Banco Internacional del Perú A Interbank : INFORMES DE CLASIFICACIÓN DE RIESGO.

Banco Internacional del Peru S.A.A. - Interbank

Update

Key Rating Drivers

Standalone Assessment: Banco Internacional del Peru S.A.A. - Interbank's (Interbank) Issuer Default Ratings (IDRs) are driven by its Viability Rating (VR) of 'bbb', which is in line with the implied VR. The bank's strong franchise in retail lending, well-diversified business model and sound financial profile underpin the ratings. The VR and Long-Term IDRs are sensitive to a material deterioration in the local operating environment (OE) or a negative sovereign rating action.

Deteriorated Asset Quality: As of 3Q23, the 90 days nonperforming loans (NPL) ratio

deteriorated to 3.3% (YE22: 2.6%) due to the seasoning of the retail loans amidst the current high interest rate and high-inflation environment. Loan loss allowance coverage of impaired loans of 156.2% at 3Q23 (YE22: 191.7%) is adequate. Fitch Ratings believes that asset quality metrics will stabilize in 2024 after the downside observed in 2023.

Adequate Probability: The operating profit-to-risk-weighted assets (RWA) ratio reduced to 1.9% at 3Q23, from 2.3% at YE22, reflecting a higher cost of credit. Higher interest rates coupled with a change in the portfolio mix, with a higher proportion of the retail segment and a lower proportion of the commercial portfolio, supported the NIM. Fitch expects Peruvian banks' profitability to remain sound in 2024, supported by a strong NIM and good efficiency.

Sound Capitalization: Interbank's Common Equity Tier I ratio (FCC) reached 11.2% in 3Q23 while the total Capital Adequacy ratio was 15.0% at the same date. The bank was well prepared to phase in the Basel III capital regulations, with capitalization ratios adequate and commensurate with the current rating levels. Fitch expects Interbank to remain well capitalized due to steady internal capital generation and moderate loan growth.

Stable Funding and Liquidity: The loan-to-deposits ratio slightly deteriorated to 111.0% in 3Q23, compared to 109.6% at YE22. Deposit growth was low at 3.1% as of 3Q23, reflecting tighter monetary policy. Low-cost and stable deposits will remain as the bank's main source of funding in 2024. Despite low deposit growth, liquidity is expected to remain stable, reflecting low credit expansion and less aggressive monetary tightening in 2024.

Rating Sensitivities

Factors that could, individually or collectively, lead to negative rating action/downgrade

IDRs and VR

Banks

Universal Commercial Banks

Peru

Ratings

Foreign Currency

Long-Term IDR	BBB
Short-Term IDR	F3

Local Currency

Long-Term IDR	BBB
Short-Term IDR	F3
Viability Rating	bbb
Government Support Rating	bbb-

Sovereign Risk

Long-TermForeign-Currency
IDR	BBB
Long-TermLocal-Currency IDR	BBB
Country Ceiling	BBB+

Outlooks

Long-TermForeign-Currency
IDR	Negative
Long-TermLocal-Currency
IDR	Negative
Sovereign Long-Term Foreign-
Currency IDR	Negative
Sovereign Long-Term Local-
Currency IDR	Negative

Applicable Criteria

Bank Rating Criteria (September 2023)

Related Research

• The IDRs are sensitive to a negative rating action on the sovereign or any deterioration of Fitch's OE score assessment.
• Interbank's VR could be downgraded if asset quality deterioration causes a sustained decline in the bank's operating profit-to-RWA ratio to less than 2.0% and loss absorption capacity, either in the form of an FCC or common equity Tier 1 (CET1) ratio below 10% or a relevant decline in reserve coverage for more than four consecutive quarters.

Latin American Banks Outlook 2024 (December 2023)

Analysts

Ricardo Aguilar

[phone] [e-mail]

Larisa Arteaga

[phone] [e-mail]

Firmado Digitalmente por:

GLORIA CECILIA RAMIREZ RIESCO

Fecha: 27/12/2023 04:03:05 p.m.

