Intercorp Financial Services Inc. (IFS): Análise de Pestle [Jan-2025 Atualizado]

No cenário dinâmico dos Serviços Financeiros Latino -Americanos, a InterCorp Financial Services Inc. (IFS) surge como jogador fundamental, navegando em terrenos complexos de desafios políticos, econômicos e tecnológicos com precisão estratégica. Essa análise abrangente de pestles revela o ecossistema multifacetado no qual o IFS opera, revelando como a empresa transforma possíveis obstáculos em oportunidades de crescimento, inovação e desenvolvimento sustentável no mercado financeiro em evolução do Peru. Mergulhe profundamente nas intrincadas camadas que moldam a notável jornada de se adaptar, inovar e prosperar em um ambiente financeiro global cada vez mais interconectado.

Intercorp Financial Services Inc. (IFS) - Análise de Pestle: Fatores Políticos

Cenário político e governança

O Peru mantém um Sistema de Governança Democrática estável, com uma democracia presidencial criada em 2001. Em 2024, o país opera sob um sistema constitucional multipartidário com eleições democráticas regulares.

Indicador político	Status atual
Índice de Democracia (2023)	6.47 (democracia falha)
Pontuação de estabilidade política	-0,73 (Indicador de Governança do Banco Mundial)
Índice de Percepção de Corrupção (2023)	36/100 (Transparency International)

Ambiente regulatório para serviços financeiros

Os serviços financeiros da Intercorp opera dentro de uma estrutura regulatória complexa governada por várias entidades governamentais.

• A superintendência de bancos e seguros (SBS) regula as instituições financeiras
• O Banco Central de Reserva do Peru (BCRP) supervisiona a política monetária
• O Ministério da Economia e Finanças (MEF) fornece orientação financeira estratégica

Desafios de conformidade e regulamentação

Os principais requisitos regulatórios afetam as estratégias operacionais do IFS:

Aspecto regulatório	Requisito de conformidade
Índice de adequação de capital	Mínimo 10%, conforme exigido pela SBS
Lavagem anti-dinheiro	Relatórios rígidos e protocolos de monitoramento
Proteção ao consumidor	Regras abrangentes de transparência financeira

Avaliação de risco político

O IFS enfrenta riscos políticos potenciais no ecossistema financeiro peruano:

• Possíveis mudanças legislativas que afetam os regulamentos bancários
• Mudanças de política macroeconômica
• Potenciais modificações de política tributária

Impacto de relações políticas internacionais

Os acordos comerciais internacionais e as relações diplomáticas do Peru influenciam o ambiente operacional do setor de serviços financeiros.

Acordo de Comércio	Impacto potencial de serviços financeiros
Aliança do Pacífico	Integração financeira transfronteiriça aprimorada
Associação da APEC	Maior colaboração financeira internacional

Intercorp Financial Services Inc. (IFS) - Análise de Pestle: Fatores Econômicos

O crescimento econômico e desempenho do Peru

A taxa de crescimento do PIB do Peru em 2023 foi de 2,7%. O PIB nominal do país atingiu US $ 235,7 bilhões em 2023. A taxa de inflação foi de 6,2% em dezembro de 2023.

Indicador econômico	2023 valor	2024 Projeção
Taxa de crescimento do PIB	2.7%	3.1%
Taxa de inflação	6.2%	4.5%
Investimento direto estrangeiro	US $ 7,2 bilhões	US $ 7,5 bilhões

Dinâmica do mercado de serviços financeiros

A Intercorp Financial Services reportou ativos totais de US $ 24,3 bilhões em 2023. O lucro líquido atingiu US $ 456 milhões, com um retorno sobre o patrimônio líquido de 18,7%.

Métrica financeira	2023 desempenho
Total de ativos	US $ 24,3 bilhões
Resultado líquido	US $ 456 milhões
Retorno sobre o patrimônio	18.7%

Banco digital e inclusão financeira

A penetração bancária digital no Peru atingiu 68% em 2023. Os usuários bancários móveis aumentaram para 12,4 milhões, representando 37% da população.

