8.4 million decrease in net fee income from financial services, and a negative performance in translation result. These factors were partially offset by a S/ 20.3 million increase in other income, a S/ 5.4 million improvement in insurance results, a S/ 4.5 million increase in net interest and similar income, and a S/ 1.8 million decrease in other expenses.

Impairment loss on loans, net of recoveries, increased S/ 164.4 million QoQ, or 39.4%, explained by higher provision requirements in both retail and commercial loan portfolios of our Banking business.

Net fee income from financial services decreased S/ 8.4 million QoQ, or 2.8%, mainly attributed to lower commissions from banking services and collection services, as well as higher fees paid to foreign banks in our Banking business.

Other income increased S/ 20.3 million QoQ, or 23.8%, mainly explained by a base effect related to a negative performance at the holding company level in 2Q23, as well as positive developments in valuation gain from investment property, and in net gain on sale of financial investments in our Insurance business. This was partially compensated by a mark-to-market loss on proprietary portfolio investments in our Wealth Management business, in turn attributable to negative global market trends, in addition to lower net gain on foreign exchange transactions and on financial assets at fair value through profit or loss in our Banking business.

Insurance results improved S/ 5.4 million QoQ, as a result of higher insurance income from individual life, partially offset by higher insurance expenses in annuities.

Net interest and similar income slightly increased S/ 4.5 million QoQ, or 0.4%, mainly due to higher average yields on all components of interest-earning assets in our Banking business, partially offset by a reduction in interest income in our Wealth Management business, in turn explained by lower dividends received from proprietary portfolio investments and lower levels of excess liquidity during the quarter.

Other expenses slightly decreased QoQ, mainly as a result of tight management of expenses in our Banking business.

Year-on-year performance

Profits decreased S/ 371.6 million YoY, or 65.6%, mainly due to an increase of S/ 371.6 million in impairment loss on loans, net of recoveries, in addition to a S/ 201.1 million reduction in other income, a S/ 25.8 million decrease in net fee income from financial services, and S/ 15.0 million higher other expenses.

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These factors were partially offset by an S/ 83.5 million increase in net interest and similar income, and a S/ 22.5 million improvement in insurance results.

Impairment loss on loans, net of recoveries increased S/ 371.6 million YoY, or more than two-fold, due to higher requirements in both retail and commercial loan portfolios of our Banking business.

Other income decreased S/ 201.1 million YoY, or 65.6%, explained by the base effect of extraordinary income for S/ 222.5 million registered in 3Q22, from revaluation of Izipay’s assets at IFS.

Net fee income from financial services declined S/ 25.8 million YoY, or 8.2%, mainly attributed to lower commissions from banking services, commissions from credit card services, and fees from collection services and indirect loans in our Banking business.

Other expenses grew S/ 15.0 million YoY, or 2.2%, mainly due to higher salaries and administrative expenses in our Insurance business, as well as increased administrative expenses associated with higher customer acquisition and higher depreciation charges as a result of growth in the operations in our Payments business.

Net interest and similar income increased S/ 83.5 million YoY, or 7.7%, mainly explained by higher interest income and yields across all components of interest-earning assets in our Banking business, partially offset by lower interest income in our Insurance business, in turn attributed to a decrease in inflation-linked returns, as well as in our Wealth Management business, related to higher interest expense on deposits, which was attributed to the increases in the reference interest rate of the FED.

Insurance results improved S/ 22.5 million YoY, as a result of higher insurance income which more than offset higher insurance expense.

CONTRIBUTION BY BUSINESS

The following table shows the contribution of Banking, Insurance, Wealth Management and Payments businesses to Intercorp Financial Services’ net profit. The performance of each of the four segments is discussed in detail in the following sections.