Update │ December 27, 2023

fitchratings.com

1

Banks

Universal Commercial Banks

Peru

Factors that could, individually or collectively, lead to positive rating action/upgrade

IDRs and VR

• Interbank's IDRs currently have a Negative Rating Outlook in line with the sovereign, which makes an upgrade highly unlikely over the rating horizon as the bank's IDRs are constrained by the sovereign ratings.
• Over the medium term, Interbank's ratings could be upgraded by the confluence of improvement in the OE and the bank's financial profiles in the context of a sovereign upgrade.

Other Debt and Issuer Ratings

Debt Rating Classes

Rating Type	Rating
Subordinated	BB+
Source: Fitch Ratings

Subordinated Debt

Interbank's subordinated bonds are considered "plain vanilla," as they do not have coupon deferral features. The subordinated debt is two notches below the VR of 'bbb', reflecting baseline notching for loss severity. There is no notching due to incremental nonperformance risk.

• The subordinated debt ratings would be downgraded if Interbank's VR is downgraded.
• Subordinated debt ratings would be upgraded if Interbank's VR is upgraded.

Banco Internacional del Peru S.A.A. - Interbank
Update │ December 27, 2023	fitchratings.com	2

Banks

Universal Commercial Banks

Peru

Ratings Navigator

Banco Internacional del Peru S.A.A. - Interbank

ESG Relevance:

Operating Environment

Financial Profile

Business Profile

Risk Profile

Asset Quality

Earnings & Profitability

Capitalisation & Leverage

Funding & Liquidity

Implied Viability Rating

Viability Rating

20%

10%

20%

15%

25%

10%

aaa

aaa

aaa

aa+

aa+

aa+

aa

aa

aa

aa-

aa-

aa-

a+

a+

a+

a

a

a

a-

a-

a-

bbb+

bbb+

bbb+

bbb

bbb bbb

bbb bbb

bbb-

bbb-

bbb-

bb+

bb+

bb+

bb

bb

bb

bb-

bb-

bb-

b+

b+

b+

b

b

b

b-

b-

b-

ccc+

ccc+

ccc+

ccc

ccc

ccc

ccc-

ccc-

ccc-

cc

cc

cc

c

c

c

f

f

f

					Banks
					Ratings Navigator
				Government Support	Issuer Default Rating
aaa	AAA
aa+	AA+
aa	AA
aa-	AA-
a+	A+
a	A
a-	A-
bbb+	BBB+

1. BBBBBB Neg

bbb-	bbb-	BBB-
bb+		BB+
bb		BB
bb-		BB-
b+		B+
b		B
b-		B-
ccc+		CCC+
ccc		CCC
ccc-		CCC-
cc		CC
c		C
ns		D or RD

The Key Rating Driver (KRD) weightings used to determine the implied VR are shown as percentages at the top. In cases where the implied VR is adjusted upwards or downwards to arrive at the VR, the KRD associated with the adjustment reason is highlighted in red. The shaded areas indicate the benchmark-implied scores for each KRD.

VR - Adjustments to Key Rating Drivers

The OE score has been assigned above the implied score due to the following adjustment reasons: Sovereign Rating (positive) and Macroeconomic Stability (positive).

The Capitalization and Leverage score has been assigned above the implied score due to the following adjustment reason: Reserve Coverage and Asset Valuation (positive).

Banco Internacional del Peru S.A.A. - Interbank
Update │ December 27, 2023	fitchratings.com	3

