Intercorp Financial Services Inc. (IFS): Análisis PESTLE [Actualizado en Ene-2025]

En el panorama dinámico de los servicios financieros latinoamericanos, Intercorp Financial Services Inc. (IFS) surge como un jugador fundamental, navegando por terrenos complejos de desafíos políticos, económicos y tecnológicos con precisión estratégica. Este análisis integral de la mano presenta el ecosistema multifacético en el que opera IFS, revelando cómo la empresa transforma los posibles obstáculos en oportunidades de crecimiento, innovación y desarrollo sostenible en el mercado financiero en evolución de Perú. Coloque profundamente en las intrincadas capas que dan forma al notable viaje de IFS de adaptarse, innovar y prosperar en un entorno financiero global cada vez más interconectado.

Intercorp Financial Services Inc. (IFS) - Análisis de mortero: factores políticos

Panorama político y gobernanza

Perú mantiene un Sistema de gobierno democrático estable, con una democracia presidencial establecida en 2001. A partir de 2024, el país opera bajo un sistema constitucional multipartidista con elecciones democráticas regulares.

Indicador político	Estado actual
Índice de Democracia (2023)	6.47 (democracia defectuosa)
Puntaje político	-0.73 (Indicador de gobierno del Banco Mundial)
Índice de percepción de corrupción (2023)	36/100 (Transparencia Internacional)

Entorno regulatorio para servicios financieros

Intercorp Financial Services opera dentro de un marco regulatorio complejo regido por múltiples entidades gubernamentales.

• Superintendencia de la banca y el seguro (SBS) regula las instituciones financieras
• El Banco de la Reserva Central del Perú (BCRP) supervisa la política monetaria
• El Ministerio de Economía y Finanzas (MEF) proporciona orientación financiera estratégica

Cumplimiento y desafíos regulatorios

Los requisitos reglamentarios clave impactan las estrategias operativas de IFS:

Aspecto regulatorio	Requisito de cumplimiento
Relación de adecuación de capital	Mínimo 10% según lo ordenado por SBS
Anti-lavado de dinero	Protocolos de informes y monitoreo estrictos
Protección al consumidor	Reglas integrales de transparencia financiera

Evaluación de riesgos políticos

IFS enfrenta riesgos políticos potenciales en el ecosistema financiero peruano:

• Cambios legislativos potenciales que afectan las regulaciones bancarias
• Cambios de política macroeconómica
• Modificaciones potenciales de la política fiscal

Impacto de las relaciones políticas internacionales

Los acuerdos comerciales internacionales de Perú y las relaciones diplomáticas influyen en el entorno operativo del sector de servicios financieros.

Acuerdo comercial	Impacto potencial de servicios financieros
Alianza del Pacífico	Integración financiera transfronteriza mejorada
Membresía APEC	Aumento de la colaboración financiera internacional

Intercorp Financial Services Inc. (IFS) - Análisis de mortero: factores económicos

El crecimiento económico y el desempeño de Perú

La tasa de crecimiento del PIB de Perú en 2023 fue del 2.7%. El PIB nominal del país alcanzó los $ 235.7 mil millones en 2023. La tasa de inflación fue de 6.2% a diciembre de 2023.

Indicador económico	Valor 2023	2024 proyección
Tasa de crecimiento del PIB	2.7%	3.1%
Tasa de inflación	6.2%	4.5%
Inversión extranjera directa	$ 7.2 mil millones	$ 7.5 mil millones

Dinámica del mercado de servicios financieros

Intercorp Financial Services reportó activos totales de $ 24.3 mil millones en 2023. El ingreso neto alcanzó los $ 456 millones, con un rendimiento del capital del 18.7%.

Métrica financiera	2023 rendimiento
Activos totales	$ 24.3 mil millones
Lngresos netos	$ 456 millones
Retorno sobre la equidad	18.7%

Banca digital e inclusión financiera

La penetración bancaria digital en Perú alcanzó el 68% en 2023. Los usuarios de banca móvil aumentaron a 12.4 millones, lo que representa el 37% de la población.