Intercorp Financial Services’ Profit by business (1)

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Interbank

SUMMARY

Interbank’s profits were S/ 196.2 million in 3Q23, a decrease of S/ 78.2 million QoQ, or 28.5%, and S/ 169.4 million YoY, or 46.3%. The quarterly performance was mainly attributed to an increase of S/ 164.3 million in impairment loss on loans, net of recoveries, as well as reductions of S/ 9.4 million in net fee income from financial services and S/ 5.8 million in other income. These factors were partially offset by an increase of S/ 11.0 million in net interest and similar income, as well as a reduction of S/ 7.0 million in other expenses, together with a positive development in translation result.

The annual performance in net profit was mainly explained by an increase of S/ 371.6 million in impairment loss on loans, net of recoveries, in addition to reductions of S/ 14.3 million in net fee income from financial services and S/ 5.5 million in translation result. These effects were partially compensated by an increase of S/ 121.5 million in net interest and similar income.

Interbank’s ROE was 10.2% in 3Q23, lower than the 14.8% reported in 2Q23 and the 21.4% registered in 3Q22.

Banking Segment’s P&L Statement

INTEREST-EARNING ASSETS

Interbank’s interest-earning assets reached S/ 66,569.9 million as of September 30, 2023, an increase of 1.0% QoQ and 0.3% YoY.

The quarterly growth in interest-earning assets was explained by increases of 1.9% in loans and 0.9% in financial investments, partially offset by a 2.6% decrease in cash and due from banks and inter-bank funds.

The YoY increase in interest-earning assets was attributed to growth of 5.3% in loans, partially compensated by decreases of 14.0% in cash and due from banks and inter-bank funds, and 4.3% in financial investments.

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Interest-earning assets

Loan portfolio

The evolution of performing loans continued to be affected by the disbursement and maturity or prepayment of commercial loans under the Reactiva Peru Program. As of September 30, 2023, these performing loans amounted S/ 773.2 million, compared to balances of S/ 1,031.2 million as of June 30, 2023 and S/ 2,657.3 million as of September 30, 2022.

Performing loans increased 1.4% QoQ, as commercial loans grew 2.5% while retail loans grew 0.5%. Moreover, excluding the effect of the Reactiva Peru Program in the comparing periods, total performing loans would have increased 2.0% and commercial loans would have grown 4.0%.

Commercial loans grew for the first quarter in a year, by 2.5% QoQ, as a result of higher working capital loans in the mid-sized segment, in addition to higher trade finance loans and leasing operations in the corporate segment. These factors were partially offset by lower working capital loans in the corporate segment and lower credit balances in the SME segment.

Retail loans grew 0.5% QoQ due to an increase of 1.6% in mortgages, partially offset by a decrease of 0.1% in consumer loans. Growth in mortgages resulted from higher dynamism in traditional and MiVivienda segments. The slight reduction in consumer loans was due to lower balances of personal loans and credit cards, partially compensated by higher balances of payroll deduction loans.

Performing loans grew 5.0% YoY explained by a 12.4% increase in retail loans, partially offset by a 3.0% reduction in commercial loans. Excluding the effect of the Reactiva Peru Program in the comparing periods, performing loans and commercial loans would have increased 10.0% and 7.1% YoY, respectively.

The YoY growth in retail loans was due to increases of 16.6% in consumer loans and 6.0% in mortgages. Growth in consumer loans resulted from higher balances of cash loans and vehicle loans, payroll deduction loans and credit cards.

The annual reduction in commercial loans was mainly explained by lower balances of Reactiva Peru loans, particularly lower working capital loans in the mid and small-sized segments, as well as lower trade finance loans in the corporate segment. These effects were partially compensated by higher balances of leasing operations and working capital loans in the corporate segment.

As of 3Q23, 2Q23 and 3Q22, Interbank’s rescheduled portfolio of Reactiva Peru loans amounted to S/ 896.0 million, S/ 1,075.0 million and S/ 1,707.3 million, respectively, representing 94.7% of total balances of Reactiva Peru loans in 3Q23, 87.3% in 2Q23 and 58.1% in 3Q22.

