A.History and Development of the Company
Our legal name is Intercorp Financial Services Inc. and we are organized as a corporation (sociedad anónima) under the laws of Panama since 2006. Our principal executive offices are located at Av. Carlos Villarán 140, 5th Floor, Urbanización Santa Catalina, La Victoria, Lima 13, Peru. Our telephone number is +(511) 615-9011. Our website is www.ifs.com.pe.
We are the majority owner and controlling shareholder of our subsidiaries, Interbank, Interseguro, Inteligo -which comprise our banking, insurance and wealth management segments- and Izipay, our payment services subsidiary. We are responsible for coordinating, supervising and establishing their strategy and management policies. In 2007, we conducted an initial public offering of our common shares publicly in Peru and privately outside of Peru. Our parent company is Intercorp Peru, a holding company for a
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group of companies operating mainly in Peru under the name “Intercorp." Intercorp Peru’s main subsidiaries include our company and Intercorp Retail. Intercorp Retail acts as a holding company for the retail and real estate operations of Intercorp Peru in Peru. As of December 31, 2025, Intercorp Peru owned, directly and indirectly, 74.38% of IFS's capital stock (including treasury stock).
Interbank is an open-stock corporation (sociedad anónima abierta). Interbank was incorporated in Lima, Peru in 1897 and formerly conducted business under the names “Banco Internacional del Perú S.A.” and “Interbank." In August 1994, as part of the government’s privatization efforts, 91% of Interbank’s share capital was acquired by Corporación Interbank, which subsequently transferred its holdings in Interbank to Intercorp Peru, a limited liability company organized under the laws of the Commonwealth of The Bahamas. After Interbank’s acquisition by Intercorp Peru in 1994, Interbank began conducting business under the name “Interbank” as part of a rebranding and modernization effort, and has become a leading universal bank in Peru. As of December 31, 2025, IFS held 99.31% of the capital stock of Interbank.
Interseguro is a corporation (sociedad anónima) that was incorporated in 1998 by Intercorp Peru, pursuant to an agreement between Intercorp Peru and The Bankers Trust Company (“Bankers Trust”) (at the time the controlling shareholder of Consorcio Nacional de Seguros S.A., the largest insurer in Chile) to benefit from the expansion of the insurance business in Peru. In connection with the sale of Bankers Trust to Deutsche Bank AG in 1999, Bankers Trust’s interest in Interseguro was sold to a group of Chilean investors, and in 2000 Intercorp Peru acquired the portion of Interseguro that it did not own.
On May 31, 2017, we entered into a share purchase agreement with Sura Asset Management Company (“SUAM”) and “Grupo Wiese” to acquire 100% of the capital stock of Seguros Sura S.A. (“Seguros Sura”) and Hipotecaria Sura Empresa Administradora Hipotecaria S.A. (“Hipotecaria Sura”) (the “Sura Acquisition”) for an initial base price of U.S.$268 million. The transaction became effective on November 2, 2017 and the approval by SBS was granted on September 28, 2017. This merger consolidated Interseguro’s leadership in the annuities market, as well as strengthened its position in credit life insurance.
Inteligo was incorporated under the laws of the Republic of Panama in 2006. Inteligo Bank is a corporation that was incorporated in 1995 in The Bahamas and formerly conducted business under the names of Interbank Overseas Ltd. and Blubank Ltd. Inteligo SAB is a corporation (sociedad anónima) that started operations in 1993. On July 18, 2014, the board of directors of IFS approved the acquisition of Inteligo, effective on August 1, 2014. This reorganization entailed the acquisition of 100% of Intercorp Peru’s shares in Inteligo by IFS in exchange for 19.5 million IFS common shares. Inteligo SAB is organized under the laws of Peru, and is licensed by the SMV to operate in Peru and conduct brokerage, custody, portfolio management and advisory services.
Interfondos is a corporation (sociedad anónima) that started operations in 1994. It is organized under the laws of Peru and is licensed by the SMV to operate in Peru and conduct mutual funds and investment funds management services.
In January 2019, we announced the consolidation of our wealth management activities at Inteligo by transferring Interbank’s mutual funds subsidiary, Interfondos, to Inteligo, where asset management is the core business.
In July 2019 we, together with Interbank, Intercorp Peru and a non-related shareholder conducted an SEC-registered initial public offering as a result of which IFS sold 1,150,000 newly-issued common shares and 2,418,754 treasury common shares (including shares sold by Interbank), Intercorp Peru sold 2,531,246 common shares and the non-related shareholder sold 3,000,000 common shares. In addition, the underwriters partially exercised their option to purchase 1,350,000 additional shares, which resulted in the purchase of 1,186,841 newly-issued common shares.
While Interbank has owned 50% of PMP and its subsidiary Izipay for more than a decade, in April 2022, we acquired the remaining 50% ownership interest of PMP and its subsidiary Izipay, consolidating such subsidiaries into our corporate group and consolidating our payments ecosystem.
Since 2008, we have delivered returns for our shareholders supported by a strong bottom-line generation. In 2023, we paid U.S.$136.2 million in dividends based on 2022 results. In 2024, we paid U.S.$115.4 million in dividends based on 2023 results. In 2025, we paid U.S.$115.4 million in dividends based on 2024 results. In 2026, we intend to pay U.S.$207.8 million in dividends based on 2025 results. In addition, our market capitalization has increased from U.S.$1.2 billion in 2007 to U.S.$4.9 billion as of December 31, 2025, based on a price of U.S.$42.36 per share, as reported by the NYSE on the same date.
On March 31, 2023, IFS's shareholders approved the creation of the 2023 Repurchase Program, and on March 31, 2025, a new program was approved for up to U.S.$100 million of our common shares. For details on the repurchases, see “Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers.”
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We also continue to make significant digital and physical infrastructure capital expenditure investments in our different segments. For a description of our capital expenditures, see “Item 5. Operating and Financial Review and Prospects—Liquidity and Capital Resources—Capital Expenditures Program.”
The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The materials included in this Annual Report on Form 20-F may be downloaded at the SEC’s website: http://www.sec.gov. Any filings we make are also available to the public over the Internet at the SEC’s website and at our website at https://www.ifs.com.pe. (This URL and other URLs in this Annual Report on Form 20-F are intended to be inactive textual references only. None are intended to be active hyperlinks to websites. Any information which might be accessible through a hyperlink referenced from any URL referenced in this report, is not and shall not be deemed to be incorporated into this Annual Report on Form 20-F).
Recent Developments
Annual Shareholders Meeting
On March 31, 2026, IFS held its Annual Shareholders Meeting. In such meeting, the shareholders approved the 2026 dividend policy, which approves distribution to shareholders of a minimum of 20% of the net profits of IFS registered in said period, to be distributed in one or more opportunities; as long as the decision of the distribution of dividends does not affect IFS’s and/or its subsidiaries’ compliance with legal and/or equity requirements, and economic and financial conditions allow it. If the conditions allow it, method and opportunity for dividends payment will be set forth in the corresponding distribution agreement.
In the Annual Shareholders Meeting, the shareholders also approved the appointment of Tanaka, Valdivia, Arribas & Asociados Sociedad Civil de Responsabilidad Limitada, A member of Ernst & Young Global Limited, as external auditors for IFS and its subsidiaries for the period of 2027 to 2029.
Acquisition of InFinance XP S.A. (formerly Financiera Oh! S.A.) in joint venture with InRetail Perú Corp.
On April 6, 2026, IFS and InRetail Perú Corp. entered into a Stock Purchase Agreement with IFH Retail Corp., a related party and subsidiary of Intercorp Perú Ltd., pursuant to which IFS acquired 50% of the shares representing the corporate capital of IXP Holding Corp. and InRetail Perú Corp. acquired the remaining 50%, for a total aggregate purchase price of U.S.$130 million. The transaction, which is effective as of April 1, 2026, has been structured as a joint venture between IFS and InRetail Perú Corp. As a result of this acquisition, IFS and InRetail Perú Corp. indirectly acquired 100% of the shares representing the corporate capital of InFinance XP S.A. (formerly Financiera Oh! S.A.).
InFinance XP S.A. is a consumer finance company operating in Peru with approximately three million customers, S/1.7 billion in total loans and S/1.5 billion in total deposits as of the date of the transaction. It also recently launched SIP, a mobile application that integrates its financial and payments products as well as its loyalty program. The integration of InFinance XP's consumer finance capabilities with IFS's banking, insurance, wealth management and payment services platform and InRetail's retail network of more than 4,000 stores across Peru is expected to enable the creation of a combined ecosystem for payments and consumer financing, expanding access to digital financial solutions for consumers nationwide.
B.Business Overview
Overview
IFS is a leading provider of banking, insurance, wealth management services and payments for retail customers and commercial clients in Peru. Our purpose is centered around building financial well-being together. IFS is committed to (i) becoming the leading digital financial platform, with a clear strategic focus on key businesses such as consumer financing, wealth management and life insurance; (ii) placing the customer at the center of its decisions, offering a comprehensive suite of services backed by a superior digital experience and analytics as its competitive advantages; and (iii) fostering a unified approach, leveraging the best talent, innovation and a collaborative mindset. We also believe our digital transformation is vital to our continued growth and profitability, and for this reason we have been investing in developing the capabilities necessary to offer digital products and services to our customers. We manage our business in three segments, banking, insurance and wealth management, which complement each other and represent diversified sources of revenue. Our banking segment operates through our subsidiary Interbank, which is the third largest provider of total loans in Peru, according to the SBS. Interbank provides retail banking and commercial banking products, and services to individuals, large companies, and small and medium enterprises. Complementing our banking segment, our subsidiary Izipay also contributes by generating an end-to-end digital ecosystem of financial services and technology solutions, enabling consumers, individual entrepreneurs, micro-merchants, and small and medium-sized enterprises (SMEs) in Peru to make and process payments in a safe seamless, digital, mobile-first, and affordable manner. Our insurance segment operates through our subsidiary
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Interseguro, which is the leading provider of annuities in Peru by premiums and one of the leading life insurance companies in the country according to the SBS. Interseguro provides a wide range of retirement, savings, life, unemployment and other insurance products to retail customers. Finally, our wealth management segment operates mainly through our subsidiaries Inteligo Bank, Inteligo SAB, Interfondos and Veltria Advisors, which together provide wealth management, private banking, financing, brokerage, advisory and other investment services mainly to high-net-worth individuals.
As of December 31, 2025, Interbank’s digital platform and distribution network provide to its 5.6 million customers, as well a potential market of more than 34 million Peruvians (total population of Peru), including an employed population of 17.6 million and 3.4 million businesses, with access to its products and services and a distinctive and convenient customer experience.
Our key strategic priority is to achieve digital excellence for our customers by providing them with a world-class, flexible and secure digital platform. We believe our digital efforts are vital to our continued growth and profitability, and for this reason we have been investing in developing the capabilities necessary to offer digital products and services to our customers. As of December 31, 2025, 83.8% of a total 3.8 million monthly active retail customers are digital customers (customers who do not use our branches)—that is 3.2 million retail customers. We have also streamlined our physical presence by reducing the number of branches by approximately 51.9% since its peak in 2016, focusing on educating our customers in the use of our digital platform. We have substantially increased migration of low-value-added transactions to more efficient digital channels, and we have increased sales of products to existing customers, as well as increased new customer acquisition of which 55.5% are being acquired digitally or “born-digitally” as of December 31, 2025.
The following table shows the evolution of our reported net profit, dividends, ROE and ROA, from 2023 through 2025:
For the year ended December 31,
2025 2025 2024 2023
(U.S. $ in millions)(2) (S/ in millions)
Net profit 577.8 1,943.2 1,307.5 1,079.3
Dividends declared for the year(1) 207.8 724.0 420.1 427.4
ROE 16.8 % 12.6 % 11.3 %
ROA 2.0 % 1.4 % 1.2 %
(1)Dividends are declared and paid in U.S. dollars. Except for declaration and payment of extraordinary dividends, dividends declared for fiscal year 2025 are expected to be paid in May 2026, dividends declared in 2024 and 2023 were paid in 2025 and 2024, respectively; and amounted to U.S.$115.4 million in both years. See “Item 8. Financial Information—Consolidated Statements and Other Financial Information—Dividends and dividends policy."
(2)Amounts stated in U.S. dollars as of and for the year ended December 31, 2025 have been translated from soles at the exchange rate of S/3.363 = U.S.$1.00.
As of December 31, 2025, we had total assets of S/99.1 billion (approximately U.S.$29.5 billion), total gross loans of S/52.4 billion (approximately U.S.$15.6 billion), total deposits and obligations of S/56.0 billion (approximately U.S.$16.7 billion) and shareholders’ equity of S/12.4 billion (approximately U.S.$3.7 billion).
For the year ended December 31, 2025, our consolidated net profit was S/1,943.2 million as compared to S/1,307.5 million in 2024. Net profit improved in 2025 mainly due to a decrease of S/583.5 million in impairment loss on loans, and increases of S/483 million in other income, S/122.0 million in insurance results, S/80.3 million in net interest and similar income. These effects were partially offset by a S/263.0 million increase in other expenses, a S/216.3 million increase in impairment of financial investments, and a S/215.9 million increase in income tax.
We operate the following three business segments: banking, insurance and wealth management. In addition, “Holding, Other Subsidiaries and Eliminations” includes those items that have not been allocated to an operating segment. It includes Izipay, among others.
Banking
Interbank is the third largest provider of consumer loans (retail loans other than mortgages) in Peru with a 19.1% market share in terms of total gross consumer loans outstanding as of December 31, 2025, according to the SBS. Interbank is the largest provider (among non-government owned banks) of payroll deduction loans to public sector employees with a 19.3% market share as of December 31, 2025, according to ASBANC. Additionally, Interbank is the third largest bank in Peru in terms total assets, total loans, total deposits, outstanding retail mortgages and retail deposits, and the fourth largest bank in terms of commercial lending and loans to mid-sized companies, according to the SBS. Furthermore, as of December 31, 2025, Interbank’s market share in commercial loans has decrased to 10.8% from 10.9% as of December 31, 2024. Interbank has built one of the most convenient and extensive retail banking distribution networks in Peru, including: online banking, mobile applications, 146 financial stores, more than 1,638 ATMs and 8,000 correspondent agents (including its external network of agents), as of December 31, 2025. Moreover, we believe Interbank has developed state-of-the-art and user-friendly digital platforms to better serve its clients’ needs.
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As of and for the year ended December 31, 2025, Interbank represented 77.5% of our total assets.
For the 2025 fiscal year, Interbank declared a dividend of S/656.3 million (or, approximately U.S.$195.1 million), of which S/651.8 million (or, approximately U.S.$193.8 million) were paid to IFS on April 17, 2026, which represents 69.2% of total dividends to be received by IFS.
With a focus on maintaining a balanced portfolio, Interbank has a higher percentage of retail loans, which account for 52.9% of its total loan portfolio, compared to the banking system of 40.7% as of December 31, 2025.
Interbank’s CAGR in gross loans, and deposits and obligations between 2021 and 2025 was 4.0% and 4.5%, respectively. For the year ended December 31, 2025, Interbank reported a profit of S/1,475.0 million attributed to a decrease of S/583.2 million in impairment loss on loans, net of recoveries, and increases of S/106.7 million in other income, S/92.8 million in fee income from financial services, and S/82.6 million increase in net interest and similar income. These effects were partially offset by an increase of S/192.1 million in other expenses, and S/216.3 million in income tax. For the year ended December 31, 2025, Interbank’s ROE was 15.6%.
Izipay, acquired by us in 2022, serves to complement our three operating segments, but specially our banking segment. Izipay is a payments company and provider of products and services related to payments acquirer, a correspondent bank and a credit cards processor. Moreover, it provides financial services and technology solutions that enable consumers, individual entrepreneurs, micro-merchants, SMEs, in Peru, to make and/or process payments in a safe, seamless, digital, mobile first and affordable manner. Izipay’s technology solutions allow it to (i) be a full acquirer company, with a complete set of payment solutions through Point-of-Sale (“POS”) devices and e-commerce, (ii) provide a digital platform with proprietary solutions for business management such as self-check-out, split payments, product and inventory management, business reports, anti-fraud system and CRM, among others.
Insurance
Interseguro is the leading provider of annuities in Peru, with a 25.5% market share as measured by total premiums collected during 2025, according to the SBS, and is one of the leading individual life insurance companies in Peru. Also, Interseguro offers lower-premium retail insurance products, including credit life, mandatory traffic accident insurance (“SOAT”), car insurance and credit card protection insurance, through a comprehensive multi-channel distribution platform which includes Interseguro’s sales force, which represents more than 50% of Interseguro’s sales, Interbank, brokers and its own digital channel.
For the 2025 fiscal year, Interseguro declared a dividend of S/160.0 million (or, approximately U.S.$47.6 million), which represents 17.0% of total dividends to be received by IFS. For the year ended December 31, 2025, Interseguro’s net profit was S/429.7 million under SBS GAAP and its ROE was 28.0%.
Wealth management
Inteligo is a provider of wealth management services, which includes banking, financing, brokerage and investing activities for high-net-worth individuals through four operating subsidiaries: Inteligo Bank, Inteligo SAB (brokerage), Interfondos (mutual funds) and Veltria (multi-family office).
As of and for the year ended December 31, 2025, Inteligo represented 4.2% of our total assets.
For the 2025 fiscal year, our subsidiaries in the wealth management segment declared a combined dividend of U.S.$38.5 million, which represents 13.8% of total dividends received by IFS. The dividend was paid on April 22, 2026.
Inteligo’s CAGR in assets under management was 6.5% between 2020 and 2025. In addition, for the year ended December 31, 2025, Inteligo’s net profit was S/231.1 million and ROE was 21.5%.
The following tables provide certain financial and other information about our three business segments for the period indicated.
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As of and for the year ended December 31, 2025
Assets Equity Net Profit/(Loss)
(S/ in millions) % (S/ in millions) % (S/ in millions) %
Banking 76,763.2 77.5 % 10,257.6 82.6 % 1,475.0 75.9 %
Insurance 17,461.1 17.6 % 845.3 6.8 % 274.5 14.1 %
Wealth management 4,118.5 4.2 % 1,099.5 8.9 % 231.1 11.9 %
Holding, other subsidiaries and eliminations(1) 754.5 0.8 % 219.4 1.8 % (37.5 ) (1.9 %)
Total 99,097.4 100.0 % 12,421.8 100.0 % 1,943.2 100.0 %
(1)Holding and other subsidiaries, as well as consolidation adjustments and elimination of intercompany transactions.
As of and for the year ended December 31, 2025
(S/ in millions)
Net Profit/ (Loss) Average total assets ROA Average total equity ROE
Banking 1,475.0 75,024.4 2.0 % 9,428.0 15.6 %
Insurance 274.5 16,749.3 1.6 % 695.2 39.5 %
Wealth management 231.1 4,355.9 5.3 % 1,075.7 21.5 %
Holding, other subsidiaries and eliminations(1) (37.5 ) 843.5 — 360.7 —
Total 1,943.2 96,973.1 2.0 % 11,559.6 16.8 %
(1)Holding and other subsidiaries, as well as consolidation adjustments and elimination of intercompany transactions.
The following table provides relevant information about dividends declared by each of our subsidiaries:
SBS GAAP IFRS
Interbank Interseguro Inteligo Bank
For the year ended December 31,
2025 2024 2023 2025 2024 2023 2025 2024 2023
(S/ in millions) (U.S.$ in millions)
Net profit for the period(1) 1,458.5 933.7 900.5 429.7 376.3 315.1 58.4 31.3 7.6
Dividends declared(2) 656.3 420.2 405.2 160.0 125.0 150.0 33.0 21.9 7.5
Payout ratio 45.0% 45.0% 45.0% 37.2% 33.2% 47.6% 56.5% 70.0% 98.8%
(1)For Interbank and Interseguro this information is calculated using SBS GAAP. This table is presented in this manner because Interbank and Interseguro pay dividends to us based on SBS GAAP and Inteligo pays dividends to us on the basis of IFRS Accounting Standards. The information is derived from stand-alone information from each entity.
(2)Represents dividends for the fiscal year which are declared and paid in the following year.
The following tables provide certain financial and other information about our consolidated business:
As of and for the year ended December 31,
2025 2025 2024 2023
(U.S.$ in millions)(1) (2) (S/ in millions)(2)
Financial Position and Income Statement Items
Total assets 29,467.0 99,097.4 95,503.8 89,624.8
Total gross loans 15,411.8 51,829.9 50,415.4 48,249.2
Total deposits and obligations 16,660.0 56,027.6 53,768.0 49,188.2
Total equity, net 3,693.7 12,421.8 10,978.6 10,008.1
Net profit (attributable to IFS’s shareholders) 574.6 1,932.5 1,300.1 1,072.7
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As of and for the year ended December 31,
2025 2024 2023
Profitability Ratios
Net interest margin(3) 5.0 % 5.1 % 5.3 %
Risk adjusted NIM(4) 3.5 % 3.1 % 3.0 %
Efficiency ratio(5) 36.8 % 37.4 % 36.8 %
ROA 2.0 % 1.4 % 1.2 %
ROE 16.8 % 12.6 % 11.3 %
2025 2024 2023
Asset Quality and Capitalization
Past-due-loans as a % of total gross loans(6) 2.4 % 2.6 % 3.4 %
Cost of risk(7) 2.2 % 3.5 % 4.1 %
Core equity Tier 1 ratio of Interbank(8) 12.5 % 12.3 % 11.8 %
As of and for the year ended December 31,
2025 2024 2023
Distribution Network and Customers
Financial stores 146 149 153
ATMs 1,638 1,750 1,666
Correspondent agents (includes external network) 8,000 7,501 7,163
Number of digital customers(9) 3,167,743 2,916,486 2,498,568
Percentage of digital users(9)(10) 83.8 % 81.9 % 75.3 %
(1)Amounts stated in U.S. dollars as of and for the year ended December 31, 2025 have been translated from soles at the exchange rate of S/3.363 = U.S.$1.00.
(2)Except for percentages and ratios and distribution and customer data.
(3)Net interest margin is defined as (x) net interest and similar income divided by (y) average interest-earning assets. See “Item 4. Information on the Company—Selected Statistical Information.”
(4)Risk adjusted net interest margin is defined as net interest margin after impairment loss on loans, net of recoveries.
(5)Efficiency ratio for years 2025, 2024 and 2023 is calculated by dividing (x) salaries and employee benefits plus administrative expenses plus depreciation and amortization by (y) net interest and similar income plus net fee income from financial services plus other income plus insurance income.
(6)At end of period. See “Presentation of Financial Information—Loan Portfolio Data."
(7)Cost of risk is defined as impairment loss on loans, net of recoveries divided by average gross loans.
(8)Calculated for Interbank only pursuant to SBS regulations.
(9)In the month of December for each full year.
(10)Percentage of digital users over total clients that interact with Interbank.
Market Opportunity
We believe that the potential growth of the Peruvian economy, the increase in private investment, the expanding middle class, the growth of private wealth creation in Peru, the low penetration of financial services and the well-capitalized and profitable Peruvian financial system offer significant opportunities to accelerate digital adoption and growth in deposits and loans, enabling us to efficiently acquire and serve more clients, while providing distinctive and convenient customer service and greater access and inclusion to financial services to previously underserved Peruvians.
Solid macroeconomic fundamentals
For the year ended December 31, 2023, Peru’s GDP contracted by 0.6% (compared to growth rates of 0.6% in Colombia, 2.9% in Brazil, and 3.2% in Mexico). In 2024, Peru’s GDP increased 3.3% (compared to growth rates of 1.7% in Colombia, 2.5% in Chile, 1.5% in Mexico, 3.8% in Brazil, 0.3% in Ecuador, 3.2% in Uruguay, 4.3% in Paraguay, 2.1% in Bolivia and (1.8%) in Argentina). In 2025, Peru’s GDP increased 3.4% (compared to growth rates of 2.5% in Colombia, 2.5% in Chile, 1.0% in Mexico, 2.4% in Brazil, 3.2% in Ecuador, 2.5% in Uruguay, 4.4% in Paraguay, 0.6% in Bolivia and 4.5% in Argentina).
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The Peruvian government’s prudent management of the economy, conservative fiscal policy, coupled with the Central Reserve Bank of Peru’s cautious management of inflation and international reserves have contributed to economic development, increased internal consumption and strong macroeconomic fundamentals, including low levels of public debt, low inflation, a controlled fiscal deficit and high levels of international reserves. However, 2023 was a challenging year marked by sustained high inflation, low economic growth, and disruptions due to weather and political factors, resulting in a GDP contraction of 0.6%. 2024 was a year of recovery, with GDP growing by 3.3% due to a recovery in various sectors and improved drivers of private investment and consumption. In its most recent forecast as of March 20, 2026, the BCRP has estimated for Peru a real GDP growth of 3.2% for 2026, as compared to the 3.4% increase registered in 2025.
Peru’s strong track record of macroeconomic policy credibility, consistency and ability to adapt to changes helped it to achieve investment grade ratings of Baa1 by Moody’s Investor Service (“Moody’s”), BBB by Fitch Ratings Ltd. (“Fitch”) and BBB by Standard & Poor’s Rating Services (“S&P”) as of December 31, 2022. In December 2022 and January 2023, S&P, Fitch and Moody’s changed Peru’s credit outlook to negative from stable due to higher political risk. In April 2024, S&P downgraded Peru’s credit rating from BBB to BBB-. However, in April, September, and November 2024, S&P, Moody’s, and Fitch, respectively, changed Peru’s credit outlook back to stable. Such credit ratings have been maintained as of the date of this Annual Report on Form 20-F.
Evolution of the middle class and affluent population
The core of our customer base is Peru’s middle class and affluent population. According to statistics published by each INEI and the World Bank over the years, since 2010, poverty rate in Peru has decreased, with spikes in certain years. For example, in 2023, the poverty rate increased to 29.1%, attributed to economic slowdown, reaching similar levels to 2010 (30.8%) after a historical low of 20.2% in 2019. In terms of the GDP per capita, it was U.S.$8,689.2 and U.S.$9,925.6 for 2024 and 2025 respectively, and in both cases higher than the one reported for the previous year. For 2025, Peru had a total population of 34.7 million, and according to the Peruvian Association of Market Research Companies (Asociación Peruana de Empresas de Investigación de Mercados - APEIM), Peru’s middle and upper socioeconomic segments (segments A, B and C) have expanded and represented 38.5% of the population in 2025 compared to 34.4% in 2013. We believe that a growing middle class and affluent population creates a greater need for financial services, particularly for increasingly sophisticated banking. The growth of these socioeconomic segments can support growth and profitability across our business.
Low financial services penetration
We believe that growth potential in Peru’s financial services sector continues to be significant. Despite the sustained recent growth of 1.4% CAGR in total gross loans between 2021 and 2025, banking penetration in Peru, measured as the ratio of loans-to-GDP, was 30.6% as of December 31, 2025, according to the SBS and the Central Reserve Bank of Peru. This represents a decline over the 31.7% registered as of December 31, 2024 and is mainly explained by an increase in the GDP, while gross loans of the system remained stable. Similarly, according to industry sources, insurance penetration in Peru, measured as the ratio of premiums-to-GDP as of December 31, 2025, is estimated to be 2.0%, which is lower than the average ratio of 3.2% reported in 2024 for the group of peer countries in Latin America and Chile.
Well-capitalized financial system
As a result of sound regulation and prudent management, the Peruvian financial system is well-capitalized, according to figures published by the SBS. Gross loans in the Peruvian banking system (measured in soles) have grown at a CAGR of 1.4% between December 31, 2021 and December 31, 2025, while the system’s asset quality has remained within healthy levels with a ratio of past-due loans as a percentage of total gross loans of 3.3% and a ratio of impairment provisions for loans as a percentage of past-due loans of 171.0% as of December 31, 2025, according to the SBS. Capitalization of the Peruvian banking system has consistently been well above regulatory requirements with a total capital ratio of 18.2% as of December 31, 2025, according to the SBS. Interbank’s Core Equity Tier 1 ratio was 12.5% and Interseguro’s regulatory solvency ratio was 120.4%, according to the SBS as of December 31, 2025. Furthermore, Peru’s banking industry has been historically profitable, with a 19.0% ROE for the year ended December 31, 2025, according to the SBS.
Development of new technologies on expanding financial services
The ongoing digital revolution presents a significant opportunity to enhance productivity and financial inclusion through the adoption of advanced technologies. As outlined by the International Monetary Fund (IMF), Peru has made strides in embracing digital technologies. These advancements include expanding access to internet services, improving the digital payment ecosystem, and enhancing the use of GEnAI in various industries. These recent technological developments are transforming the financial landscape, providing Peruvian banks with significant opportunities to innovate and expand. Banks can now leverage big data, cloud computing, and artificial intelligence to offer personalized and efficient financial services, tailored to individual customer needs. This digital shift
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enables banks to streamline their operations, reduce costs, and provide faster, more convenient services, such as 24/7 customer support, rapid loan approvals, and contextual banking solutions.
Furthermore, the adoption of GenAI and automation can improve operational efficiency, allowing banks to enhance credit risk assessment and fraud detection capabilities. As financial inclusion grows through digital wallets and other innovations, banks can reach previously underserved populations, expanding their market reach across geographic and income segments. This trend is poised to support formalization of the economy, as more individuals gain access to formal financial services, providing banks with an unprecedented opportunity to grow their customer base and offer a broader range of financial products and services.
Competitive Strengths
We have established a premier financial group with leading market positions in each of our primary business segments. We believe that our market share, focus on targeted and profitable segments, scale and highly recognized and trusted brands, combined with adoption of innovative technologies, a well-structured digital platform and increasing integration across our business segments, strongly position us to capitalize on the future expansion of the Peruvian economy.
Leading financial services provider focused on key businesses
We target profitable businesses in Peru. We have highly recognized and trusted brands in each of our segments (Interbank in banking, Interseguro in insurance and Inteligo in wealth management), complemented by Izipay's brand as a payments services provider. Within our banking segment, Interbank focuses on having a balanced portfolio, with 52.9% of its loan portfolio constituting retail loans, compared to 40.7% for the Peruvian banking system, as of December 31, 2025, according to the SBS. Interbank is the third largest provider of consumer loans among banks in Peru, with a 19.1% market share as measured by gross consumer loans as of December 31, 2025, compared with 25.7% for BCP, 19.6% for BBVA, and 13.2% for Scotiabank. Interbank is also the largest privately-owned bank provider of payroll deduction loans to public sector employees, with a 19.3% market share by payroll deduction loans, in each case as of December 31, 2025. Additionally, it is the fourth largest bank in loans to mid-sized companies, with a 10.7% market share as of the same date in 2024.
Interbank achieved strong profitability and resumed growth in its credit card and personal loan segments, while reducing the cost of risk across its consumer portfolio. In addition, the bank continued to advance the digitalization of its customer base and further strengthened its brand positioning. Interbank has a balanced consumer loan portfolio where two of our most profitable products are credit cards and personal loans. Additionally, we carry payroll deduction loans, which traditionally have low non-performing loan ratios. Historically, Interbank has observed low delinquency rates on its payroll deduction loans, which reduces its consumer loans portfolio’s overall credit risk exposure. Interbank’s gross financial margin to average earnings was 5.2% as of December 31, 2025.
Interbank’s commercial banking business serves a range of clients spanning large corporates, mid-corporates and small-sized and medium-sized enterprises (“SMEs”). Interbank continues to focus on increasing its market share in mid-corporates and SMEs while maintaining its large corporate business with a profit-oriented approach. As of December 31, 2025, its market share in mid-large corporate loans reached 10.7%, up from 10.2% as of December 31, 2024. Its market share in loans to SMEs was 4.2% as of December 31, 2025, an increase from the 3.5% as of December 31, 2024.