Métrica de banca digital	Valor 2023
Penetración bancaria digital	68%
Usuarios de banca móvil	12.4 millones
Porcentaje de población	37%

Indicadores de gestión de riesgos

La relación de préstamos sin rendimiento para los servicios financieros intercorpes fue del 2.9% en 2023. Las provisiones de pérdida de préstamos totalizaron $ 187 millones.

Métrica de gestión de riesgos	Valor 2023
Ratio de préstamo sin rendimiento	2.9%
Disposiciones de pérdida de préstamo	$ 187 millones

Intercorp Financial Services Inc. (IFS) - Análisis de mortero: factores sociales

Se dirige al segmento de clase media en Perú con necesidades financieras en expansión

Según el Instituto Nacional de Estadística e Informática (INEI), la clase media de Perú representó al 42.2% de la población en 2022. Intercorp Financial Services se dirige a esta demografía con productos financieros personalizados.

Segmento demográfico	Porcentaje	Alcance financiero potencial
Población de clase media	42.2%	14.5 millones de clientes potenciales
Ingresos mensuales promedio	S/ 2,250	Aproximadamente $ 615 USD

Responde al aumento de la alfabetización digital y la adopción de tecnología

La tasa de alfabetización digital de Perú alcanzó el 48.5% en 2023, con una penetración de Internet móvil al 74.3%.

Métrico digital	Porcentaje	Usuarios totales
Alfabetización digital	48.5%	16.7 millones de personas
Penetración de Internet móvil	74.3%	25.5 millones de usuarios

Aborda los cambios generacionales en las preferencias bancarias y de servicio financiero

Los millennials y la generación Z representan el 63% de la fuerza laboral de Perú, impulsando la transformación de la banca digital.

Generación	Porcentaje de la fuerza laboral	Preferencia bancaria digital
Millennials	42%	El 85% prefiere la banca móvil
Gen Z	21%	92% utiliza servicios financieros digitales

Apoya las iniciativas de educación financiera e inclusión

Intercorp Financial Services invirtió S/ 12.5 millones en programas de educación financiera en 2023.

Métrica de inclusión financiera	Valor	Impacto
Inversión en educación financiera	S/ 12.5 millones	175,000 personas capacitadas
Población de bancos	52.3%	18 millones de peruanos

Intercorp Financial Services Inc. (IFS) - Análisis de mortero: factores tecnológicos

Implementa plataformas de banca digital avanzadas y soluciones móviles

A partir de 2024, Intercorp Financial Services Inc. ha implementado una plataforma de banca digital integral con las siguientes especificaciones:

Métrica de plataforma digital	Datos cuantitativos
Usuarios de aplicaciones de banca móvil	2.3 millones de usuarios activos
Volumen de transacción digital	$ 4.7 mil millones mensuales
Tasa de descarga de la aplicación móvil	325,000 descargas nuevas por trimestre
Tiempo de actividad de la plataforma digital	99.98%

Invierte en innovaciones fintech y tecnologías de inteligencia artificial

Asignación de inversión tecnológica: $ 42.6 millones anuales en investigación y desarrollo de IA y FinTech.

Área de tecnología de IA	Monto de la inversión	Estado de implementación
Calificación crediticia de aprendizaje automático	$ 12.3 millones	Totalmente operativo
Análisis predictivo de comportamiento del cliente	$ 8.7 millones	Implementación del 90%
Chatbots de servicio al cliente automatizado	$ 5.6 millones	Activo en 3 idiomas

Mejora la infraestructura de ciberseguridad para proteger los datos del cliente

Presupuesto de ciberseguridad: $ 18.5 millones en 2024

• Cobertura de protección de punto final: 100% de dispositivos corporativos
• Frecuencia de prueba de penetración anual: 4 evaluaciones integrales
• Estándar de cifrado de datos: Bit AES-256
• Tiempo de respuesta al incidente de ciberseguridad: 17 minutos