It is worth mentioning that these loans are guaranteed in large part by the Peruvian government. As of September 30, 2023, Interbank activated the guarantee coverage for an amount of S/ 774.7 million.

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Breakdown of retail loans

FUNDING STRUCTURE

Funding structure

Interbank's funding base was still influenced by the funds provided by the Central Bank, associated with the bank’s involvement in the Reactiva Peru Program. As of September 30, 2023, the balance of such special funding was S/ 690.2 million, compared to S/ 928.9 million as of June 30, 2023 and S/ 2,598.7 million as of September 30, 2022.

The bank’s total funding base increased 1.0% QoQ, equal to growth of interest-earning assets. This was explained by increases of 4.6% in due to banks and correspondents and inter-bank funds, 3.6% in bonds, notes and other obligations, and 0.1% in deposits and obligations. Excluding the effect of the Reactiva Peru Program’s funds, the bank’s total funding base would have increased 1.5% QoQ, while due to banks and correspondents and inter-bank funds would have grown 8.1%.

The quarterly increase in due to banks and correspondents and inter-bank funds was mainly the result of higher short-term funding provided by correspondent banks abroad, as well as short-term inter-bank operations. These factors were partially compensated by lower long-term funding provided by the Central Bank and COFIDE.

The QoQ increase in bonds, notes and other obligations was mainly attributable to a higher exchange rate over the balances of dollar-denominated bonds.

The slight quarterly growth in deposits and obligations was mainly due to an increase of 2.9% in retail deposits, partially offset by decreases of 7.2% in institutional deposits and 1.5% in commercial deposits.

The bank’s total funding base decreased 0.9% YoY, compared to the 0.3% increase of interest-earning assets. This was explained by a reduction of 33.6% in bonds, notes and other obligations, partially offset by increases of 20.1% in due to banks and correspondents and inter-bank funds, and 0.3% in deposits and obligations. Excluding the effect of the Reactiva Peru Program’s funds, the bank’s total funding base and due to banks and correspondents and inter-bank funds would have increased 2.4% and 65.8% YoY, respectively.

The yearly decrease in bonds, notes and other obligations was due to the maturity and cancellation of senior unsecured bonds in the international market for US$ 485.0 million, as well as subordinated bonds in the local market for S/ 150.0 million, both in January 2023.

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The YoY growth in due to banks and correspondents and inter-bank funds was mainly the result of higher funding provided by correspondent banks, as well as inter-bank funds and funding from COFIDE. These effects were partially compensated by lower funding provided by the Central Bank.

The annual increase in deposits and obligations was mainly attributable to growth of 28.0% in institutional deposits and 1.5% in retail deposits, partially offset by a reduction of 11.4% in commercial deposits.

As of September 30, 2023, the proportion of deposits and obligations to total funding was 76.4%, higher than the 75.6% reported as of September 30, 2022. Likewise, the proportion of institutional deposits to total deposits grew from 11.3% as of September 30, 2022 to 14.4% as of September 30, 2023.

Breakdown of deposits

NET INTEREST AND SIMILAR INCOME

Net interest and similar income

Interest and similar income

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Interest and similar expense

QoQ Performance

Net interest and similar income grew 1.2% QoQ due to a 3.0% increase in interest and similar income, partially compensated by 6.0% growth in interest and similar expense.

The higher interest and similar income was attributed to increases of 10.0% in interest on financial investments and 2.7% in interest on loans, partially offset by a 2.9% reduction in interest on due from banks and inter-bank funds.

Interest on financial investments grew S/ 12.4 million QoQ, or 10.0%, due to increases of 30 basis points in the average yield, from 4.5% in 2Q23 to 4.8% in 3Q23, and 3.5% in the average volume.

Interest on loans increased S/ 36.3 million QoQ, or 2.7%, as the result of 1.8% growth in the average loan portfolio, in addition to a 10 basis point increase in the average yield.