Complementing our strategy, we believe Izipay is built on a strong and scalable foundation designed to boost our payments ecosystem and differentiate us from our competitors. We believe that our competitive strengths include (i) our payments platform connecting merchants and consumers which enables Izipay to deliver a unique end-to-end product experiences for digital and POS transactions while being both technology and platform agnostic; (ii) our national scale and merchant network which helps us to drive organic growth; (iii) our ability to offer a bank-acquirer value proposition and (iv) the building and strengthening of the brand Izipay. During the year ended December 31, 2025, Izipay processed S/71.3 billion in monetary transactions, 39% of which generates low-cost funds for Interbank.
We believe that Interseguro provides us with a fast-growing and profitable business. We focus on the middle class and affluent population in Peru, a segment we believe is substantially underpenetrated in insurance services. In our insurance segment, Interseguro is the leading provider of annuities in Peru, with a market share of total annuities (including private annuities) of 25.5% as measured by premiums collected for the year ended December 31, 2025, according to SBS. Interseguro is also growing at double digit in individual life insurance (CAGR 5Y +24%), and we believe this market still has potential since penetration in Peru keeps being under that in other Latin American countries. Also, Interseguro works hand in hand with Intercorp´s companies, especially Interbank, to push new distribution channels that could position us to achieve greater penetration and bring insurance to more Peruvians. Finally, the company’s digital channels are taking a growing role inside the company’s structure with sales of individual life, SOAT, car and travel insurance.
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Within our wealth management segment, we believe Inteligo is well positioned to capture an increasing share of the number of high-net-worth clients. Inteligo’s CAGR in assets under management was 6.5% between December 31, 2020 and December 31, 2025. We believe that both Inteligo’s position as a provider of tailored wealth management services and its ability to provide its customers with both local and international investment products may help increase its share of wallet among high-net-worth individuals, while delivering high levels of growth and profitability.
Track record of sustained growth supported by our strong and growing market share and high profitability
Our strong track record of growth is supported by our increased market share, improvements in efficiency, and high profitability across our business segments. At Interbank, we have gained significant market share over time. Our market share in total gross loans has increased from 9.4% in 2007 to 13.6% in 2025, while our market share in total deposits has grown from 9.3% in 2007 to 13.4% in 2025. Interbank has a higher exposure to retail banking because it believes that it presents significant growth opportunities and higher profitability. However, Interbank is also interested in having a balanced portfolio, therefore increasing its commercial banking loans. In accordance with Interbank’s strategy in retail and commercial banking, Interbank’s outstanding retail loans, including consumer and mortgage loans, increased 4.1% between December 31, 2024 and December 31, 2025, as compared to the 8.9% increase registered for the Peruvian banking system, according to the SBS. In commercial banking, Interbank’s outstanding commercial loans increased 2.2% between December 2024 and December 2025, as compared to the 3.1% increase registered for the Peruvian banking system, according to the SBS. Interbank’s market share was 19.1% in consumer loans in December 2025, the third largest in the market. In the same period, Interbank has held a strong position across retail products, with market share of 18.5% and 17.7% of total retail loans in Peru as of December 31, 2024 and December 31, 2025, respectively, according to the SBS. With respect to mortgage loans in Peru, Interbank’s market share increased from 15.9% as of December 31, 2024 to 16.0% as of December 31, 2025, according to the SBS. Interbank’s annualized ROE for the year ended December 31, 2025 was 15.6% and its annualized ROA for the year ended December 31, 2025 was 2.0%.
We believe that Interbank’s growing market share and strong profitability throughout economic cycles result from its resilient business model. From 2019 to 2025, Interbank maintained an average annual return on equity (ROE) of 14.8% and an average annual return on assets (ROA) of 1.6%. As of December 31, 2025, we achieved an annualized ROE of 16.1% and an annualized ROA of 2.0%. This performance underscores our ability to thrive despite fluctuating market conditions. The trajectory of the quarterly ROE demonstrates our resilience to changes and sustained performance in diverse economic scenarios. The evolution of our ROE from the fourth quarter of 2024 to the fourth quarter of 2025 was the following: 16.5% during the fourth quarter of 2024, 16.1% during the first quarter of 2025, 15.1% during the second quarter of 2025, 17.1% during the third quarter of 2025, and 16.7% during the fourth quarter of 2025.
Law No. 31658 created the micro, small and medium enterprises (“MSME”) promotion program (“Impulso MYPERU”), through which the national government guaranteed loans granted to MSMEs. Additionally, MSMEs which were granted Impulso MYPERU loans and made timely repayments of such loans, were awarded a discount over the final principal payments or over the aggregate principal amount of the financing. The Impulso MYPERU program ended in 2024. As of December 31, 2025, Interbank had outstanding Impulso MYPERU loans for more than S/1.3 billion; all of such loans were disbursed in 2024. Interbank’s outstanding commercial loans increased by 2.2% from December 31, 2024 to December 31, 2025, compared to a 3.1% increase registered for the national banking system during the same period, according to the SBS. Consequently, Interbank’s market share of commercial banking as of December 31, 2025 decreased to 10.8% from 10.9% compared to the same period in 2024.
Interseguro has maintained its positioning in the industry as the leader in regulated annuities by premiums, with market shares in a range of 27.9% to 32.0% for the last five years (29.7% in 2025). Also, Interseguro became the market leader in private annuities with 24.5% market share in 2025 (from 15.7% in 2020 and increasing 11 points during last year). Moreover, during the same period, Interseguro’s market share in individual life premiums has grown from 11.7% in 2020 to 15.9% in 2025. This growth history in Interseguro’s main insurance products also has its counterpart in assets with an investment portfolio that reached S/16.9 billion as of December 2025, the second largest in the Peruvian insurance industry, and achieved an average return of 6.3% in the last five years. Finally, during the period spanning from 2021 to 2025, Interseguro’s ROE averaged 23.8% compared to 17.8% for the Peruvian insurance industry, both according to SBS.
Inteligo’s assets under management grew at a CAGR of 6.5% between 2020 and 2025. Net profit declined between December 31, 2020 and December 31, 2025, due to negative mark-to-market valuation of the proprietary portfolio. Inteligo’s ROE was 21.5% for the year ended December 31, 2025.
Digital financial services platform with rapidly increasing levels of adoption
Interbank is striving to reshape the banking space in Peru, creating a new digital experience driven by convenience, simplicity and security. Interbank believes that its digital platform is key to developing primary banking relationships, increasing its customers’ interactions and providing new business opportunities to build on consumer loyalty and cross-sell services, as well as accelerate new customer acquisition and inclusion of previously underserved segments of the population, including individuals, entrepreneurs and small and micro-business.
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Interbank’s digital platform provides "everything you need in a single app." Interbank has made progress in its journey towards becoming more digital, and remain focused on developing the necessary capabilities to meet its customers' needs. Interbank has a broad and evolving range of digital products and services for existing and new clients, enabling them to get the products and services they want, when they want them, and how they want them. In 2025, Interbank’s efforts have focused on continuing to build tools, products and services that empower its clients to stay in control, while ensuring the protection of their transactions through IT and cybersecurity tools.
We believe Interbank’s digital platform is one of its competitive advantages and it has driven an increase in its market share. The migration of customer interaction from physical channels, such as financial stores and contact centers to digital channels, continued to grow in 2024 and 2025. In December 2025, 83.8% of Interbank’s total monthly active retail customers interacted digitally with the bank, up from 80.8% in December 2024, which represented a nominal growth of 8.6% on a base of 3.2 million customers as of December 2025. These digital retail customers no longer utilize its branches. Furthermore, digital customer acquisition, or clients that were ‘born digitally’, reached approximately 53,163 as of December 31, 2025, or 55.5% of new individual retail clients. In commercial banking, its percentage of monthly active customers interacting digitally with the bank grew from 72.5% as of December 31, 2024, to 74.2% as of December 31, 2025.
In line with Interbank’s digital strategy, its digital sales accounted for 68.0% and 68.3% of total sales that took place in the months of December 2025 and December 2024, respectively. Additionally, the number of digital self-service retail customers increased, representing 82.4% of its total customer base as of December 2025, up from 78.4% as of December 2024.
Moreover, in January 2020, Interbank, in collaboration with BBVA and Scotiabank, launched Plin, a person to person (“P2P”) and QR code payment solution which interacts with multiple financial institutions and serves as a bridge between the banked and the unbanked through cell phones, as services may be conveniently accessed through its app. These payments are offered around-the-clock and are commission-free to all enrolled customers. Additionally, Plin’s features have improved over time. For example, from 2025, Plin users have been able to reload their Metropolitano cards (accepted in Lima’s urban transportation system) directly through the Bank’s mobile application via the Plin feature, thereby eliminating the need to queue at physical ticket booths. From December 31, 2024 to December 31, 2025, total enrolled users in Plin grew from 10.2 million to 10.5 million. Interbank’s share of Plin users was 42.5% as of December 31, 2024 and 43.2% as of December 31, 2025.
The integration between Plin and Yape, a digital wallet available in Peru, initiated in April 2023 and has increased digital payments and financial inclusion while reducing cash dependency. This interoperability between banks and wallets is part of BCRP's efforts to promote digital financial inclusion of more Peruvians into the financial system. The number of monetary transactions sent through Plin, platform operated by Interbank, has increased to 75.4 million in the month of December 2025 compared to 8.8 million in the month of April 2023 (pre-interoperability).
In May 2023, Interbank launched IzipayYa, a solution targeting micro merchants with interoperable QR codes and same-day availability of cash.
In commercial banking, Interbank developed its digital capabilities for SME and corporate clients, by (a) enhancing its value-added proposition and features in its digital platforms, (b) improving the performance and cybersecurity of its systems, and (c) tailoring its digital transformation to improve the client experience and transactional efficiency. We continue working on the modernization of Interbank’s core business banking platforms, together with the use of generative artificial intelligence (“GenAI”) and the development of application programming interfaces (“APIs”). As part of its digital transformation, Interbank has introduced new technologies and processes which enable it to improve time-to-market of new solutions. Interbank has also made significant changes in the way it works. Interbank increased the number of teams working within an agile framework on a number of projects, ranging from applications, digital products, new features in its digital platforms, and it is currently exploring different solutions targeting new customer segments and piloting new initiatives. For example, Interbank has an innovation lab called “LaBentana”, which focuses on continuous innovation and development of new ideas and pilot initiatives.
In 2025, Interbank has focused on increasing the number of transactions among its primary customers and expanding the use of the Interbank app for the business segment by offering unique features centered on security and convenience. These actions boosted the balance in its digital wallets and commercial accounts.
In 2025, Interseguro continued to focus on enhancing the digital experience for its clients and expanded sales from digital channels. As of December 31, 2025, Interseguro had surpassed 540,000 active customers across digital channels, a 5% increase year-over-year, and digital premiums had grown 25%. Also, the development of internal capabilities has allowed Interseguro to increase digital self-service to 71% in 2025, from 69% in 2024.
Inteligo’s wealth management oriented platform has experienced rapidly increasing levels of digital adoption, driven by targeted enhancements across Inteligo Bank, Interfondos, and Inteligo SAB segments.
In Inteligo Bank, we built and deployed segment-specific service models for the dynamic segment, a more sophisticated client who requests an enhanced investment experience, resulting in an increase in NPS from 43 in 2024 to 69 in 2025. We
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strengthened digital channels with personalized widgets, real-time pricing, yields, and improved financial visualizations, enhancing client autonomy and interaction.
In Interfondos, we evolved channels into a more intelligent, proactive experience with client-relevant insights and marketing automation tools, delivering significant digital acquisition impact.
Finally, Inteligo SAB's launch of a new website and app marked a digital transformation milestone, modernizing end-to-end client experiences.
Convenient and innovative nationwide omni-channel distribution network with a distinctive customer-oriented approach
We believe that Interbank’s convenient and innovative nationwide retail distribution network together with a dedicated sales force and financial advisors, allows it to better reach its customers, and this combination has differentiated Interbank from its competitors. Interbank has one of the most convenient and extensive retail banking distribution networks in Peru and is currently present in almost all of Peru’s regions. Its focus on digital transformation allows it to help its customers to interact with the bank in an easier and more efficient way and allows customers to migrate from the use of physical infrastructure to digital platforms. For instance, Interbank has shifted monetary transactions operated through its branches to digital channels. Total monetary transactions have been increasing at a CAGR of 3.6% from 2021 to 2025 driven by monetary transactions through Interbank’s mobile and internet banking channels, which have increased at a 11.5% CAGR for the corresponding period, even though monetary transactions through its financial stores have been decreasing at a CAGR of 9.8% from 2021 to 2025. Interbank believes this optimization of its distribution footprint has enabled it to reach its clients more efficiently, allowing them to perform transactions when and how they want to, at lower marginal costs for Interbank.
Interbank has built a convenient omni-channel distribution network in Peru, serving over 5.5 million customers. As of December 31, 2025, Interbank had 146 financial stores and operated the third largest ATM network in Peru with more than 1,638 ATMs, which includes a large out-of-branch ATM network (under its Global Net brand). Interbank has the largest number of financial stores inside supermarkets in Peru. Moreover, with the intention of providing underserved customers with more convenient services, Interbank operates a network of correspondent agents, called Interbank Agentes. The correspondent agent concept consists of providing third-party commercial establishments with low-cost electronic terminals which allow Interbank’s customers to perform basic cash-based operations such as cash withdrawals, credit card and bill payments, and deposits at a lower marginal cost to Interbank relative to transactions performed in its financial stores. As of December 31, 2025, Interbank had 8,000 correspondent agents (including its external network).
Since 2013 and in line with Interbank’s strategy, it has implemented a profitability model for financial stores and ATMs which ranks them according to certain profitability metrics relevant to each distribution channel. This has allowed Interbank to identify the less profitable units in order to close them and to prioritize new openings in more strategic locations with higher demand for value-added financial services. As a result, the number of financial stores has decreased by 46.3% to 146 as of December 31, 2025 from 272 in 2017, while the productivity of financial stores, measured as the volume of retail deposits sold per branch, has increased. This drove retail deposits per branch to grow from approximately S/46.4 million per branch as of December 2017 to approximately S/192.9 million per branch as of December 31, 2025. Likewise, Interbank’s market share in retail deposits by individuals grew from 12.6% as of December 31, 2017 to 14.4% as of December 31, 2025.
Interseguro offers and sells its annuities and individual life insurance products through its own dedicated sales force to ensure delivery of high-quality service and advice to customers. Interseguro’s sales force is specialized in products and is trained to provide a differentiated service. Interseguro’s sales force provides customers with a hybrid model that includes both in-person and digital assistance and fully digital operations.
In addition to its own sales force, Interseguro also offers and sells products through digital channels. The company offers low-cost premium insurance products, such as SOAT, travel insurance, vehicle insurance, and individual life insurance products, simpler than the ones sold by agents. Finally, Interseguro leverages the retail distribution capabilities of Interbank to offer credit life insurance, card protection, credit protection, and low-cost health insurance.
Inteligo has developed a proprietary financial advisory model that has been a key pillar in sustaining its growth. The model considers the financial objectives of its customers and emphasizes risk analysis and ongoing monitoring with portfolio rebalancing. Along with this, Inteligo has been able to successfully serve its customer base in order to deliver tailored products and advice.
Izipay has built and developed a well-recognized trusted brand. Izipay’s communication and marketing efforts play an important role in building brand visibility, usage and overall preference among customers. Also, Interbank’s and Intercorp Retail existing clients represent a sizable opportunity to cross-sell products and services with relatively low incremental marketing and
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advertising expenses. We believe that Izipay’s range of services represents an opportunity to further increase engagement with its existing clients. Our subsidiaries plan to continually invest in product development to maintain and increase, together, the attractiveness of their products and services among their current network of clients and new ones.
Prudent risk management resulting in high asset quality, strong liquidity and high investment returns
Risk management has been and remains a primary focus of our operations and at the center of our culture. Our experienced risk management teams focus on monitoring and managing risks across all business areas, including credit, market, liquidity and operational risks, among others. We believe our risk management expertise has allowed us to achieve strong asset quality and high investment returns. Our prudent management has allowed us to build up sufficient capital to allow us to grow strategically, invest in opportunities and pay dividends to our shareholders.
Interbank’s underwriting procedures are based on strong analytics and proprietary models. Additionally, Interbank’s investments in technology and improvements in its ability to process and apply data have enriched its risk models and enhanced their accuracy and predictiveness. Its credit risk policies are approved by Interbank’s risk committee and board of directors. The deterioration of the macroeconomic conditions in Peru in 2023 led to higher provision requirements as well as lower provision recoveries, an increase in non-performing loans and a slowdown in the origination of new loans due to more stringent lending requirements that we have put in place. Interbank’s loan provisions have also been impacted amidst higher risk in consumer loans due to the social protests and adverse climate events that took place in Peru at the beginning of 2023. This trend peaked in the fourth quarter of 2023; 2024 and 2025 had a lower cost of risk and a healthier loan portfolio, accelerated by liquidity events such as pension fund withdrawals, and better payment behavior from clients, generating a positive declining trend in terms of cost of risk going from 3.6% as of December 31, 2024 to 2.3% as of December 31, 2025. As Interbank’s concentration in consumer loans decreased during 2024 and 2025, its past-due loans as a percentage of total gross loans ratio as of December 31, 2025 were 2.5%, which is lower than the 3.4% average for the three largest banks in Peru, according to data from the SBS. In 2025, Interbank’s past-due loans ratio has remained relatively stable and lower than the average for the Peruvian banking system, standing at 2.7% as of March 30, 2025, 2.6% as of June 30, 2025, 2.5% as of September 30, 2025, and 2.5% as of December 31, 2025. In comparison, the Peruvian banking system’s ratio was 3.7% as of March 30, 2025, 3.5% as of June 30, 2025, 3.4% as of September 30, 2025, and 3.3% as of December 31, 2025. As of December 31, 2025, Interbank’s past-due loans coverage ratio was 150.2%, compared to the average for the Peruvian banking system of 171.0%, according to the SBS.
Interbank’s total capital ratio, which is calculated as its regulatory capital divided by its risk-weighted assets, stood at 16.0% as compared to 18.1% for the Peruvian banking system, as of December 31, 2025, according to the SBS, and its risk-weighted asset density (calculated by dividing risk-weighted assets over total assets) increased to 90.5% as of December 31, 2025 from 87.8% as of December 31, 2024, as a consequence of a larger loan portfolio and a smaller investment portfolio. The SBS requires a higher weighting for our assets than that required by Basel III or other regulators, therefore our risk-weighted assets density is higher than that of the Latin American region and other developed markets. The minimum total capital ratio required by Peruvian banking regulations was 10% as of December 31, 2025. In addition, financial institutions must meet additional capital requirements related to conservation, economic cycle and market concentration risk buffers and an additional capital requirement which depends on certain levels of loan concentration in each institution (individual, sectorial and geographical). Interbank’s total additional capital requirement for buffers and additional risks were about of 3.6%. Additionally, Interbank’s core equity (“Tier 1”) ratio was 12.5% as of December 31, 2025, above the regulatory requirement. As part of the implementation of the Basel III standards, the SBS has issued several regulations to increase gradually the minimum total capital ratio for financial institutions in Peru until 2026, and Interbank expects to be in compliance with such regulations.
Interseguro’s investment team and its investment management approach have achieved a 5.9% investment return for the year ended December 31, 2025, while maintaining prudent levels of risk and following the SBS risk guidelines. Accordingly, Interseguro’s investment strategy was focused on diversifying asset classes, identifying and reducing potential risks in the portfolio and looking for assets of solid companies with strong credit metrics. Additionally, the investment portfolio is structured to align with the estimated duration of the future obligations contracted with their clients. Finally, Interseguro’s solvency ratio exceeded 1.2 the regulatory minimum set by SBS, which we see as prudent risk management.
Inteligo’s lending services are offered through Inteligo Bank to complement its wealth management business. The decision to make loans to wealth management customers only results in Inteligo’s loan portfolio being fully collateralized by its customers’ assets. Regarding the management of capital, Inteligo Bank’s capitalization ratio, which is calculated as Inteligo Bank’s regulatory capital divided by its risk-weighted assets, was 21.7% as of December 31, 2025, above the minimum capitalization ratio required by the Central Bank of Bahamas of 12.0%.
Izipay demands a letter of guarantee from payment facilitators, so as to partially cover payment defaults. By doing so, Izipay prevents merchants that are listed by OFAC in its Specially Designated Nationals and Blocked Persons List, as well as any
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merchants that have breached competition, fraud or brand recognition rules enforced by the Peruvian Antitrust Authority (Instituto Nacional de Defensa de la Competencia y de la Protección de la Propiedad Intelectual – “Indecopi”) from signing up to its services.
Diversified funding base with strength in retail deposits
IFS has a competitive funding structure. We have access to diverse sources of funding, including deposits and debt securities placed in local and international capital markets. The majority of Interbank’s funding comes from low-cost customer deposits, which demonstrates its customers’ trust in the Interbank franchise and enables it to achieve attractive lending spreads. At Interbank, as of December 31, 2025, 83.0% of its total funding base was comprised of deposits. Interbank’s deposit base is broad and diversified, which provided Interbank with an average cost of funding of 3.1% for the year ended December 31, 2025 and 3.6% for the year ended December 31, 2024. In addition, our low-cost funding represented 32.5% of our total funding in December 2023, 36.2%, in December 2024, and 39.5%, in December 2025, reinforcing our ability to sustain a competitive funding structure.
Interbank has been a significant player in the Peruvian banking industry with a market share of demand, savings, and term deposits of 9.7%, 15.4%, and 15.2%, respectively, as of December 31, 2025, according to SBS. Moreover, its strategic focus on retail has provided Interbank with a healthy funding base and has allowed it to sustain its market share in retail deposits by individuals over the years, even as new competitors have entered the market. Interbank’s market share in retail was 13.5% as of December 31, 2019, 15.1% as of December 31, 2023, 14.6% as of December 31, 2024 and 14.4% as of December 31, 2025. Interbank’s competitive advantage in the retail segment, over the last two years, was attributable to an increase in its clients’ liquidity as a result of partial cash withdrawals from deposits for severance indemnity (compensación por tiempo de servicio or “CTS” by its Spanish acronym) systemwide and the private pension system.
Experienced management team with proven ability to foster a merit-based culture and a highly motivated work force
We believe that the strength of our senior and middle management team has enhanced and remains a key driver of our successful business model. To achieve our transformational goals, we strive to introduce new capabilities as required to excel in today’s world. Most of the members of our senior management have held management positions with other major financial institutions in the United States, Latin America and Europe, bringing relevant knowledge and experience to our company.
Interbank is committed to fostering a culture rooted in core values that prioritize attracting, developing, and retaining highly qualified personnel. We believe that a merit-based culture that emphasizes teamwork is essential for maintaining a motivated workforce that delivers high-quality service. Interbank’s dedication to creating an inclusive and supportive work environment has earned it recognition as one of the best companies to work for in Latin America. Interbank is certified as a top employer for LGBTQ+ talent and recognized as a top performer in providing safe, harassment-free workspaces. Furthermore, it has been acknowledged as a leading company in Peru for gender equity and diversity. Interbank’s commitment to diversity, equity, and inclusion is reflected in its rankings by Great Place To Work: second place for diversity and inclusion, third place for best places for women to work, first place in the ranking for the best companies in Peru, and fifth place in the list of the most sustainable companies. Additionally, Interbank secured third place in the latest Merco Talento 2025 rankings, a ranking that evaluates its ability to attract and retain top talent.
Similarly, Interseguro was selected as the 11th best company to work for Peru in the large-size category (2025) by the Peruvian Great Place to Work Institute. The company also excelled in the categories Women (#7), Diversity, Equity and Inclusion (#9), and Sustainability (#13), reaffirming its commitment to an inclusive, collaborative and development-oriented environment.
Inteligo’s three subsidiaries located in Peru (Inteligo SAB, Inteligo Peru Holdings and Interfondos) participated together under the name “Inteligo Group Peru” and Inteligo Group Peru was selected as the third best company to work for in Peru in the category of companies with less than 250 employees in 2025. Inteligo Bank’s branch in Panama began participating in the Great Place to Work Institute survey in 2014 and was selected as the sixth best company to work for in Panama in 2025.
Similarly, Izipay, as a financial services and payments technology platform that enables digital payments and simplifies commerce experiences, competes for top talent in Peru and the region. We believe that a strong culture focused on employee experiences that enables advancement, learning, and individual career insights is essential to the successful acquisition, development, and retention of diverse talent. To that end, since its acquisition, we have implemented programs at Izipay focused on inclusive hiring practices, enriched virtual new hire experiences, individual coaching and mentorship programs, and ongoing learning opportunities.
Increasingly integrated business platform with synergy potential supported by a strong parent group
Since the introduction of our insurance, wealth management, and payments operations alongside our banking operations, we have strived to share and leverage key resources and capabilities across all three segments, which has resulted in enhanced revenues.
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Our banking operations remain our core competency, binding together all our operations and thriving through our payments ecosystem. Our insurance and wealth management operations are also expected to continue supporting our growth. We believe that our ongoing efforts to better integrate our three segments, combined with our focus on digital transformation, our existing distribution channels, experience and knowledge of our customer base and the Peruvian market, is a significant competitive advantage.
Furthermore, our parent company, Intercorp Peru, is one of Peru’s largest economic conglomerates, with activities spanning financial services, retail, education and real estate, among others. In 2025 and 2024, Intercorp Peru’s businesses generated U.S.$12.7 billion and U.S.$10.8 billion in revenue, respectively. We believe that being part of this group gives us a competitive edge, because of the group’s deep knowledge of the Peruvian consumer, extensive focus and know-how in the Peruvian retail market, highly visible in-country presence and rapid decision-making capabilities. Intercorp provides significant synergy and cross-selling opportunities for IFS. Also, with the acquisition of the remaining 50% equity interest in Izipay in April 2022, we expanded our capacity to cross-sell products and services and benefit from synergies across all our segments, providing a unique value proposition to our customers.
Analytical excellence as a tool to become the company with the deepest knowledge of Peruvians
Our advanced analytics capabilities are being enriched with new data sources and technology tools, such as cloud, real-time decision, machine learning, GenAI, big data and API integration. We aim to have the deepest understanding of Peruvians, both individuals and companies, as we believe that a deep knowledge of our current and potential customers’ characteristics. Adapting to their behavior allows us to better serve them by offering the best solutions according to their needs and risk profile.
Investments in technology represent the pillar of this strategic initiative, and we are working in a variety of areas to achieve this goal, including data and infrastructure, advanced marketing analytics, and risk profiling and pricing models, as well as improving our CRM capabilities, including contextual marketing. With the support of our team of data scientists, we centrally design and distribute most of our sales campaigns. We have substantially improved their effectiveness and we are currently employing real-time decision making on certain campaigns. This combination of investments has helped make us more dynamic and able to approach customers in real time, by offering easy-to-understand information and agile and transparent processes that generate trust in us. Additionally, we have bolstered our investments in cybersecurity to continue enhancing the capabilities that allow us to maintain our clients’ trust and continue to oversee cybersecurity and information technology with the help of a clear governance framework.
These efforts also include different actions undertaken to have a better understanding of the self-employed segment of the population, which constitute a significant opportunity for financial services given the current low penetration levels. We are working on alternative risk profile models for new customer acquisition using new sources and non-traditional sources of data.
Our analytics vision is to have a fully deployed online CRM which relies on real-time data, cloud processing, automated and reusable variables, real-time decision and actions, and an integrated infrastructure to support these new processes. Thus, to establish best practices and governance around the use of data and analytics initiatives, as well as to promote a data-driven mindset throughout the organization, we implemented the ACoE in the beginning of 2023. In 2025 and 2026, through our Analytics Center of Excellence (ACoE), we expect to reaffirm our value proposition by leveraging advanced analytics to better understand Peruvians and businesses, enabling the development of cutting-edge models that predict behaviors and mitigate risks, and delivering personalized solutions at the right time to strengthen primary relationships, all underpinned by a robust data framework, solid infrastructure, and top-tier talent.
At Interseguro, analytics strengthened its strategic role as enablers of business decisions, supporting product development and enhancing customer experience. Efforts focused on optimizing decisions throughout the customer lifecycle, improving better identification of potential customers and enabling greater personalization of offers. The development of analytical capabilities in risk analysis also contributed to the improvement in the performance of strategic products, especially in SOAT and digital individual life insurance. Furthermore, analytics helped reinforce fraud detection, optimized customer communications, and strengthened collaboration within the IFS and Intercorp ecosystem.
Inteligo remains committed to analytical excellence as a strategic pillar for deepening its understanding of its clients and enhancing the rigor of its decision-making processes. Inteligo’s Data Office has strengthened foundational elements of the institution’s data environment, including the establishment of standardized data governance practices, enhanced lineage and traceability controls, and the consolidation of high-quality information assets into cataloged and monitored repositories.
These measures ensure that the insights used for advisory services, risk management, and strategic planning are derived from consistent, governed, and auditable data sources. Building on this foundation, Inteligo is focused on expanding its portfolio of analytical models and data-driven products, incorporating behavioral analysis, segmentation frameworks, and machine-learning-based predictors to develop a more granular and forward-looking view of customer needs, financial patterns, and interaction behaviors. These analytical capabilities are deployed with strong oversight to safeguard data privacy and confidentiality, respecting both regulatory mandates and ethical expectations regarding responsible data use.
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Through an integrated approach, combining disciplined data governance, advanced analytics, and robust ethical safeguards, Inteligo seeks to further understand its customers with depth and precision, ultimately strengthening advisory effectiveness, improving customer experience, and supporting long-term institutional integrity.
We are confident that our focus on analytical excellence allows us to better serve Peruvians and accelerate value-creation.
Attracting and retaining skilled workers with a unique values-based culture, focused on the employee development.
At Interbank, our organizational culture is built on six core values: integrity, sense of humor, passion for service, collaboration, innovation, and courage. These values foster a work environment that inspires, differentiates us, and strengthens employees’ sense of pride. Coupled with a culture that recognizes performance, this has positioned Interbank among the best companies in Peru and Latin America, as recognized by the Great Place to Work Institute, including in categories such as Women, Diversity, and Inclusion. Additionally, we continue to be one of the best companies to attract and retain talent in Peru, according to Merco.
At Interbank, we strongly believe in talent development because it is essential to our vision. For this reason, we constantly focus on initiatives that empower our employees with the tools they need to take ownership of their growth through our “Evoluciona” model, which is structured around three pillars: Experience (70%), Support (20%), and Learning (10%). This framework ensures that employees have access to the necessary resources to support their development.
Each year, we offer more than 50 training programs, delivering approximately 1,500 courses, which have been accessed and completed a total of 37,000 times. As of December 31, 2025, we have successfully trained 100% of our employees in regulatory courses and over 90% in strategic learning programs designed to empower their skills and capabilities, dedicating a total of 119,246 hours to their learning. On average, each employee dedicates 16 hours per year to training, reinforcing their knowledge and preparing them for future challenges.
To implement initiatives that support these internal objectives, we provide learning opportunities, checkpoints, and training tools focused on upskilling and reskilling across the pillars of Data, Digital, and Power Skills. This includes programs such as “Upskilling by Coursera”, “Programa de desarrollo de Líderes”, “Beca 23”, “Banking 1.0", which seeks to reinforce leaders' and employees' understanding of key banking business topics.
Additionally, as part of our journey to cultivate a digital mindset, we have launched events like the Digital Summit, to inspire about digital trends.
At Interseguro, talent is also a pillar in their strategy. The company manages the work environment through five fundamental dimensions: pride, camaraderie, fairness, credibility, and respect, aiming to provide employees with an excellent work and personal experience which allowed the company to achieve a 91% trust rating in their latest workplace climate survey using the Great Place to Work (GPTW) methodology.
On the development front, we continue to strengthen our leadership programs, launching new initiatives such as the renewed School of Leaders, the Intech Training Program, and Mujeres InPulso. Likewise, to ensure high-impact experience for new hires, the company redesigned its induction and onboarding programs, striving to provide the best possible experience for new employees. On the technology front, we continue to strengthen the TEC community through the acquisition and allocation of e-learning licenses that promote self-directed learning. In data, Interseguro launched the first edition of the Data Champions+ Program, aimed at developing analytical skills and transforming key employees into strategic partners for data-driven decision-making.