Desarrolla un ecosistema digital integrado para servicios financieros sin problemas

Componente del ecosistema digital	Nivel de integración	Tasa de adopción de usuarios
Servicios financieros multiplataforma	95% integrado	68% de adopción del cliente
Sincronización de transacciones en tiempo real	99.9% de precisión	72% de participación del usuario
Conexiones bancarias API	17 socios financieros externos	61% de volumen de transacción

Intercorp Financial Services Inc. (IFS) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones bancarias peruanas y los estándares internacionales

A partir de 2024, Intercorp Financial Services Inc. opera bajo el marco regulatorio de la superintendencia de los administradores de banca, seguros y pensiones privadas (SBS) en Perú.

Cuerpo regulador	Regulaciones específicas	Estado de cumplimiento
SBS	Requisitos de adecuación de capital	Totalmente cumplido
Comité de base	Estándares de Basilea III	Implementado
Gafa	Pautas contra el lavado de dinero	Adherente

Gestión del entorno regulatorio

IFS navega por un complejo panorama regulatorio de servicios financieros con múltiples requisitos de cumplimiento.

Área reguladora	Requisitos específicos	Gasto de cumplimiento (2024)
Informes financieros	Normas de las NIIF	$ 3.2 millones
Gestión de riesgos	Marcos de riesgo operativo	$ 2.7 millones
Protección al consumidor	Regulaciones de transparencia	$ 1.5 millones

Gobierno corporativo y transparencia

Métricas clave de gobierno corporativo:

• Miembros de la Junta Independiente: 5 de 9
• Costo de auditoría externa anual: $ 1.8 millones
• Informes de divulgación de cumplimiento: trimestralmente

Anti-lavado de dinero y prevención del delito financiero

Mecanismo de prevención	Inversión (2024)	Tasa de cumplimiento
Sistemas de monitoreo de transacciones	$ 4.5 millones	99.7%
Diligencia debida del cliente	$ 2.3 millones	98.5%
Informes de actividades sospechosas	$ 1.6 millones	100%

Intercorp Financial Services Inc. (IFS) - Análisis de mortero: factores ambientales

Implementa prácticas bancarias sostenibles e iniciativas de finanzas verdes

A partir de 2024, Intercorp Financial Services Inc. asignó $ 42.5 millones a las iniciativas de finanzas verdes. El banco se comprometió a financiar 127 proyectos de energía renovable en Perú, con una cartera de inversiones total de $ 678 millones en infraestructura sostenible.

Categoría de finanzas verdes	Monto de la inversión	Número de proyectos
Energía solar	$ 276 millones	54 proyectos
Energía eólica	$ 215 millones	38 proyectos
Hidroeléctrico	$ 187 millones	35 proyectos

Apoya la evaluación del riesgo ambiental en las prácticas de préstamo

Métricas de evaluación del riesgo ambiental:

• Realizó 342 evaluaciones integrales de impacto ambiental en 2024
• Rechazó 17 solicitudes de préstamos debido al alto riesgo ambiental
• Implementado la detección de huella de carbono para préstamos corporativos

Reduce la huella de carbono a través de la transformación digital

Las iniciativas digitales redujeron el consumo de papel en un 62%, ahorrando aproximadamente 4,780 árboles equivalentes. El consumo de energía en las sucursales bancarias disminuyó en un 37% a través de la optimización de la tecnología.

Métrica de transformación digital	2024 rendimiento	Porcentaje de reducción
Consumo de papel	18.3 toneladas métricas	62%
Consumo de energía de la rama	1.2 millones de kWh	37%
Volumen de transacción digital	87.4 millones de transacciones	Aumento del 45%

Promueve la responsabilidad social corporativa en la sostenibilidad ambiental

Invirtió $ 15.2 millones en programas de conservación ambiental. Se asoció con 23 organizaciones ambientales locales e internacionales para apoyar proyectos de restauración de biodiversidad y ecosistemas.

