Intercorp Financial Services : Management Presentation - IFS, March 2024

Management Presentation

March 2024

Safe Harbor for Forward-Looking Statements

This corporate presentation contains "forward looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this corporate presentation regarding Interbank's business, financial condition, results of operations and certain of Interbank's plans, objectives, assumptions, projections, expectations or beliefs and statements regarding other future events or prospects are forward-looking statements. These statements include, without limitation, those concerning: Interbank's strategy and Interbank's ability to achieve it; Interbank's recent developments; expectations regarding sales, profitability and growth; Interbank's possible or assumed future results of operations; capital expenditures and investment plans; adequacy of capital; and financing plans. In addition, this corporate presentation includes forward-looking statements relating to Interbank's potential exposure to various types of market risks, such as macroeconomic risk, Peru specific risks, foreign exchange rate risk, interest rate risks and other risks related to Interbank's financial performance. The words "aim," "may," "will," "expect," "is expected to," "anticipate," "believe," "future," "continue," "help," "estimate," "plan," "schedule," "intend," "should," "would be," "seeks," "estimates," "shall," or the negative or other variations thereof, as well as other similar expressions regarding matters that are not historical facts, are or may indicate forward-looking statements.

Interbank has based these forward-looking statements on its management's current views with respect to future events and financial performance. These views reflect the best judgment of Interbank's management but involve a number of risks and uncertainties which could cause actual results to differ materially from those predicted in Interbank's forward-looking statements and from past results, performance or achievements. Although we believe that the estimates reflected in the forward-looking statements are reasonable, such estimates may prove to be incorrect. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, among other things:

1. economic, business and political developments in Peru and globally; (b) changes in Peruvian and other foreign laws and regulations, including the adoption of new capital requirements for banks; (c) increased competition in the Peruvian financial services market; (d) increased inflation; (e) exchange rate instability and government measures to control foreign exchange rates; (f) developments affecting the purchasing power of middle income consumers or consumer spending generally; (g) increases in interest rates; (h) downturns in the capital markets and changes in capital markets in general that affect policies or attitudes towards lending to Peru or Peruvian companies or securities issued by Peruvian companies; (i) Interbank's ability to keep up with technological changes; (j) the inability to obtain the capital we need for further expansion of Interbank's businesses; (k) the inability to attract and retain key personnel; (l) changes in tax laws; (m) severe weather, natural disasters and adverse climate changes; (n) changes in regional or global markets; (o) dependence on sovereign debt in Interbank's investment portfolios; (p) credit and other risks of lending, such as increases in defaults of borrowers; (q) increased costs of funding or Interbank's inability to obtain additional debt or equity financing on attractive terms or at all; (r) a deterioration in the quality of Interbank's assets; (s) allowances for impairment losses may be inadequate; (t) changes to accounting standards; (u) dependence on information technology systems and cybersecurity risks; and (v) other risks and uncertainties.

	Additionally, new risks and uncertainties can emerge from time to time, and it is not possible for Interbank to predict all future risks and uncertainties, nor can Interbank assess their potential
	impact. Accordingly, you should not place undue reliance on forward-looking statements as a prediction of actual results.
	All forward-looking statements included in this corporate presentation are based on information available to Interbank on the date of this corporate presentation. Interbank undertakes no
	obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All other
	written and oral forward-looking statements attributable to Interbank or persons acting on Interbank's behalf are expressly qualified in their entirety by the cautionary statements contained
	throughout this corporate presentation.
	Interbank prepares the financial information included in this presentation in accordance with accounting principles prescribed by the Peruvian Superintendency of Banks, Insurance and Private
	Pension Fund Administrators (Superintendencia de Banca, Seguros y AFPs, or "SBS") and the Peruvian Securities Commission (Superintendencia del Mercado de Valores, or "SMV") (altogether,
	"Peruvian SBS GAAP" or "Local GAAP"). All financial information in this presentation regarding the relative market position and financial performance relating to us, vis-a-vis the banking sector in
	Peru is based, out of necessity, on information obtained from SBS statistics. In addition, for certain financial information related to our compound annual growth rate we have included such
	information pursuant to Peruvian SBS GAAP in order to be able to show our growth over a certain number of years. Peruvian SBS GAAP differs in certain respects from IFRS. Consequently,
1	information presented in this presentation in accordance with Peruvian SBS GAAP or based on information from the SBS or SMV may not be comparable with financial information prepared in
accordance with IFRS.