In 2025, Inteligo deployed “Cultura Conecta” as the cultural framework that unifies all its subsidiaries under a shared identity, focused on fostering trust, excellence, and long‑term relationships with clients and employees. This culture is grounded in six corporate values that guide Inteligo’s behavior and decision‑making: excellence, customer focus, integrity, teamwork, trust, and flexibility.
Throughout the year, Inteligo developed key initiatives in cultural alignment, leadership, and well-being, incorporating workshops, experiential sessions, a network of cultural ambassadors, recognition programs, and continuous feedback mechanisms. These efforts reinforced internal cohesion, cross‑functional collaboration, and the consistent embodiment of Inteligo’s values.
This cultural strengthening was also reflected in a sustained improvement in organizational climate indicators: 93% overall satisfaction in the GPTW 2025 survey—one of the highest scores in Inteligo’s recent history—and 95% participation, demonstrating high employee engagement.
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Strategy
Our purpose is centered around building financial well-being together, by providing profitable solutions and exceptional support to empower our customers to achieve their financial goals and secure a prosperous future. We strive to (i) become the leading digital financial platform, with a clear strategic focus on key businesses such as payments, consumer financing, wealth management and life insurance; (ii) place the customer at the center of our decisions, offering a comprehensive suite of services backed by digital experience and analytics as our competitive advantages; and (iii) fostering a unified approach, leveraging the best talent, innovation and a collaborative mindset, as we believe that together, we are stronger.
To achieve these goals, we continue working on three main pillars:
•growing profitably by focusing on key segments and businesses;
•centering the client by learning to understand and anticipate their needs; and
•delivering simple, frictionless experiences, enabled by a world-class digital banking experience and top talent
empowered with GenAI.
Grow with strategic focus on key businesses
We have built a financial platform centered around areas that we believe can leverage our unique capabilities, combined with significant growth and profitability potential, through the following four main subsidiaries: Interbank, a universal bank with strategic focus on retail banking; Interseguro, an insurance company focused on life and annuities; Inteligo, an advisory firm for the emerging wealthy; and Izipay, the cornerstone of our payments ecosystem.
Interbank is a bank with a strong retail market share and key focus on consumer finance. It is continuously improving its value proposition for different customer segments including improvements to products such as accounts, payments and financing. Interbank has developed several digital features and products to serve different customer needs, such as: the Interbank Benefit loyalty program, payment and merchant financing solutions, and the digital savings account Piggybank. By working together with LaBentana, its innovation lab, at Interbank, we strive to ensure Peruvians’ access to customer-oriented products that drive value and innovation. Additionally, Interbank has a goal to grow its retail deposits at a faster rate than that of the Peruvian banking system while optimizing its physical distribution channels, which has contributed to a decrease in the number of its financial stores. Moreover, Interbank’s expertise and digital strategy in retail banking has allowed it to identify and address key customer demands, while increasing profitability, growing its customer base, driving cross-selling and boosting operating leverage. In October 2025, Interbank introduced its new WhatsApp payment feature, the first conversational assistant launched by a bank in Peru using AI, enabling users to make transfers and payments easily, quickly, and securely, directly through WhatsApp. As of December 31, 2025, this feature had reached 775 thousand transactions.
Within commercial banking, Interbank’s priority is to be the preferred bank for Peruvian businesses with a strong focus on profitability. In this context, Interbank’s value proposition for commercial clients is based on (i) agile processes which enable a larger number of transactions by its corporate clients, (ii) improving credit agility for its mid-sized corporate clients, and (iii) focusing on proximity and convenience for SMEs. Interbank seeks to create value for its customers by becoming their transactional bank, connecting and collaborating with their suppliers, customers, employees and communities, co-creating products and services within their ecosystems. We believe that leveraging synergies with Izipay is key to increasing transactional volumes and building primary banking relationships. At Interbank, we aim to provide the best self-service and automated credit experience for commercial clients by offering them with a 100% digital journey focused on cash management solutions such as Cuenta Negocios, supply chain financing, merchant financing, sustainable loans, and easy and transparent ways of managing payments, such as Cuenta Sueldo and through our affiliate Izipay.
Izipay is a key player to our goal of creating a powerful profitable payments ecosystem in Peru, facilitating financial transactions between consumers, merchants and the bank. Izipay is a payments company and provider of products and services related to payments acquirer, a correspondent bank and a credit cards processor. Izipay is the leader in the physical card payment business in Peru. Izipay is growing its core business by (i) increasing adoption of our digital payment methods supported on its innovative capabilities, (ii) developing new value-added services (VAS) that can strengthen our relationship with merchants while providing additional revenue streams, and (iii) leveraging synergies with our other segments.
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We strive to provide solutions to address the payment needs of people and companies by creating a payment ecosystem that seeks to build a strong bond with our customers, focusing on three pillars: (i) enhancing everyday features to capture value from the issuance and use of payment instruments, (ii) strengthening the value proposition through integration with Izipay, and (iii) optimizing payment channels and driving e-commerce expansion.
Moreover, our payments ecosystem benefits from having strong solutions on both sides of the market. On the retail customer side, Izipay has a strong market share, as well as knowledge of the traditional and digital card payments. On the merchant side, Izipay strengthens our value proposition for micro merchants through IzipayYa. It also complements Interbank’s financing solution, while our shared wallet Plin allows us to interact with customers from other banks and serves as a bridge between retail customers and small merchants. This ecosystem also allows us to scale up our other initiatives such as our e-commerce solutions, our marketplace Shopstar and the Buy Now, Pay Later solution Divídelo.
In our insurance segment, Interseguro is strategically focused on life and annuities insurance, which has had a fast growth in recent years (an increase of 16.0% in the last 5 years). During the year ended December 31, 2025, the premiums earned from life and annuities insurance customers represented 94.1% of Interseguro’s total premiums collected, compared to the average of 58.3% of life and annuities insurance premiums collected over total premiums collected in the industry in 2025, according to data from SBS. Currently, Interseguro offers a comprehensive range of solutions including regulated annuities, individual life insurance, private annuities, retail insurance and bancassurance products, serving more than 3.2 million customers through in-person, remote and digital channels, in partnership with Intercorp Group companies and external strategic partners.
In our wealth management segment, Inteligo’s primary focus is to preserve and enhance the wealth created through people’s careers and lifetime. The approach is focused on its value proposition, offering digital onboarding and products and services by segment, with a 360-degree view of its customers. To acquire depth knowledge of the needs of its customers, Inteligo cultivates a culture of closeness with them, while also leveraging the wide array of financial products that can be offered through its subsidiaries, as well as through IFS's platform. In this context, we have been able to achieve good financial results through a low-intensity capital business model uniting cost efficiencies and diversified sources of revenues over the years, as we complement our products and services across all IFS's business segments.
We aim to become the preferred option for our individual and commercial customers and build financial well-being together and growth by understanding and anticipating their needs, as well as by offering financial solutions that can be deployed at every contact point with the clients in real time, including in-person and digitally, and in real time. We believe that maintaining a trustworthy and transparent relationship with our customers, together with the superior, simple, mobile, agile and personalized experience that we offer, brings us closer to this goal. Our highly recognized and trusted brands in each of our segments (Interbank in banking, Interseguro in insurance and Inteligo in wealth management) are a testament to our focus on this objective. Our subsidiaries are leaders in their respective industries and, by focusing on our strengths, values and solid relationships, we plan to continue evolving and growing.
Develop a powerful and profitable payments ecosystem
We strive to provide solutions to address the payment needs of people and companies by creating a payment ecosystem that seeks to build a strong bond with our customers, focusing on three pillars: (i) enhancing everyday features to capture value from the issuance and use of payment instruments, (ii) strengthening the value proposition through integration with Izipay, and (iii) optimizing payment channels and driving e-commerce expansion.
Moreover, we beçoeve our payments ecosystem benefits from having strong solutions on both sides of the market. On the retail customer side, our affiliate Izipay has a strong market share, as well as knowledge of the traditional and digital card payments. On the merchant side, Izipay has strengthened our value proposition for micro-merchants through IzipayYa. It also complements our financing solution, while our shared directory Plin allows us to interact with customers from other banks and serves as a bridge between retail customers and micro-merchants. We believe this ecosystem also allows us to scale up our other initiatives such as our e-commerce solutions, our marketplace Shopstar and the Buy Now, Pay Later solution Divídelo. In May 2023, launched IzipayYa, targeting micro-merchants with interoperable QR codes and same-day cash availability, aiming to be their preferred payment solution.
In May 2023, we launched IzipayYa, targeting micro-merchants with interoperable QR codes and same-day cash availability, aiming to be their preferred payment solution. As of December 31, 2025, the number of merchants using IzipayYa reached more than 1.3 million compared to approximately 747,000 merchants that used our Tunki solution as of December 31, 2023.
In January 2020, Interbank, in collaboration with BBVA and Scotiabank, launched Plin, a person to person (“P2P”) and QR code payment solution which interacts with multiple financial institutions and serves as a bridge between the banked and the
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unbanked through cell phones, as services may be conveniently accessed through its app.These payments are offered around-the-clock and are commission-free to all enrolled customers. Interbank is currently one of nine financial institutions that are Plin’s partners. The integration between Plin and Yape, a digital wallet available in Peru, initiated in April 2023 and has increased digital payments and financial inclusion while reducing cash dependency. This interoperability between banks and wallets is part of BCRP's efforts to promote digital financial inclusion of more Peruvians into the financial system. The number of monetary transactions sent through Plin, platform operated by Interbank, has increased to 75.4 million in the month of December of 2025 compared to 8.8 million in the month of April of 2023 (pre-interoperability). Thus, we are creating value and primary banking relationships through the positioning of Plin as (i) a single app (not a separate app) that allows our customers to manage all their payments and caters to multiple segments, (ii) a solution backed by Interbank to provide a more robust value proposition, and (iii) a simple option for our customers that offers a simple and quick experience to assist them with their daily payments.
Building on this foundation, we continue to see strong performance across our payments ecosystem with Plin and Izipay. As of December 31, 2025, Plin active users grew 10.9% year-over-year, while transactions rose 48% year-over-year. Izipay also maintained solid expansion, with flows from small businesses rising 49% year-over-year. The adoption of these platforms by merchants is reflected in a 26% increase in small business deposits year-over-year, highlighting how ecosystem growth is translating into greater engagement from commercial clients. Synergies between Izipay and Interbank improved versus last year, reinforcing our integrated payments strategy. As a result, cash flows directed to Interbank accounts through Izipay grew 8.9%, accompanied by a 35.0% increase in the float. Additionally, Interbank strengthened its leadership in the acquiring market, reaching a 39.0% share of transactions processed through Izipay.
We aim to strengthen our payment ecosystem in partnership with Izipay, enabling us to grow through differentiated strategies across key fronts. In relation to cash-in (deposits), we focus on offering sophisticated and efficient solutions that enhance the payment ecosystem. In relation to cash-out (withdrawals), we seek to become the preferred payment partner for businesses by ensuring a comprehensive and integrated ecosystem. In relation to sales financing, our efforts are centered on achieving sustainable and profitable growth. For small businesses, since its introduction in August 2018, our Cuenta Negocios, an account that can be opened 100% digitally, has grown to approximately 220,000 accounts as of December 31, 2025.
We have also been working on our merchant financing solution with fast disbursements enabling small merchants to access the working capital loans they need to grow their businesses efficiently. Our value proposition is to deliver a best-in-class collections service that builds strong customer relationships through loyalty rewards and efficient management tools.
Divídelo is the name of our Buy Now, Pay Later solution which is already connected to over 185 e-commerce businesses in Peru and growing.
Shopstar is an online marketplace aiming to become the preferred e-commerce option for our customers and a sandbox to evaluate some of our initiatives such as Divídelo. It was created from the insight that many of our customers were not comfortable buying on e-commerce but would be willing to try it in a platform that was supported by Interbank. As of December 31, 2025, Shopstar had approximately 107,000 users.
We are continuously searching for alliances and opportunities in the digital market as well as in the payment ecosystem.
Create the best digital experience based on operational excellence
We want to deliver a seamless and superior experience to our customers, while becoming more relevant to them. We believe that acting on these goals can allow us to more effectively serve our customers, enabling them to get what they want, when they want it, and how they want it. We believe that the key to ensure that our customers have the best experience when interacting with us is to create unique experiences throughout their customer journey, including new client acquisition, on-boarding, customer development to earn loyalty, and during retention stages. We have been implementing various initiatives to improve the customer relationship cycle.
We seek to build entirely digital solutions for the customer journey and accelerate the growth of our customer base by creating innovative and distinctive tools that deliver financial solutions to people, small merchants and all types of business in an accessible and efficient way, throughout all our business segments.
At Interbank, we have built a seamless digital customer journey with teams dedicated to improve each step of the customer experience. We believe that a strong onboarding leads to higher engagement from customers while an increase in engagement can create a tangible higher NPS and lower churn. In digital, we are focusing our efforts on expanding the products and self-service interactions, continuing to foster the adoption of digital channels by our customers, adding new features in our digital
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platforms according to their needs, and ensuring that interactions with our customers are safe and secure. We also aim to deliver a personalized experience powered by automated decision models that anticipate our customers’ needs and enable consistent execution.
Within commercial banking, Interbank is working on a radical simplification of its products and processes together with digitalizing each point of contact with Interbank. Moreover, one of the most important points of contact for Interbank’s clients is the post sales division, where Interbank solves inquiries, claims and any operational issues that Interbank’s customers might have, through channels such as Interbank’s proprietary virtual chatbot, Commercial AVI.
Within retail banking, at Interbank, we have developed several high impact digital solutions based on customer preferences and needs. These solutions have been designed together with our innovation lab LaBentana based on deep understanding and research, as well as through certain co-creation with Interbank’s customers. Interbank has decided to make all its solutions available in the Interbank App, which we strongly believe to be Interbank’s most valuable channel going forward in Interbank’s relationship with its customers, considering the decrease of in-person interaction. In retail banking, Interbank has an NPS of 51 as of December 31, 2025. In commercial banking, Interbank has an NPS, excluding SMEs, of 83 as of December 31, 2025.
Through its physical channels, Interbank continues to focus on providing superior customer experience and are improving productivity and efficiency through digital processes, tools and more advanced analytics. Additionally, Interbank continues to invest in educating its customers to encourage the use of digital and other channels. Deposits, withdrawals, bills and credit cards payments are being redirected to other more convenient and cost-efficient channels.
Interbank expects to continue advancing the digital transformation of its core businesses to strengthen digitalization, security and agility. Interbank’s goal is to be more efficient while utilizing fewer resources in its customer interaction.
Izipay’s approach is based on delivering the best value proposition by placing the customer at the center of all our decisions. We seek to drive the growth and expansion of the businesses we serve, both in-store and e-commerce, through a payment experience that is designed to optimize usability, conversion, and security in every transaction. We have actively worked to strengthen the digital payment experience through the development of our own payment gateway and payment links, designed with multiple capabilities and differentiated by offering the broadest range of payment methods in the market. These include cards, QR codes, Apple Pay, Click to Pay, Yape QR codes, and IBK Push Payments, enabling an inclusive, flexible experience aligned with consumer preferences. Izipay works with a customer-centric approach, developing a portfolio of digital solutions that addresses our clients’ key pain points and needs, reduces friction in payment processes, and promotes sustainable adoption of our technologies.
Interseguro continued to focus on enhancing the digital experience for their clients and expanded sales from digital channels. As of December 31, 2025, the company had surpassed 540,000 active customers across digital channels, a 5% increase year-over-year, and digital premiums had grown 25%. Also, the development of internal capabilities has allowed Interseguro to increase digital self-service to 71% in 2025, from 69% the previous year. To achieve this, we accelerated key processes for our clients, such as automatic policy issuance and recurring collections for individual life insurance, and payment of simple claims in 24 hours. Furthermore, our Net Promoter Score (NPS) reached 60 points, a 10 point increase year-over-year, driven by the optimization of our WhatsApp channel, the strengthening of our relationship model, and the improvement of our service levels. Thanks to our customer-centric approach, in 2025 we were recognized as the insurance company in Peru that provides the best customer experience, according to the CXI Index ranking conducted by Activa Research in collaboration with CES UAI at Adolfo Ibáñez University.
At Inteligo, we specialize in providing wealth management services, with a focus on delivering innovative digital solutions that cater to the evolving needs of our clients. Recently, we launched a digital platform that integrates client onboarding, financial planning, advisory, and execution services, thereby offering a comprehensive digital journey for our customers. Our value proposition is centered around providing what we believe to be the best possible investment advice. To achieve this, we maintain strong, ongoing relationships with our clients to gain a deep understanding of their financial needs and objectives. In addition to our expertise in understanding client needs, we believe that our ability to respond swiftly to changing market dynamics is a key differentiator. Our organizational structure is designed to be horizontal, fostering collaboration across teams and encouraging an entrepreneurial mindset that facilitates agile decision-making and the rapid deployment of solutions.
As part of our digital product offering, we have developed a suite of innovative tools to enhance the client experience. Notable examples of these products include: (i) Erni App, a digital solution specifically designed to address client needs within our mutual fund business, which seeks to provide an accessible and user-friendly platform for managing investments. As of December 31, 2025, 34% of our customer base was registered in Erni and more than 30% were monthly active users. And (ii) Octopus, our proprietary digital distribution platform, which enables us to deliver automated, data-driven insights across multiple channels, enhancing our clients' investment decision-making process and overall user experience. In 2025, we delivered approximately 10,962 insights to Inteligo Bank’s clients.
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We remain focused on our digital transformation to enhance efficiency through the automation of internal processes and the use of technology. Our goal is to be more efficient while utilizing fewer resources in our customer interaction.
Developing resilient, secure and scalable technology
To achieve all of the above, we believe that building a scalable, flexible, trustworthy, stable and secure technological platform is essential. We believe that we have deployed the key initial investments necessary to scale our platform and are committed to continue to improve it by increasing our levels of investment in technology.
Interbank’s IT strategy is focused on working in collaboration with open technological platforms to transform our operations supporting the digital approach. Its focus is based on five main areas of work: (i) resilience, (ii) world class end to end security, (iii) GenAI, (iv) modern architecture and (v) modular IT architecture and lightweight banking mobile applications. Our modular and lightweight digital banking solutions display our evolution in digital banking which accelerates time to market and accessibility. What we refer to ‘resilience’ is the capacity of IT systems to anticipate, absorb, adapt and recover from disruptions, failures or adverse events ensuring continuity of service to customers and critical business operations. With respect to GenAI, our focus is to accelerate its implementation across the organization implementing high value use cases transforming the experience of the customer and the way we do things. Interbank’s ‘world-class end to end security’ goal is to have the adequate equipment, processes and tools that allow us to operate in a safe environment with a comprehensive security approach. Interbank’s “modern architecture” refers to the upgrading of the main applications towards cloud native versions and the evolution of the cloud operation governance model, as well as laying the foundation to safely scale GenAI at Interbank.
In this context, Interbank invests in the update of core applications while additional effort and resources are invested in the digitalization and transformation of processes and channels in order to provide an entirely digital experience to all customers. Moreover, Interbank has increased the number of teams within its agile digital solutions framework, allowing it to substantially decrease time-to-market and to develop more innovative ideas.
Additionally, during the years 2023, 2024 and 2025, Interbank and our other subsidiaries have bolstered our investments in cybersecurity as we believe security is essential for our platform to continue to enable our digital transformation. General-purpose technologies have also been implemented to our operations to mitigate cybersecurity risks and these controls are evolving and being aligned with industry trends.
At Interseguro, IT continued to play a strategic role in driving the company's digital transformation throughout 2025, solidifying its position as a key enabler of business growth, innovation, and operational excellence. Throughout the year, we focused our efforts on strengthening the alignment between technology and business priorities, promoting a culture of agility and responsible data use. In line with our vision of delivering simple, secure, and reliable experiences to our customers, 2025 was marked by the reorganization of our capabilities, the integration of artificial intelligence into our software development processes, and the deepening of a data-driven culture focused on talent development.
Develop an AI-driven organization
Interbank’s analytics vision is to have a fully deployed online customer management system which relies on real-time data, cloud processing, automated and reusable variables, real-time decision and actions, and an integrated infrastructure to support these new processes.
Our advanced analytics capabilities are being enriched with new sources of data and new tools that technology offers, such as cloud, real-time decision, machine learning, deep learning, artificial and continuous intelligence and big data. Interbank aims to have a deep understanding of the habits of Peruvians, both individuals and companies, as it believes that a deep knowledge of our current and potential customers’ characteristics and adapting to their behavior is important to better serve them, and to offer them the best solutions according to their needs and risk profile.
In this context, at Interbank, we focus on three strategic areas: (i) advanced analytics to better understand Peruvians and businesses, (ii) best-in-class models to predict behavior and reduce risk, and (iii) personalized solutions delivered at the right moment to drive primary banking relationships.
First, Interbank aims to anticipate customer needs through timely and personalized solutions, while modernizing our data infrastructure to scale our analytical capabilities.
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Secondly, the ability to assess customers’ risk profile in the correct manner, together with a balanced portfolio approach, has allowed Interbank to grow in a healthy manner. The bank is focused on improving its assessment, through more and better models and using as much information as possible. Furthermore, we have been able to deliver contextual credit offers digitally in real and near real time which allows us to maximize the relationship with strong credit customers, while generating a sense of togetherness and loyalty.
Finally, Interbank intends to continue to modernize its campaigns with greater efficiency, agility, and an improved online experience. We are focused on reducing time-to-market and increasing the number of personalized offers. In this way, we seek to connect with our customers more effectively, achieve higher engagement at a more efficient cost, and further strengthen our primary banking relationships.
Interbank is working on the development of its infrastructure, advanced marketing analytics, and risk profiling and pricing models, as well as on improving its CRM capabilities, including contextual marketing. With the support of its team of data scientists, Interbank centrally designs and distributes most of its sales campaigns, has substantially improved its campaign effectiveness and is currently employing real-time decision making on certain campaigns.This combination of investments has helped make the bank more dynamic and able to approach customers in real time, by offering easy-to-understand information and agile and transparent processes that generate trust in us.
These efforts also include different actions undertaken to have a better understanding of the self-employed segment of the population, which constitute a significant opportunity for financial services given the current low penetration levels. In addition, Interbank is working on alternative risk profile models for new customer acquisition using new sources and non-traditional sources of data.
Through analytics, we are working to become the digital ally in hearts and minds of Peruvians, as well as to establish best practices and governance around the use of data and analytics initiatives, promoting a data-driven mindset throughout the platform. Such initiatives are assisted by the Analytics Center of Excellence (AcoE), which was implemented at the beginning of 2023.
At Interseguro, one of the year's key milestones was the creation and implementation of an AI-powered software development framework, designed as a strategic enabler to strengthen productivity, quality, and security in our technology processes. This framework establishes corporate guidelines for the use of AI tools, as well as development, architecture, security, and documentation standards, integrated across the software lifecycle. It also promotes systematic validation, review, and quality assurance practices, contributing to a more agile, consistent, and reliable delivery of technology solutions. Thanks to this initiative, we have achieved sustained improvement in operational efficiency and the experience of internal and external users, aligning our technological capabilities with the strategic objectives of the business.
Inteligo is advancing a multiyear transformation to become an AI-driven organization, grounded in a governance-first approach that ensures responsible adoption of artificial intelligence across all business units.
Through the leadership of its Data Office, Inteligo has formalized enterprise standards for data quality, model development, and algorithmic oversight, setting a consistent baseline for the safe integration of AI into advisory, operational, and analytical processes. These standards include structured model validation protocols, detailed documentation of data sources and model assumptions, and the implementation of continuous monitoring mechanisms to identify operational risks such as model drift, bias, or data degradation.
Simultaneously, Inteligo is focusing on strengthening its capabilities to ensure business teams correctly understand and use AI tools. The company prioritizes explainability, transparency, and adherence to client protection principles in this effort. Initiatives underway include the development of AI supported analytical products, the deployment of controlled pilot environments that allow for iterative learning, and the establishment of cross functional teams to ensure that AI use cases align with the institution’s risk appetite and regulatory obligations.
Collectively, these efforts position Inteligo to harness AI in a manner that enhances decision-making quality, strengthens operational resilience, and supports sustainable business growth, while maintaining strict adherence to supervisory expectations and ethical standards governing the use of advanced analytics.
Inteligo has implemented AI solutions to improve advisory services, operations, and customer insights. Initiatives include an AI relationship manager assistant for investment insights, models for behavioral segmentation, churn prediction, and prospecting, and tools to analyze client–advisor conversations for meeting preparation and follow-up.
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During 2024 and 2025, IFS focused on testing use cases and raising awareness about artificial intelligence in the organization. In 2024, we developed several pilot initiatives, with the vast majority centered on enhancing customer experience, alongside efforts to optimize internal processes and drive revenue growth. Additionally, in 2025, we continued to lay the foundations for cultivating a culture that enables the effective adoption of GenAI, positioning us to scale the technology for specific use cases and with a well-defined governance and operating model. As of December 31, 2025, we have nine GenAI use cases under development, all of which are focused on enhancing customer experience and driving internal efficiency.
Promoting a unique working environment to capture and retain the best talent worldwide working within an agile organization
We believe that a motivated workforce leads to high-quality customer service, which leads to satisfied customers and better results. Our commitment to fostering a motivated workforce and performance-based culture is demonstrated by recently being ranked among the top Peruvian and Latin American companies in all our core segments by the Great Place to Work Institute and recently also in the specific rankings for women and millennials.
At Interbank, teams are dedicated to nurturing a culture based on six core values, which we believe is one of the most important drivers to lead high-quality teams who develop in a safe environment. Moreover, it allows the teams to cultivate an innovative culture, and as a result, the creation and improvement of our products and services. We also believe that diversity makes us stronger and enhances our innovation. For this purpose, Interbank has introduced a series of initiatives such as Expo Analytics, #LaFerIa, LaBentanaTalks, GenAIton, as well as Innovation Day at Intercorp Peru level. In addition, training programs including the Agile Academy, Tribk, and the Commercial Trainee program have also been created, as well as summer and global internships.
Our overarching goal is to attract and retain the best talent worldwide, as talent is considered our main pillar. At Interbank, we strive to have the best value proposition for our employees, which consists of offering them opportunities to learn, to challenge themselves constantly, to be rewarded, and to have access to employment advancement opportunities within our corporate group. This value proposition is complemented by our work culture based on values. Everything we do is aligned with our six values: integrity, sense of humor, passion for service, collaboration, innovation, and courage. Additionally, at Interbank, we offer employees a flexible remote work framework, which we have named Interbank Eres. We believe Interbank’s flexible remote work framework is a competitive advantage in the context of digital financial services and allows our employees to achieve our goals and stay connected, regardless of their physical locations. The Interbank Eres framework has allowed Interbank to attract regional talent in key positions and has proven to be advantageous as we work to achieve our strategy.
Interbank continues building on the pillars of our corporate culture: leadership, horizontality and growth. They help us promote an environment of transparency, openness, and personal and professional development, especially in such areas as data, digital and soft skills. Additionally, Interbank searches for a balance between organizational agility and culture to generate more value in business and engagement in our teams.
Interbank is also focused on developing new capabilities in response to its digital transformation goals, by refreshing and upgrading the skills and abilities of its workforce, through programs such as Level Up. This program allows Interbank to train its talent in new and different skills so they can be ready to have new and transformational roles in the company.
At Interseguro, a reorganization of the business's squads took place, with the goal of strengthening the relationship between IT teams and user areas, improving the prioritization of strategic initiatives, and accelerating value delivery. This new operating model enabled greater team autonomy, more timely decision-making, and more efficient execution of the company's key projects. This organizational evolution was built upon the principles of the agile framework adopted in previous years, consolidating a culture of ongoing improvement, multidisciplinary collaboration, and a focus on measurable business results.
Inteligo’s attraction process is defined by transparency, closeness, and active support from the very first contact, ensuring a candidate experience grounded in trust, an essential attribute for the business and clients. Refined and calibrated selection practices, onboarding at both the organizational and role-specific levels, and structured follow up during the first weeks enable us to build strong long-term relationships and reinforce employee value proposition from day one. This approach also ensures that each new team member receives the inputs necessary to accelerate productivity and contribute effectively early on.
In terms of development, Inteligo has consolidated a comprehensive offering aligned with the current and future needs of the business, including specialized technical programs for the financial sector, internal academies, digital and analytical upskilling sprints, and training in critical tools. These initiatives strengthen internal employability, drive mobility, with nearly 18% of employees achieving lateral or vertical growth during 2025, and helps prepare teams to excel in an increasingly regulated, competitive, and fast evolving environment.
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Talent management is a strategic pillar that supports the cultural, digital, and human transformation of the business. Through consolidated models for performance evaluation, potential identification, and talent calibration, Inteligo seeks to ensure the continuity of critical capabilities while fostering a merit-based culture that drives sustainable results.
Interbank, Interseguro, Inteligo and Izipay continue their efforts to attract, develop and retain highly qualified personnel and to maintain a performance-based culture that emphasizes teamwork to keep a motivated workforce that delivers high-quality service and strong results.
Our Approach to Sustainability
Sustainability is a fundamental pillar of how we conduct our business. We recognize it as an enabler of long-term value creation and a key differentiator in the way we serve our stakeholders. Our approach is anchored in our purpose — “Building financial well-being together” — and guides the way we integrate environmental, social, and governance considerations into our business model.
As a financial institution, we recognize the vital role we play in driving the transition toward a more sustainable and inclusive economy. This responsibility includes managing the environmental and social impacts of our operations, promoting responsible finance and investment across our value chain, and supporting our customers as they advance toward low-carbon and climate-resilient pathways. With a long-term perspective, we aim to strengthen a business model grounded in responsible practices that contribute to the sustainable development of the markets where we operate.
Our sustainability vision and principles are embedded in our day-to-day operations through corporate-level policies and standards, robust governance structures, ongoing management of ESG-related risks and opportunities, and innovation processes that expand our portfolio of sustainable financial solutions to serve individuals, entrepreneurs, and large corporations. Our strategy reflects major global challenges, emerging trends, and our business priorities, ensuring that sustainability remains central to how we create long-term value.
We have strengthened our efforts to build a strong sustainability culture across our subsidiaries, with a particular focus on climate risks and opportunities, financial inclusion and education, and equity. We are committed to enhancing skills and knowledge throughout the organization, fostering a shared understanding of the sustainability challenges and opportunities that shape our business. This focus on capacity building empowers our employees and leaders to act as change agents who actively contribute to our sustainability agenda and help embed responsible practices across our operations.
Our responsible business model
At IFS, our responsible business model is ingrained into our purpose of building financial well-being together. We recognize that delivering long-term value to our clients and stakeholders requires a business model that incorporates environmental, social, and governance (ESG) considerations as part of core decision-making and corporate governance.
•Sustainable Business Growth: We foster new business opportunities with a sustainability focus, integrating environmental, social and governance criteria into product development and decision-making to create value for our clients and stakeholders.
•Climate Action: We are actively addressing climate risks and opportunities by embedding climate considerations into our operations and supporting climate-related transitions, both internally and through the financial solutions we offer.
•Promote Change Markets: We foster a sustainability-oriented mindset across the organization, strengthening capabilities through capacity building so employees and business leaders can incorporate sustainability into their daily decisions and guidance.
•Trust and Reputation: We reinforce ethical practices, transparency, and stakeholder engagement to build long-term trust and uphold our commitment to responsible business conduct.
To effectively deploy this strategy, we have established a robust ESG governance structure that oversees and ensures its implementation across our subsidiaries. Our Sustainability Policy, approved by the Board of Directors in 2024, sets out core principles—ethics and integrity, human rights, inclusion and development, service and innovation, environmental and climate commitment, and stakeholder engagement—which frame our actions and responsibilities.