• Iniciativas de reforestación que cubren 1,240 hectáreas
• Programas de conservación del agua que protegen 6 cuencas principales
• Programa de capacitación ambiental de empleados con tasa de participación del 92%

Intercorp Financial Services Inc. (IFS) - PESTLE Analysis: Social factors

The social landscape in Peru presents a clear roadmap for Intercorp Financial Services Inc. (IFS), one that is defined by a rapidly digitizing consumer base and a growing middle class with evolving financial needs. You need to understand that this isn't just about offering an app; it's about a fundamental shift in how Peruvians interact with their money, creating both massive opportunities for digital growth and a persistent challenge in financial inclusion.

Rapid shift to digital banking, with IFS reaching 6.5 million active digital users.

The digital transformation at Interbank, IFS's main subsidiary, is defintely the primary social factor driving strategy. As of the first quarter of 2025, a massive 82% of Interbank's retail clients were classified as digital customers, a significant jump from 77% year-over-year. This rapid migration means the bank is operating more like a fintech company than a traditional brick-and-mortar lender. Active users of the digital platform increased by more than 19% year-over-year in Q1 2025 alone, and the average number of transactions per user rose by a staggering 40%. This is not just adoption; this is deep engagement.

Here's the quick math: high digital adoption translates directly into stronger customer relationships. Retail primary banking customers-those who use Interbank as their main financial institution-grew by 15% over the last year, and these clients are measurably more profitable and stable.

Growing middle class demands more sophisticated investment and insurance products.

Peru's economic recovery, with a projected GDP growth of around 3.1% for 2025, is fueling the expansion of the middle-income population. This demographic is moving beyond basic savings accounts and demanding more complex products like annuities, life insurance, and wealth management services. IFS is well-positioned to capture this demand through its subsidiaries, Inteligo and Interseguro, and is actively targeting higher-income segments.

The numbers show this trend clearly:

• Inteligo's Assets Under Management (AuM) reached $7.5 billion in Q1 2025, growing 16% year-over-year.
• Interseguro's contractual service margin (CSM) increased by 27% in Q1 2025, driven primarily by individual life and annuities products.
• The company's focus is shifting to higher-yielding loans and fee-generating services, which are key characteristics of a maturing, more affluent customer base.

High financial inclusion gap in rural areas presents a major expansion opportunity.

While digital adoption is high in urban centers, a significant financial inclusion gap persists in rural and lower-income areas of Peru. This is an enormous untapped market for IFS, especially through its payments ecosystem, Izipay, and its social responsibility initiatives. Closing this gap is both a social imperative and a massive commercial opportunity.

IFS is tackling this by focusing on education and inclusive products:

• Financial education programs have reached over 2.5 million clients and non-clients.
• The company continues to expand its inclusive insurance offerings.

The goal is to convert unbanked and underbanked populations into digital customers, which will expand the total addressable market far beyond the traditional bank branch footprint.

Younger population (under 30) drives demand for mobile-first financial services.

Peru has a young, digitally native population that is naturally inclined toward mobile-first financial services, accelerating the shift away from physical branches. This demographic is the core driver behind the rapid growth in digital engagement metrics. They want instant, seamless, and transparent service-no paper, no waiting.

This demographic preference is why the company's digital strategy is so critical, and the table below summarizes the key performance indicators (KPIs) that reflect this social trend as of Q1 2025:

Digital Indicator	Value (Q1 2025)	Year-over-Year Change	Social Factor Impact
Retail Digital Clients	82% of retail base	Up from 77% YoY	Mass adoption of mobile-first banking.
Active Digital Users Growth	+19%	N/A	Younger population driving high engagement.
Average Transactions Per User	+40%	N/A	Increased reliance on digital channels for daily finance.
Retail Primary Banking Customers Growth	+15%	N/A	Digital experience is successfully building main banking relationships.

Intercorp Financial Services Inc. (IFS) - PESTLE Analysis: Technological factors

Significant investment in Interbank's digital transformation and app ecosystem.