Métrica bancária digital	2023 valor
Penetração bancária digital	68%
Usuários bancários móveis	12,4 milhões
Porcentagem de população	37%

Indicadores de gerenciamento de riscos

A taxa de empréstimo sem desempenho para os serviços financeiros intercorp foi de 2,9% em 2023. As disposições sobre perda de empréstimos totalizaram US $ 187 milhões.

Métrica de gerenciamento de riscos	2023 valor
Taxa de empréstimo sem desempenho	2.9%
Disposições de perda de empréstimos	US $ 187 milhões

Intercorp Financial Services Inc. (IFS) - Análise de Pestle: Fatores sociais

Tem como alvo o segmento de classe média no Peru com as necessidades financeiras em expansão

De acordo com o Instituto Nacional de Estatísticas e Informática (INEI), a classe média do Peru representou 42,2% da população em 2022. Os serviços financeiros intercorp segmentam esse grupo demográfico com produtos financeiros personalizados.

Segmento demográfico	Percentagem	Potencial alcance financeiro
População de classe média	42.2%	14,5 milhões de clientes em potencial
Renda mensal média	S/ 2.250	Aproximadamente US $ 615 USD

Responde ao aumento da alfabetização digital e adoção de tecnologia

A taxa de alfabetização digital do Peru atingiu 48,5% em 2023, com penetração móvel na Internet em 74,3%.

Métrica digital	Percentagem	Usuários totais
Alfabetização digital	48.5%	16,7 milhões de indivíduos
Penetração da Internet móvel	74.3%	25,5 milhões de usuários

Aborda mudanças geracionais nas preferências bancárias e de serviço financeiro

A geração do milênio e a geração Z representam 63% da força de trabalho do Peru, impulsionando a transformação do banco digital.

Geração	Porcentagem da força de trabalho	Preferência bancária digital
Millennials	42%	85% preferem bancos móveis
Gen Z	21%	92% usam serviços financeiros digitais

Apoia iniciativas de educação e inclusão financeiras

A Intercorp Financial Services investiu S/ 12,5 milhões em programas de alfabetização financeira em 2023.

Métrica de inclusão financeira	Valor	Impacto
Investimento em educação financeira	S/ 12,5 milhões	175.000 indivíduos treinados
População de banco	52.3%	18 milhões de peruanos

Intercorp Financial Services Inc. (IFS) - Análise de Pestle: Fatores tecnológicos

Implementa plataformas bancárias digitais avançadas e soluções móveis

A partir de 2024, a InterCorp Financial Services Inc. implantou uma plataforma de banco digital abrangente com as seguintes especificações:

Métrica da plataforma digital	Dados quantitativos
Usuários de aplicativos bancários móveis	2,3 milhões de usuários ativos
Volume de transação digital	US $ 4,7 bilhões mensais
Taxa de download de aplicativos móveis	325.000 novos downloads por trimestre
Tempo de atividade da plataforma digital	99.98%

Investe em inovações de fintech e tecnologias de inteligência artificial

Alocação de investimento em tecnologia: US $ 42,6 milhões anualmente em pesquisa e desenvolvimento da IA ​​e Fintech.

Área de tecnologia da IA	Valor do investimento	Status de implementação
Machine Learning Credit Scoring	US $ 12,3 milhões	Totalmente operacional
Análise de Comportamento do Cliente Preditivo	US $ 8,7 milhões	Implementação de 90%
Atendimento ao cliente automatizado Chatbots	US $ 5,6 milhões	Ativo em 3 idiomas

Aumenta a infraestrutura de segurança cibernética para proteger os dados do cliente

Orçamento de segurança cibernética: US $ 18,5 milhões em 2024

• Cobertura de proteção de terminais: 100% dos dispositivos corporativos
• Frequência anual de teste de penetração: 4 avaliações abrangentes
• Padrão de criptografia de dados: AES-256 bit
• Tempo de resposta a incidentes de segurança cibernética: 17 minutos

Desenvolve ecossistema digital integrado para serviços financeiros sem costura

Componente do ecossistema digital	Nível de integração	Taxa de adoção do usuário
Serviços financeiros de plataforma cruzada	95% integrados	68% de adoção do cliente
Sincronização de transações em tempo real	99,9% de precisão	72% de envolvimento do usuário
Conexões bancárias da API	17 parceiros financeiros externos	Volume de transação de 61%

Intercorp Financial Services Inc. (IFS) - Análise de Pestle: Fatores Legais

Conformidade com regulamentos bancários peruanos e padrões internacionais

A partir de 2024, a InterCorp Financial Services Inc. opera sob a estrutura regulatória da superintendência dos administradores bancários, seguros e de pensão privada (SBS) no Peru.