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At IFS, each subsidiary is responsible for identifying sustainability-related opportunities and risks. Even though our sustainability strategy is embedded in each subsidiary’s daily operations, each of them operates independently while in coordination with the general guidelines issued by our Chief Sustainability Officer and Board of Directors
Pursuant to IFS's Sustainability Policy, the Board of Directors supervises the application and implementation of such policy within each subsidiary. For such purposes, the following governance measures were put into place:
•IFS Board of Director: Defines the strategic vision and ensures effective oversight of sustainability matters, aligning them with long-term corporate goals and stakeholder expectations.
•Chief Sustainability Officer (CSO): Leads implementation of the sustainability strategy and ensures alignment of all subsidiaries’ policies with Board-approved guidelines. The CSO reports on ESG progress at least annually to the Board and informs shareholders during the annual meeting.
•Sustainability Leaders at each subsidiary: Manage and implement their respective sustainability policies with ongoing support from the CSO and senior management from our subsidiaries.
•Executive Sustainability Committee: Comprised of subsidiary CEOs and chaired by the IFS CEO, this committee defines strategic priorities, allocates resources, and oversees execution. It meets as convened by the IFS CEO, at least twice a year.
Our 2025 sustainability journey
Environmental Dimension
We aim to identify both the direct and indirect impacts of our activities and proactively work to prevent, mitigate, and correct any adverse effects. Our main initiatives during 2025 focused on:
•Strengthening our Sustainable Finance strategy: We kept building towards a strong sustainable finance strategy that focuses on our commercial clients' climate transition, by offering new financial instruments. As of December 31, 2025, our sustainable finance portfolio totals U.S.$541 million, which includes green loans and sustainability linked loans, of which more than 45% represents sustainable agriculture activities and projects.
•Reducing our carbon footprint: We are committed to reducing our carbon emissions and have set Science-Based Targets (SBTi) for 2030, aiming for an 84% reduction in Scope 1 and 2 emissions within our banking operations. Additionally, we are implementing initiatives to enhance energy efficiency, conserve water, and improve waste management to support our decarbonization goals. In 2025, 33 of our financial stores achieved certification under the IREC standard.
•First financed emission calculation: We conducted, for the first time, the measurement of financed emissions within Interbank’s commercial portfolio, following the Partnership for Carbon Accounting Financials (PCAF) Standard. This assessment focused on the agriculture, fishing, and energy sectors, which together account for approximately 18% of the portfolio as of December 31, 2025.
Social
We aim to promote financial literacy and inclusion, accelerate upskilling and reskilling in AI and analytics across teams to drive innovation and meet our clients’ needs, and foster a workplace rooted in diversity, equity, and inclusion. Our main initiatives during 2025 focused on:
•Advancing Financial Literacy and Inclusion: We promoted financial education for employees, clients, and non-clients through initiatives such as INpulso Financiero, a project designed to foster a culture of financial education in schools, impacting teachers, students, and parents at Innova Schools. We also launched initiatives like Investment Academy in Inteligo and a financial education fair for employees and their families at Interseguro. In addition, we expanded access to financial services through products such as IzipayYa, a free digital wallet that helps more than 1.2 million microentrepreneurs grow their businesses, and Vida Cash, an accessible life insurance product designed for the informal sector, requiring no paperwork or prior financial knowledge.
•Accelerating AI and Analytics Capabilities: We focused on upskilling and reskilling our teams, leveraging the potential of GenAI to transform financial services. Additionally, we continued working through Interbank’s Analytics Center of Excellence (ACoE) to develop tools that help us understand the financial behavior of Peruvians, driving both financial inclusion and sustainable growth.
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•Fostering Diversity, Equity, and Inclusion: We prioritized building a diverse and inclusive workplace, promoting gender equality and implementing programs such as Mujeres que INpulsan, GoWomen, Inspira, and Sin Fronteras to empower employees from diverse backgrounds. Every year, we conduct sociodemographic assessments to inform and strengthen our DEI strategies.
Governance
Our corporate governance dimension, guided by ESG principles and policies, enables our responsible business strategy. Our main initiatives during 2025 focused on:
•Strong Corporate Governance : We strengthened our governance framework by publishing an extract of the IFS Information Security and Cybersecurity Policy, reinforcing our commitment to data protection, confidentiality, and operational resilience.
•Transparency and Accountability: We remained committed to transparency practices by publishing the sustainability reports of IFS and its subsidiaries, aligned with GRI and SASB standards.
Our commitment to sustainability contributed to a strong performance in S&P Global’s 2025 Corporate Sustainability Assessment (CSA), where we achieved a score of 78, representing a 9-point increase compared to our 2024 score of 69. As a result, IFS was included for the fourth consecutive year in the S&P Global Sustainability Yearbook 2026, being the only Peruvian financial institution recognized within the Banks sector ranking.
Banking Segment
Overview
Interbank provides retail and commercial banking services to more than 5.6 million total customers as of December 31, 2025, which includes more than 5.4 million retail customers and approximately 146 thousand commercial clients. It is the third largest bank in Peru in terms of total assets, deposits, and total loans, with market shares of 13.4%, 13.4% and 13.6%, respectively, as of December 31, 2025 according to the SBS. Interbank is focused on the generally fast-growing and highly profitable retail banking businesses, such as credit card financing, payroll deduction loans to public employees and mortgages, as well as on increasing our commercial banking business, focused on Peruvian corporates and medium-size companies, where Interbank’s market share has decreased to 10.8% as of December 31, 2025, compared to 10.9% as of the same date in 2024.
Given this focus, 52.9% of Interbank’s gross loans as of December 31, 2025 correspond to retail banking, compared to 40.7% for the Peruvian banking system, according to the SBS. Interbank is the third largest provider of consumer loans, the leading player among private banks in payroll deduction loans to public sector employees and the third largest bank in retail deposits in Peru. As part of its strategy, Interbank has one of the most convenient and extensive retail banking distribution networks in Peru which is currently present in 23 of Peru’s 25 regions. Interbank has one of the most convenient and extensive ATM network nationwide and one of the largest out of branch ATM networks in Peru.
The commercial banking line of business represents 47.1% of Interbank’s gross loans as of December 31, 2025. Interbank focuses on high margin and fee generating products such as leasing, structured finance, cash management, trade finance and factoring in its commercial lending business. These products and services are attractive not only for the financial margins they offer, but also for the fee income they generate. In addition, these products and services enhance customer loyalty and provide significant cross-selling opportunities.
For the years ended December 31, 2025, 2024 and 2023, Interbank’s net results were a net profit of S/1,475.0 million (U.S.$438.6 million), S/1,007.4 (U.S.$267.6 million) and S/856.1 million (U.S.$228.7 million), respectively. As of December 31, 2025, 2024 and 2023, Interbank had shareholders’ equity of S/10,257.6 million (U.S.$3,050.1 million), S/8,872.9 million (U.S.$2,357.3 million), and S/8,056.7 million (U.S.$2,172.2 million), respectively. Interbank’s ROE and ROA for the year ended December 31, 2025 were 15.6% and 2.0%, respectively. Interbank’s ROE for the years ended December 31, 2024 and 2023 was 12.2% and 11.2%, respectively, and ROA for the years ended December 31, 2024 and 2023 was 1.4% and 1.3%, respectively.
Business Lines
Interbank has three business lines: (1) retail banking, (2) commercial banking and (3) treasury and institutional.
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Retail Banking
Interbank’s retail banking business line provides a variety of financial products and services to individuals including retail loans and retail deposits. Interbank’s retail banking strategy consists of providing the best customer experience through convenient, agile and friendly service. Interbank’s key objectives include increasing its market share in its core products through acquiring new clients, increasing its share of wallet and cross-selling products to its existing customers. Interbank seeks to meet the financial service needs of Peru’s growing middle class. After some years of high risk volatility in retail banking, Interbank believes the retail banking sector presents significant opportunities for growth at reasonable risk.
As of December 31, 2025, retail loans represented 52.9% of Interbank’s total loan portfolio outstanding as compared to 40.7% for the Peruvian banking system under SBS GAAP. Furthermore, Interbank’s strategy also seeks to continue capturing low-cost funding through a stable and diversified deposit base. The following charts show Interbank’s and the Peruvian banking system’s retail gross loans breakdown according to the SBS as of December 31, 2025.
Source: SBS.
Retail Loans
Retail loans consist of consumer and mortgage loans. Interbank classifies its consumer loans into three categories: (1) credit cards, (2) payroll deduction and (3) personal loans.
Consumer Loans
(1) Credit cards. Interbank offers its retail customers two primary credit cards options: VISA and American Express. The bank holds an exclusivity agreement with American Express for its Centurion line in Peru. Additionally, Interbank provides a diverse portfolio of credit cards with tailored value propositions designed to meet the needs of different customer segments. This comprehensive strategy has strengthened our market position, achieving a market share of 18.7% as of December 31, 2025.
Interbank launched its Benefits Hub in August 2024, providing customers with seamless access to our full value proposition through the Interbank App. As of December 31, 2025, this innovation recorded 868,000 unique active customers daily with each generating an average of 3.2 views. Another milestone in 2025 was reached when Interbank increased its market share for issued credit cards in Hiraoka, one of Peru’s leading electronics and technology retailers, reaching 27.6% (an increase of 151 bps vs. January 2025).
In November 2019, the SBS issued SBS Resolution No. 5570-2019 which became effective in January 2021. This resolution establishes that the non-revolving financing portion of credit card loans must be presented for regulatory considerations as loans instead of credit card loans. Under SBS GAAP figures, this resulted in a significant reduction to Interbank’s credit card loan balances, market share and a change in its retail loans portfolio mix.
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In March 2025, the SBS issued Resolution No. 0890-2025, which established the obligation of financial institutions to offer customers at least one product alternative that is not conditioned on the purchase of debt relief insurance, except in the case of mortgage loans.
(2)Payroll deduction loans. Payroll deduction loans to public sector employees such as police officers, teachers and army employees, Interbank ranks first among private banks in Peru in terms of payroll deduction loans to public sector employees, with a market share of 19.3% as of December 31, 2025 as compared to 21.2% as of December 31, 2024.
The risk of default under payroll deduction loans is low, particularly because the employer deducts the loan payments from the employee’s salary and makes payments directly to Interbank. These loans are customarily insured against the death and disability of the borrower. However, as per Resolution No. 0890-2025 issued on March 2025 by the SBS, Interbank must offer customers an option that is not conditioned to the purchase of such insurance, except for mortgage loans. When customers do decide to purchase insurance, although customers are free to purchase insurance policies from any provider, Interseguro is by far the most significant player insuring Interbank’s loans, accounting for the vast majority of policies currently outstanding.
(3) Personal loans. Personal loans include cash loans, student loans, and collateralized cash loans. Cash loans have a term of up to 60 months and a grace period of up to two months. In addition, collateralized cash loans allow customers to include savings accounts or real estate as collateral, have a term of up to 60 months and a grace period of up to two months.
Mortgage Loans
Interbank offers fixed rate mortgage loans with a typical term of 20 years and a typical down payment of 10% denominated in either U.S. dollars or soles.
Interbank’s mortgage loans outstanding grew at a CAGR of 8.0% between December 31, 2020 and December 31, 2025 compared to a CAGR of 6.7% for the Peruvian banking system in the same period. Between December 31, 2024 and December 31, 2025, Interbank’s growth in mortgage loans outstanding was 7.8%, compared to 6.7% for the Peruvian banking system over the same period. For 2024, Interbank’s growth in mortgage loans outstanding was 7.5% with respect to 2023, as compared to 5.1% for the Peruvian banking system over the same period. For 2025, Interbank’s mortgage loan balances amounted to S/11.4 billion, of which 95.8% were denominated in soles and the remaining 4.2% in U.S. dollars.
Interbank also provides residential construction loans to real estate developers. Although these loans are reported within the commercial banking portfolio, they are managed together with retail banking mortgages because of the synergies between the businesses. Financing real estate projects provides Interbank with an opportunity to market mortgage loans to home buyers.
In 2001, the Peruvian government launched the Nuevo Crédito Mivivienda program, a social initiative to promote the construction of low-income housing, of which Interbank is an active participant. In 2025, the Nuevo Crédito Mivivienda program disbursed 702 outstanding loans through Interbank, mainly to develop multi-family buildings. The Nuevo Crédito Mivivienda program provides direct funding to match each loan underwritten by banks, as well as credit risk coverage for up to two-thirds of any realized loss. Furthermore, the program subsidizes part of the down payment to the end customer to promote real estate acquisition in the country. In addition, by the end of 2023 the Peruvian government launched the Credit Risk Coverage Service (Cobertura de Riesgo Crediticio – CRC), which allows banks to offer own funding home loans with the possibility to maintain credit risk coverage of up to two-thirds of any realized loss.
Retail Deposits
Interbank offers a wide range of sol, U.S. dollar and euro denominated transactional, savings and investment accounts through one of the largest distribution networks, as measured by total financial stores, ATMs and correspondent agents. These products satisfy key consumer needs and position Interbank as an attractive financial institution for retail customers.
Transactional accounts
Within retail deposits, Interbank offers transactional accounts with different interest rates, maintenance fees and options for accessing funds.
Cuenta Sueldo is a payroll account into which an employer may deposit an accountholder’s salary on a regular basis. These payroll accounts provide debit cards for employees and discounts at restaurants and retailers, among other benefits. Interbank offers these payroll account services to employers in conjunction with other commercial banking products, and also markets directly to employees.
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Cuenta Simple is used by customers for their everyday banking needs and does not have a maintenance fee. Transactions are free of charge for up to a certain number of monthly transactions through physical channels This transactional account is of low cost for Interbank as most of the transactions are conducted through electronic channels. Customers are also able to receive incoming wire transfers in this account. This account type was used to make available the funds that were permitted to be withdrawn from the private pension funds as a result of the government’s relief measure to provide liquidity to individuals.
Savings accounts
Interbank offers savings accounts with a variety of interest rates, maintenance charges and options for alternative access channels, such as ATM cards, and free online and mobile access.
Cuenta Millonaria is Interbank’s flagship savings account, which may be denominated in soles or U.S. dollars. The Cuenta Millonaria account allows accountholders to participate in sweepstakes to win prizes such as apartments, cars, travels, among other prizes. Cuenta Millonaria also offers an interest rate and free unlimited transactions through electronic channels.
Cuenta Super Tasa offers special interest rates based on clients’ account balances and free unlimited transactions through electronic channels.
Alcancía Virtual is a digitally enabled feature of a transactional or payroll account in either soles or U.S. Dollars, which encourages Interbank’s customers to save. This virtual piggy bank allows customers to easily transfer or “swipe” in certain amounts from other accounts to their piggy bank, as well as to create up to three different categories in order to organize their savings. The funds allocated to the piggy bank are not subject to maintenance fees and benefit from higher rates than those applied to the associated transactional account. Amounts in customers’ piggy bank do not show as funds available for ATM withdrawals or for debit card purchases. As such, money deposited in piggy bank accounts improves Interbank’s funding base. Customers retain full flexibility to transfer any funds in their piggy bank account to their transactional accounts through mobile banking or online banking and can also personalize the piggy bank account according to their goals or saving purpose.
Investment accounts
Interbank offers time deposits, certificates of deposit (“CDs”) and CTS accounts denominated in soles, U.S. dollars, and euros (only for time deposits), to customers who may or may not have a checking or savings account with Interbank.
Interbank offers time deposits and CDs, with maturities ranging from 31 days to two years. Time deposits with maturities of 31 days or more may be opened with a minimum initial balance of S/2,000, U.S.$1,000, or EUR 1,000. Time deposits with maturities ranging from five years to 10 years are only offered in soles and can be opened with a minimum initial balance of S/50,000.
CTS accounts are severance accounts that employers must open for the benefit of their employees pursuant to Peruvian law. Employers must deposit into these accounts twice a year (in May and November) an amount equal to one half of an employee’s month salary. Employees may withdraw from their CTS account any amount exceeding the sum of such employee’s four months’ salary calculated based on the most recent monthly salary.
Commercial Banking
Interbank’s commercial banking is organized in three business units: (1) corporate; (2) medium-size businesses; and (3) small businesses.
As of December 31, 2025, Interbank was the fourth largest bank in terms of commercial loans outstanding, with a total commercial loan portfolio amounting to S/23.7 billion, representing a 10.8% market share, while its past-due loan ratio stood at 1.7%, the lowest among the largest four banks in Peru. Furthermore, our market share in mid-large companies' loans has decreased to 10.7% as of December 31, 2025 from 11.0% as of December 31, 2024.
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The following charts show Interbank’s and the Peruvian banking system’s commercial gross loans breakdown according to the SBS as of December 31, 2025:
Source: SBS.
According to the SBS, in general terms, corporate loans are loans offered to companies with annual sales exceeding S/200.0 million; large loans are offered to companies with annual sales between S/20.0 million and S/200.0 million; medium loans are offered to companies with annual sales between S/5.0 million and S/20.0 million; small size loans are offered to companies with annual sales lower than S/5.0 million and commercial loans exceeding S/20.0 thousand.
Corporate Banking
Interbank’s corporate banking unit is primarily responsible for providing services to companies with annual sales exceeding S/200.0 million or are part of a large economic group. Interbank’s corporate banking unit provides investment banking, structured finance and other sophisticated banking products to meet the needs of its target clients. Furthermore, Interbank focuses on developing a relationship with each client and promoting fee-related and low-risk products, such as supply chain financing, collections, transfers and foreign exchange services, all tailored to meet the particular requirements of each client.
Medium-Size Business Banking
Interbank’s medium-size business banking unit offers many of the same products as those of the corporate banking unit mainly to medium-size enterprises with annual sales between S/5.0 million and S/200.0 million. The unit primarily provides Interbank’s clients with working capital loans secured by accounts receivable and other products, including financing for medium and long-term investment programs. Medium-size businesses also constitute an important source of deposits.
Medium-size enterprises in Peru generally do not have access to financing through local or international capital markets or to term loans from foreign banks. Interbank expects to capitalize on the significant growth opportunities in this sector and to profit from the margins that it offers when considering the reasonable degree of risk involved. We believe that this sector can continue growing along with the Peruvian economy.
Small Business Banking
Interbank’s small business banking unit serves companies with annual sales between S/500,000 and S/5.0 million. Interbank offers working capital loans, fixed asset financing, revolving lines of credit and transactional accounts to small businesses. Interbank has invested in building an experienced team and developing a strong IT platform, with online and automated processes to better serve these customers.
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Main Commercial Banking Products
Medium-Term Loans. Interbank offers term loans, which are loans with tenors over 1 year. These loans are usually collateralized with mortgages and/or other assets in order to secure the credit facility. Furthermore, Interbank earns structuring fees from these transactions.
Leasing. Interbank provides financial leasing including commercial real estate, vehicles, machinery and other goods. At the end of the term of a leasing agreement, the customer has the option to purchase the leased assets.
In recent years, the growth in Interbank’s leasing business has been driven by economic growth and related private sector investments. We expect this trend to continue in the future. Furthermore, Interbank is actively pursuing leasing and financing opportunities for machinery and equipment to grow its leasing business.
Cuenta Negocios. The only 100% digital current-account for businesses in the Peruvian market. This account can be opened by customers following a very simple process, with no physical documentation required. Cuenta Negocios is the principal client acquisition tool in Interbank’s commercial banking business. It also supports many other of Interbank’s products, such as factoring
Cash management. Interbank offers products and services that strengthen its relationship with clients, build loyalty and reduce costs by using electronic channels and by increasing fee income. Services managed by this unit include collection services (automated trade bill collection), automated payments (payroll and payments to suppliers) and digital banking and cash management. Interbank earns fees from cash management services by charging its clients a fixed fee and a variable fee based on the volume and frequency of the transactions.
Trade finance. Interbank provides short-term loans for trade, funded with internal resources or with credit lines from foreign banks. In addition, the trade finance unit offers medium-term credit lines using funds granted by international commercial banks and foreign governmental institutions. The trade finance unit also earns fees by providing customers with letters of credit, international collection and foreign exchange services.
Interbank intends to take advantage of the growing importance of China in Peru’s foreign trade activities by facilitating trade and investment between the two countries. In 2007, Interbank established a commercial representative office in China in order to provide financial services to Peruvian and Chinese companies wishing to trade in either market
Supply Chain Financing. Interbank’s electronic factoring products enable Interbank’s clients to pay in advance and at a discount to their suppliers. Interbank has a 100% digital-platform for the onboarding of new providers. New customers can also open a Cuenta Negocios during that same process.
Treasury and Institutional
The main activities of Interbank’s treasury and institutional business line include treasury and institutional banking, as well as securitization services through Internacional de Titulos Sociedad Titulizadora S.A. (“Intertítulos”).
Treasury
Interbank is an active participant in the money and foreign exchange trading markets in Peru. Its money market desk plays an active role in the sol and foreign currency short-term money markets. In addition, the money market desk participates in the auction of certificates of deposit issued by the Central Reserve Bank of Peru. Interbank’s proprietary trading activities focus on foreign exchange trading and short-term investments in securities, which primarily include certificates of deposit of the Central Reserve Bank of Peru, Peruvian global bonds and sovereign debt instruments.
Institutional Banking
Interbank’s institutional banking unit serves primarily non-profit public and private organizations, international entities, educational institutions, nongovernmental organizations and local financial institutions. As of December 31, 2025, the institutional banking unit had more than 780 clients, S/5.7 billion in current account deposits and S/6.8 billion in time deposits, accounting for 23.2% of Interbank’s total deposits.
Interbank’s institutional banking unit is strategically important as it provides the bank with a stable and low-cost deposit base, as well as opportunities for fee income generation. Its clients require mainly transactional products, such as digital banking, collection services, automated payroll payment services and investment management. Interbank’s strategy is focused on building
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customer loyalty with these clients by offering customized services at competitive rates and by providing high-quality customer service.
Securitization Services
In addition, Interbank provides securitization services through its wholly-owned subsidiary, Intertítulos, which is regulated by the SMV. Intertítulos, acting as a trustee, enables its clients to issue securities in order to obtain funds directly from financial markets.
Distribution Channels
Interbank has built and developed one of the best omni-channel platforms that combine physical and digital presence, serving over 5.5 million customers across Peru.
In terms of physical presence, Interbank has developed a highly convenient network. As of December 31, 2025, Interbank had 146 financial stores and operated 1,638 ATMs, representing one of the largest ATM network in Peru and the largest out-of-branch ATM network. Interbank also has the largest number of financial stores within retail locations in Peru. As of December 31, 2025, Interbank operated a total of 60 financial stores across Plaza Vea, Vivanda and shopping malls.
Moreover, with the intention of offering greater convenience as well as providing underserved customers with greater access to financial services, Interbank operates a network of 8,000 correspondent agents (including our external network of agents) as of December 31, 2025, known as Interbank Agente.
In terms of online channels, Interbank provides any customer or non-customer with the option to have a completely digital experience with the bank, from acquisition and onboarding to the use of its financial products. Its website has a strong commercial focus and manages the bank’s digital acquisition of new customers. Its online banking and mobile application give customers immediate access to their day-to-day transactions and after-sales services and use those interactions to capture cross-sell opportunities. Furthermore, Interbank has developed other channels that serve specific segments or customer needs. For example, a separate website that serves customers under the Interbank Benefit loyalty program. In addition, Interbank has integrated the Cuenta Sueldo application into the Interbank App, enabling payroll account customers to access their Cuenta Sueldo benefits directly from a single application, simplifying access and improving the overall digital experience.
The following table shows the number of monetary transactions of each distribution channel:
Number of transactions in December, in millions 2021 2022 2023 2024 2025 CAGR 2021-2025
Financial stores 1.2 1.0 0.9 0.8 0.7 (12.3 %)
Off-branch 25.4 31.5 30.9 27.0 29.9 4.1 %
ATMs 6.0 7.0 6.4 5.4 4.4 (7.6 %)
Correspondent agents 4.0 3.6 2.9 2.2 1.7 (18.7 %)
Mobile banking 15.3 20.8 21.5 19.2 23.7 11.5 %
Other 0.1 0.1 0.1 0.2 0.1 (6.4 %)
Total 26.6 32.5 31.8 27.8 30.6 3.5 %
The following table shows the percentage of use of each distribution channel, reflecting a transition from the use of traditional channels (branches, ATMs and correspondent agents) to mobile banking:
In December, Percentage of total 2021 2022 2023 2024 2025
Financial stores 4.5 % 3.1 % 2.9 % 2.9 % 2.3 %
Off-branch 95.5 % 96.9 % 97.1 % 97.1 % 97.7 %
ATMs 22.6 % 21.5 % 20.3 % 19.5 % 14.3 %
Correspondent agents 14.9 % 11.1 % 9.0 % 8.0 % 5.7 %
Mobile banking 57.6 % 63.9 % 67.5 % 69.1 % 77.4 %
Other 0.4 % 0.3 % 0.3 % 0.6 % 0.3 %
Total general 100 % 100 % 100 % 100 % 100 %
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Financial Stores
As of December 31, 2025, Interbank had 146 financial stores in Peru. After peaking 290 financial stores in 2016, the number of financial stores decreased mainly due to the success in transferring basic transactions from the stores to more efficient channels, the use of online banking and mobile applications, and process improvements. However, Interbank maintains the fourth largest network of financial stores among Peruvian banks, covering 23 of Peru’s 25 regions as of December 31, 2025. A large number of the financial stores are located in convenient, high traffic areas, such as supermarkets and shopping malls, to maximize client coverage.
In May 2013, Interbank introduced “Imagine” financial stores, a concept jointly developed with IDEO, a design and innovation consulting firm. “Imagine” fosters a more pleasant and inviting environment to Interbank’s customers and is designed to educate customers on the use of electronic channels in order to migrate low value transactions to more efficient channels, while continuing to capture new customers and exploit cross-selling opportunities. Imagine has set new service standards in the industry and many of its elements have been adopted by Interbank’s main competitors.
In July 2020, Interbank introduced a new store concept called “Xperience”. This concept primarily reinforces the role of digital education and enables customer to perform digital transaction in stores. “Xperience” was developed into two store models, “Express” and “Universal”. “Express” stores are located inside retailers and they are the first cashless bank stores in Peru, focused on digital education and new customer acquisition. “Universal” stores transformed traditional Interbank financial stores by creating a physical-digital area at the entrance, specifically dedicated to offer digital solutions to both customers and non-customers. These new stores provide new and existing customers an assisted onboarding process onto its digital channels.
The following chart illustrates Interbank’s financial stores evolution according to the SBS.
ATMs
Interbank’s strategy is to offer its customers increased convenience. As of December 31, 2025, Interbank had one of the largest ATM network in Peru with 1,638 ATMs located across the country. This allowed Interbank to place ATMs in higher convenience locations, invest in renewing and updating its equipment, and provide a better experience for their customers . The reduction of the network in 2019, responds to Interbank’s decision to discontinue the operation of 359 coin-dispensing ATMs, migrating those transactions to more efficient channels like regular ATMs or correspondent agents.
As of December 31, 2025, approximately 61% of our ATMs are located out-of-branch in high foot traffic areas like shopping malls, supermarket and airports. These 991 ATMs make up one of the largest out-of-branch networks in Peru, as reported by ASBANC. The ATM channel is one of the largest channels in Peru in terms of monetary transactions, with a 14% share and has advanced features, including cardless withdrawals, and the ability to receive cash deposits, bill and credit card payments in cash or via debit card, as well as disburse payroll advances, remittances collections and insurance sales. To offer this increased convenience in an efficient way, Interbank operates under the Global Net brand which is also a business line that provides ATM services to other financial institutions in Peru and acquires ATM transactions for all major global brands, including Visa, MasterCard, American Express, JCB, Union Pay, Diners and Discovery.
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The following chart illustrates the evolution in number of Interbank’s ATMs according to ASBANC.
Correspondent Agents
This channel operates under the Interbank Agente brand and consists of providing traditional merchants, for example, warehouses, pharmacies, low-cost electronic terminals that allow customers to carry out basic cash transactions, such as withdrawals, deposits and utility bill payments. In order to accelerate and broaden geographic coverage, Interbank incorporated external correspondent agents, which currently represent 68% of the total correspondent agents, expanding its network from 5,672 as of December 31, 2022 to 8,000 as of December 31, 2025. We believe that Interbank’s focus on migrating low-value cash transactions from stores to more efficient channels contributed to have 1.7 million transactions in this channel.
The following chart illustrates the evolution of Interbank’s correspondent agents according to Interbank’s information.
Mobile Banking
In 2025, Interbank continued to strengthen its digital ecosystem with a strategic focus on centralizing its digital services within the Interbank App, with the objective of providing customers with a seamless, efficient and predominantly digital banking experience. This approach aims to reduce the need for physical interaction, allowing customers to manage their financial needs without visiting branches or contacting the call center, unless they choose to do so.
As part of its digital innovation strategy, Interbank launched Plin WhatsApp, a secure and efficient payment solution that enables customers to make Plin transactions directly through WhatsApp. Through this initiative, Interbank positioned itself as a pioneer in conversational banking in Peru, becoming the first financial institution in the country to introduce this functionality to the
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market. In parallel, and in line with its customer-centric vision, Interbank integrated the view and management of payroll deduction loans (Créditos por Convenio) for the public sector segment into the Interbank App and centralized customer investment services through the “My Investments” section, enabling a more integrated and accessible management of key financial products.
Additionally, Interbank continued to strengthen the digital customer journey by establishing communication guidelines aimed at ensuring a consistent and customer-centric experience across digital channels, and by developing predictive models to improve the effectiveness of digital adoption initiatives, particularly among customers who have not yet migrated to digital channels. As part of its post-sales and customer protection efforts, Interbank also enabled digital credit card renewal, allowing customers to continue transacting without interruption, and implemented real-time alerts for unrecognized card transactions, enabling customers to promptly identify suspicious activity and take immediate action directly through the app. These initiatives support Interbank’s broader objective of increasing digital engagement while improving operational efficiency and service quality.
Boosting monthly usage of Interbank’s digital solutions is central to its growth strategy. Mobile banking customers engage over eight times more frequently than branch users and at significantly lower transaction costs—unlocking greater efficiency and deeper customer relationships. Furthermore, in December 2025, 83.8% of our total active monthly retail customers that interacted with the bank through any channel were digital customers, up from 80.8% in 2024.
Contact Center
Interbank seeks to prioritize the self-service of its clients, offering the help of service advisors 24/7 who can meet the needs of customers. Interbank’s strategy focuses on delivering first contact solutions, generating value in each contact.
Additionally, we seek to generate value in each touch point, with products and benefits to improve customers’ experience and thus their relationship with the bank. In May 2020, Interbank launched their service bot “AVI” offered through the WhatsApp platform. Between January 2024 and December 2025, Interbank focused on continuing to grow this channel, reaching 405,160 average monthly interactions, approximately 261,218 of which were self-assisted in December 2025, compared to 260,296 self-assisted interactions in December 2024.
Interbank has a state-of-the-art contact center managed an average of over 568,035 assisted interactions per month in 2025, answering inquiries from clients, offering assistance and information, and selling new products to customers. Interbank has a dedicated telephone sales force of 293 employees as of December 31, 2025, which sells credit cards and short-term loans. The dedicated sales force is a key resource for customer acquisition and for Interbank’s up-selling and cross-selling campaigns.
Special provisions as a result of social unrest
Following the political events of December 2022, including the impeachment of former President Pedro Castillo and the subsequent declaration of a state of emergency in several regions of Peru, widespread social unrest affected economic activity through March 2023. In response, the Superintendence of Banking, Insurance and Pension Funds (SBS) implemented a series of exceptional and temporary measures aimed at mitigating the impact of the social unrest on borrowers, allowing financial institutions to reschedule certain retail and credit card loans under more flexible conditions without classifying them as refinanced, subject to specific requirements.
The SBS measures were gradually amended during the first quarter of 2023 to provide additional flexibility to borrowers and were subsequently repealed in April 2023, without affecting loans already rescheduled under such framework. We continue to closely monitor political, social and economic developments in Peru and assess their potential impact on our portfolio, including the need to recognize special provisions when warranted.
