Intercorp Financial Services Inc. (IFS): Analyse de Pestle [Jan-2025 Mise à jour]

Dans le paysage dynamique des services financiers latino-américains, Intercorp Financial Services Inc. (IFS) émerge comme un acteur pivot, naviguant des terrains complexes de défis politiques, économiques et technologiques avec une précision stratégique. Cette analyse complète du pilon dévoile l'écosystème à multiples facettes dans lequel IFS opère, révélant comment l'entreprise transforme les obstacles potentiels en possibilités de croissance, d'innovation et de développement durable sur le marché financier évolutif du Pérou. Plongez profondément dans les couches complexes qui façonnent le parcours remarquable d'adaptation, d'innovation et de prospérité de l'IFS dans un environnement financier mondial de plus en plus interconnecté.

Intercorp Financial Services Inc. (IFS) - Analyse du pilon: facteurs politiques

Paysage politique et gouvernance

Le Pérou maintient un système de gouvernance démocratique stable, avec une démocratie présidentielle établie en 2001. En 2024, le pays opère dans un système constitutionnel multipartite avec des élections démocratiques régulières.

Indicateur politique	État actuel
Indice de démocratie (2023)	6.47 (démocratie erronée)
Score de stabilité politique	-0,73 (indicateur de gouvernance de la Banque mondiale)
Indice de perception de la corruption (2023)	36/100 (Transparency International)

Environnement réglementaire pour les services financiers

Intercorp Financial Services opère dans un cadre réglementaire complexe régi par plusieurs entités gouvernementales.

• La surintendance de la banque et de l'assurance (SBS) réglemente les institutions financières
• Central Reserve Bank of Pérou (BCRP) supervise la politique monétaire
• Le ministère de l'économie et des Finances (MEF) fournit des conseils financiers stratégiques

Conformité et défis réglementaires

Les exigences réglementaires clés ont un impact sur les stratégies opérationnelles de l'IFS:

Aspect réglementaire	Exigence de conformité
Ratio d'adéquation des capitaux	Minimum 10% comme obligatoire par SBS
Anti-blanchiment	Protocoles de reporting et de surveillance stricts
Protection des consommateurs	Règles de transparence financière complètes

Évaluation des risques politiques

IFS fait face à des risques politiques potentiels dans l'écosystème financier péruvien:

• Changements législatifs potentiels affectant les réglementations bancaires
• Chart de politique macroéconomique
• Modifications potentielles de la politique fiscale

Impact des relations politiques internationales

Les accords commerciaux internationaux du Pérou et les relations diplomatiques influencent l'environnement opérationnel du secteur des services financiers.

Accord commercial	Impact potentiel des services financiers
Alliance du Pacifique	Intégration financière transfrontalière améliorée
Abonnement APEC	Augmentation de la collaboration financière internationale

Intercorp Financial Services Inc. (IFS) - Analyse du pilon: facteurs économiques

La croissance et les performances économiques du Pérou

Le taux de croissance du PIB du Pérou en 2023 était de 2,7%. Le PIB nominal du pays a atteint 235,7 milliards de dollars en 2023. Le taux d'inflation était de 6,2% en décembre 2023.

Indicateur économique	Valeur 2023	2024 projection
Taux de croissance du PIB	2.7%	3.1%
Taux d'inflation	6.2%	4.5%
Investissement direct étranger	7,2 milliards de dollars	7,5 milliards de dollars

Dynamique du marché des services financiers

Intercorp Financial Services a déclaré un actif total de 24,3 milliards de dollars en 2023. Le bénéfice net a atteint 456 millions de dollars, avec un rendement des capitaux propres de 18,7%.

Métrique financière	Performance de 2023
Actif total	24,3 milliards de dollars
Revenu net	456 millions de dollars
Retour des capitaux propres	18.7%

Banque numérique et inclusion financière

La pénétration des banques numériques au Pérou a atteint 68% en 2023. Les utilisateurs des services bancaires mobiles sont passés à 12,4 millions, représentant 37% de la population.