The higher average volume of loans was attributed to growth of 2.2% in retail loans and 1.1% in commercial loans. In the retail portfolio, average volumes increased 2.6% in consumer loans and 1.6% in mortgages. In the commercial portfolio, average volumes increased 9.7% in leasing operations and 1.4% in trade finance loans, partially compensated by a 1.4% decrease in working capital loans.

The higher average rate on loans, from 11.5% in 2Q23 to 11.6% in 3Q23, was the result of a 20 basis point increase in commercial loans, while the average yield in retail loans remained stable.

Contrary to the performance of interest on investments and loans, interest on due from banks and inter-bank funds declined S/ 2.3 million QoQ, or 2.9%, explained by a 6.0% reduction in the average volume, despite a 10 basis point increase in the nominal average rate, from 3.2% in 2Q23 to 3.3% in 3Q23.

The nominal average yield on interest-earning assets increased 20 basis points QoQ, from 9.1% in 2Q23 to 9.3% in 3Q23, in line with the higher returns on all components of interest-earning assets.

The higher interest and similar expense was due to increases of 10.1% in interest on due to banks and correspondents, 5.6% in interest on deposits and obligations, and 0.5% in interest on bonds, notes and other obligations.

Interest on due to banks and correspondents increased S/ 11.8 million QoQ, or 10.1%, explained by a 9.9% increase in the average volume, while the average cost remained stable at 5.5%. The higher average volume was explained by higher funds provided by correspondent banks abroad and COFIDE, partially compensated by lower funding from the Central Bank.

The quarterly growth in interest on deposits and obligations was due to a 20 basis point increase in the average cost, from 3.6% in 2Q23 to 3.8% in 3Q23, partially offset by a 0.6% decrease in the average volume. The increase in the average cost was due to higher rates paid to retail and commercial deposits, partially compensated by lower rates paid to institutional deposits. By currency, average balances of soles-denominated deposits grew 0.1%, while average dollar-denominated deposits decreased 2.1%.

The increase in interest on bonds, notes and other obligations was mostly attributed to a 0.4% higher average volume, associated with the performance of the foreign exchange rate, while the average cost remained stable at 5.6%.

The average cost of funding increased 20 basis points, from 4.0% in 2Q23 to 4.2% in 3Q23, as a consequence of the higher cost of deposits and obligations which represent the large majority of interest-bearing liabilities.

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As a result of similar increases in the yield on financial assets and the cost of financial liabilities, net interest margin remained flat QoQ, at 5.6% in 3Q23.

YoY Performance

Net interest and similar income grew 14.4% YoY due to a 26.2% increase in interest and similar income, partially offset by growth of 49.9% in interest and similar expense.

The higher interest and similar income was due to increases of 93.8% in interest on due from banks and inter-bank funds, 25.3% in interest on loans and 11.7% in interest on financial investments.

Interest on due from banks and inter-bank funds grew S/ 38.8 million YoY, or 93.8%, explained by growth of 180 basis points in the average yield, from 1.5% in 3Q22 to 3.3% in 3Q23, despite an 11.0% reduction in the average volume, mostly due to lower deposits at the Central Bank.

Interest on loans increased S/ 277.2 million YoY, or 25.3%, explained by growth of 180 basis points in the average yield and 5.7% in the average volume.

The increase in the average rate on loans, from 9.8% in 3Q22 to 11.6% in 3Q23, was mainly due to higher yields on commercial, consumer and mortgage loans to a lesser extent.

The higher average volume of loans was attributed to growth of 14.0% in retail loans, partially offset by a 6.7% reduction in commercial loans. In the retail portfolio, average volumes grew due to increases of 18.8% in consumer loans and 6.4% in mortgages. In the commercial portfolio, the lower average volume was mainly attributed to decreasing volumes in trade finance and working capital loans, partially offset by higher leasing operations.