Information Technology Unit
Interbank invests in new technology and the maintenance of its existing equipment and infrastructure aiming to improve the value proposition to its customers, increase its efficiency and support business growth. The Information Technology Unit focuses on assuring 24-hour service availability, enhancing the timeliness of data processing, guaranteeing data protection and anti-fraud security, updating and maintaining hardware platforms and software systems, developing contingency plans and implementing technology projects aligned with the business strategy. Interbank’s IT system processes credit cards, savings accounts, personal and commercial loans, and electronic transactions such as peer to peer and QR Code payments.
To comply with business and regulatory requirements, Interbank has strengthened its IT governance model by incorporating best practices for IT quality assurance, risk management, project management and dividing responsibilities within the teams that operate the technology and the teams that develop new solutions. It has also strengthened its business continuity program
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through increased redundancy programs and upgraded hardware and software components. This model includes establishing operating partnerships with various leading word-class IT vendors.
Digital transactions executed through Interbank’s systems have increased steadily in recent years; for example, there was a 21% increase in transactions executed in December 2025, as compared to transactions executed in December 2024. Interbank continued making significant investments to upgrade its data centers and central technology platforms to provide a stable and secure environment for Interbank’s growing operations, a better understanding of cost drivers, and improve its processes. In December 2024, Interbank renewed the data center outsourcing contract with Kyndryl for a 5-year period.
In 2025, Interbank also piloted programs aimed at incorporating GenAI tools into its software development and IT operations processes, with the objective of generating efficiencies, minimizing risks and improving time to market through automation. Practices like DevSecOps, Platform Engineering, and Agentic AI for Software Development Lifecycle are being adopted by the software development teams, currently achieving a 25% improvement in time to production.
Interbank’s IT strategy is focused on projects and platforms that add tangible value to the customer and help accelerate Interbank’s digital transformation. This includes customer-facing applications that provide a seamless digital experience to internal and external customers through all business channels. Interbank also invests in back-end and core applications to keep them up to date.
Interbank’s IT investments are aimed at deepening the understanding of Interbank’s customers to achieve service levels that exceed their expectations, providing solutions to their needs and enabling a commercial platform with contextual and real time offerings. To provide this, and foster a data-driven culture, Interbank has invested in making governed data available and developing artificial intelligence capabilities as well as monitoring and enhancing the decision-making process across different business units.
Interbank’s IT unit fully utilizes the new technologies that allow the flexibility, scalability and availability required to fulfill customer demands. APIs, micro services and multicloud environments have been implemented since 2018 to reach these objectives. A close relationship with fintechs also helps Interbank to leverage some capabilities and creates opportunities to learn about the way to approach different solutions. Interbank’s operation model based on an agile framework allows Interbank to adopt a hybrid model where technology teams can work remotely or on Interbank’s premises achieving optimal levels of effectiveness and efficiency. This hybrid model combines remote work with in-person spaces to ensure proper alignment and team integration, and Interbank expects to continue this approach throughout 2026, to allow it to incorporate international talent into Interbank’s teams.
Insurance Segment
Overview
Interseguro is an insurance company that caters to Peru’s growing middle class and is focused on annuities and life insurance, which is the fastest growing insurance market segment in Peru, driven by individuals seeking life protection with savings options. During the last five years, life and annuities market premiums grew by 16.0% in average, while Interseguro grew 26.7%, positioning the company to rank 3rd as of December 2025. For the year ended December 31, 2025, Interseguro’s premiums increased 67.2% as compared to 2024, according to the SBS, related to higher sales, mostly as a result of a growing market in private annuities and individual life insurance products.
Additionally, Interseguro offers products in alliance with Interbank, which aim to address contextual needs of their current clients, such as credit card protection and credit life insurance. Also, Interseguro offers low-cost premium retail insurance products, mainly sold through digital channels, including SOAT, car insurance and travel insurance.
Interseguro intends to leverage its leading position in annuities, mostly sold by its own sales force, as well as Intercorp Peru’s and Interbank’s retail distribution capacity, to continue capturing growth opportunities in the insurance industry. In addition, Interseguro expects to continue developing new products to satisfy increasing demand for insurance products by middle class families in Peru.
For the years ended December 31, 2025, and 2024, Interseguro’s net results were net profit of S/274.5 million (U.S.$81.6 million) and S/201.9 million (U.S.$53.6 million), respectively. As of December 31, 2025, and 2024, Interseguro had shareholders’ equity of S/845.3 million (U.S.$251.3 million) and S/557.6 million (U.S.$148.1 million), respectively. As a result, Interseguro’s ROE for the years ended December 31, 2025, and 2024 were 39.5% and 41.6%, respectively.
For the years ended December 31, 2025, and 2024, Interseguro’s net profit under SBS GAAP were S/429.7 million and S/376.3 million, respectively. The increase in Interseguro’s net profit under SBS GAAP for the year ended December 31, 2025, as compared to 2024 was primarily a result of a S/909.4 million growth in gross premiums. According to the SBS, as of December 31, 2025, Interseguro had shareholders’ equity of S/1,734 million as compared to S/1,425 million for 2024. Interseguro’s ROE under SBS
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GAAP for the year ended December 31, 2025 was 27.9%, as compared to 27.8% for the year ended December 31, 2024. Compared to the Peruvian insurance industry, we believe Interseguro achieved good results. For the five-year period ended December 31, 2025, Interseguro’s ROE averaged 23.8% compared to 18.0% for the Peruvian insurance industry.
Interseguro’s Business Lines
Interseguro has three business lines: (1) annuities, (2) retail insurance and (3) individual life
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The following chart shows Interseguro’s and the Peruvian insurance system’s breakdown in life and annuities premium collections, accident & health, and general insurance and a breakdown within life and annuities for both Interseguro and the Peruvian insurance industry, according to the SBS as of December 31, 2025:
Interseguro
Source: SBS.
Insurance system
Source: SBS.
The following chart shows Interseguro’s gross premiums and collections, according to the SBS for the periods indicated.
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Gross Premiums and collections (S/ in Millions)
Source: SBS.
(1)Excluding gross premiums from disability and survivorship.
Annuities
An annuity is a type of insurance policy that, in exchange for an initial lump sum payment, provides regular monthly payments. There are two groups of annuities:
(i)Regulated Annuities, which are the annuities sold under the Peruvian private pension system and could be sold in three different currencies: soles, U.S. dollars and soles indexed to CPI. Depending on what originates them, there is a range of products within this group:
a.Retirement annuities: offered to members of the Peruvian private pension system who, upon retirement, choose to convert their pension personal account into an annuity provided by a life insurance company.
b.Disability annuities: offered to members of the Peruvian private pension system who have been declared permanently or partially disabled.
c.Survivorship annuities: offered to beneficiaries of deceased members of the Peruvian private pension system.
d.Previsional Insurance: Under Peruvian law there is a mandatory insurance coverage for all members of the private pension system paid monthly in addition to their contribution. In case a member has been declared permanently or partially disabled, or deceased while having legal beneficiaries, this insurance completes the accumulated capital as if the individual had worked until retirement age, allowing a better pension when applying for the retirement. SBS conducts a Dutch auction every two years inviting insurance companies to bid to determine which insurance company will be the provider for this insurance in a two-year period. After some years of unsuccessful participation in the auction, Interseguro was awarded a fraction of the contract in 2024 for a two-year period. While this insurance is not an annuity, it is closely related to the ones described before because they are sold in conjunction with this mandatory insurance.
(ii)Private Annuities, introduced by Interseguro in 2016, when retirees were allowed by law to withdraw up to 95.5% of their accumulated retirement capital in cash upon retirement.
While the demand for regulated annuities has slowed in recent years, growing by 5% in 2024 and decreasing by 18% in 2025, the demand for private annuities grew by 109% and 188%, respectively, increasing our market share from 11% in 2023 to 24.5% in
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2025. Even when first originated in order to collect cash withdrawals from retirees, this product is nowadays sold to any owner of accumulated private funds.
The following table shows Interseguro’s Annuity Gross Premiums by type from 2021 to 2025.
Annuities Gross Premiums (S/ in Millions)
Source: Company information.
All retirement annuities sold under the Peruvian private pension system offer monthly payments for the life of the policyholder and thus the initial lump sum is never recovered. A retiree’s joint choice of an insurance company, currency denomination and retirement modality is irrevocable.
Product differentiation is limited in the Peruvian annuities sector, as product features are regulated by the SBS. The market position of each insurance company is driven instead by its sales strategy and quality of service. Interseguro’s sales strategy, consisting of providing ongoing sales force training, and implementing innovative control and management mechanisms, has permitted Interseguro to be the market leader in the annuities sector.
Interseguro has been the leader in the Peruvian regulated annuities (excluding previsional insurance) segment since 2010, with market shares in terms of premiums of 30% in both years ended December 31, 2025 and 2024, respectively. Moreover, Interseguro also became the market leader in private annuities in 2025, achieving an increase of 11 percentage points compared to 2024 and reaching a market share of 24.5%.
Individual life
Beyond annuities, Interseguro offers traditional life insurance products, which are sold through both sales force and digitally. These products have experienced double-digit growth on average over the past five years (+24.7%), driven by low insurance penetration in Peru. This growth has led to an increase of market share from 12.6%, in 2020, to 16.3%, in 2025. In 2025, the individual life insurance market increased 31.5% as compared to 2024, primarily due to an aggressive growth of the three leading companies (with Interseguro being third, according to SBS).
Interseguro offers a variety of individual life insurance products, providing a wide range of coverage for the length of a policyholder’s life. Most of Interseguro’s products also provide savings features. Interseguro’s strategy in individual life insurance consists in adapting its products to the emerging Peruvian middle class, developing a highly trained sales force, achieving high
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standards of sales efficiency and leveraging digitalization to increase sales of life insurance (in 2025, digital sales accounted for 18.6% of total life insurance sales).
Retail Insurance
Interseguro offers simple, low-cost premium products targeted to middle class families and sold mainly through Interbank financial stores, as well as digital channels. In 2016, Interseguro expanded its retail insurance portfolio with an online sale for the launch of the digital SOAT and in 2018, with travel insurance and vehicle insurance.
Interseguro offers the following retail insurance products:
Credit Life Insurance. The credit life insurance product protects against death or disability of the insured and is designed to pay the debt owed by a customer to the financial institution. This product is available for mortgages, credit cards and personal loans. Credit life insurance represented 68.0% of total retail insurance premiums assumed by Interseguro for the year ended December 31, 2025, as compared to 64.5% and 59.7% for the years ended December 31, 2024, and 2023, respectively.
Debit and Credit Card Protection Insurance. The debit and credit card protection insurance product protects the insured against financial loss, medical expenses for hospitalization or accidental death because of theft, assault and abduction. Debit and credit card protection insurance represented 10.6% of total retail insurance premiums assumed by Interseguro for the year ended December 31, 2025, as compared to 14.8% and 15.2% for the years ending December 31, 2024, and 2023, respectively.
SOAT (Seguro Obligatorio de Accidentes de Tránsito). The SOAT product protects against the risk of death or injury to occupants and third parties involved in an automobile accident. The SOAT product is mandatory, and coverage is limited to cover personal injury, excluding any physical damage to the vehicle. The SOAT product accounted for 14.2% of total retail insurance premiums assumed by Interseguro for the year ending December 31, 2025, as compared to 13.7% and 14.3% for the years ended December 31, 2024, and 2023, respectively.
Vehicle Insurance. The vehicle insurance coverage includes damage to vehicles due to traffic accidents, total loss, theft, fire, nature risks, strikes or vandalism and civil liability for occupants and third parties. Occupants’ damages such as permanent disability, healing expenses, funeral expenses and death are also covered. In addition, this insurance includes replacement drivers, cranes and mechanical assistance, among others. Vehicle Insurance represented 2.1%, 2.4% and 3.7% of total retail insurance premiums assumed by Interseguro for the years ended December 31, 2025, 2024 and 2023, respectively.
Loan Protection Insurance. The loan protection insurance covers a specific number of payments of a loan in case the insured loses his job. Loan protection insurance accounted for 1.7% of total retail insurance premiums assumed by Interseguro for the years ending December 31, 2025, as compared to 0.8% and 3.1% for the years ended December 31, 2024, and 2023, respectively.
Others. The other products category protects against personal accidents. Other products accounted for 3.4% of total retail insurance premiums assumed by Interseguro for the year ended December 31, 2025, as compared to 3.9% and 4.0% for the years ended December 31, 2024, and 2023, respectively.
Sales Force
Interseguro markets its annuities and individual life insurance products through its own dedicated sales force both in Lima and across Peru’s provinces, without a third-party intermediary. Prior to the pandemic, sales in annuities and life insurance products were only conducted in-person, but digitalization of these sales was accelerated.
In annuities, Interseguro employed 93 agents, 48 in Lima and 45 outside of Lima as of December 31, 2025. Each salesperson receives training through a multiple-level program, which includes training in macroeconomic background, financial statement analysis, investment policy, marketing techniques and time management. In addition, Interseguro’s annuity sales agents specialize in the sale of different types of annuity products. As a result, Interseguro’s sales force is trained to satisfy each customer’s needs.
In life insurance, Interseguro employed 991 agents, 656 agents in Lima and 335 agents outside of Lima, as of December 31, 2025. We believe that training develops effective sales techniques and the skills to assess customer needs, which we believe is one of Interseguro’s critical competitive advantages. Interseguro has a specialized team focused on setting a training curriculum for each salesperson in the first three years with the company as well as in assigning a mentor to each new recruit.
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Strategic Partners
Interseguro offers its retail insurance, such as credit life insurance, debit and credit card protection insurance, loan protection insurance and SOAT through non-traditional channels, including partnerships with Interbank, Intercorp Retail and insurance brokers.
Through its partner companies, Interseguro reaches a large number of customers, offering a convenient and reliable payment mechanism. This distribution network represents one of Interseguro’s strongest competitive advantages, as it allows for a broad insurance product offering, mainly through 147 financial stores belonging to Interbank.
As of December 31, 2025, Interseguro's retail insurance premiums sold by strategic partners account for 80.6% of total retail sales:
Strategic Partners Retail insurance premiums breakdown
Interbank 80.4%
Intercorp Retail (Plaza Vea and Oeschle) 0.2%
Investments and Investment Management
Investment Portfolio
Interseguro invests the insurance premiums yet to be paid out in claims in its investment portfolio, based on a policy of capital conservation and adequate diversification.
The main objective of Interseguro’s investment portfolio is to cover its future payment obligations, associated mainly with its annuities business, and, to a lesser extent, its life business. Interseguro maintains a conservative asset liability management approach, matching its obligations by currency and maturity. Interseguro’s portfolio focuses on investment grade fixed-income instruments in U.S. dollars, soles and inflation linked notes, mitigating interest rate, inflation, and currency risks. Interseguro’s obligations consist of technical obligations related to annuities that are sold at a fixed interest rate, thus Interseguro prioritizes the investments on fixed income securities that hedge such obligations. Based on Interseguro’s investment strategy, its portfolio shows asset sufficiency to cover insurance liabilities at a currency, duration, inflation and interest rate levels that hedge against volatility in these factors.
Given that the Peruvian market offers a limited range of long-term investment instruments, Interseguro has sought to increase its investments outside of Peru and explore alternative investments in the local market, such as real estate projects.
Interseguro is required to comply with the following investment management principles according to the SBS:
•Security Principle. Based on the protection and preservation of the economic value of assets over time.
•Liquidity Principle. Consist of the availability of an asset to be converted into cash at the required time and without significantly affecting its value.
•Diversification Principle. Based on the set of assets that contribute to the diversification of the risk factors of the portfolio and reduction of the potential impact of adverse effects.
•Parity Principle. Parity between the characteristics of the asset and the obligations that it supports. These features include the term or horizon, the degree of liquidity or enforceability, currency, volatility in valuation, predictability and timing of flows, among others.
•Profitability Principle. Based on generation of returns that would cover at least the commitments offered to policyholders.
Additionally, as established by the investment regulation of insurance companies, Interseguro must meet its technical obligations. As part of the coverage of the technical obligation proceeds, Interseguro must follow the investment management principles established in the regulation and comply with the eligibility requirements of its investments by type of assets.
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Regarding investment eligibility, to consider an asset as eligible, it must not be affected or be subject to any precautionary measure. The custody agreements of the eligible investment must not contain any clause that allows use of such assets as collateral to back other company obligations and that there are no other measures that limit the free transfer of the assets. Furthermore, eligible investments must comply with certain investment limits, by issuer, economic group, asset and foreign issuers. In addition, assets rated in categories below the investment grade cannot be considered as an eligible investment.
Interseguro’s investment management complies with the limits and requirements indicated in the regulation in order to minimize non-eligible investments and comply with the coverage of its technical reserves, minimum solvency capital required and guarantee fund.
As of December 31, 2025, Interseguro’s investments amounted to S/16,264.6 million, of which S/13,399.2 million and S/1,127.1 million were fixed income securities, and equity securities and fund investments, respectively, as compared to S/15,026.5 million, of which S/12,286.2 million and S/818.5 million were fixed income securities, and equity securities and fund investments, respectively, in 2024. As of December 31, 2025, investments in real estate projects were S/1,738.4 million (approximately U.S.$516.9 million) as compared to S/1,381.8 million (approximately U.S.$367.2 million) for 2024.
The following tables present a breakdown of Interseguro’s investment portfolio by type of investment as of the dates indicated.
Investments by Type
Book Value as of December 31,
2025 2024 2023
S/ in millions % S/ in millions % S/ in millions %
Fixed Income 13,399.2 82.4 % 12,826.2 85.4 % 12,018.2 85.5 %
Corporate Bonds 5,833.8 35.9 % 5,613.7 37.4 % 4,926.7 35.1 %
Peruvian Sovereign Bonds 4,458.8 27.4 % 4,013.9 26.7 % 3,785.7 26.9 %
Foreign Bonds 3,106.7 19.1 % 3,198.5 21.3 % 3,305.8 23.5 %
Equity and Funds 1,127.1 6.9 % 818.5 5.4 % 735.0 5.2 %
Equity 554.2 3.4 % 572.8 3.8 % 611.9 4.4 %
Funds 572.9 3.5 % 245.7 1.6 % 123.1 0.9 %
Real Estate 1,738.4 10.7 % 1,381.8 9.2 % 1,298.2 9.2 %
Total 16,264.6 100.0 % 15,026.5 100.0 % 14,051.4 100.0 %
The following tables present a breakdown of Interseguro’s investment portfolio by currency as of the dates indicated.
Investments by Currency
Book Value as of December 31,
2025 2024 2023
Portfolio S/ in millions % S/ in millions % S/ in millions %
Sol(1) 11,302.4 69.5 % 10,488.6 69.5 % 9,592.0 68.3 %
U.S. dollar 4,962.3 30.5 % 4,577.9 30.5 % 4,459.3 31.7 %
Total 16,264.6 100.0 % 15,026.5 100.0 % 14,051.3 100.0 %
(1)Real estate investments are measured in soles.
The following tables present a breakdown of Interseguro’s investment portfolio by rating as of the dates indicated.
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Investments by Rating(1)
As of December 31,
2025 2024 2023
(S/ in millions) % (S/ in millions) % (S/ in millions) %
AAA 1,135.0 32.3 % 934.4 23.9 % 931.7 28.5 %
AA+ to AA- 2,247.6 64.0 % 2,848.6 73.0 % 2,238.9 68.4 %
A+ to A- 132.1 3.8 % 120.7 3.1 % 102.0 3.1 %
Total Local Ratings 3,514.6 100.0 3,903.8 100.0 3,272.6 100.0
AAA 0.0 0.0 % 0.0 0.0 % 0.0 0.0 %
AA+ to AA- 31.2 0.3 % 31.3 0.3 % 25.5 0.3 %
A+ to A- 498.6 5.0 % 509.1 4.7 % 507.2 5.8 %
BBB+ 849.5 8.5 % 739.4 6.8 % 2,758.2 31.5 %
BBB 5,955.4 59.5 % 5,498.1 50.5 % 2,896.9 33.1 %
BBB- 2,161.7 21.6 % 3,420.7 31.4 % 1,798.9 20.6 %
BB+ 104.1 1.0 % 0.0 0.0 % 454.9 5.2 %
BB 191.2 1.9 % 595.0 5.5 % 0.0 0.0 %
BB- 142.8 1.4 % 101.0 0.9 % 94.6 1.1 %
B 0.0 0.0 % 0.0 0.0 % 209.2 2.4 %
CC 74.0 0.7 % 0.0 0.0 % 0.0 0.0 %
Total Foreign Rating 10,008.6 100.0 10,894.7 100.0 8,745.4 100.0
(1)Includes only credit rated fixed-income investments.
In regards to fixed income, Interseguro prioritizes the investment in local bonds and foreign bonds with a higher risk rating of AA- and BBB-, respectively.
The following table presents a breakdown of Interseguro’s investment portfolio by maturity as of the dates indicated.
Investments by Maturity
Book Value as of December 31,
2025 2024 2023
S/ in millions
Maturity
0-5 years 516.2 1,168.4 690.6
6-10 years 3,240.5 4,073.2 2,030.8
11-20 years 6,272.3 6,409.6 6,076.8
21+ years 3,494.3 2,971.8 3,220.0
No maturity(1) 2,865.4 2,345.3 2,033.2
Total 16,388.7 16,968.3 14,051.3
(1)Real-estate and equity investments.
Fixed-Income
In regards to fixed income, Interseguro prioritizes the investment in local bonds and foreign bonds with a risk rating higher than AA- and BBB-, respectively.
As of December 31, 2025, Interseguro’s fixed-income investments represented 82.4% of its total portfolio, of which 35.9% were corporate bonds, 27.4% were Peruvian sovereign bonds, and 19.1% were foreign bonds. As of December 31, 2024, Interseguro’s fixed-income investments represented 85.4% of its total portfolio, of which 37.4% were corporate bonds, 26.7% were Peruvian sovereign bonds, and 21.3% were foreign bonds. As of December 31, 2023, Interseguro’s fixed-income investments represented 85.5% of its total portfolio, of which 35.1% were corporate bonds, 26.9% were Peruvian sovereign bonds, and 23.5% were foreign bonds.
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Equity and Funds
Substantially all of Interseguro’s equity and funds portfolio is invested in companies with low beta and relatively stable and predictable cash flows. Interseguro’s equity and funds portfolio is invested across Latin America and the United States. As of December 31, 2025, Interseguro’s equity and funds portfolio represented 6.9% of its total portfolio, of which 60% was invested in foreign securities and 40% in local securities. As of December 31, 2024, Interseguro’s equity and funds portfolio represented 5.4% and of its total portfolio, of which 59% was invested in foreign securities and 41% in local securities. As of December 31, 2023, Interseguro’s equity and funds portfolio represented 5.2% and of its total portfolio, of which 64% was invested in foreign securities and 36% in local securities.
Real Estate
Interseguro’s investments in real estate are made across the different types of properties: office, industrial, retail and land for development. Real estate income derives from the appreciation of real estate property and from rental income from its tenants. Interseguro’s rental income comes primarily from Orquídeas (offices building) and Tabacalera (industrial asset). Tabacalera is an industrial property leased to Teleatento Peru S.A.C, which is a company dedicated to call centers. As of December 31, 2025, Interseguro’s investments in real estate projects represented 10.7% of its total portfolio, as compared to 9.2% for both of the years ended December 31, 2024 and 2023.
Reinsurance
Interseguro transfers risks to reinsurers in order to limit its maximum aggregate potential loss and minimize exposures on large particular individual risks. Reinsurance is placed with reinsurance companies based on its reinsurance policy, which is annually approved by Interseguro’s board of directors and its risk committee. Interseguro’s main reinsurers are four international reinsurance companies: Scor Global Life, Munich Re, Gen Re and Hannover.
Premiums ceded to reinsurers represented 1.8%, 2.3% and 1.6% of Interseguro’s premiums assumed for the years ended December 31, 2025, 2024 and 2023, respectively (these percentages do not include the reinsurance for the pension-related insurance (disability and survivorship)).
Interseguro also has catastrophe reinsurance that covers individual and group life insurance products, except annuities. These contracts are intended to limit Interseguro’s risk exposure in the event of low-probability but high-cost events, such as natural or man-made disasters.
Information Technology Unit
Interseguro’s IT unit is responsible for managing its technology infrastructure, telecommunications network and computer systems. The unit is also responsible for designing and implementing in-house solutions or third-party technological developments to support Interseguro’s operation.
Interseguro has undertaken investments in technology with the aim of providing a modern, stable and secure platform to support its rapidly expanding business and creating new capacities in data, analytics and artificial intelligence. In line with this, Interseguro completed the migration of all its systems to MS Cloud in 2025.
Cybersecurity risks have increased primarily due to implementation of remote work policies. In response, Interseguro has implemented additional cybersecurity measures to prevent, detect, and respond to these enhanced cybersecurity risks. These measures focus primarily on the improvement of access management processes within the company, implementation of processes to supervise access to the company’s systems, implementation and updates of the company’s information security policies and procedures, and evaluation of new threats in cybersecurity.
Wealth Management Segment
Overview
Inteligo is a provider of wealth management services through Inteligo Bank, brokerage services through Inteligo SAB and mutual funds management services through Interfondos and Multi-Family office services through Veltria. Inteligo Bank primarily focuses on individuals with investable assets in the range of U.S.$500,000 and U.S.$10.0 million, where Inteligo believes there is higher growth potential. Inteligo SAB and Interfondos focus on providing brokerage and mutual funds services to individuals with
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investable assets under U.S.$500,000. Veltria focuses on individuals with investable assets over U.S.$20 million. As of December 31, 2025, Inteligo had assets under management of S/28,759.0 (U.S.$8,551.6) as compared to S/27,460.8 million (U.S.$7,295.6 million) in 2024. Inteligo’s assets under management grew at a CAGR of 7.8% between December 31, 2019 and December 31, 2025. Inteligo conducts various types of banking, trust, financing, brokerage and investing activities for high net worth individuals.
Inteligo SAB also provides sales and trading operations for individual and institutional customers primarily in the Peruvian capital markets. As of December 31, 2025, Inteligo SAB was the fifth largest broker by market share in equities trading, according to the SMV. Interfondos is the fourth largest mutual fund manager in Peru with a 15.8% market share based on assets under management, according to the SMV.
Inteligo’s result for the year ended December 31, 2025 was a net profit of S/231.1 million, as compared to S/137.3 million in 2024. As of December 31, 2025, Inteligo had shareholders’ equity of S/1,099.5 million as compared to S/1,044.1 million in 2024. Inteligo’s ROE for the year ended December 31, 2025 was 21.5% as compared to 14.2% in 2024.
Business Lines
Financial Advisory
Inteligo provides financial advisory services to high net worth individuals regarding investments, including equities, fixed income, structured products, alternative investments and managed accounts. Through its team of investment analysts, Inteligo designs financial strategies to satisfy the investment objectives of each client in the Peruvian and international financial markets. Furthermore, Inteligo provides regular updates to its clients on market conditions through reports from its in-house research team.
The strength of Inteligo’s financial advisory services has contributed to the growth of its fee income as a percentage of its revenues. Inteligo’s fee income from financial services, net increased from S/171.0 million for 2024 to S/196.0 million for 2025.
Lending
Inteligo offers lending services through Inteligo Bank to complement its wealth management business only to its existing clients. Most of the loans are categorized as consumer financing.
Inteligo Bank’s loan portfolio was fully collateralized by its clients’ assets as of December 31, 2025. Inteligo’s net loan portfolio totaled S/1,499.2 million as of December 31, 2025, decreasing 7.6% from S/1,622.5 million, as of December 31, 2024. Inteligo’s net loan portfolio represented 36.4% of its total assets as of December 31, 2025 as compared to 37.6% for 2024.
Portfolio Investments
Inteligo manages a proprietary portfolio primarily composed of medium-term investments in fixed-income securities and private equity. Inteligo’s investment team uses third-party funds as well as individual fixed income and equity securities.
Inteligo’s investment portfolio as of December 31, 2025, totaled S/2,012.5 million, an increase of 1.3%, from S/1,986.4 million as of December 31, 2024, mainly explained by purchases of fixed income investments. In addition, Inteligo’s investment portfolio represented 48.9% of total assets as of December 31, 2025 as compared to 46.0% and 42.4% as of December 31, 2024 and 2023 respectively.
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The following tables show the composition of Inteligo’s portfolio by asset class as of the dates indicated.
Investments by Asset Class
As of December 31,
2025 2024 2023
Asset Class (S/ in millions)
Fixed income 313.3 240.3 254.0
Equity 450.8 456.1 436.9
Managed accounts (Fixed income) 548.5 576.7 524.0
Managed accounts (Long-Short) 123.2 126.5 127.2
Mutual funds & investment funds 576.6 586.9 512.9
Total 2,012.5 1,986.4 1,855.1
Investments by Maturity
As of December 31,
2025 2024 2023
Maturity (S/ in millions)
0-5 years — 62.1 147.4
6-10 years 436.8 456.2 404.9
11+ years 364.4 356.5 164.4
No maturity(1) 1,211.3 1,111.6 1,138.3
Total 2,012.5 1,986.4 1,855.1
(1)Mutual Funds, equity and private equity investments.
Inteligo’s successful strategy is reflected by the strong growth of its assets under management which had a CAGR of 7.8% between December 31, 2019 and December 31, 2025. For the year ended December 31, 2025, Inteligo’s assets under management increased 4.7%, as compared to 2024. For the year ended December 31, 2024, Inteligo’s assets under management increased 18.5% as compared to 2023.
The following table shows the composition of Inteligo’s assets under management by asset class as of the dates indicated.
Assets under Management by Asset Class
As of December 31,
2025 2024 2023
Asset Class (S/ in millions)
Fixed income 15,595 15,531 11,761
Equity 10,402 9,514 9,345
Alternative investments 2,762 2,415 2,075
Total 28,759 27,461 23,181
Inteligo’s net profit increased S/93.8 million between December 31, 2025 and December 31, 2024, due to positive mark-to-market valuation of the proprietary portfolio. For the year ended December 31, 2024, Inteligo’s net profit increased S/101.2 as compared to 2023.
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Market Segmentation
Inteligo Bank primarily focuses on individuals with investable assets in the range of U.S.$500,000 and U.S.$10 million, where Inteligo believes there is higher growth potential. Inteligo SAB and Interfondos also focus on providing brokerage and mutual funds services to individuals with investable assets under U.S.$500,000. Veltria offers multi-family office services to individuals with investable assets over U.S.$20 million. As of December 31, 2025, Inteligo had approximately 90,397 clients, respectively, as compared to approximately 83,433 clients, respectively, in 2024.
Inteligo’s strategy consists of establishing long-term relationships with its broad and profitable client base, segmenting its customers effectively and proactively providing financial advisory services. Inteligo’s committed advisory service, supported by a local investment team that possess extensive knowledge of its Peruvian clients’ preferences for financial products, and delivered through an experienced group of relationship managers is a key pillar of Inteligo’s success. Inteligo’s position further benefits from its leading brokerage operation in Peru through Inteligo SAB, an important mutual fund manager in Peru, Interfondos, and from being a part of one of Peru’s leading economic groups. Additionally, Inteligo launched Veltria to provide our clients with access to investment opportunities in the United States.
Financial Advisory Team
Inteligo serves its customers through its advisory team of approximately 81 people, as of December 31, 2025. Through its relationship managers, Inteligo establishes strong client relationships which result in a loyal and growing customer base. Inteligo’s experienced relationship managers team has acquired specialized product knowledge and deep understanding of its customers’ needs.
Information Technology Unit
Inteligo Bank implemented a new core system in 2020 to support its rapidly expanding operations. As of December 31, 2025, 2024, 2023 and 2022, Inteligo Bank had invested S/3.9 million, S/2.5 million, S/3.8 million, and S/2.6 million, respectively, in the development of its technology platform, which will allow it to leverage its existing CRM platform and develop stronger business intelligence capabilities.