Interbank in numbers (FY23)

	900	22%	10%
12 ROE	Earnings	MS consumer	MS commercial
(S/ mn)	loans	loans
%
39%	5.9	75%
	C/I	Retail	Digital
	ratio	customers	customers
		(mn)
			As of December 31, 2023

2

Interbank

at a glance

Leading bank in Peru with strong financial performance

Financial highlights

As of December 31, 2023	S/ mn | US$ mn
Assets (1)	67,990 | 18,331
Gross loans(1)	46,788 | 12,615
Deposits (1)	46,096 | 12,428
ROE	12.4%
Efficiency ratio	39.2%
PDL ratio	3.5%
TCR ratio	15.5%
CET 1 ratio	11.8%

	Source: Superintendencia de Banca, Seguros y AFP (SBS) and Interbank as of December 31, 2023
4	1)	Figure converted to US dollars using an end of period exchange rate (Sol / US dollar) of 3.709
2)	Ranking among four largest Peruvian banks
	3)	Payroll deductible loans to public sector employees

Leading position in the Peruvian banking system(2)

#3	#2	#1
12.4%	22.2%	21.7%
Market share in	Market share in
ROE	consumer loans	payroll loans(3)

	153
#3	Fin. stores	75%
1,666
15.1%	ATMs
	Digital
Market share in	7,163
customers
retail deposits	Correspond. agents

Solid capital ratios

Key initiatives

Solvency

• Fully capitalized 2019 earnings to strengthen CET1 and TCR
• Called US$ 200 million hybrid Tier 1 bond in April 2020 to reduce interest expense on bonds that no longer provided equity credit
• Issued US$ 300 million subordinated Tier 2 bond in July 2020 to strengthen TCR
• Called local subordinated bonds for almost S/ 400 million between September 2021 and January 2023
• 15.2% TCR as of Jun23, above regulatory risk- adjusted minimum capital ratio requirement of 10.7%
• Adequation to full Basel 3 standards starting January 2023: TCR 16.0% and CET1: 11.8%

Capital ratio evolution

Banking
System 15.4%	14.9%	14.4%	16.4%(1)
TCR
17.0%	15.9%			11.5%	12.5%	12.0%	11.8%
	15.1%	15.5%

11.0%

regulatory

minimum	6.5%
	regulatory
	minimum

2020	2021	2022 Dec23	2020	2021	2022	Dec23
Total capital ratio (TCR)		CET1 ratio

5	Source: Interbank, SBS and Asociación de Bancos del Perú (ASBANC)
1) As of Nov23

Milestones in Interbank's capital markets history

Intercorp Peru

(formerly IFH) acquires Banco Internacional del Peru (Interbank) from the Peruvian government

Interbank issues $200 million in hybrid Tier 1 bonds in the

international capital

markets

Interbank issues $400 million in senior bonds in the international capital markets

Interbank raises a $200 million syndicated senior credit facility in the

international markets

2014

2013

Interbank issues $200 million in senior bonds in the international capital markets, concurrently with an exchange offer for its senior bonds due 2020

2018

Interbank issues $300

million in

subordinated Tier 2 bonds in the international capital markets

IFS executes a SEC registered

IPO of ~$470 million

2020

2019

1994	2006	2010	2012

Interbank executes a

Creation of IFS as the controlling shareholder of Interbank and Interseguro

Interbank executes a $250 million reopening of its senior bonds due 2020

Interbank issues $300

million in subordinated Tier 2 bonds in the international capital markets

Interbank issues $400 million and S/312 million in senior bonds in the international capital markets, concurrently with a tender offer and early redemption of its

outstanding senior

bonds due 2020

call option to redeem $200 million hybrid Tier 1 bonds

6	Source: Interbank and IFS

Intercorp Group: striving to make Peru the best place to raise a family in Latin America

Financial	Retail
services
US$ 8.4bn
	Revenues in 2022
	~4.0% of Peru 2022 GDP
Education	Other (1)

7	Source: Company information and Central Bank
1) Related companies excluding Aviva and Urbi

Key messages

Key messages

1

4

Challenging macro environment

Positive development in digital indicators

2

5

Growing market shares & revenues

Continuous focus on efficiency

3

6

Solid risk management capabilities

ESG updates