Interest on financial investments increased S/ 14.3 million YoY, or 11.7%, due to growth of 50 basis points in the average yield and 1.6% in the average volume. The increase in the nominal average rate, from 4.3% in 3Q22 to 4.8% in 3Q23, was the result of higher returns on CDBCR and corporate bonds. Growth in the average volume was the result of higher balances of sovereign bonds and CDBCR, partially compensated by lower average volumes of corporate bonds and global bonds.

The nominal average yield on interest-earning assets increased 180 basis points, from 7.5% in 3Q22 to 9.3% in 3Q23, in line with the higher returns on all components of interest-earning assets.

The higher interest and similar expense was due to increases of more than two-fold in interest on due to banks and correspondents, 61.6% in interest on deposits and obligations, while interest on bonds, notes and other obligations decreased 31.5%.

Interest on due to banks and correspondents grew S/ 71.4 million YoY, or more than two-fold, as the result of a 250 basis point increase in the average cost, from 3.0% in 3Q22 to 5.5% in 3Q23, in addition to 20.4% growth in the average volume. The increase in the average cost was due to higher rates paid to funds from correspondent banks abroad and the Central Bank. The higher average volume was explained by increased funding from correspondent banks abroad and COFIDE.

Interest on deposits and obligations increased S/ 166.1 million YoY, or 61.6%, explained by a 140 basis point growth in the average cost, from 2.4% in 3Q22 to 3.8% in 3Q23, in addition to a 2.5% increase in the average volume. By currency, average balances of soles-denominated deposits grew 4.4% while average dollar-denominated deposits decreased 1.0%.

The lower interest on bonds, notes and other obligations was mainly explained by a 33.7% decrease in the average volume, attributable to the maturity of S/ 137.9 million subordinated bonds in the local market in mid-2022, as well as US$ 485.0 million senior bonds in the international market and S/ 150.0 million subordinated bonds in the local market, both in early 2023.

The average cost of funding increased 140 basis points, from 2.8% in 3Q22 to 4.2% in 3Q23, as a consequence of the higher implicit cost of due to banks and correspondents, as well as deposits.

As a result of the above, net interest margin was 5.6% in 3Q23, 60 basis points higher than the 5.0% reported in 3Q22.

IMPAIRMENT LOSS ON LOANS, NET OF RECOVERIES

Impairment loss on loans, net of recoveries increased 39.4% QoQ and more than two-fold YoY.

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The quarterly growth was explained by higher provision requirements in both retail and commercial loan portfolios. In the retail portfolio, increase in provisions was mainly driven by higher requirements in personal loans and credit cards. In the commercial portfolio, the increase was mainly due to higher provision requirements in the corporate segment.

The annual increase in provisions was explained by higher provision requirements in both retail and commercial loan portfolios. Higher requirements in the retail loan book were mostly related to personal loans and credit cards. The increase in the commercial portfolio was mainly driven by higher provision requirements in the mid-sized segment.

As a result of the above, the annualized ratio of impairment loss on loans to average loans was 5.0% in 3Q23, higher than the 3.6% and 1.9% reported in 2Q23 and 3Q22, respectively.

Impairment loss on loans, net of recoveries

The Stage 3 NPL ratio increased 40 basis points QoQ and 60 basis points YoY, to 3.1% in 3Q23. The quarterly deterioration was due to a 60 basis point increase in the retail NPL ratio, slightly offset by a 10 basis point reduction in the commercial NPL ratio. The higher Stage 3 NPL ratio YoY was explained by a 60 basis point increase in commercial loans’ NPL, as well as a 40 basis point increase in retail loans’ NPL.

Furthermore, the S3 NPL coverage ratio was 160.6% as of September 30, 2023, lower than the 173.0% registered as of June 30, 2023 and the 182.4% reported as of September 30, 2022. Still, it represented healthy coverage levels of impairment allowance for loans.

FEE INCOME FROM FINANCIAL SERVICES, NET

Net fee income from financial services decreased S/ 9.4 million QoQ, or 4.5%, mainly explained by lower commissions from banking services and collection services, as well as higher fees paid to foreign banks. These factors were partially offset by higher fees from maintenance and mailing of accounts, transfer fees and commissions on debit card services, commissions from credit card services, fees from indirect loans, and lower expenses related to insurance sales.