As a part of its cybersecurity strategy, Inteligo continued to strengthen its identification, protection, detection and action cybersecurity plans, which reduced the occurrence of attacks and mitigated the risk of cyber threats. This strategy is based on the cybersecurity framework of the National Institute of Standards and Technology (NIST), and other standards such as ISO 27000 and 27032. Inteligo’s cybersecurity strategy includes improvements to security on different fronts, including mobile devices, workstations, in the cloud and on premises. Inteligo uses updated technology such as behavior analysis and artificial intelligence, which allow its human resources to reduce time spent on threat detection and analysis.
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COMPETITION
We face intense competition in all of our segments, which can affect our margins, growth and profitability.
Peruvian Banking System and Competition
During the 1990s, the Peruvian economy underwent a major transformation, from being a highly protected and regulated system prevailing in the 1980s to a free-market economy. During this period, protectionist and interventionist laws and policies were gradually dismantled to create a liberal economy dominated by the private sector. Similarly, the Peruvian financial industry underwent deep structural changes that resulted in a significant expansion of credit. From 1993 to 1998, performing loans in the Peruvian financial system grew at a five-year CAGR of 45.9%, and banking penetration in Peru, measured as the ratio of loans-to-GDP, rose from 10.2% to 26.4% according to the SBS.
In 1998, the rise in international interest rates that followed the Russian default led to large outflows of capital from Peru, resulting in a 15.8% depreciation of the sol. The strong depreciation of the sol, coupled with the strong dollarization of the Peruvian Banking system prevalent at that time (81% of the loans were denominated in U.S. dollars) led to a sharp deterioration of the Peruvian banking system’s loan portfolio quality and to a contraction in total loans. Past-due loans in the system peaked at 9.4% of total gross loans as of January 31, 2000, resulting in increased provisions and large capital losses for financial institutions.
However, from 2001 onwards, as macroeconomic conditions improved, the general banking industry indicators in Peru began also to improve and credit expanded.
From December 31, 2021 to December 31, 2025, the banking system in Peru continued to grow, but at a slower pace compared to prior years, with gross loans expanding at a four-year CAGR of 1.4%, according to the SBS. A significant part of the growth experienced by the Peruvian financial system since 2017 has been generated by the retail banking sector. Retail loans (including consumer loans and mortgages) grew at a four-year CAGR of 7.8% for the period ended December 31, 2025. As of December 31, 2025, approximately 40.7% of the Peruvian banking sector’s total loans were retail loans, higher than the 31.9% as of December 31, 2021.
According to the SBS, the total number of credit cards issued by the Peruvian banking system as of December 31, 2025 was approximately 6.8 million. For the period ended December 31, 2025, the Peruvian banking system’s credit card loans had a four-year CAGR of 3.3%, and credit cards loans increased by 8.4% between December 31, 2024 and December 31, 2025.
Mortgage loans in the Peruvian banking system grew at a four-year CAGR of 6.1% for the period ended December 31, 2025, and 6.7% between December 31, 2024 to December 31, 2025. A responsible macroeconomic approach, high housing demand and the promotion of housing programs over the past five years have been the main drivers of mortgage loan growth in Peru and are expected to continue fueling mortgage lending.
Despite this growth, the Peruvian banking system remains underpenetrated in comparison to the banking systems from the group of peer countries in Latin America. As of December 31, 2025, Peru’s loans-to-GDP ratio was 30.6%. The Peruvian banking system is highly concentrated, with a small number of relatively large participants. The four largest banks accounted for 82.3% of total gross loans and 82.5% of total deposits in the system as of December 31, 2025. Furthermore, foreign banks play a significant role in the Peruvian financial system. As of December 31, 2025, BBVA and Scotiabank, two of the four largest banks in the system, which accounted for a combined 35.2% of total gross loans and 32.6% of total deposits, according to the SBS, were under foreign control. Although major global banks such as BNP Paribas, Standard Chartered, Intesa, BankBoston, HSBC and Deutsche Bank have ceased operations in Peru over the past 15 years, other foreign banks have entered or have shown interest in entering or increasing their exposure in the Peruvian market. The banking system’s total loans has shown growth over the past years, reaching a 1.4% four-year CAGR from December 31, 2021 to December 31, 2025.
The Peruvian banking system’s net income CAGR from 2021 to 2025 was 18.3%, reaching S/14,147.1 million in 2025.
As of December 31, 2025, the banking system cost of risk and past due loan (“PDL”) ratio stood at 2.1% and 3.3%, respectively.
Innovation across Peru’s financial system has shifted banks to focus on digital transformation, as consumers increasingly prefer digital channels. According to ASBANC (Asociación de Bancos del Perú), Peru presents itself as a market with high potential for fintechs because of the substantial percentage of people and small/medium size enterprises that do not have access to the financial system. Fintech companies are not just competitors but can also act as potential strategic partners for banks; these companies have a suitable environment to mature for several reasons: a high level of mobile phone penetration; a rising use of digital services and the relatively low cost of technology.
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Interbank is currently the third largest bank in Peru, as measured by total assets, by total deposits, by total loans, and by gross consumer loans, as of December 31, 2025, and has faced strong competition. This increased competition has affected the average interest rates that the Peruvian banking system has been able to charge our customers and to pay for deposits.
The following tables show Interbank, the rest of the Peruvian banking system and their respective market shares as of December 31, 2025.
As of December 31, 2025
Assets Total Gross Loans Deposits
Balance Market Share (%) Rank Balance Market Share (%) Rank Balance Market Share (%) Rank
(S/ in millions) (S/ in millions) (S/ in millions)
BCP 202,161.9 35.6 % 1 124,262.0 33.5 % 1 143,893.0 36.5 % 1
BBVA 112,361.6 19.8 % 2 81,713.6 22.1 % 2 82,097.6 20.8 % 2
Interbank 76,348.7 13.4 % 3 50,390.6 13.6 % 3 52,933.1 13.4 % 3
Scotiabank 71,724.5 12.6 % 4 48,663.0 13.1 % 4 46,682.7 11.8 % 4
BanBif 23,221.2 4.1 % 5 14,507.2 3.9 % 5 15,785.8 4.0 % 5
Mibanco 18,215.8 3.2 % 6 13,475.1 3.6 % 6 10,945.9 2.8 % 6
Santander 10,808.2 1.9 % 7 6,093.4 1.6 % 8 6,619.4 1.7 % 8
Pichincha 9,830.1 1.7 % 8 7,315.6 2.0 % 7 7,088.9 1.8 % 7
Citibank 8,972.9 1.6 % 9 1,168.7 0.3 % 16 5,789.2 1.5 % 9
GNB 6,111.2 1.1 % 10 4,131.6 1.1 % 10 4,607.3 1.2 % 10
Compartamos banco 5,550.5 1.0 % 11 4,688.9 1.3 % 9 3,099.9 0.8 % 13
Falabella 5,230.6 0.9 % 12 3,778.4 1.0 % 11 3,439.7 0.9 % 11
Banco BCI 5,117.6 0.9 % 13 2,526.0 0.7 % 12 3,177.4 0.8 % 12
Santander Consumer Bank 2,685.5 0.5 % 14 2,363.6 0.6 % 13 1,253.2 0.3 % 18
Bank of China 2,486.6 0.4 % 15 119.1 0.0 % 19 1,770.0 0.4 % 14
ICBC 2,131.1 0.4 % 16 1,068.4 0.3 % 17 1,490.7 0.4 % 15
Comercio 2,088.4 0.4 % 17 1,738.2 0.5 % 14 1,381.2 0.4 % 17
Ripley 2,020.9 0.4 % 18 1,457.8 0.4 % 15 1,416.3 0.4 % 16
Alfin 1,365.5 0.2 % 19 977.4 0.3 % 18 1,077.7 0.3 % 19
Total 568,433.1 100.0 % - 370,438.6 100.0 % - 394,549.1 100.0 % -
Source: SBS.
(1)Gross consumer loans do not include mortgage loans.
The following table shows key industry metrics for the main banks by assets and the Peruvian banking system.
As of December 31, 2025
Gross Consumer Loans(1)
Balance Market Share (%) Rank
(S/ in millions)
BCP 20,452.7 25.7 % 1
BBVA 15,578.9 19.6 % 2
Interbank 15,249.2 19.1 % 3
Scotiabank 10,509.9 13.2 % 4
Falabella 3,775.1 4.7 % 5
Pichincha 2,950.9 3.7 % 6
Santander Consumer Bank 2,302.9 2.9 % 7
BanBif 2,248.2 2.8 % 8
GNB 1,776.3 2.2 % 9
Ripley 1,457.8 1.8 % 10
Comercio 1,399.7 1.8 % 11
Compartamos Banco 785.6 1.0 % 12
Alfin Banco 712.2 0.9 % 13
Mibanco 423.5 0.5 % 14
Santander 37.3 0.0 % 15
Citibank 0.0 0.0 % 16
ICBC 0.0 0.0 % 17
Bank of China 0.0 0.0 % 18
BCI 0.0 0.0 % 19
Total 79,660.1 100.0 % -
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2025 2024 2023 2022 2021
ROE
Interbank 16.1 % 11.8 % 12.3 % 17.6 % 19.1 %
BCP 26.1 % 22.2 % 20.7 % 21.6 % 15.9 %
BBVA 17.2 % 15.1 % 16.1 % 18.3 % 16.3 %
Scotiabank 12.5 % 8.4 % 6.4 % 13.7 % 10.1 %
Peruvian banking system 19.0 % 15.3 % 14.3 % 17.3 % 13.3 %
ROA
Interbank 2.0 % 1.3% 1.3 % 1.7 % 1.7 %
BCP 3.3 % 2.8% 2.6 % 2.5 % 1.6 %
BBVA 2.2 % 1.7% 1.9 % 1.9 % 1.5 %
Scotiabank 2.1 % 1.4% 1.0 % 1.9 % 1.3 %
Peruvian banking system 2.5 % 1.9% 1.8 % 2.0 % 1.4 %
Efficiency Ratio(1)
Interbank 42.2 % 40.1% 39.3 % 42.7 % 45.1 %
BCP 38.8 % 39.1% 38.6 % 40.4 % 44.7 %
BBVA 40.0 % 38.8% 38.2 % 39.1 % 39.3 %
Scotiabank 40.4 % 40.9% 42.5 % 38.7 % 42.7 %
Peruvian banking system 41.5 % 40.7% 40.8 % 42.5 % 46.6 %
Past-Due-Loan Ratio
Interbank 2.5 % 2.7% 3.5 % 3.0 % 3.6 %
BCP 3.1 % 3.6% 4.2 % 4.0 % 3.7 %
BBVA 3.2 % 3.7% 4.7 % 4.4 % 3.7 %
Scotiabank 3.9 % 4.3% 4.5 % 4.1 % 3.9 %
Peruvian banking system 3.3 % 3.8% 4.3 % 4.0 % 3.8 %
Coverage Ratio
Interbank 150.2 % 152.6% 148.7 % 163.9 % 132.8 %
BCP 176.0 % 162.5% 140.5 % 142.2 % 152.5 %
BBVA 150.8 % 142.4% 137.9 % 144.6 % 167.2 %
Scotiabank 201.2 % 182.8% 155.6 % 147.4 % 154.0 %
Peruvian banking system 171.0 % 156.1% 144.6 % 148.5 % 155.5 %
Total Capital Ratio
Interbank 16.0 % 16.2% 15.5 % 15.1 % 15.9 %
BCP 19.4 % 18.5% 17.5 % 14.4 % 14.9 %
BBVA 15.9 % 15.8% 15.6 % 14.0 % 14.1 %
Scotiabank 18.6 % 17.1% 14.9 % 14.0 % 14.7 %
Peruvian banking system 18.2 % 17.3% 16.5 % 14.5 % 14.9 %
Source: SBS.
(1)Under SBS criteria.
Note: ROE calculated as net income for the period divided by the average of total equity at the end of the last five quarters. ROA calculated as net income for the period divided by the average of total assets at the end of the last five quarters.
The Peruvian banking system’s net profit was S/14,147.1 million in 2025, an increase of 37.0% compared to 2024 due to lower provisions. The following chart shows the evolution of the banking system’s net profit between 2021 and 2025.
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Banking system’s Net Profit 2021 — 2025 (S/ in millions)
Source: SBS.
The following chart sets forth, for the metrics indicated below, the year-over-year performance as of December 31, 2025 for the four largest banks in Peru under SBS GAAP.
Total Net Profit CAGR (2021 - 2025) and
Year-Over-Year Performance by Net Profit (As of December 31, 2025 vs. As of December 31, 2024)
Source: SBS.
Note: Banks include international branches.
The banking system’s total loans have shown high growth in the past years, reaching a 1.4%% four-year CAGR from 2021 to 2025. The following chart shows the evolution of the Peruvian banking system’s retail and commercial loans between 2021 and 2025 under SBS GAAP.
Banking system’s total loan 2021-2025 (S/ in billion)
Source: SBS.
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The following chart sets forth the four-year CAGR from 2021 to 2025 and the year-over-year growth as of December 31, 2025 of total loans under SBS GAAP for the four largest banks in Peru.
Total Loans CAGR (2021 - 2025) and
Year-Over-Year Growth (As of December 31, 2025 vs. As of December 31, 2024)
Source: SBS
Note: Banks include international branches.
The following chart sets forth the CAGR from 2021 to 2025 and the year-over-year growth as of December 31, 2025 of total deposits for the four largest banks in Peru. In 2025, the increase in deposits was primarily due to an increase in both retail and commercial deposits given the higher interest rate environment and the widespread adoption of a “savings” mindset.
Total Deposits CAGR (2021—2025) and
Year-Over-Year Growth (As of December 31, 2025 vs. As of December 31, 2024)
Source: SBS.
Note: Banks include international branches.
Interbank’s past-due-loan ratio as of December 31, 2025 was the lowest among the four largest Peruvian banks, and the banking system’s average. The Banking System’s PDL ratio for 2023, 2024 and 2025 was 4.3% 3.8% and 3.3%, respectively, while our PDL ratio was 3.5%, 2.7% and 2.5%, respectively. The Banking System coverage ratio for 2023, 2024 and 2025 was 144.6%, 156.1% and 171.0% while Interbank’s coverage ratio was 148.7%, 152.6% and 150.2%. The following chart sets forth the past-due-loan and coverage ratios, under the accounting standards prescribed by the SBS (“Peruvian GAAP”), for the four largest banks in Peru as of December 31, 2025.
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Past-Due-Loan and Coverage Ratios (As of December 31, 2025)
Source: SBS.
Note: Banks include international branches.
As of December 31, 2025, Interbank’s past-due-loan ratio in retail and consumer loans was the highest, respectively among the four largest Peruvian banks, due to our clients’ profile and the importance of credit cards in our portfolio. The following charts set forth the past-due-loan ratios in retail and consumer loans for the four largest banks in Peru as of December 31, 2025.
Retail Loans Past-Due-Loan Ratio (As of December 31, 2025)
Source: SBS.
Note: Banks include international branches.
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Consumer Loans Past-Due-Loan Ratio (As of December 31, 2025)
Source: SBS.
Note: Banks include international branches.
Interbank had the lowest commercial past-due-loan ratio among the four largest Peruvian banks as of December 31, 2025. The following chart sets forth the commercial past-due-loan ratio for the four largest banks in Peru as of December 31, 2025.
Commercial Loans Past-Due-Loan Ratio (As of December 31, 2025)
Source: SBS.
Note: Banks include international branches.
Fintech Landscape
Across Latin America, fintech activity continues to accelerate as digital adoption rises and technology‑enabled platforms reshape how individuals and businesses access financial services. The region is entering a phase of consolidation, with business models maturing and regulatory frameworks expanding to support responsible innovation.
Peru’s fintech ecosystem continues to move toward a more mature stage, supported by a growing base of players and the deepening specialization of services. According to the Guía de negocios Fintech 2024&2025 EY, as of 2024, Peru hosted 237 fintechs, reflecting a shift from fast expansion to more sustained, capabilities‑driven growth across lending, enterprise financial solutions, and digital foreign exchange services. This maturation aligns the country with broader regional dynamics and underscores the increasing role of digital channels in everyday financial activity.
Lending‑focused fintechs are adjusting their models as digital credit becomes more widely adopted. Many are using data and analytics, along with embedded‑finance partnerships, to reach underserved segment. At the same time, several platforms are moving toward tighter regulatory alignment as they scale, signalling a sector that is gradually strengthening its governance and long‑term sustainability. FX‑oriented fintechs have also solidified their role in the market. They continue to differentiate themselves through more competitive pricing and user‑friendly digital experiences, adding tools that help individuals and businesses make better‑informed currency decisions. Fintechs offering digital factoring continue to grow as SMEs seek quicker and more convenient access to working capital. Their expansion reflects a broader appetite for financial tools that simplify processes and offer faster, digital‑first alternatives to traditional funding channels.
The competitive landscape is also shifting as international players look toward Peru. Revolut, the UK‑based neobank, has begun the process to enter the market—an entry that could influence how both fintechs and traditional banks compete. Its arrival underscores the growing interest of global digital‑finance platforms in Peru and suggests that other neobanks or BigTech‑affiliated services may follow.
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Regulators, meanwhile, remain closely involved in guiding this evolution. The SBS continues to promote controlled environments for testing new financial models and is widening its regulatory sandbox to allow participation from non‑supervised fintechs. These efforts reinforce Peru’s orientation toward an innovation, friendly and internationally aligned regulatory framework, one that supports industry growth while maintaining strong safeguards for consumers and market integrity.
Payments Landscape
Izipay operates in a highly competitive and regulated payments industry, competing with a wide range of businesses, including small and new companies, across all forms of physical and digital payments, in a market driven by constant innovation, evolving technologies, and rapidly changing merchant and consumer preferences.
Izipay’s three business units are acquiring services, correspondent banking services, and card issuing services.
The acquiring operations primarily compete with other established merchant acquirers, as well as payment gateways, payment facilitators, and financial technology companies that offer merchant acquiring and related services. In this segment, its principal competitors include Niubiz, Culqi, and OpenPay.
The correspondent banking business consists of providing banking services at merchants’ establishments, such as pharmacies, bookstores, and small independent retailers, using Izipay’s POS devices leased to banks. Some banks provide these services through their own branches or partner directly with merchants to deploy their own POS solutions. In addition, other third-party providers offer correspondent services to multiple financial institutions. In this segment, Izipay’s principal competitors include KasNet, Cyrus, and Niubiz, as well as proprietary solutions developed by banks.
Izipay’s credit and prepaid card processing business primarily competes with third-party payment card processors, core banking platform providers, independent software vendors, and other firms that offer products and services to payment card issuers in Peru. In the debit segment, banks typically process transactions through their internal core banking systems rather than outsourcing these services. In this space, Izipay’s principal competitor is Unibanca.
Peruvian Insurance Industry and Competition
As of December 31, 2025, a total of 17 companies comprised the Peruvian insurance industry. As of December 31, 2025, in terms of assets on a consolidated basis, the four largest insurance companies had an 78.3% market share, and the leading two insurance companies had a combined market share of 47.1%. The Peruvian insurance industry is largely represented by Peruvian companies with three of the six largest companies controlled by Peruvian economic groups.
The following table presents market shares by assets and premiums of the six largest insurance companies in Peru as of and for the year ended December 31, 2025.
Total Assets as of December 31, 2025 Total Net Premiums for the year ended December 31, 2025
Company Life Non-Life (S/ in million) Market Share (%) (S/ in million) Market Share (%)
Rimac ✓ ✓ 21,995 24.6% 6,835 28.4%
Pacífico Seguros ✓ ✓ 20,033 22.4% 5,425 22.6%
Interseguro ✓ ✓ 17,286 19.4% 2,262 9.4%
La Positiva(1) ✓ ✓ 10,618 11.9% 2,946 12.3%
Mapfre(1) ✓ ✓ 6,649 7.4% 3,122 13.0%
Protecta Security ✓ ✓ 5,071 5.7% 833 3.5%
Source: SBS
(1)La Positiva consolidates La Positiva and La Positiva Vida. Mapfre consolidates Mapfre Peru and Mapfre Peru Vida.
Insurance premiums grew at a five-year CAGR of 11.4% for the period ended December 31, 2025. Insurance premiums in Peru reached S/24.0 billion for the year ended December 31, 2025, representing a 8.3% year-over-year increase.
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Life and annuities insurance premiums represented approximately 58.3% of total insurance premiums in Peru for the year ended December 31, 2025. Life and annuities premiums have grown at a CAGR of 16.0% in the last five years, being the type of insurance products that grew the most in such period. Accident & Health and General Insurance also grew but to a less extent.
The chart below sets forth Peruvian insurance premiums for the periods indicated.
Insurance Premiums (S/ in Millions)
Source: SBS.
Within Life & Annuities Insurance, Private Annuities has become the main product in terms of relevance (27.6%, after growing 32.7% in average for the last 5 years), and Interseguro has outgrown the market in 2025 to become #1 in the industry in terms of premiums. Other relevant life insurance products are Credit Life Insurance (18.9%), Individual Life Insurance (18.4%), Previsional (13.6%) and Regulated Annuities (6.7%). Interseguro participates in all of them and currently has a remarkable market share (#1 in annuities, #3 in individual life, #4 in credit life).
The table below shows total premiums and CAGRs by life insurance product:
Source: SBS
In terms of Investment Portfolio, Interseguro holds the second largest portfolio of industry with S/16.9 billion, after Pacifico Seguros. Additionally, our return on investment portfolio (ROIP) for the last 5 years reached 6.4% and outperformed the industry and the largest two competitors (in terms of premiums).
The following chart shows total investments under Peruvian SBS GAAP of the three largest insurance companies and the industry in Peru as of December 31, 2025, and its average returns for the last 5 years.
Investment Portfolio Returns (2021-2025)
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Source: SBS.
Note: Annual Investment portfolio returns calculated as return from investments for the period divided by the average of total investments at the last five quarters.
In terms of profitability, the Peruvian insurance industry has grown 19% in average for the last 5 years measured by Net Income and the return over equity (ROE) has averaged 18%. In the same period, Interseguro has outperformed the industry in both net income growth and ROE. In terms of competition, as of December 2025, 76.6% of the industry’s net income is concentrated in the five largest insurance companies in terms of premiums.
The following chart sets forth the average ROEs for Interseguro, its main competitors and the Peruvian insurance industry, for the period 2021 to 2025.
ROE
Source: SBS.
Finally, the Peruvian insurance industry is well-capitalized, with a solvency ratio (regulatory capital / capital requirements - patrimonio efectivo / requerimientos patrimoniales) of 29.3% under Peruvian SBS GAAP as of December 31, 2025, and operates under a well-established regulatory framework. In the same period, Interseguro's solvency ratio was 20.4%.
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Insurtech Landscape
The insurtech ecosystem in Latin America demonstrated remarkable resilience in 2025, closing December with 536 startups in the region, 35 of which were Peruvian, despite a challenging economic and financial context. Annual investment in insurtech grew by 117% in 2025, reaching U.S.$199 million.
This growth has been driven by greater consolidation of insurtechs in areas like digital distribution, which represents 49% of the companies in the sector, while the remaining 51% focus on enabling and collaborating with traditional insurers. A key aspect has been the internationalization of these startups, especially in Peru, which stand out for having the highest rate of internationalization of 67, as well as a 66% level of attraction, reason why Peru is considered the most open market of the region. Despite this, we believe there is still room to further develop the market by creating a more integrated ecosystem. On the other hand, the trend toward digitalization and process automation in the insurance sector continues to rise, contributing to greater operational efficiency and improved customer experience through the adoption of AI agents and the emergence of new categories such as fraud detection, data analytics, pricing, risk management and subscription-based models.
Wealth Management Industry and Competition
Inteligo Bank operates in the highly-competitive and regulated wealth management industry, competing with independent advisors, global banks and Peruvian firms, such as its main competitor Credicorp Ltd. through its subsidiary Atlantic Security Bank (“ASB”). The Peruvian wealth management industry has also recently attracted several new participants, including representative offices of global banks such as JP Morgan, UBS, RBC, Credit Suisse, and Julius Baer, among others.
The following chart sets forth fee income for Inteligo Bank and ASB from 2022 to 2025.
Fee Income (S/millions)
The following chart sets forth net income in for Inteligo Bank and ASB from 2022 to 2025.
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Net Income (S/. millions)
Source: Company information and Credicorp Ltd.’s quarterly reports.
Interfondos provides mutual fund management services in Peru. Interfondos has been the fourth largest mutual fund manager in Peru in each of the last five years according to the SMV. As of December 31, 2025, Interfondos had a 15.8% market share based on assets under management.
Inteligo SAB provides brokerage services, including sales and trading operations, in Peru’s domestic capital markets. As of December 31, 2025, the Peruvian brokerage industry consisted of 20 brokerage firms. Inteligo SAB has ranked among the largest equity trading platforms in the last five years in terms of trading volumes on the Lima Stock Exchange.
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REGULATION AND SUPERVISION
The Peruvian Financial and Insurance Systems
A substantial part of our activities is conducted through Interbank and Interseguro, our banking and insurance subsidiaries, respectively, operating in Peru. A summary of the Peruvian financial and insurance regulatory framework is set forth below.
General Overview of the Peruvian Financial Regulatory Framework
Peruvian banking regulation follows the standards set by the Basel Committee on Banking Supervision. Peruvian banks and other Peruvian financial institutions are primarily governed by two banking regulatory authorities: the SBS and the Central Reserve Bank of Peru. The Peruvian Constitution establishes that the SBS’s main function and responsibility is to protect depositors of the Peruvian financial system, while the main function of the Central Reserve Bank of Peru is to preserve monetary stability. In addition, Peruvian banks are subject to certain regulations of the SMV.
The regulatory framework for the operation of the Peruvian financial and insurance sector is set in the Peruvian Banking and Insurance Law, which was enacted in December 1996. The Peruvian Banking and Insurance Law regulates Peruvian financial and insurance companies and private pension funds administrators. In accordance with the Peruvian Banking and Insurance Law, the SBS is responsible for issuing banking regulations and for monitoring the Peruvian banking financial and insurance sector. The SBS supervises and regulates financial institutions such as commercial banks, financial companies, financial leasing companies, small business financial companies, savings and loan corporations, financial services companies such as trust companies and investment banks, insurance companies, private pension fund administrators and savings and loans cooperatives (other financial institutions such as stock brokerage houses and mutual fund managers are subject to different legal frameworks and to the supervision of the SMV). The SBS became operational in 1931.
Financial institutions must seek the authorization of the SBS before initiating operations. The SBS has administrative and financial autonomy, and its head office is located in Lima. The current chairman of the SBS, Sergio Javier Espinosa Chiroque, was appointed by former President Dina Boluarte in July 2024.
In June 2011, the Basel Committee announced the issuance of the Basel III principles. The changes introduced have been designed to be implemented progressively. The SBS, by use of its regulatory attributes, has issued several regulations that seek to adapt the Peruvian financial system to the new Basel Capital Accords.
On December 23, 2021, SBS Resolution No. 03921-2021 amended requirements to cover market concentration risk and gave financial institutions a term of two years to adequate to new requirements. Consistent with certain aspects of Basel III, the SBS issued in 2022, SBS Resolution No. 03953-2022 and SBS Resolution No. 03954-2022 in order to update the methodologies for calculating the individual and sector concentration risk buffers (including regional and economic sector concentration) eliminating the capital buffer requirement for risk appetite and maintaining the requirement for measuring the interest rate risk of the banking book. Legislative Decree No. 1531 and SBS Resolution No. 03954-2022 aligned the capital conservation buffer in the Peruvian regulation, to the Basel III principles.
In March 2022, the Peruvian Banking and Insurance Law was amended by Legislative Decree No. 1531 (which became effective on January 1, 2023) to adapt the regulations applicable to the companies of the financial system, related to the composition of the effective equity to the Basel III principles. In December 2022, the SBS approved SBS resolutions No. 03950-22, 03951-2022, 03952-2022, 03953-2022, 03954-2022 and 03955-2022, all of them aimed at adapting the regulatory framework of the financial system more generally to the Basel III principles.
In December 2022, the SBS issued Resolution No. 03950-2022, which replaced the regulation applicable to subordinated debt of financial institutions (Reglamento de Deuda Subordinada Aplicable a las Empresas del Sistema Financiero)(the “Subordinated Debt Regulation Applicable to Financial Institutions”) in order to adjust the application of Basel III standards and to reflect recent amendments to the Peruvian Banking and Insurance Law. The Resolution No. 3950-2022 entered into effect on January 1, 2023, repealing the prior subordinated debt regulation, which had been approved by SBS Resolution No. 975-2016.
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Entities that process personal data within the Peruvian territory — including Peruvian financial and insurance institutions — are subject to the provisions of Law No. 29733 (Ley de Protección de Datos Personales), the Personal Data Protection Law, and its regulations. On March 30, 2025, new regulations to Law No. 29733, approved by Supreme Decree No. 016-2024-JUS, entered into force, introducing certain additional obligations. The main changes include: (i) the obligation to notify the National Authority for the Protection Personal Data and affected data subjects of any data breach within 48 hours of becoming aware of the incident; and (ii) the obligation to appoint a Data Protection Officer (DPO) which became mandatory as of November 30, 2025, and is now fully in effect.
To complement this framework, on December 31, 2025, the General Directorate of Transparency, Access to Public Information and Protection of Personal Data (Dirección General de Transparencia, Acceso a la Información Pública y Protección de Datos Personales - DGTAIPD) issued Directorial Resolution No. 100-2025-JUS-DGTAIPD, which established specific provisions regarding the appointment, performance, and functions of the DPO. Under these regulations, private entities must appoint a DPO if they meet either of the following criteria: (a) they process "large volumes" of personal data—determined by a matrix evaluating the number of data subjects (e.g., 50,000 or more for high level), sensitivity of data, and territorial scope—or (b) their main activity or line of business involves processing sensitive data. Insurance companies are explicitly listed as entities required to appoint a DPO due to the line of business.
The obligations established under Law No. 29733 — such as the registration of data banks, the obtaining of consent, and the implementation of appropriate security measures to safeguard personal data — remain fully in force, as well as the maximum applicable fines set forth therein.
As noted, Peruvian banks, financial institutions and insurance companies are mainly regulated and supervised by the following administrative institutions:
The SBS
The SBS is the regulatory authority charged with the implementation and enforcement of the requirements contained in the Peruvian Banking and Insurance Law, and, more generally, with the regulation and supervision of all financial and insurance companies in Peru and, since July 2005, the private pension funds administrators.
Its objectives include: (i) protecting the public interest; (ii) safeguarding the financial stability of the institutions over which it has authority; and (iii) punishing violators of its regulations.
Its main responsibilities include: (i) reviewing and approving, with the assistance of the Central Reserve Bank of Peru, the establishment, organization and operations of the institutions it regulates and their subsidiaries; (ii) overseeing mergers, dissolutions and reorganizations of banks, financial institutions and insurance companies; (iii) supervising financial, insurance and related companies from which information on an individual or consolidated basis is required, through changes in ownership and management control (this supervision also applies to non-bank holding companies, such as us and Intercorp Peru); (iv) reviewing the by-laws and amendments thereto of these companies; (v) setting forth criteria governing the transfer of bank shares, when permitted by law, for valuation of assets and liabilities and for minimum capital requirements; (vi) controlling the Central de Riesgos (Bank Risk Assessment Center), to which all banks are legally required to provide information regarding all businesses and individuals with whom they deal without regard to the amount of credit risk (the information provided is made available to all banks to allow them to monitor individual borrowers’ overall exposure to Peru’s financial system); and (vii) supervising the anti-money laundering system through the financial intelligence unit (“UIF,” for its Spanish acronym).
The SBS enforces the Peruvian Banking and Insurance Law on an ongoing basis through periodic resolutions. The Peruvian Banking and Insurance Law provides for stringent loan loss reserve standards, brings asset risk weighing in line with the Basel Committee on Banking Supervision guidelines and includes the supervision of holding companies of financial institutions by the SBS.