Banks

Universal Commercial Banks

Peru

Summary Financials and Key Ratios

	30 Sep 2023	31 Dec 2022	31 Dec 2021	31 Dec 2020
	9 Months - 3rd Quarter
	Year End	Year End	Year End
	USD mil.	PEN mil.	PEN mil.	PEN mil.	PEN mil.
	Interim	Audited	Audited	Audited	Audited
Summary Income Statement
Net Interest and Dividend Income	727	2,754.5	3,280.5	2,699.8	2,881.2
Net Fees and Commissions	131	495.2	651.2	555.0	502.5
Other Operating Income	83	315.3	412.2	511.4	407.5
Total Operating Income	941	3,565.0	4,343.9	3,766.2	3,791.2
Operating Costs	373	1,412.2	1,862.4	1,696.3	1,491.4
Pre-Impairment Operating Profit	568	2,152.8	2,481.5	2,069.9	2,299.8
Loan and Other Impairment Charges	326	1,234.6	1,002.6	450.2	2,003.0
Operating Profit	242	918.2	1,478.9	1,619.7	296.8
Other Non-Operating Items (Net)	6	23.5	11.7	-35.2	-0.5
Tax	52	196.4	318.9	384.0	31.4
Net Income	197	745.3	1,171.7	1,200.5	264.9
Other Comprehensive Income	48	182.5	-294.5	-581.1	191.8
Fitch Comprehensive Income	245	927.8	877.2	619.4	456.7
Summary Balance Sheet
Assets
Gross Loans	12,572	47,648.9	45,629.3	43,315.9	41,859.8
- of which impaired	351	1,329.4	1,172.7	1,299.5	1,343.5
Loan Loss Allowances	650	2,462.7	2,247.8	2,067.0	2,856.5
Net Loan	11,922	45,186.2	43,381.5	41,248.9	39,003.3
Interbank	191	723.5	1,075.7	919.9	845.5
Derivatives	42	158.8	476.5	783.6	435.2
Other Securities and Earning Assets	3,076	11,659.1	9,721.9	10,586.5	9,582.5
Total Earning Assets	15,232	57,727.6	54,655.6	53,538.9	49,866.5
Cash and Due From Banks	2,335	8,849.2	10,229.6	12,952.7	16,257.8
Other Assets	466	1,767.6	1,560.5	1,620.4	1,699.8
Total Assets	18,033	68,344.4	66,445.7	68,112.0	67,824.1
Liabilities
Customer Deposits	11,327	42,928.5	41,638.6	42,873.1	43,290.6
Interbank and Other Short-Term Funding	2,787	10,563.2	9,416.0	10,085.2	9,227.7
Other Long-Term Funding	1,643	6,226.4	6,904.6	7,086.5	7,873.4
Trading Liabilities and Derivatives	44	168.0	297.0	413.1	0.0
Total Funding and Derivatives	15,801	59,886.1	58,256.2	60,457.9	60,391.7
Other Liabilities	274	1,038.5	1,109.7	851.3	1,249.0
Preference Shares and Hybrid Capital	N.A.	N.A.	N.A.	N.A.	N.A.
Total Equity	1,958	7,419.8	7,079.8	6,802.8	6,183.4
Total Liabilities and Equity	18,033	68,344.4	66,445.7	68,112.0	67,824.1
Exchange Rate		USD1 = PEN3.79	USD1 = PEN3.81	USD1 = PEN3.98	USD1 = PEN3.62

N.A. - Not applicable

Source: Fitch Ratings, Fitch Solutions, Interbank

Banco Internacional del Peru S.A.A. - Interbank
Update │ December 27, 2023	fitchratings.com	4

Banks

Universal Commercial Banks

Peru

Summary Financials and Key Ratios

	30 Sep 2023	31 Dec 2022	31 Dec 2021	31 Dec 2020
Ratios (annualized as appropriate)
Profitability
Operating Profit/Risk-Weighted Assets	1.9	2.3	2.8	0.6
Net Interest Income/Average Earning Assets	6.6	6.0	5.2	6.2
Non-Interest Expense/Gross Revenue	39.9	43.4	45.5	39.5
Net Income/Average Equity	13.9	17.6	19.1	4.4
Asset Quality
Impaired Loans Ratio	2.8	2.6	3.0	3.2
Growth in Gross Loans	4.4	5.3	3.5	15.0
Loan Loss Allowances/Impaired Loans	185.3	191.7	159.1	212.6
Loan Impairment Charges/Average Gross Loans	3.5	2.3	1.0	5.1
Capitalization
Common Equity Tier 1 Ratio	11.2	10.8	12.5	11.5
Fully Loaded Common Equity Tier 1 Ratio	N.A.	N.A.	N.A.	N.A.
Fitch Core Capital Ratio	N.A.	11.0	11.9	12.0
Tangible Common Equity/Tangible Assets	9.8	10.0	9.4	8.5
Basel Leverage Ratio	N.A.	N.A.	N.A.	N.A.
Net Impaired Loans/Common Equity Tier 1	N.A.	N.A.	N.A.	N.A.
Net Impaired Loans/Fitch Core Capital	N.A.	-16.4	-12.1	-26.4
Funding and Liquidity
Gross Loans/Customer Deposits	111.0	109.6	101.0	96.7
Gross Loans/Customer Deposits + Covered Bonds	N.A.	N.A.	N.A.	N.A.
Liquidity Coverage Ratio	N.A.	N.A.	N.A.	N.A.
Customer Deposits/Total Non-Equity Funding	71.9	71.8	71.4	71.7
Net Stable Funding Ratio	N.A.	N.A.	N.A.	N.A.