Intercorp Financial Services Inc. (IFS) is defintely prioritizing digital transformation, which you can see in the numbers. The company is actively investing to become the leading digital platform in Peru, moving beyond traditional banking. This focus is driving up their overall operating expenses, which grew 10% year-over-year in the second quarter of 2025, largely due to accelerated spending in technology.

The core of this push is Interbank's app ecosystem, which is designed to enhance customer experience and operational resilience. The strategy is working: as of the first quarter of 2025, Interbank's retail digital clients are already more than 80% of the total retail client base. This high adoption rate is backed by a strong service perception, with the retail banking Net Promoter Score (NPS) at a top-level 58. That's a clear signal your digital platform is sticky.

Increased use of Artificial Intelligence (AI) for credit scoring and fraud detection.

IFS is strategically embedding Artificial Intelligence (AI) and advanced analytics across its business, recognizing this as a key competitive advantage. This isn't just a buzzword for them; it's a driver of profitability. In the third quarter of 2025, the company saw double-digit growth in its core segments-banking, insurance, and wealth management-fueled partly by AI-driven efficiency and cost reductions in high-margin operations.

For you, the investor, this means better risk management. AI is crucial for optimizing credit scoring models and improving fraud detection, which helps maintain a low cost of risk. The entire banking industry is leaning into this; globally, banking is the second-largest sector for AI spend, right behind software and IT. This is where the rubber meets the road on efficiency.

Cybersecurity spending is rising to combat sophisticated phishing and malware attacks.

With a massive digital client base and a growing payments ecosystem, cybersecurity is no longer a simple IT cost-it's a core operational necessity. IFS's strategic investments in Q2 2025 explicitly include accelerated spending on cybersecurity, alongside resilience and increased capacity. This is a defensive spend that protects the bottom line.

The threat landscape is constantly evolving, with more sophisticated phishing and malware attacks targeting financial institutions. To combat this, IFS is aligning with industry trends that see Chief Information Security Officers (CISOs) turning to advanced technologies, including AI, to detect and respond to threats in real-time. It's a continuous, high-stakes arms race, and you have to keep pace.

Competition intensifies from regional FinTechs offering niche payment solutions.

The rise of regional Financial Technology (FinTech) companies, especially in niche payment solutions, is a significant technological challenge. These agile startups are chipping away at market share by offering specialized, low-cost services. IFS's response is to strengthen its own commercial and payment ecosystem, primarily through its subsidiary, Izipay.

This integrated approach is yielding results. Interbank has shown strong momentum in commercial banking, leveraging synergies with Izipay to gain 90 basis points of market share in the commercial segment over the last year. This table shows the critical nature of the payments ecosystem in the face of FinTech disruption:

Metric	Value as of 2025	Significance
IFS Expense Growth (Q2 YoY)	10%	Reflects accelerated strategic tech investment.
Interbank Retail Digital Clients	>80%	High digital adoption rate, increasing platform reliance.
Interbank Market Share Gain (Commercial Banking)	90 basis points	Result of synergy with payment platform Izipay against competitors.
Digital Wallet Market CAGR (2023-2030)	>14%	Indicates the rapid growth of the competitive FinTech payment space.

The growth of the digital wallet market, projected to expand at a Compound Annual Growth Rate (CAGR) of over 14% through 2030, shows the scale of the competitive pressure. IFS must continue to invest in its own payment infrastructure to defend its turf against these new players.

Intercorp Financial Services Inc. (IFS) - PESTLE Analysis: Legal factors

New consumer protection laws on digital finance are increasing compliance costs.

You're seeing a clear regulatory push in Peru to catch up with the rapid growth of digital finance, and for Intercorp Financial Services (IFS), this means a higher compliance burden, especially for its Interbank and izipay platforms. The core issue is translating the Consumer Protection Code into the digital realm, which is defintely not a simple copy-paste job.