For the foregoing purpose, the SBS requires banks, financial and insurance companies to report, on a periodic basis, all relevant information necessary for off-site evaluation of its financial performance. The relevant information for off-site evaluation includes audited financial statements on a consolidated basis, board of directors’ reports, auditor’s reports and any other reports which reflect the operation of a bank’s business. Under current practice, such reporting is required on a daily, weekly, monthly, quarterly and semi-annual basis, depending on the nature of the reported information.
The SBS is also responsible for conducting on-site examinations of banks on an annual basis, implementing the provisions of the Peruvian Banking and Insurance Law and other related legislation, examining all banking and insurance operations, and analyzing the relationship between assets, liabilities, net worth, profit and loss accounts and all other factors affecting a bank’s financial structure.
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The SBS has the power to impose administrative sanctions on financial institutions and their directors and employees as a result of any violation of the Peruvian financial and insurance system rules. Sanctions vary from monetary fines to license cancellation. The SBS may also sanction directors and other officers of financial institutions for breach of regulations under the supervision of the SBS.
The Central Reserve Bank of Peru
The Central Reserve Bank of Peru was incorporated in 1922. Pursuant to the Peruvian Constitution, its primary role is to ensure the stability of the Peruvian monetary system and perform the functions common to a central or reserve bank, such as issuing bank notes, implementing governmental monetary policies, regulating the money supply, managing official gold and foreign exchange reserves and managing the interbank cash clearance system. The Central Reserve Bank of Peru exercises its power and authority independently and is responsible for its affairs in accordance with the government’s policies. The Central Reserve Bank of Peru is empowered to determine the inflation target and to adopt a monetary policy in accordance thereof and is also responsible for establishing mandatory minimum liquidity reserves. The Central Reserve Bank of Peru manages Peruvian international reserves and gathers and publishes data on its finances and is also the sole issuer of Peruvian currency.
In addition, Law No. 29440, designated the Central Reserve Bank of Peru as the governing body of the Peruvian payment system. As such, it has the authority to issue regulation related to the functioning of the Peruvian payment system. In that role, under Circular Letter No. 0024-2022-BCRP, as amended, the Central Reserve Bank of Peru passed rules on the interoperability of payment services, which would be accomplished in three phases. The first phase involved the interoperability of the payment services “Yape” and “Plin” (the latter involving the bank). Phase two, involves other payment services provided by a wider range of participants to the payment system, such as other banks and CMACs, among others. Phase three, which is currently being implemented, involves other participants and providers of the payment system, such as the issuing companies for electronic money (empresas emisoras de dinero electrónico), “Bim,” among others. And finally, phase 4 is expected to facilitate the inclusion of new participants, such as fintechs, to the retail payments ecosystem through a payment initiation model. All phases of interoperability are fully in place.
In March 2024, the Central Reserve Bank of Peru issued additional regulation under Circular Letter No. 0009-2024-BCRP (amended by Circular Letter No. 0005-2025-BCRP) to establish the key performance indicators (KPIs) to be met by Regulated Entities offering interoperable payment services, as well as guidelines for service level agreements (SLAs). The implementation of the indicators and guidelines is currently ongoing, and they ae expected to be gradually implemented in accordance with the phases established by the Central Reserve Bank of Peru.
The highest decision-making authority within the Central Reserve Bank of Peru is its seven-member Board of Directors. Each Director serves a five-year term. Of the seven Directors, four are selected by the Executive Power and three are selected by Congress. The Chairman of the Central Reserve Bank of Peru is one of the Executive Power nominees but must be approved by Congress.
The Central Reserve Bank of Peru Board of Directors develops and oversees monetary policy, establishes reserve requirements for entities within the financial system, and approves guidelines for the management of international reserves. All entities within the financial system are required to comply with the decisions of the Central Reserve Bank of Peru.
The SMV
The SMV is the Peruvian securities market regulatory authority, attached to the Ministry of Economy and Finance (Ministerio de Economía y Finanzas). The main purpose of the SMV is promoting, overseeing and regulating the securities market, supervising and controlling all individuals and entities that intervene in such market, and enforcing compliance with the provisions of the Peruvian Securities Market Law and its regulations.
Pursuant to Article 29 of the Peruvian Banking and Insurance Law, the issued and outstanding shares of Peruvian banks must be registered with the SMV and listed with the BVL. Therefore, according to the Peruvian Securities Market Law and its regulations, listed companies such as banks and insurance companies are required to file with the SMV and the BVL, in Spanish and on a going forward basis, quarterly and annual financial reports.
In addition, these companies are required to disclose to the market in a timely manner (on the same day when the event occurs) all information that investors are reasonably likely to consider material. Specific regulations provide for specific parameters to determine what is considered material information (hechos de importancia).
In March 2014, regulations related to disclosure of material information were amended. By virtue of such regulations, issuers under supervision of the SMV are required to disclose all material information in connection with the issuer of registered
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securities (such as our common shares) and its activities or securities issued or secured by such issuer which may influence the liquidity or price of such securities.
Also, issuers whose securities are also traded in foreign markets must file with the SMV all information that is required to be disclosed to investors on such foreign market as soon as such information is delivered to foreign regulators.
Banking Regulation and Supervision
Banking regulations and capital adequacy in Peru take into account the recommendations of the Basel Committee. The SBS has adopted the principles and guidelines of Basel II and Basel III. Also, the SBS has mandated a minimum regulatory capital requirement for Peruvian banks and, in accordance with the amendments brought by Legislative Decree No. 1531 to the Peruvian Banking and Insurance Law. In 2022, the SBS also issued resolutions that follow the three objectives for Basel III (i.e., increased capital, establishment of liquidity standards and improvement in the quality of capital). However, the implementation of other Basel III principles, such as the net stable funding ratio, have yet to be implemented in Peru. We cannot provide any assurances as to whether or to what extent the SBS may adopt any pending Basel III standards, and whether these standards will be applied exactly as recommended by the Basel Committee.
Capital Adequacy Requirements—Basel III
Under the amended provisions of Article 199 of the Peruvian Banking and Insurance Law, and on an unconsolidated basis, the regulatory capital (patrimonio efectivo) may not be lower than 10% of its total weighted assets, the latter being defined as the sum of: (i) the regulatory capital allocated to cover market risks multiplied by the inverse of the overall limit (límite global), (ii) the regulatory capital allocated to cover operational risks multiplied by the inverse of the overall limit (límite global); and (iii) the total amount of credit risk-weighted assets. Notwithstanding the foregoing, according to SBS Resolution No. 03952-2022 (as amended from time to time), published on December 27, 2022, as amended by SBS Resolution No. 274-2024, the SBS established a gradual implementation schedule (from 8.5% for January - March 2023 to 10% for March 2025 and onward). In addition, the amended provisions of Article 199 of the Peruvian Banking and Insurance Law established that (i) Tier 1 ordinary capital shall be equal or higher than 4.5% of its total weighted assets and (ii) Tier 1 Regulatory Capital shall be equal or higher than 6% of its total weighted assets. Furthermore, pursuant to SBS Resolution No. 03954-2022, financial institutions must maintain a Combined Risk Buffer—which includes a Capital Conservation Risk Buffer of 2.5% of total risk-weighted assets and contingent liabilities—in addition to the requirements of Article 199.
According to the amended provisions of Articles 184 and 185 of the Peruvian Banking and Insurance Law (as amended by Legislative Decree No. 1531), regulatory capital is defined as the sum of: (i) Tier 1 Regulatory Capital; and Tier 2 Regulatory Capital.
Tier 1 Regulatory Capital is comprised of (i) the ordinary equity (which includes common stock and other paid-in capital instruments), capital premiums, dividends, unrealized gains, legal and voluntary reserves, donations and other elements as defined by the SBS and (ii) additional Tier 1 Regulatory Capital, which includes capital instruments, capital premiums and certain subordinated debt, premiums, of the above indicated instruments and other elements as defined by the SBS. Tier 1 ordinary capital is subject to, among others, the following deductions: losses of prior years and of the current year, unrealized losses, any provisions deficit, and goodwill resulting from corporate reorganizations and acquisitions, deferred tax assets, investments in Tier 1 Regulatory securities of other financial institutions, investment in own shares (treasury stock) and others as mandated by the SBS, and additional Tier 1 Regulatory Capital is subject to, among others, the following deductions: holdings, directly or indirectly, of equity and/or subordinated debt instruments eligible for additional Tier 1 Regulatory Capital, which have been issued by the company itself and which are held in treasury and investments in equity and/or subordinated debt instruments eligible for additional Tier 1 Regulatory Capital, issued by companies of the financial system or the insurance system, domestic or foreign and others as mandated by the SBS through general regulations.
Tier 2 Regulatory Capital consists of (i) equity and subordinated debt instruments, not included in Tier 1 Regulatory Capital, that meet the conditions set forth by the SBS, (ii) premiums of the above mentioned instruments, (iii) generic provisions up to 1.25% of the assets and contingencies weighted by credit risk when the standard method is used to determine the regulatory capital requirement for credit risk, and (iv) other elements as defined by the SBS. Tier 2 Regulatory Capital is subject to certain deductions under the law, such as: holdings, directly or indirectly, of equity and/or subordinated debt instruments eligible for additional Tier 2 Regulatory Capital, which have been issued by the company itself and which are held in treasury and investments in equity and/or subordinated debt instruments eligible for additional Tier 2 Regulatory Capital, issued by companies of the financial system or the insurance system, domestic or foreign and others as mandated by the SBS through general regulations.
Banks are required to prepare and submit to the SBS, within the first 15 days of each month, a report analyzing the bank’s assets for the previous month and the total amount of the bank’s regulatory capital. Foreign currency denominated assets are
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valued in soles at an average exchange rate published by the SBS in effect as of the date of such report. The SBS shall establish the periodicity, format and other pertinent conditions of the reports to be submitted by Peruvian banks. The aforementioned reports must include (i) the equity requirement; (ii) the positions affected by the different risks; (iii) financial statements and other matters considered relevant by the SBS.
As part of the implementation of the Basel III standards, the SBS issued SBS Resolution No. 03950-2022 in December 2022 regulating new dispositions applicable for subordinated debt, in order to update the form of computation in the different levels and sublevels of the regulatory capital, in accordance with the characteristics of each element. This resolution became effective on January 1, 2023 and is applicable to subordinated debt incurred or created as from such date. However, subordinated debt incurred or created prior to its enactment is still considered in the calculation of regulatory capital.
In addition, SBS Resolution No. 03950-2022 was enacted mainly to reflect the new composition of the regulatory capital. As a result, non-redeemable subordinated debt is taken into account for the computation of additional Tier 1 Regulatory Capital, as opposed to the previous treatment, which allowed its computation as either Tier 1 or Tier 2 Regulatory Capital. Similarly, redeemable subordinated debt becomes part of the computation of Tier 2 Regulatory Capital only.
In accordance with SBS Resolution No. 03952-2022 (as amended from time to time) (which amended the SBS Resolution No. 14354-2009) that became effective on January 1, 2023, the 1,000% factor for risk-weighted assets for intangibles (excluding goodwill), deferred tax assets that originate from operating losses and deferred tax assets that exceed the threshold of 10% of “adjusted total capital” were removed from the computation of regulatory capital. To replicate the deductions established by Basel III, deferred income tax assets net of deferred income tax liabilities (excluding those in connection with goodwill and other intangibles) arising from temporary differences that do not exceed the threshold of 10% of Tier 1 Regulatory Capital received a weighting factor of 250%.
Further Implementation of Basel III Principles
Consistent with certain aspects of Basel III, the SBS issued SBS Resolution No. 03953-2022 and SBS Resolution No. 03954-2022 in order to update the methodologies for calculating the individual and sector concentration risk buffers (including regional and economic sector concentration) eliminating the capital buffer requirement for risk appetite and maintaining the requirement for measuring the interest rate risk of the banking book. Legislative Decree No. 1531 and SBS Resolution No. 03954-2022 aligned the capital conservation buffer in the Peruvian regulation, to the Basel III principles.
Starting in August 2022, the SBS issued a series of regulations focused on Basel III compliance, in accordance with Legislative Decree No. 1531. Focused on the further adequate implementation of Basel III Principles in Peru, the SBS then issued:
•Subordinated Debt Regulation (Reglamento de Deuda Subordinada), SBS Resolution No. 03950-2022;
•Regulation for the Regulatory Capital Requirements for Additional Risks, SBS Resolution No. 03953-2022;
•Regulation that amends the Regulation on Regulatory Capital Requirements for Credit Risk, SBS Resolution No. 03952-2022, as amended by SBS Resolution No. 274-2024;
•Regulation on the Computation of Reserves, Earnings, Donations and Equity Instruments in Regulatory Capital, SBS Resolution No. 03951-2022;
•Regulation of Requirement of Conservation, Economic Cycle and Market Concentration Risk Buffers, SBS Resolution No. 03954-2022; and
•Regulation for the Regulatory Capital Requirement for Market Risk and for Operational Risk, SBS Resolution No. 03955-2022.
In December 2022, Legislative Decree No. 1531 was further regulated by SBS Resolution No. 03950-2022, which approved the Subordinated Debt Regulation Applicable to Financial Institutions. The Subordinated Debt Regulation Applicable to Financial Institutions in line with Legislative Decree No. 1531, eliminated Tier 3 Regulatory Capital/Subordinated Debt (i.e., Hybrid Instruments) which were used to cover market risk losses and excluded non-redeemable Subordinated Debt from the computation of Tier 2 Regulatory Capital.
With regards to subordinated debt, the Subordinated Debt Regulation Applicable to Financial Institutions made a distinction between two types of subordinated debt: (i) “Tier 1 Non-redeemable Subordinated Debt” (computable to Tier 1 Regulatory Capital only as additional Tier 1 Regulatory Capital) and (ii) “Tier 2 Redeemable Subordinated Debt” (computable to Tier 2 Regulatory Capital). For the purposes of the regulation, non-redeemable debt means that its principal amount is not amortized and
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generates perpetual periodic return, while redeemable debt means that its principal amount will be redeemed within a specified period of time. Tier 1 Non-redeemable Subordinated Debt has no expiration date or step-up incentives for early redemption, although it may contain a redemption option after five years, subject to (A) there being no expectation that the option will be exercised; (B) (x) such debt being previously or simultaneously replaced with another security that meets the characteristics of Additional Tier 1 Regulatory Capital or an instrument that is part of the Ordinary Tier 1 Regulatory Capital or (z) the financial institution demonstrating that after the exercise of the redemption option, the effective Regulatory Capital is above the overall limit and requirement of Additional Regulatory Capital, such calculation being subjected to the review of SBS and approved or rejected at SBS’ discretion. Moreover, Tier 1 Non-redeemable Subordinated Debt must (a) be subordinated to the accounts deposits of all individuals and corporations that maintain banking accounts opened at the relevant financial institution, general creditors and Tier 2 Subordinated Debt creditors and (b) contain a mechanism to absorb losses on a pro rata and pari passu basis through conversion into common shares or temporary or permanent condonation until Ordinary Tier 1 Regulatory Capital between total risk-weighted assets and contingent capital reaches 6.0%. In the event of surveillance, intervention, or dissolution and liquidation of the financial institution, Tier 1 Non-redeemable Debt shall be used to absorb losses after the use of any Ordinary Tier 1 Regulatory Capital and Additional Tier 1 Regulatory Capital (in that order). Tier 2 Redeemable Subordinated Debt shall have a due date of no earlier than five years and no step-up benefits (readjustments to interest rate will not be considered as step-up provided that the implicit spread for the initial rate is not increased in respect to the final rate). It may include a redemption option at the issuer’s initiative only after five years and provided that (A) there being no expectation that the option will be exercised; (B) (x) such debt being previously or simultaneously replaced with another security that meets the characteristics of Tier 2 Regulatory Capital; or (z) the financial institution demonstrating that the Regulatory Capital is above the overall limit, buffer requirement and requirements of regulatory capital for additional risks, such calculation being subjected to the review of SBS and approved or rejected at SBS’ discretion. During the last 5-year period prior to maturity, a 20% annual discount factor is applied for purposes of computation as Tier 2 Regulatory Capital. In the event of surveillance, intervention, or dissolution and liquidation of the financial institution, Tier 2 Regulatory Capital shall be used to absorb losses after the use of any instruments eligible for Tier 1 Regulatory Capital, and instruments eligible for Tier 2 Regulatory Capital (in that order).
Subordinated Debt Regulation
In December 2022, Legislative Decree No. 1531 was further regulated by SBS Resolution No. 03950-2022, which approved the Subordinated Debt Regulation Applicable to Financial Institutions. The Subordinated Debt Regulation Applicable to Financial Institutions provided for two Ordinary Tier 1 Regulatory Capital: (i) Ordinary Tier 1 Regulatory Capital equal to or greater than 4.5% of total risk-weighted assets and contingent liabilities, and (ii) Effective Tier 1 Regulatory Capital which, in its entirety and considering ordinary capital and additional ordinary capital, must be equal to or greater than 6.0%. Moreover, the Subordinated Debt Regulation Applicable to Financial Institutions eliminated Tier 3 Regulatory Capital/Subordinated Debt (i.e., Hybrid Instruments) which were used to cover market risk losses and excluded non-redeemable Subordinated Debt from the computation of Tier 2 Regulatory Capital.
With regards to subordinated debt, the Subordinated Debt Regulation Applicable to Financial Institutions made a distinction between two types of subordinated debt: (i) “Tier 1 Non-redeemable Subordinated Debt” (computable to Tier 1 Regulatory Capital only as additional Tier 1 Regulatory Capital) and (ii) “Tier 2 Redeemable Subordinated Debt” (computable to Tier 2 Regulatory Capital). For the purposes of the regulation, non-redeemable debt means that its principal amount is not amortized and generates perpetual periodic return, while redeemable debt means that its principal amount will be redeemed within a specified period of time.
Regulation of Requirement of Conservation, Economic Cycle and Market Concentration Risk Buffers
Moreover, in December 2022, the SBS issued SBS Resolution No. 03954-2022, which approved the “Regulation for the Requirement of Conservation, Economic Cycle and Market Concentration Risk Buffers” (Reglamento para el Requerimiento de Colchones de Conservación, por Ciclo Económico y por Riesgo por Concentración de Mercado). This new regulation updated the methodologies for calculating the individual and sector concentration risk buffers, in compliance with the Basel III standards, and further regulated article 199 of the Peruvian Banking and Insurance Law. The Regulation for the Requirement of Conservation, Economic Cycle and Market Concentration Risk Buffers describes four types of risk buffers, to be gradually implemented, namely: (i) Capital Conservation Risk Buffer; (ii) Economic Cycle Risk Buffer; (iii) Market Conservation Risk Buffer; and (iv) Combined Risk Buffer.
The Capital Conservation Risk Buffer provides that companies have to accumulate a risk buffer (over the requirements set forth in article 199 of the Peruvian Banking and Insurance Law) to be used when losses have been incurred during periods of stress. The minimum risk buffer established amounts to 2.5% of total risk-weighted assets and contingent liabilities, which is determined based on the methodology described in the Regulation for the Requirement of Conservation, Economic Cycle and Market Concentration Risk Buffers. Non-compliance with the minimum requirement of risk buffers would result in the application of restrictions in connection with (i) the repurchase of shares that qualify as Tier 1 Regulatory Capital, and (ii) the distribution of profits to Tier 1 Regulatory Capital (e.g., dividends), except for distribution of stock dividends charged to the prior year's earnings (up to
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60.0% for deficit less than or equal to 25.0%, 40.0% for deficit greater than 25.0% and less than or equal to 50.0%, 20.0% for deficit greater than 50.0% and less than or equal to 75.0%, deficit greater than 75.0% does not allow distribution).
The Economic Cycle Risk Buffer serves to counteract fluctuations in the economic cycle by recalibrating the marginal weighting factors of credit risk-weighted assets used for the calculation of this buffer based on the Additional Regulatory Capital Requirement Regulation. The operation aspects of the Economic Cycle Risk Buffer can be divided into “accumulation” and “de-accumulation." Accumulation means that Ordinary Tier 1 Regulatory Capital must be maintained above the minimum requirements of Article 199 of the Peruvian Banking and Insurance Law, for the amount resulting from applying the calculation methodology chosen by the financial institution. In cases of non-compliance, restrictions will apply in connection with (i) the repurchase of shares that count towards Tier 1 Regulatory Capital and (ii) the distribution of profits to Tier 1 Regulatory Capital (e.g., dividends), except for distribution of dividends in shares. “De-accumulation” means that the buffer is no longer required and the requirement is equal to zero and accumulated Tier 1 Regulatory Capital can be used to cover the economic cycle buffer requirement. The calculations related to the Economic Cycle Risk Buffer shall be conducted (i) monthly when the rule is activated and the requirement is in force and (ii) at the time when the rule is deactivated and the requirement is not in force.
The Market Conservation Risk Buffer seeks to counteract negative effects on the stability of the system and Peru’s economic activity resulting from the potential financial deterioration of large, highly interconnected, difficult to substitute and highly complex companies. It employs, for the purposes of its calculation, a Market Concentration Risk Indicator that considers aspects related to size, interconnection, substitutability and financial infrastructure, and the complexity of the companies in the financial system. This Risk Buffer applies to (i) banks, (ii) investment banks, and (iii) Peruvian multiple operating companies that are part of a bank’s economic group.
Finally, the Combined Risk Buffer is the sum of the Conservation, Economic Cycle and Market Concentration Risk Buffer requirements. In addition to compliance with each individual buffer, the combined buffer requirement to be covered with additional Ordinary Tier 1 Regulatory Capital must be met. The methodology for its calculation is as follows: (i) Ordinary Tier 1 Regulatory Capital (after covering the requirement set in Article 199 of the Peruvian Banking and Insurance Law) minus (ii) the portion of Ordinary Tier 1 Regulatory Capital that covers the Conservation, Economic Cycle and Market Concentration Risk Buffer. If a company fails to comply with the abovementioned requirements, it may continue its operations, however it may not (i) repurchase its shares that count towards Tier 1 Regulatory Capital or (ii) distribute profits to Tier 1 Regulatory Capital (e.g., dividends), except for distribution of dividends in shares.
As of the date of this Annual Report on Form 20-F, Interbank is in compliance with the additional regulatory capital requirements approved by the SBS. Interbank is evaluating the impact of such changes to the regulatory capital requirements on its financial results and condition. As of the date of this Annual Report on Form 20-F, Interbank is fully compliant with applicable capital regulatory requirements, and it expects to continue to comply with such regulatory capital requirements, and does not anticipate such regulatory changes to have a material impact on its solvency.
Liquidity Requirements of Basel III Principles
In December 2023, the SBS approved SBS Resolution No. 4221-2023 (as amended), which entered into effect on January 1, 2024, and established new regulations for liquidity risk management, including a new calculation of the liquidity coverage ratio. The liquidity ratio coverage is a ratio for financial institutions to ensure the maintenance of adequate levels of high-quality liquidity assets (ALAC, for its acronym in Spanish) that could easily be converted into cash to meet liquidity needs, for a 30-calendar day period, under a stress liquidity scenario. High-quality liquidity assets are defined as assets that are easily and immediately convertible into cash, with minimum or no loss of value during the stress period.
Pursuant to SBS Resolution No. 4221-2023 (as amended), the net stable funding ratio (RFNE for its acronym in Spanish) was introduced. This new ratio aims to ensure that financial institutions maintain a stable funding profile in relation to the composition of their assets and off-balance sheet (contingent) exposures. RFNE must be equal or greater than 100%. All provisions in relation to its application entered into effect on December 1, 2024. Furthermore, once the RFNE becomes applicable, financial institutions will have an adequacy period to comply with the aforementioned limit, as described below:
Period RFNE Limit
From December 2025 90 %
From December 2026 100 %
From December 2027 100 %
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Classification of the Loan Portfolio
According to SBS regulations, the provision for loan losses is calculated and recorded following SBS Resolution No. 11356-2008, as amended, which sets parameters to determine the calculation of provisions which is based on formulas and the use of specific percentages over the balances of loans and collateral received. For example, banks must consider certain criteria with respect to the borrower, including securities, credit category, borrower’s liquidity, borrower’s equity and outstanding debt, among others. Also, it requires constitution of generic provisions based on total loan portfolio, including generic provisions on not-impaired loans. The loan portfolio provisions which result from such classification differ materially from the loan portfolio provisions which would result had we applied IFRS Accounting Standards. For a discussion of our loan portfolio classification policies and the resulting provisions, see “Item 4. Information on the Company—Selected Statistical Information—Classification of our Loan Portfolio and—Impairment Allowance for Loans” and Note 29.1 to our audited annual consolidated financial statements. Similarly, SBS Resolution No. 6941-2008, as amended, sets parameters for managing the risk of over-indebtedness of retail debtors (understood as individuals or legal entities with direct and indirect consumer, microenterprise and/or housing mortgage loans). Its main provisions include the responsibility of companies and their board of directors in the management of the risk, as well as prudential measures to manage the risk of over-indebtedness.
Beginning on January 1, 2021, the SBS introduced a reporting rule under Peruvian GAAP whereby non-revolving credit card loans must be reported as other non-revolving consumer loans. This change resulted in a reduction in Interbank’s credit card loan balances and an increase in consumer loans in the same proportion as the credit card balances were reduced.
In December 2023, the SBS approved SBS Resolution N° 04345-2023 -as amended by SBS Resolution No. 04347-2024- (which is expected to come into effect in January 1, 2027) to amend, among others, SBS Resolution No. 11356-2008 by including definitions and criteria for the management and classification of commitments. As a result, banks were instructed to prepare an adaptation plan, including the actions that will be taken and a schedule to implement them.
Risk of Over-Indebtedness by Consumer Banking Customers
According to SBS Resolution No. 6941-2008, as amended, banks and other financial entities must adopt a system to manage the risk of over-indebtedness that (a) allows the mitigation of such risk before and after making the loan, (b) permits the performance of a permanent monitoring of the portfolio to identify over-indebted borrowers and (c) includes the periodic evaluation of the control mechanisms being used and of the corrective actions or required improvements, as the case may be. The board of directors of such banks and other financial entities are responsible for (i) establishing and reviewing the policies and proceedings for the identification, measuring, treatment, control, reporting and monitoring of the risk from the level of indebtedness of its consumer banking customers and (ii) causing the management to adopt the necessary measures to monitor and control such risks. In addition, the board of directors must cause the bank and/or financial entity to have an organizational structure that guarantees total independence between the risk and the commercial divisions and that the incentive schemes for employees’ performance does not cause a conflict of interest with risk management policies.
Banks and financial entities that are not able to monitor, control and identify the risk of over-indebtedness are obliged to maintain a special loan loss reserve. Banks and financial entities that comply with the requirements described above are not required to maintain any specific provision.
Legal Reserve Requirements
Pursuant to Article 67 of the Peruvian Banking and Insurance Law, all banks must create a legal reserve.
Each year a bank must allocate 10% of its net income to its legal reserve until its legal reserve is equal to 35% of its paid-in capital. Any subsequent increases in paid-in capital will imply a corresponding increase in the required level of the legal reserves to be funded as described above.
Lending Limits
Prior to the amendment proposed by Legislative Decree No. 1646, as further detailed below, Article 206 of the Peruvian Banking and Insurance Law, established that the total amount of direct and indirect credits and financings granted in favor of a person shall not exceed 10% of the bank’s regulatory capital. A person is defined for the purposes therein as a person or group of persons or entities representing a common or single risk.
The SBS has issued special regulations establishing the guidelines that must be followed by banks when determining legal reserves for legal proceedings for past-due loans and foreclosures.
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For purposes of Peruvian Banking and Insurance Law, a single borrower includes an individual or an economic group. An economic group constituting a single or common risk, according to Peruvian Banking and Insurance Law, includes a person, such person’s close relatives and companies in which such person or close relatives have significant share ownership or decision-making capability. According to current regulations, shareholders who own or control directly or indirectly at least 4% of a company’s shares are considered to share common risk with such company. Significant decision-making capability is deemed to be present when, among others, a person or group can exercise material and ongoing influence upon the decisions of a company, when a person or company holds seats on the board of directors or has principal officers in another company, or when it can be assumed that one company or person is the beneficial recipient of credit facilities granted to another company.
The 10% limit indicated above may be raised to 15%, 20% and 30%, depending on the type of collateral securing the excess over each limit. For instance, the limit can be extended to 15% when the excess is secured by a mortgage; it may be raised to 20% when the excess is collateralized with securities listed in the Selective Index of the BVL (ISBVL); and it may be raised to 30% when the excess is secured with deposits that are maintained and pledged with the bank.
Other special lending limits must also be taken into account, such as lending to related parties or affiliates (30% of regulatory capital), to local banks (30%), and to foreign banks (from 5% for non-regulated banks to 30% for first category international banks, which may also be raised to 50% when backed by letters of credit). There are other limits that require banks to diversify their portfolio through different types of assets, benefiting liquid and low-risk assets.
Nonetheless, Legislative Decree No. 1646 (which came into effect in June 2025) amended the lending limits described above based on concentration risk according to international standards to safeguard the solvency and stability of the Peruvian financial system. For instance, financings granted to related parties shall not exceed twenty-five percent (25%) of the bank’s Tier 1 Regulatory Capital. Additionally, the new rules introduce the concept of “large exposure”, which is applicable when direct and indirect credits and financings granted in favor of a person equals or exceeds 10% of the bank’s Tier 1 Regulatory Capital. According to Article 203 (as amended by Legislative Decree N° 1646), the SBS will regulate criteria for the calculation of, as well as limits to, the total amount of a bank’s large exposures.
In addition, according to Article 204 (as amended by Legislative Decree No. 1646), the total amount of direct and indirect credits and financings granted in favor of a person shall not exceed 15% of the bank’s Tier 1 Regulatory Capital if there is no collateral. Depending on the type of collateral securing the excess over each limit or whether the exposure is incurred in relation to foreign banking institutions, the limit may be raised to 25%. However, under no circumstances the exposure to a person or group of persons representing a common or single risk shall exceed 25% of the bank’s Tier 1 Regulatory Capital. Furthermore, the financing granted by a bank that must maintain a cushion for market concentration risk to another entity of the financial system that must maintain said cushion and to the members of the group of persons connected by single risk of the latter that are holding companies of its financial group or companies of the local financial system and abroad, may not exceed 15% of the lending bank’s Tier 1 Regulatory Capital.
Under Legislative Decree N° 1646, the SBS was granted a term of 180 days to issue the regulations needed to apply the amended Articles. On March 12, 2025, the SBS approved these regulations by means of SBS Resolution No. 00975-2025. This resolution amends the definition of “Economic Group”, “Control” and “Financial and Mixed Conglomerates." Additionally, the regulations establish new criteria to define related party borrowings and groups of counterparties connected by single risk, as well as the calculation of lending limits set forth in the “new” articles 201, 202, 203 and 204 of the Peruvian Banking and Insurance Law. Such regulations came into effect in June 2025.
Furthermore, SBS Resolution No. 00975-2025 includes a timetable to comply with the new limits. The first compliance period spans from June 2025 to December 2026, with subsequent periods measured annually until May 2030 and beyond.
Lending to Related Parties
The Peruvian Banking and Insurance Law regulates and limits transactions with related parties and affiliates of financial institutions, on an unconsolidated basis. In 2015, the SBS and the SMV enacted new regulations containing definitions of indirect ownership, related parties and economic groups, which serve as the basis for determining limits on transactions with related parties and affiliates. These regulations also provide the basis for the subsequent development of specific supervision standards of financial institutions and conglomerates formed by financial institutions.
Additionally, pursuant to Article 202 of the Peruvian Banking and Insurance Law, the aggregate amount of loans to related party borrowers may not exceed 30% of a bank’s regulatory capital (exceptionally, according to Circular B-2148-2005, as amended, the amount of loans to related parties may not exceed 50% of a bank’s regulatory capital if the excess of 30% is secured by credit letters from foreign financial institutions). For purposes of this test and in accordance with regulations of economic group, related party borrower includes any person or an affiliate of that person holding, directly or indirectly, 4% or more of a bank’s capital
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stock, directors, certain of the bank’s principal executive officers or other persons in more junior positions affiliated with the bank’s management.