Net fee income from financial services decreased S/ 14.3 million YoY, or 6.7%, mainly due to lower commissions from banking services, commissions from credit card services, and fees from collection services and indirect loans. These effects were partially compensated by lower expenses related to insurance and higher fees from maintenance and mailing of accounts, transfer fees and commissions on debit card services.

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Fee income from financial services, net

OTHER INCOME

Other income decreased S/ 5.8 million QoQ, mostly due to lower net gain on foreign exchange transactions and on financial assets at fair value through profit or loss.

Other income increased S/ 0.5 million YoY, mainly explained by the contribution of extraordinary concepts, and higher net gain on sale of financial investments, which more than offset a lower net gain on foreign exchange transactions and on financial assets at fair value through profit or loss.

Other income

OTHER EXPENSES

Other expenses decreased S/ 7.0 million QoQ, or 1.4%, and increased S/ 2.8 million YoY, or 0.6%.

The quarterly reduction in other expenses was explained by lower salaries and employee benefits, partially offset by higher depreciation and amortization charges.

The annual increase was the result of higher administrative expenses, as well as depreciation and amortization charges, partially compensated by lower salaries and employee benefits.

The efficiency ratio was 36.5% in 3Q23, an improvement compared to the 37.3% reported in 2Q23 and the 40.1% registered in 3Q22.

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Other expenses

REGULATORY CAPITAL

The ratio of regulatory capital to risk-weighted assets (RWA) was 15.0% as of September 30, 2023, slightly below the 15.2% reported both as of June 30, 2023 and as of September 30, 2022.

In 3Q23, risk-weighted assets (APR) increased 3.1% QoQ due to higher capital requirements for credit risk, operational risk and market risk. The higher RWA for credit risk were attributed to higher RWA for loans, due to an increase in these, as well as higher RWA for other assets and financial investments.

Total regulatory capital increased 1.8% QoQ, mainly attributed to the increase in profits for the year, mitigated by a higher unrealized loss (UL) of available for sale investments, when compared with 2Q23.

The annual performance in the total capital ratio was due to a 2.7% increase in RWA, partially offset by 1.5% growth in regulatory capital. The increase in RWA was due to higher capital requirements for credit risk, operational risk and market risk in a lesser extent. The additional capital requirements for credit risk was due to higher RWA for loans, due to an increase in these, partially offset by lower RWA for other assets and financial investments.

The YoY performance in regulatory capital was mainly a result of the additional capitalization of 2022 results and profits for the period. These effects were partially offset by a higher UL when compared to 3Q22, as well as a lower capital treatment of local subordinated debt and the deduction of intangible assets, due to the implementation of the new SBS regulation on solvency.

Also, it is worth mentioning that, in December 2022, the SBS issued the Official Document No. 03952-2022, by which it established that, from March 1, 2023, the minimum regulatory capital ratio requirement would remain at 8.5% and would follow an adequation schedule until March 2024, date in which the minimum regulatory capital ratio requirement will reach 10.0%. However, in June 2023, the SBS issued a modification of the resolution published in December 2022, by which it modifies the adequation schedule until September 2024, new date in which the minimum regulatory capital ratio requirement will reach 10.0%.

As of September 30, 2023, Interbank’s total capital ratio of 15.0% was significantly higher than the global requirement plus buffers and capital assigned to cover additional risks, by disposition of the SBS. The minimum regulatory requirement was 9.0% as of September 30, 2023. Additionally, Core Equity Tier 1 (CET1) was 11.2% under the new methodology required by the SBS, compared to the 11.4% registered as of June 30, 2023 and the 11.6% reported as of September 30, 2022, the latter being calculated under the previous methodology. It is important to mention that, under the new SBS regulation, CET1 is the main component of the Tier I capital ratio.

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Regulatory capital