A key development is Law No. 32323, which extends telemarketing prohibitions, and the updated Personal Data Protection Law, which took effect on March 30, 2025. These new rules demand explicit, direct consumer consent for marketing and customer prospecting. This isn't just a policy change; it requires significant re-engineering of digital onboarding and customer relationship management (CRM) systems to track consent granularly. Here's the quick math on the risk: in January 2025, the National Authority for the Protection of Personal Data (ANPD) fined Banco de Crédito del Perú PEN 289,800 for unlawful processing of biometric data. That's a concrete financial risk for any company with a large, digital customer base.

Compliance costs rise because you have to invest in new consent management platforms, retrain staff, and document every digital interaction. It's an operational lift. IFS's focus on efficiency, evidenced by its cost-to-income ratio being around 35% in Q1 2025, will be tested by these new, non-negotiable legal expenses.

Stricter anti-money laundering (AML) regulations require enhanced due diligence.

The regulatory environment for Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) is getting tighter, aligning Peru with the Financial Action Task Force (FATF) international standards. This is a non-stop priority for the Superintendency of Banking, Insurance, and AFP (SBS) and the Financial Intelligence Unit (UIF-Perú).

For IFS, which operates across banking, insurance, and payments, the enhanced due diligence (EDD) requirements are a major operational factor. The new rules specifically target emerging risks, including the regulation of digital assets and Virtual Asset Service Providers (VASPs). For example, the Superintendency of the Securities Market (SMV) updated its rules in February 2025, requiring regulated entities to retain all compliance-related information-policies, procedures, and records-for a minimum of 10 years. That's a massive data retention mandate.

The core components of the stricter regime include:

• Enhanced Customer Due Diligence (CDD/KYC) for all clients.
• Mandatory reporting of suspicious transactions (ROS) to the UIF-Perú within 24 hours of identification.
• Continuous, specialized training for all personnel on AML/CFT regulations.

IFS already has robust internal Corporate Compliance policies, but the cost of implementing and auditing these stricter, real-time controls across all subsidiaries is substantial. This is simply the cost of doing business in a financial system committed to integrity.

The Superintendency of Banking, Insurance, and AFP (SBS) maintains tight capital requirements.

The SBS is relentlessly pushing the Peruvian financial system to fully integrate Basel III standards, which means strict capital adequacy and liquidity requirements remain in place. This is a structural strength for the system, but it limits the operational flexibility of banks like Interbank, IFS's main engine.

The regulatory framework, solidified by Legislative Decree No. 1531, mandates revised minimum capital requirements and the application of conservation buffers for economic cycles. Interbank, as a systemically important institution, must maintain capital levels well above the minimum to absorb unexpected losses. IFS remains well capitalized; in Q3 2025, the banking division reported a CET I ratio increase of 40 basis points, and its NPL (Non-Performing Loan) coverage ratio remained stable at a healthy 165%.

This table shows the capital position of Interbank, which underpins IFS's stability:

Metric	Status (Q3 2025)	Implication for IFS
CET I Ratio (Banking Division)	Increased by 40 basis points	Strong capital buffer against market shocks.
NPL Coverage Ratio	Stable at 165%	High provision for credit risk, exceeding regulatory minimums.
Overnight Deposit (Interbank)	US$700,000,000 (S/2,479,000,000) as of June 30, 2025	Demonstrates strong short-term liquidity management.

The tight capital rules mean IFS can't just chase growth recklessly; it has to maintain a strong balance sheet, which is good for long-term investors, but it does constrain the speed of loan book expansion.

Data privacy laws are being updated to align with international standards.

Peru's new data privacy regulation, which became effective on March 30, 2025, is a major legal shift, aligning the country with international frameworks like the European Union's General Data Protection Regulation (GDPR). This is a welcome change for consumers, but it creates significant new legal obligations for a data-intensive business like IFS.

The new rules introduce several critical mandates:

• The right to data portability, allowing customers to request their data be transferred to a competitor.
• Mandatory appointment of a Data Protection Officer (DPO) in certain cases.
• Stricter requirements for cross-border data transfers, demanding an adequate level of protection in the recipient country.