Métrique bancaire numérique	Valeur 2023
Pénétration des banques numériques	68%
Utilisateurs de la banque mobile	12,4 millions
Pourcentage de population	37%

Indicateurs de gestion des risques

Le ratio de prêts non performants pour les services financiers Intercorp était de 2,9% en 2023. Les dispositions de perte de prêt ont totalisé 187 millions de dollars.

Métrique de gestion des risques	Valeur 2023
Ratio de prêts non performants	2.9%
Dispositions de perte de prêt	187 millions de dollars

Intercorp Financial Services Inc. (IFS) - Analyse du pilon: facteurs sociaux

Cible le segment de la classe moyenne au Pérou avec des besoins financiers en expansion

Selon l'Institut national des statistiques et de l'informatique (INEI), la classe moyenne du Pérou a représenté 42,2% de la population en 2022. Les services financiers Intercorp ciblent ce groupe démographique avec des produits financiers sur mesure.

Segment démographique	Pourcentage	Portée financière potentielle
Population de classe moyenne	42.2%	14,5 millions de clients potentiels
Revenu mensuel moyen	S / 2 250	Environ 615 USD

Répond à l'augmentation de l'alphabétisation numérique et de l'adoption de la technologie

Le taux d'alphabétisation numérique du Pérou a atteint 48,5% en 2023, avec une pénétration mobile d'Internet à 74,3%.

Métrique numérique	Pourcentage	Total utilisateurs
Littératie numérique	48.5%	16,7 millions d'individus
Pénétration de Internet mobile	74.3%	25,5 millions d'utilisateurs

Traite des changements générationnels dans les préférences bancaires et de services financiers

Les milléniaux et la génération Z représentent 63% de la main-d'œuvre du Pérou, stimulant la transformation des banques numériques.

Génération	Pourcentage de main-d'œuvre	Préférence bancaire numérique
Milléniaux	42%	85% préfèrent les services bancaires mobiles
Gen Z	21%	92% utilisent des services financiers numériques

Soutient les initiatives d'éducation financière et d'inclusion

Intercorp Financial Services a investi des S / 12,5 millions dans les programmes de littératie financière en 2023.

Métrique d'inclusion financière	Valeur	Impact
Investissement dans l'éducation financière	S / 12,5 millions	175 000 personnes formées
Population en banque	52.3%	18 millions de Péruviens

Intercorp Financial Services Inc. (IFS) - Analyse du pilon: facteurs technologiques

Implémente les plates-formes bancaires numériques avancées et les solutions mobiles

Depuis 2024, Intercorp Financial Services Inc. a déployé une plate-forme bancaire numérique complète avec les spécifications suivantes:

Métrique de la plate-forme numérique	Données quantitatives
Utilisateurs d'applications bancaires mobiles	2,3 millions d'utilisateurs actifs
Volume de transaction numérique	4,7 milliards de dollars par mois
Taux de téléchargement de l'application mobile	325 000 nouveaux téléchargements par trimestre
Time de disponibilité de la plate-forme numérique	99.98%

Investit dans les innovations fintech et les technologies d'intelligence artificielle

Attribution des investissements technologiques: 42,6 millions de dollars par an en recherche et développement de l'IA et des finchs.

Zone de technologie de l'IA	Montant d'investissement	Statut d'implémentation
Notation du crédit d'apprentissage automatique	12,3 millions de dollars	Pleinement opérationnel
Analyse prédictive du comportement des clients	8,7 millions de dollars	Implémentation de 90%
Chatbots de service client automatisé	5,6 millions de dollars	Actif en 3 langues

Améliore l'infrastructure de cybersécurité pour protéger les données des clients

Budget de cybersécurité: 18,5 millions de dollars en 2024

• Couverture de protection des points de terminaison: 100% des appareils d'entreprise
• Fréquence annuelle des tests de pénétration: 4 Évaluations complètes
• Norme de chiffrement des données: bit AES-256
• Temps de réponse des incidents en cybersécurité: 17 minutes

Développe l'écosystème numérique intégré pour les services financiers transparents

Composant de l'écosystème numérique	Niveau d'intégration	Taux d'adoption des utilisateurs
Services financiers multiplateformes	Intégré à 95%	68% d'adoption des clients
Synchronisation des transactions en temps réel	Précision à 99,9%	Engagement de 72%
Connexions bancaires de l'API	17 partenaires financiers externes	Volume de transaction 61%

Intercorp Financial Services Inc. (IFS) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations bancaires péruviennes et aux normes internationales

En 2024, Intercorp Financial Services Inc. opère dans le cadre réglementaire de la surintendance des administrateurs bancaires, d'assurance et de retraite privés (SBS) au Pérou.