N.A. - Not applicable

Source: Fitch Ratings, Fitch Solutions, Interbank

Banco Internacional del Peru S.A.A. - Interbank
Update │ December 27, 2023	fitchratings.com	5

Banks

Universal Commercial Banks

Peru

Support Assessment

Commercial Banks: Government Support

Typical D-SIB GSR for sovereign's rating level (assuming high propensity)

Actual jurisdiction D-SIB GSR

Government Support Rating

1. to bb+ bbb- bbb-

Government ability to support D-SIBs
Sovereign Rating	BBB/ Negative
Size of banking system	Neutral
	Negative
Structure of banking system
	Neutral
Sovereign financial flexibility (for rating level)
Government propensity to support D-SIBs
Resolution legislation	Neutral
Support stance	Neutral
Government propensity to support bank
Systemic importance	Neutral
Liability structure	Neutral
	Neutral
Ownership

The colors indicate the weighting of each KRD in the assessment.

Higher influence Moderate influence Lower influence

The 'bbb-' GSR reflects high probability of forthcoming support. The Peruvian government has a high propensity to provide Interbank support given its moderate systemic importance. The sovereign's ability to provide support is reflected in its 'BBB'/Negative IDR, which is underpinned by its sound financial position, ample international reserves and low debt levels.

Banco Internacional del Peru S.A.A. - Interbank
Update │ December 27, 2023	fitchratings.com	6

Banks

Universal Commercial Banks

Peru

Environmental, Social and Governance Considerations

Banco Internacional del Peru S.A.A. - Interbank

Credit-Relevant ESG Derivation

Banco Internacional del Peru S.A.A. - Interbank has 5 ESG potential rating drivers	key driver	0	issues
	Banco Internacional del Peru S.A.A. - Interbank has exposure to compliance risks including fair lending practices, mis-selling, repossession/foreclosure practices,
	consumer data protection (data security) but this has very low impact on the rating.
	Governance is minimally relevant to the rating and is not currently a driver.	driver	0	issues

	potential driver	5	issues

			4	issues
		not a rating driver
	5	issues

Banks

Ratings Navigator

ESG Relevance to

Credit Rating

5

4

3

2

1

Environmental (E) Relevance Scores

General Issues	E Score	Sector-Specific Issues	Reference
GHG Emissions & Air Quality	1	n.a.	n.a.
Energy Management	1	n.a.	n.a.
Water & Wastewater Management	1	n.a.	n.a.
Waste & Hazardous Materials	1	n.a.	n.a.
Management; Ecological Impacts
		Impact of extreme weather events on assets and/or	Business Profile (incl. Management & governance); Risk Profile;
Exposure to Environmental Impacts	2	operations and corresponding risk appetite & management;
Asset Quality
		catastrophe risk; credit concentrations
Social (S) Relevance Scores
General Issues	S Score	Sector-Specific Issues	Reference
Human Rights, Community Relations,		Services for underbanked and underserved communities:
2	SME and community development programs; financial literacy	Business Profile (incl. Management & governance); Risk Profile
Access & Affordability
	programs
Customer Welfare - Fair Messaging,		Compliance risks including fair lending practices, mis-selling,	Operating Environment; Business Profile (incl. Management &
3	repossession/foreclosure practices, consumer data protection
Privacy & Data Security		(data security)	governance); Risk Profile
Labor Relations & Practices	2	Impact of labor negotiations, including board/employee	Business Profile (incl. Management & governance)
compensation and composition
Employee Wellbeing	1	n.a.	n.a.
		Shift in social or consumer preferences as a result of an
Exposure to Social Impacts	2	institution's social positions, or social and/or political	Business Profile (incl. Management & governance); Financial Profile
		disapproval of core banking practices