This means IFS must invest heavily in data governance, mapping where customer data resides, ensuring its security, and building systems that can execute a data portability request. If you're not compliant, the financial penalties are real, as seen with the PEN 289,800 fine levied on a competitor in early 2025. The next step is for the Compliance team to finalize the DPO appointment and audit all cross-border data flows by year-end.

Intercorp Financial Services Inc. (IFS) - PESTLE Analysis: Environmental factors

IFS is expanding its sustainable financing portfolio, targeting $1.2 billion by year-end 2025.

The push toward green finance is a core strategic pillar for Intercorp Financial Services Inc. (IFS), but there is a clear gap between current performance and the stated ambition. As of the first quarter of 2025, the outstanding sustainable portfolio stood at $380 million, showing a $40 million increase compared to 2024. This is a solid gain, but it highlights the significant ramp-up needed to hit the target of $1.2 billion by year-end 2025. The focus is on boosting green finance across key Peruvian sectors: agriculture, fishing, energy, and mining.

Here's the quick math: to reach the $1.2 billion goal from the Q1 2025 reported $380 million, IFS needs to originate an additional $820 million in sustainable loans over the remaining three quarters. That's a serious lift, and it will require accelerating the pace of new, measurable, positive-impact projects. The company is investing in internal capabilities, providing climate technology training to 30 executives to boost this lending.

Growing pressure from institutional investors for transparent ESG reporting.

You are defintely seeing institutional investors-the big money-demand more than just a glossy sustainability report; they want auditable, transparent Environmental, Social, and Governance (ESG) data. This isn't a voluntary effort anymore; it's a regulatory necessity globally and a major factor in capital allocation. IFS is responding by measuring its progress under international standards, including the Global Reporting Initiative (GRI) methodology and the S&P Global Corporate Sustainability Assessment (CSA). The subsidiary, Inteligo Group, has a Responsible Investment Policy (UN-PRI), which is a direct nod to the demands of ESG-focused clients. The heightened scrutiny of greenwashing means IFS must ensure its sustainable loan portfolio is genuinely impactful and not just a marketing exercise. That's the new cost of doing business.

Physical climate risks (e.g., El Niño) can disrupt operations and increase insurance claims.

Physical climate risks, particularly the El Niño Southern Oscillation (ENSO) phenomenon, pose a clear and present danger to IFS's operations, especially for its insurance arm, Interseguro, and its loan portfolio at Interbank. While a 2024 analysis noted no major disruption from El Niño in 2023, the risk remains high given Peru's geographic exposure. Severe weather can disrupt agriculture and fishing, two sectors IFS actively finances, leading to loan defaults and higher non-performing loan (NPL) ratios. The insurance business is directly exposed to increased claims from flood damage and other weather-related events. For context on single-event risk, Interseguro's investment portfolio was impacted by a PEN 78 million impairment from Rutas de Lima in Q3 2025, showing how a singular, large-scale event can hit profitability. Managing this physical risk is a capital-at-risk problem.

Focus on green bond issuance to diversify funding sources and attract ESG capital.

Diversifying funding is crucial, and the global sustainable bond market is on track to exceed $1 trillion in total issuance in 2025, with green bonds expected to account for about $620 billion. This is the capital pool IFS wants to tap. While IFS has not announced a specific green bond issuance in 2025, its subsidiary Interbank did issue US$350,000,000 in subordinated bonds in January 2025 to diversify its funding. This strategic move into debt capital markets is a precursor to attracting ESG capital, as it shows market access and investor confidence. The next logical step is to label a bond as 'green' or 'sustainability-linked' to specifically target the growing demand for environmental assets from institutional investors.

So, the next concrete step is for the Strategy team to model the impact of a 50 basis point increase in the NPL ratio, specifically on the retail loan book, by next Tuesday. Finance: draft a 13-week cash view incorporating a 3.5% NPL scenario by Friday.