Órgão regulatório	Regulamentos específicos	Status de conformidade
Sbs	Requisitos de adequação de capital	Totalmente compatível
Comitê de Basileia	Basileia III Padrões	Implementado
GRAF	Diretrizes de lavagem de dinheiro	Aderente

Gerenciamento do meio ambiente regulatório

O IFS navega por um complexo cenário regulatório de serviços financeiros com vários requisitos de conformidade.

Área regulatória	Requisitos específicos	Despesas de conformidade (2024)
Relatórios financeiros	Padrões IFRS	US $ 3,2 milhões
Gerenciamento de riscos	Estrutura de risco operacional	US $ 2,7 milhões
Proteção ao consumidor	Regulamentos de transparência	US $ 1,5 milhão

Governança corporativa e transparência

Principais métricas de governança corporativa:

• Membros independentes do conselho: 5 de 9
• Custo anual de auditoria externa: US $ 1,8 milhão
• Relatórios de divulgação de conformidade: trimestralmente

Lavagem anti-dinheiro e prevenção de crimes financeiros

Mecanismo de prevenção	Investimento (2024)	Taxa de conformidade
Sistemas de monitoramento de transações	US $ 4,5 milhões	99.7%
Due diligence do cliente	US $ 2,3 milhões	98.5%
Relatórios de atividades suspeitas	US $ 1,6 milhão	100%

Intercorp Financial Services Inc. (IFS) - Análise de Pestle: Fatores Ambientais

Implementa práticas bancárias sustentáveis ​​e iniciativas de financiamento verde

A partir de 2024, a InterCorp Financial Services Inc. alocou US $ 42,5 milhões para iniciativas de financiamento verde. O banco se comprometeu com o financiamento de 127 projetos de energia renovável em todo o Peru, com um portfólio total de investimentos de US $ 678 milhões em infraestrutura sustentável.

Categoria de finanças verdes	Valor do investimento	Número de projetos
Energia solar	US $ 276 milhões	54 projetos
Energia eólica	US $ 215 milhões	38 projetos
Hidrelétrico	US $ 187 milhões	35 projetos

Apoia a avaliação de riscos ambientais nas práticas de empréstimo

Métricas de avaliação de riscos ambientais:

• Conduzido 342 Avaliações abrangentes de impacto ambiental em 2024
• Rejeitou 17 pedidos de empréstimo devido ao alto risco ambiental
• Implementou a triagem de pegada de carbono para empréstimos corporativos

Reduz a pegada de carbono através da transformação digital

As iniciativas digitais reduziram o consumo de papel em 62%, economizando aproximadamente 4.780 árvores equivalentes. O consumo de energia nas agências bancárias diminuiu 37% através da otimização da tecnologia.

Métrica de transformação digital	2024 Performance	Porcentagem de redução
Consumo de papel	18.3 Toneladas métricas	62%
Consumo de energia de ramificação	1,2 milhão de kWh	37%
Volume de transação digital	87,4 milhões de transações	Aumento de 45%

Promove a responsabilidade social corporativa em sustentabilidade ambiental

Investiu US $ 15,2 milhões em programas de conservação ambiental. Em parceria com 23 organizações ambientais locais e internacionais para apoiar projetos de biodiversidade e restauração de ecossistemas.

• Iniciativas de reflorestamento cobrindo 1.240 hectares
• Programas de conservação de água protegendo 6 principais bacias hidrográficas
• Programa de treinamento ambiental dos funcionários com taxa de participação 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.