Governance (G) Relevance Scores

E Relevance

5

4

3

2

1

S Relevance

5

4

3

2

1

How to Read This Page

ESG relevance scores range from 1 to 5 based on a 15-level color gradation. Red (5) is most relevant to the credit rating and green (1) is least relevant.

The Environmental (E), Social (S) and Governance (G) tables break out the ESG general issues and the sector-specificissues that are most relevant to each industry group. Relevance scores are assigned to each sector-specificissue, signaling the credit- relevance of the sector-specificissues to the issuer's overall credit rating. The Criteria Reference column highlights the factor(s) within which the corresponding ESG issues are captured in Fitch's credit analysis. The vertical color bars are visualizations of the frequency of occurrence of the highest constituent relevance scores. They do not represent an aggregate of the relevance scores or aggregate ESG credit relevance.

The Credit-Relevant ESG Derivation table's far right column is a visualization of the frequency of occurrence of the highest ESG relevance scores across the combined E, S and G categories. The three columns to the left of ESG Relevance to Credit Rating summarize rating relevance and impact to credit from ESG issues. The box on the far left identifies any ESG Relevance Sub-factorissues that are drivers or potential drivers of the issuer's credit rating (corresponding with scores of 3, 4 or 5) and provides a brief explanation for the relevance score. All scores of '4' and '5' are assumed to result in a negative impact unless indicated with a '+' sign for positive impact.h scores of 3, 4 or 5) and provides a brief explanation for the score.

Classification of ESG issues has been developed from Fitch's sector ratings criteria. The General Issues and Sector-Specific Issues draw on the classification standards published by the United Nations Principles for Responsible Investing (PRI), the Sustainability Accounting Standards Board (SASB), and the World Bank.

CREDIT-RELEVANT ESG SCALE

General Issues	G Score	Sector-Specific Issues	Reference
Management Strategy	3	Operational implementation of strategy	Business Profile (incl. Management & governance)
		Board independence and effectiveness; ownership
Governance Structure	3	concentration; protection of creditor/stakeholder rights; legal	Business Profile (incl. Management & governance); Earnings &
/compliance risks; business continuity; key person risk;	Profitability; Capitalisation & Leverage
		related party transactions
Group Structure	3	Organizational structure; appropriateness relative to business	Business Profile (incl. Management & governance)
		model; opacity; intra-group dynamics; ownership
Financial Transparency	3	Quality and frequency of financial reporting and auditing	Business Profile (incl. Management & governance)
processes

G Relevance

5

4

3

2

1

How relevant are E, S and G issues to the

overall credit rating?

Highly relevant, a key rating driver that has a

5significant impact on the rating on an individual basis. Equivalent to "higher" relative importance

within Navigator.

Relevant to rating, not a key rating driver but has

4an impact on the rating in combination with other factors. Equivalent to "moderate" relative

importance within Navigator.

Minimally relevant to rating, either very low impact

3or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower"

relative importance within Navigator.

2Irrelevant to the entity rating but relevant to the sector.

1Irrelevant to the entity rating and irrelevant to the sector.

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, due to either their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores .

Banco Internacional del Peru S.A.A. - Interbank
Update │ December 27, 2023	fitchratings.com	7

Banks

Universal Commercial Banks

Peru

SOLICITATION & PARTICIPATION STATUS

For information on the solicitation status of the ratings included within this report, please refer to the solicitation status shown in the relevant entity's summary page of the Fitch Ratings website.

For information on the participation status in the rating process of an issuer listed in this report, please refer to the most recent rating action commentary for the relevant issuer, available on the Fitch Ratings website.

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Banco Internacional del Peru S.A.A. - Interbank
Update │ December 27, 2023	fitchratings.com	8