Corps réglementaire	Règlements spécifiques	Statut de conformité
Sbs	Exigences d'adéquation du capital	Pleinement conforme
Comité de base	Normes de Bâle III	Mis en œuvre
GAFS	Lignes directrices anti-blanchiment	Adhérent

Gestion de l'environnement réglementaire

IFS navigue dans un paysage réglementaire complexe des services financiers avec de multiples exigences de conformité.

Zone de réglementation	Exigences spécifiques	Dépenses de conformité (2024)
Information financière	Normes IFRS	3,2 millions de dollars
Gestion des risques	Cadres de risques opérationnels	2,7 millions de dollars
Protection des consommateurs	Règlements de transparence	1,5 million de dollars

Gouvernance d'entreprise et transparence

Mesures clés de la gouvernance d'entreprise:

• Membres indépendants du conseil d'administration: 5 sur 9
• Coût annuel d'audit externe: 1,8 million de dollars
• Rapports de divulgation de la conformité: trimestriel

Anti-blanchiment d'argent et prévention du crime financier

Mécanisme de prévention	Investissement (2024)	Taux de conformité
Systèmes de surveillance des transactions	4,5 millions de dollars	99.7%
Diligence raisonnable du client	2,3 millions de dollars	98.5%
Rapports d'activités suspectes	1,6 million de dollars	100%

Intercorp Financial Services Inc. (IFS) - Analyse du pilon: facteurs environnementaux

Implémente les pratiques bancaires durables et les initiatives de financement vert

En 2024, Intercorp Financial Services Inc. a alloué 42,5 millions de dollars aux initiatives de financement vert. La banque s'est engagée à financer 127 projets d'énergie renouvelable à travers le Pérou, avec un portefeuille d'investissement total de 678 millions de dollars d'infrastructures durables.

Catégorie de finance verte	Montant d'investissement	Nombre de projets
Énergie solaire	276 millions de dollars	54 projets
Énergie éolienne	215 millions de dollars	38 projets
Hydro-électrique	187 millions de dollars	35 projets

Soutient l'évaluation des risques environnementaux dans les pratiques de prêt

Métriques d'évaluation des risques environnementaux:

• Effectué 342 évaluations complètes d'impact environnemental en 2024
• Rejeté 17 demandes de prêt en raison d'un risque environnemental élevé
• Implémentation du dépistage de l'empreinte carbone pour les prêts d'entreprise

Réduit l'empreinte carbone grâce à la transformation numérique

Les initiatives numériques ont réduit la consommation de papier de 62%, ce qui permet d'économiser environ 4 780 arbres équivalents. La consommation d'énergie dans les succursales bancaires a diminué de 37% grâce à l'optimisation technologique.

Métrique de transformation numérique	2024 performance	Pourcentage de réduction
Consommation de papier	18,3 tonnes métriques	62%
Consommation d'énergie des succursales	1,2 million de kWh	37%
Volume de transaction numérique	87,4 millions de transactions	Augmentation de 45%

Favorise la responsabilité sociale des entreprises dans la durabilité environnementale

A investi 15,2 millions de dollars dans les programmes de conservation de l'environnement. En partenariat avec 23 organisations environnementales locales et internationales pour soutenir les projets de restauration de la biodiversité et de l'écosystème.

• Initiatives de reboisement couvrant 1 240 hectares
• Programmes de conservation de l'eau protégeant 6 principaux bassins versants
• Programme de formation environnementale des employés avec un taux de participation de 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.