All loans to related parties must be made on an arm’s-length basis with terms no more favorable than the best terms that Interbank would offer to the public.
In addition, under Article 201 of the Peruvian Banking and Insurance Law, the total amount of loans extended to directors, officers, employees or close relatives of any such persons may not exceed 7% of a bank’s regulatory capital. All loans made to any single such related party borrower may not exceed 0.35% of a bank’s regulatory capital (i.e., 5% of the overall 7% limit) per each person, including such person’s spouse and relatives. In addition, the Peruvian Banking and Insurance Law generally provides that banks may not extend credit to or guarantee the obligations of employees or members of the board of directors, except for home mortgage loans to employees and directors.
However, Legislative Decree No. 1646 (which came into effect in June 2025), amended Articles 201 and 202 previously described. Under the amended Article 202, the aggregate amount of financings (whether in the form of loans, investments, contingent financing or other modalities) to related party borrowers may not exceed 25% of a bank’s Tier 1 Regulatory Capital. Furthermore, the amended article grants authority to the SBS to establish the criteria for the global limit applicable to financing of related parties.
In addition, under the amended Article 201 of the Peruvian Banking and Insurance Law, the total amount of financings (whether in the form of loans, investments, contingent financing or other modalities) extended to directors, officers, employees or close relatives of any such persons may not exceed 10% of a bank’s Tier 1 Regulatory Capital. The aforementioned financings must be made on an arm’s-length basis with terms no more favorable than the best terms that we would offer to the public, except for home mortgage loans to employees.
Consumer Lending
As a general rule, interest rates within the Peruvian financial system are freely determined by the market. However, on March 18, 2021, the Peruvian Congress approved Law No. 31143 (Law that Protects Financial Consumers from Usury) which amended certain articles of the Central Reserve Bank of Peru’s organic law, the Peruvian Banking and Insurance Law and Law No. 28587 (Complementary Law to the Consumer Protection Law on Matters of Financial Services) in order to allow the Central Reserve Bank of Peru to establish maximum interest rates, exclusively, for the activities described in literal c) of Article 221 of the Peruvian Banking and Insurance Law, which include consumer lending and lending to small and micro enterprises. The application of interest rates above the aforementioned limit constitutes a criminal offense typified as usury under Article 214 the Peruvian criminal code. As of the date of this Annual Report on Form 20-F, the maximum interest rate is 113.16% for local currency operations and 95.40% for foreign currency operations.
Other changes brought upon by Law No. 31143 provide a wider protection to consumers include the prohibition to capitalize interests and impose penalties or other commissions (in addition to default interest charges) upon default of the consumer. Furthermore, it established that any commissions or expenses charged by financial institutions must involve the provision of services, additional and/or complementary to the operations contracted by users, effectively rendered and which costs are real and provable through a technical report previously reviewed and approved by the SBS.
Country Risk Reserve Requirements
SBS Resolution No. 7932-2015, enacted in December 2015, requires the funding of reserves to cover exposure to country risk, which is defined to include sovereign risk, transfer risk and expropriation or nationalization risk, all of which may affect operations with companies or individuals in foreign countries. The SBS has also established guidelines indicating the procedures and responsibilities necessary for coping with country risk.
Integral Risk Management
Integral risk management is a process intended to identify potential events that can affect banks and to manage those events according to their nature and risk level. In January 2017, the SBS enacted the SBS Resolution No. 272-2017, which replaced SBS Resolution No. 037-2008. SBS Resolution No. 272-2017 (as amended from time to time) contains guidelines for integral risk management of financial institutions and covers all kinds of risks that could affect a banking operation, such as operational, market, credit, AML, liquidity and reputational risks. Furthermore, it introduced various changes, focusing on corporate governance practices including the following: (i) two or more independent directors must be appointed when boards are integrated by six or more members, (ii) a remunerations committee must be formed and (iii) concepts such as ‘risk appetite’, ‘risk capacity’ and ‘risk limits’ have been modeled after the Principles for an Effective Risk Appetite Framework of the Financial Stability Board.
In addition, in January 2023, the SBS approved the SBS Resolution No. 00053-2023 (the Model Risk Management Regulation, as amended by SBS Resolution No. 03884-2024), which establishes minimum guidelines to mitigate the risks derived
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from the use of models used in the management of credit, market, liquidity, operational, and money laundering and terrorist financing risks of companies in the financial and insurance system. This regulation establishes the definition of model and model risks, the corporate governance framework for model risk management and the minimum guidelines for the development, validation, implementation, use and monitoring of models. Its application has been phased-in commencing in December 2023 through May 2026, given the need to properly implement at the operational level adequate tools to assess the risks that are intended to be managed with the models and the categorization of the models used.
Credit Risk
According to the Peruvian Banking and Insurance Law, as of July 1, 2009, financial institutions would have been allowed to use the IRB methodology instead of the standardized methodology for calculating their regulatory capital requirement for credit risk, after receiving prior approval from the SBS. However, regulations required for the full implementation of both standardized and IRB methodologies by Peruvian financial institutions were not enacted until November 4, 2009, with SBS Resolution No. 14354-2009.
Under SBS Resolution No. 14354-2009 (as amended from time to time), enacted in November 2009, financial institutions are allowed to use the standardized methodology and, with the prior approval of the SBS, IRB methodologies for calculating their regulatory capital requirement for credit risk. Interbank has not decided if it will request approval from the SBS to adopt the IRB methodology.
In addition, according to SBS Resolution No. 3780-2011 (as amended from time to time), financial institutions are required to implement an organizational structure and certain procedures in connection with control on interest management and strategic needs procedures in order to adequately manage credit risk. SBS Resolution No. 8548-2012, enacted in November 2012, establishes new guidelines for calculation of risk weighted assets for personnel (planilla), credit card and mortgage exposure resulting in more capital requirements for credit risk.
Market Risk
Regulations for the supervision of market risks, enacted in May 1998, require banks to establish internal policies and procedures to monitor these risks, as well as market risk exposure limits. Regulations define market risk as the probability of loss derived from exposure to various classes of commodities, securities, foreign exchange, derivative operations or commercial assets that banks may hold in their portfolio, which may, or may not, be accounted for in their statements of financial position. In June 2009, the SBS enacted SBS Resolution No. 6328-2009 (as amended from time to time), which defines the methodology to be applied, and the requirements to be satisfied, to calculate the regulatory capital requirement for market risks under the standard methodology and the IRB methodology.
Operational Risk
SBS Resolution No. 2115-2009 (as amended), enacted in April 2009, defined the methodology to be applied, and the requirements to be satisfied, by financial institutions in calculating their regulatory capital requirement for operational risk under the IRB methodology, the alternative standardized methodology and the advanced methodologies. However, as the advanced methodologies approach was part of the Basel II principles, this alternative was eliminated as part of SBS Resolution No. 03955-2022’s updates in alignment with the Basel III principles because internal operational risk models had failed to adequately reflect the risks. The IRB methodology uses a bank’s gross operational margin as an “exposure indicator,” and its application does not require the prior approval by the SBS. Application of the alternative standardized methodology requires compliance with certain provisions included in SBS Resolution No. 2115-2009 (as amended from time to time) and prior approval from the SBS.
SBS Resolution No. 2116-2009 (as amended), enacted in April 2009, approved the guidelines for managing operational risk, and defined “operational risk” as the possibility of suffering losses due to inadequate procedures, failures of personnel, IT or external events, including, without limitation, legal risks (but excluding strategic and reputational risk). It also established that a bank’s board of directors is responsible for designing the general policies to manage operational risk and that a bank’s management is in charge of implementing such policies. Finally, it provided that each bank is obligated to create a database of all of such bank’s losses due to operational risk, classifying such losses by event.
SBS Resolution No. 00053-2023 (as amended), enacted in January 2023, introduced regulations on how to manage the risks that arise from the use of models to process information in financial institutions. Model risk is defined as the possibility of losses or adverse consequences arising from weaknesses in model development, validation, implementation, use and monitoring. The foregoing resolution further states that model risk can arise from inadequate specifications or methodologies, erroneous estimates, incorrect assumptions, calculation errors, inaccurate, inappropriate or incomplete data, inappropriate, improper or unforeseen use of the model, lack of understanding of the model’s limitations, and inadequate monitoring and/or controls. This regulation has been
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gradually implemented. Financial institutions within its scope, such as Interbank, are required to provide the SBS with assessments of their models in accordance with the schedule determined by SBS.
Model Risk
SBS Resolution No. 00053-2023 (as amended), enacted in January 2023, introduced regulations on how to manage the risks that arise from the use of models to process information in financial institutions. Model risk is defined as the possibility of losses or adverse consequences arising from weaknesses in model development, validation, implementation, use and monitoring. The foregoing resolution further states that model risk can arise from inadequate specifications or methodologies, erroneous estimates, incorrect assumptions, calculation errors, inaccurate, inappropriate or incomplete data, inappropriate, improper or unforeseen use of the model, lack of understanding of the model’s limitations, and inadequate monitoring and/or controls. This regulation has been gradually implemented commencing in June 2024 through May 2026, given the need to properly implement at the operational level adequate tools to assess the risks that are intended to be managed with the models and the categorization of the models used. Financial institutions within its scope, such as the bank, are required to provide the SBS with assessments of their models in accordance with the schedule determined by SBS.
Management of Legal Proceedings
SBS Resolution No. 2451-2021, enacted in August 2021, established minimum procedures for the management, classification, reporting and creation of provisions in relation to legal proceedings. According to this resolution, financial institutions’ boards of directors must approve policies and procedures covering those matters and fulfilling certain minimum requirements as set forth in the resolution. Furthermore, financial institutions must submit reports to the SBS semi-annually with information on all current litigation matters and, in particular, adverse legal proceedings that are classified as “probable."
The SBS can request, at any time, additional information on any specific litigation matter, make corrections to classifications and provisions when it considers that the legal proceedings present inconsistencies or are insufficiently sustained.
The resolution also amended the Accounting Manual for financial institutions with respect to the accounting treatment of provisions derived from legal proceedings depending on whether they are classified as “probable”, “remote” or “possible."
Investments in Financial Instruments
Investment in financial instruments by Peruvian banks is restricted to those financial instruments listed in the Peruvian Banking and Insurance Law, such as equity instruments traded on a stock exchange, debt instruments (to the extent that certain requirements are satisfied), sovereign debt instruments and quotas in mutual and investment funds, among others.
Pursuant to SBS Resolution No. 7033-2012 (as amended from time to time), investments in financial instruments by Peruvian banks shall be classified into any of the following categories: (a) investments at fair value with changes in results (short-term), (b) investments available-for-sale, (c) investments until maturity (long-term) and (d) investments in subsidiaries and affiliates.
In July 2018, the SBS issued SBS Resolution No. 2610-2018, which became effective as of October 1, 2018, and amended the regulation on classification and valuation of investments approved by SBS Resolution No. 7033-2012 and its amendments. The main amendment contained in this resolution is the introduction of standard methodology for the identification of impairment of financial instruments classified as available-for-sale investments and held-to-maturity investments. The annex to this resolution has been amended by SBS Resolution No. 04034-2022, which became effective on December 31, 2023.
In August 2025, the SBS approved Resolution No. 02664-2025, a new regulation for the classification and valuation of investments in financial instruments to be aligned with IFRS Accounting Standards. With the same purpose, the SBS approved Resolution No. 02665-2025, to regulate the negotiation and accounting of derivatives by financial entities. Both resolutions will enter into force on January 1, 2027.
Reserve Requirements from the Central Reserve Bank of Peru
Under the Peruvian Banking and Insurance Law, all financial institutions regulated by the SBS (except for small-business development non-bank institutions) are required to maintain a legal reserve (encaje) for certain obligations. The Central Reserve Bank of Peru may require additional marginal reserves. The exact level and method of calculation of these reserve requirements is set by the Central Reserve Bank of Peru, which has issued different sets of regulations for foreign and local currency-denominated obligations of banks. The following liabilities, among others, are subject to the reserve requirement: demand and time deposits, savings accounts, certain obligations, securities, certain bonds and funds administered by the bank. Subject to certain requirements, the regulation excludes mid-term and long-term funding (i.e., more than two years) from foreign financial institutions,
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other central banks, governments or multilateral lending agencies. Since 2004, the Central Reserve Bank of Peru requires reserves on amounts due to foreign banks and other foreign financial institutions.
As of December 31, 2025, the minimum legal reserve requirement for local and foreign currency deposits was 5.50% and 9%, respectively. Local and foreign currency liabilities are subject to a marginal rate of 35% for funds that exceed a certain level set by the Central Reserve Bank of Peru. Local and foreign currency borrowings from certain foreign sources with an original maturity of two years or less are subject to the following special rates: (a) 9% special rate in local currency, and (b) (i) 35% in foreign currency from borrowings incurred from July 1, 2023, and (ii) 9% in foreign currency for borrowings incurred up to June 30, 2023. Financial institutions may satisfy the minimum reserve requirements with funds that they hold in vaults or that they have deposited in their accounts at the Central Reserve Bank of Peru.
Subject to certain requirements, the regulation excludes from the reserve requirement mid-term and long-term funding (i.e., liabilities with a minimum average maturity of more than two years, subject to other conditions) through the issuance of securities.
They must also keep at least 1.0% and 3.0% of their local and foreign currency deposited in the Central Reserve Bank of Peru, respectively. The Central Reserve Bank of Peru oversees compliance with the reserve requirements.
The Central Reserve Bank of Peru also establishes the interest rate payable on reserves that exceed the minimum legal reserve requirement applicable to both local and foreign currency deposits. The current applicable interest rate: (a) for local currency reserves, different from those described below, is the higher of 0.0% or the overnight deposits interest rate, minus 1.95%; and (b) for foreign currency deposits, is the higher of (i) 25.0% of the Chicago Mercantile Exchange (“CME”) Term SOFR for one month minus 10 basis points, and (ii) the CME Term SOFR rate for one month minus 50 basis points. The applicable interest rate is periodically revised by the Central Reserve Bank of Peru in accordance with monetary policy objectives. In the past, the Central Reserve Bank of Peru has on numerous occasions changed the deposit reserve requirements applicable to Peruvian commercial banks and both the rate of interest paid on deposit reserves and the amount of deposit reserves on which no interest is payable by the Central Reserve Bank of Peru.
Special provisions
We applied an expert judgment (i.e., a qualitative adjustment to the expected credit loss model based on management's professional assessment of conditions not yet fully reflected in the model's inputs) to capture the effects of the current economic situation on the estimation of the loan portfolio, considering the impact of governmental decisions regarding the withdrawal of CTS deposits and AFP funds. As consequence of the liquidity excess generated by these measures, we identified an improvement of the risk rating scoring (“BURO”), which has affected the regular behavior and performance of the expected credit losses in the retail clients segment. We also enhanced our monitoring of outcomes from the expected loss model and we also record subsequent adjustments to the calculation, thus neutralizing the improvements of the credit scoring due to temporary improvements in retail clients.
These adjustments seek to ensure a more representative risk estimation, taking into consideration the uncertainty generated by the current situation of the loans’ performance.
Deposit Insurance Fund
Bank deposits are protected by the Fondo de Seguros de Depósito (Deposit Insurance Fund), against bank failure. Specifically, savings deposit by natural persons, savings deposit accounts maintained by non-profit entities and checking accounts are covered in full up to an amount that is revised quarterly by the SBS. The maximum coverage amount is S/117,200 per person per bank for the period March 2026 - May 2026.
The Deposit Insurance Fund was established in 1991 and was organized as a private corporation in 1996. The Deposit Insurance Fund’s governing body is led by a representative of the SBS. The additional members are appointed by the Central Reserve Bank of Peru (one member), the MEF (one member) and by the banks (three members). SBS provides the necessary administrative members and operational resources for the Deposit Insurance Fund.
The financial resources available to the Deposit Insurance Fund pursuant to the Peruvian Banking and Insurance Law include, among others, the original contribution from the Central Reserve Bank of Peru, insurance premiums paid by banks, unclaimed bank deposits (after 10 years) and fines imposed by the SBS for violations of the Peruvian Banking and Insurance Law.
In addition, the Deposit Insurance Fund may, in extraordinary situations, borrow funds with authorization from the Peruvian treasury, or it may borrow long-term government securities from the Peruvian treasury.
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Changes in the regulation of the pension funds’ private administration system
Pursuant to Law No. 32123, enacted in September 2024, entities of the Peruvian financial system such as the bank will be able to participate directly in the private pension system by administering private pension funds. Currently, only AFPs are authorized to operate in Peru, and only four of them exist to cover the total demand. Thus, the new law seeks to increase the competition in the market in order to improve the conditions for pensioners in Peru. On November 27, 2025, the SBS approved Resolution No. 04225-2025, which sets forth certain operational procedures applicable to financial and insurance entities in order to participate in the Private Pension System (SPP) as AFPs. This regulation provides the framework for separation of assets, accounting requirements, and prudential standards necessary for Interbank to potentially develop a new line of business by offering pension funds administration services to the public.
Anti-Money Laundering Rules
Money laundering is considered a criminal act in Peru. A special legal framework was established in April 2002, which follows the 40 recommendations of the FATF, established by the G-7. Since then, this legal framework has been amended in order to improve and increase the efficiency of the Peruvian anti-money laundering system.
Money laundering includes a wide range of serious offenses such as tax evasion, terrorism, drug trafficking, corruption and other criminal activities. A special set of anti-money laundering rules applies specifically to banks, which includes specific rules for customer and employee due diligence and recordkeeping. In March 2008, the SBS enacted additional anti-money laundering provisions, pursuant to which, among other things, banks must establish a set of policies and procedures specifically aimed to prevent asset laundering and the financing of terrorist activities. In November 2008, the SBS modified the anti-money laundering provisions to include, among other changes, the obligations of Peruvian banks to verify that their branches and foreign subsidiaries comply with the anti-money laundering and terrorism financing provisions enacted by the SBS and with the recommendations of the FATF.
On February 17, 2011, the SBS modified current anti-money laundering provisions through SBS Resolution No. 2108-2011, as amended, in order to adapt these provisions to international standards established by the Financial Action Task Force of South America (Grupo de Acción Financiera de Sudamerica, or “GAFISUD”), in relation to due diligence in the identification of clients according to their risk and profile level, among other considerations. On May 14, 2015, and December 6, 2017, the SBS further amended and supplemented the aforementioned provisions through SBS Resolution No. 2660-2015 and SBS Resolution No. 4705-2017 (each as amended). SBS Resolution No. 2108-2011 was replaced by SBS Resolution No. 2891-2018, which became effective on October 1, 2018.
The government agency responsible for supervising the anti-money laundering system is the UIF, which was made part of the SBS in July 2007. The chairman of this agency is appointed by the chairman of the SBS. Additionally, Law No. 30424, enacted in April 2016 and which took effect on January 1, 2018, as amended, attributes criminal liability to legal entities when crimes related to money laundering, terrorist financing, bribery (including multinational bribery), tax fraud and customs offenses are committed on its behalf or for its benefit by any legal representative or de facto or de iure executive. Such regulation establishes that criminal liability will be exempted or mitigated if the legal entity has adopted an adequate and suitable prevention model following the criteria and minimum guidelines outlined in Law No. 30424. On January 9, 2019, Supreme Decree 002-2019-JUS (Reglamento de la Ley N° 30424) was enacted and took effect, setting forth further regulations and guidelines related to, among other things, the suitable prevention model to be implemented in accordance with Law No. 30424.
Disclosure of Material Information
All banks that are organized as corporations (the only exception being the Peruvian branches of foreign banks) are listed on the BVL. As a result, they are subject to the disclosure and reporting rules contained in the Peruvian Securities Market Law and the internal regulations of the SMV and the BVL. Banks are also subject to full disclosure and reporting obligations under the banking regulatory framework. See “Regulation and Supervision—The Peruvian Financial and Insurance Systems—The SMV."
Intervention by the SBS and Liquidation
Pursuant to the Peruvian Banking and Insurance Law, the SBS has the power to interrupt the operations of a bank in order to prevent, or to control and reduce the effects of, a bank failure. Accordingly, the SBS may intervene in a bank’s business by adopting either a temporary surveillance regime or a definitive intervention regime (“Intervention”) depending on how critical the situation is deemed to be by the SBS. Intervention will be taken upon the occurrence of certain events, including (a) suspension of payments, (b) failure to comply with the restructuring plan during the surveillance regime, (c) regulatory capital is less than 50% of the minimum regulatory capital required (global limit) or (d) deficit or reduction of more than 50% of its regulatory capital in a 12-month period. Less drastic measures, such as (1) placing additional requirements, (2) ordering a capital increase or an asset divesture or (3) imposing a financial restructuring plan, may be also adopted by the SBS when the situation allows for them.
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An Intervention may halt a bank’s operations for up to 45 days, and may be extended for a second period of up to 45 additional days, during which time the SBS may institute measures such as: (a) canceling losses by reducing reserves, capital and subordinated debt, (b) segregating certain assets and liabilities for transfer to another financial institution and (c) merging the intervened bank with another acquiring institution. After an Intervention, the SBS will proceed to dissolve and liquidate the bank unless the preceding option (c) was applied.
Beginning on the date on which a resolution of the SBS subjecting a bank to an Intervention regime is issued, and continuing until such Intervention is concluded (which period ends when the liquidation process begins), the Peruvian Banking and Insurance Law prevents any creditor of the bank from (a) initiating any judicial or administrative procedure for the collection of any amount owed by the bank, (b) enforcing any judicial decision rendered against the bank to secure payment of any of its obligations, (c) constituting a lien or attachment over any of the assets of the bank to secure payment of any of its obligations or (d) making any payment, advance or compensation or assuming any obligation on behalf of the bank, with the funds or assets that may belong to it and are held by third parties, except for (i) set-off compensation payments that are made between regulated entities of the Peruvian banking and financial sector and insurance industry and (ii) set-off of reciprocal obligations arising from repurchase agreements and operations with financial derivatives entered into with local or foreign financial and insurance institutions.
During liquidation, claims of bank creditors rank as follows:
First order—Labor claims:
•1st Employee remunerations.
•2nd Social benefits, contributions to the private and public pension system and other labor claims against the bank accrued until the date when the dissolution is declared, retirement pensions or the capital required to redeem those pensions or to secure them by purchasing annuities.
Second order—Claims for bank deposits and other types of saving instruments provided under the Peruvian Banking and Insurance Law, in the portion not covered by the Deposit Insurance Fund and the contributions and resources used by such Deposit Insurance Fund to cover the above-described claims for bank deposits and other types of saving instruments.
Third order—Taxes:
•1st Claims by the Peruvian social security administration (Seguro Social de Salud del Perú EsSalud) related to health care benefits for which the bank is responsible as employer.
•2nd Taxes.
Fourth order—Unsecured and non-privileged credits:
•1st All unsecured and non-privileged credits against the bank, ranked on the basis of (i) the date they were assumed or incurred by the bank whereby obligations assumed or incurred on an earlier date shall rank senior in right of payment to obligations assumed or incurred by the bank at a later date, and (ii) obligations assumed or incurred by the bank on a date that cannot be determined shall rank junior in right of payment to all the obligations comprised in (i) above and pari passu among themselves.
•2nd The legal interest on the bank’s obligations that may accrue during the liquidation.
•3rd Subordinated debt.
Except for the first and second categories under unsecured and non-privileged credits, all claims within an order will be ranked pari passu among themselves. Each category of creditors will collect in the order indicated above, whereby distributions in one order will be subject to completing full distribution in the prior order. Any security interest created before the issuance of the resolution declaring the bank’s dissolution and the initiation of the liquidation process shall survive in order to guarantee the obligation it secures. The secured creditors shall retain the right to collect from the proceeds of the sale of the collateral, on a preferred basis (except with respect to labor claims, savings and deposits, which are privileged claims), subject to certain rules established under Article 119 of the Peruvian Banking and Insurance Law.
Peruvian banks are not subject to the regime of insolvency and bankruptcy otherwise applicable to Peruvian corporations in general.
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Insurance Regulation and Supervision
Solvency Requirements and Regulatory Capital
Pursuant to the Peruvian Banking and Insurance Law, the SBS regulates the solvency margin of Peruvian insurance companies. The solvency margin is based upon calculations that take into account the annual amount of premiums and the medium burden of claims during a specified period (three latest annual periods) prior to the date on which calculation is made.
Insurance companies must also maintain a “solvency equity” (patrimonio de solvencia) which must be higher than (a) the solvency margin, or (b) the minimum capital required by law, or S/20,252,800 in accordance with Circular No. G-231-2026 for the period between January and March 2026. The required amount of solvency equity is recalculated at least monthly and is adjusted for inflation. If the insurance company has operations subject to credit risk, part of the solvency equity should be segregated for their coverage.
The Peruvian Banking and Insurance Law provides that insurance companies should have at all times a regulatory capital that should not be lower than the solvency equity detailed above.
Pursuant to Article 299 of the Peruvian Banking and Insurance Law, the regulatory capital intended to cover the operations of the insurance companies may consist of: (a) the insurance company's paid-in-capital, voluntary and legal reserves and premium for the issuance of shares; and (b) the computable portion of the subordinated debt that meets requirements established by the SBS.
In addition, Article 299 of the Peruvian Banking and Insurance Law sets forth the following procedure for the determination of the regulatory capital eligible to cover insurance risks: (a) adding the paid-in-capital, supplementary capital premium and the legal and voluntary reserves, if any; (b) adding the profits of previous fiscal years and the agreed capitalization of profits for the fiscal year in course; (c) subtracting the amount of investments in subordinated bonds and in shares of diverse nature made by insurance companies in other insurance companies engaged in different lines of business; (d) subtracting the losses of previous fiscal years and the fiscal year in course; and (e) subtracting the amount of goodwill resulting from the reorganization of the company, as well as from the acquisition of investments. Pursuant to SBS Resolution No. 3930-2017, the deduction referred to in (c) above shall be applied to: (i) any investment made in shares and instruments representing subordinated debt issued by Peruvian or foreign insurance companies, and (ii) any investment made in shares and instruments representing subordinated debt issued by its subsidiaries, holding companies and other companies with which corresponds to consolidate financial statements.
Furthermore, insurance companies shall maintain a guarantee reserve from its equity as a guarantee fund, in order to cover risks such as (a) insurance technical risks, and (b) credit risks of certain financial transactions specifically set forth in the Peruvian Banking and Insurance Law.
Reserves
The Peruvian Banking and Insurance Law provides that insurance companies shall constitute, on a monthly basis, the following technical reserves: (a) for claims, including those that took place and were not reported, past-due capital and income or benefits of the insured parties, with pending liquidation or payment; (b) mathematical, over life or income insurance; (c) for risks in course or non-accrued premiums; (d) for catastrophes and uncertain casualty risks; and (e) for risks of medical health or medical assistance insurance.
Article 67 of the Peruvian Banking and Insurance Law also requires that all insurance companies establish a legal reserve by setting aside 10% of adjusted income before taxes, until the reserve reaches at least 35% of their capital stock.
Under SBS GAAP following the adoption of new mortality tables in 2018 the SBS allowed the adjustment of technical reserves to be spread over 10 years. In contrast, our financial statements for the year ended December 31, 2018, under IFRS Accounting Standards, recorded a negative impact of S/144.8 million in our technical reserves due to the aggregate effect recorded in technical reserves on insurance policies issued prior to the date of adoption of the new mortality tables.
SBS Resolution No. 1143-2021 establishes the guidelines regarding the valuation and accounting record of the mathematical reserves for the insurance policies that grant long-term coverage (more than 1 year). As a result of the application of this regulation, Interseguro has recognized an impact for income/private insurance of S/35 million that is being reflected in accumulated results over the subsequent 14 quarters after its initial recognition in 2022.
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Limit of Indebtedness
Insurance companies may only take credits, in the country or abroad, for a sum not exceeding an amount equivalent to its regulatory capital. In case such limit of indebtedness is surpassed, the insurance company shall submit to the SBS a program approved by its board of directors establishing the measures adopted to eliminate the excess within a term not exceeding three (3) months.
Investment Requirements
Pursuant to the Peruvian Banking and Insurance Law, the total amount of investments of a Peruvian insurance company shall cover the total amount of technical reserves at all times. For such purposes, technical reserves are defined as the sum of all obligations that an insurance company has vis-à-vis its insured clients plus the solvency equity, the guarantee fund and the regulatory capital for the economic cycle. The assets covering the technical reserves cannot be subject to any pledge, encumbrance or precautionary measure, which limits its free availability.
Peruvian insurance companies are allowed to invest in certain eligible assets such as instruments issued by the Peruvian Central Government, classified corporate bonds and shares, among others. However, in order to balance levels of risk, applicable regulations have imposed a number of limitations to insurance companies with respect to their investments (by issuer, economic group, type of instrument and nationality, among others). In general terms, no more than 15% of the total amount of an insurance company’s technical reserves may be invested in certain instruments (including, among others, stocks and bonds) issued by the same economic group, which may be reduced to 7% if certain additional conditions are met. The investment regulations further specify that investment policies of Peruvian insurance companies shall consider maximum limits by issuer (calculated over the regulatory capital of each company) depending on the type of investment and the insurance industry in which the company operates.
Pursuant to the Investment of Insurance Companies Regulation approved by SBS Resolution No. 1041-2016 (as amended), Interseguro has implemented a plan to reduce its exposure to related parties and comply with the limits established by Article 13 of the Reglamento de Supervisión Consolidada, approved by SBS Resolution No. 11823-2010 (as amended). In addition, Interseguro limits the amount of exposure to the credit risk in any of the issuers of the financial instruments, which it believes enable it to maintain adequate diversification of its financial investment portfolio.
Disclosure of Relevant Information
All insurance companies that are organized as corporations (the only exception being the Peruvian branches of foreign insurance companies) have their shares listed on the BVL. As a result, they are subject to the disclosure and reporting rules contained in the Peruvian Securities Market Law and the internal regulations of the BVL. Insurance companies are also subject to full disclosure and reporting obligations under the insurance regulatory framework. See “Regulation and Supervision—The Peruvian Financial and Insurance Systems—The SMV."
Ownership Restrictions
The Peruvian Banking and Insurance Law establishes certain restrictions on the ownership of a bank and insurance company’s capital stock. Banks must have at least two unrelated shareholders at all times. Restrictions are placed on the ownership of shares of any bank or insurance company by persons that have committed certain crimes, as well as by public officials who have supervisory powers over banks or who are majority shareholders of an enterprise of a similar nature. All transfers of shares in a bank or insurance company must be reported to the SBS by the bank or insurance company.
Transfers involving the acquisition by any individual or corporation, whether directly or indirectly, of more than 10% of a bank or insurance company’s capital stock must receive prior authorization from the SBS. The SBS may deny authorization to such transfer of shares if the purchasers (or their shareholders in the case of legal persons) are legally disabled, have engaged in illegal activity in the areas of banking, finance, insurance or reinsurance, or if objections are raised on the basis of the purchaser’s moral fitness or financial solvency. The decision of the SBS on this matter is final and cannot be overturned in the courts. If a transfer is made without obtaining the prior approval of the SBS, the purchaser may be fined an amount equivalent to the value of the securities transferred. In addition, the purchaser will be required to sell the securities within 30 days, or the fine will double, and the purchaser is disqualified from exercising its voting rights at any shareholders’ meetings and to participate in the distribution of dividends. Foreign investors receive the same treatment as Peruvian nationals and are subject to the same limitations described above.
Risk Rating
The Peruvian Banking and Insurance Law and SBS Resolution No. 18400-2010, enacted in January 2011, require that all financial and insurance institutions be rated by at least two rating agencies (registered with the SBS) on a semiannual basis (updated in March and September, with information as of December 31 and June 30 of each year, respectively), in addition to the
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SBS’s own assessment. Criteria to be considered in the rating include risk management and control procedures, loan quality, financial strength, profitability, liquidity and financial efficiency. Five risk categories are assigned, from “A,” lowest risk, to “E,” highest risk, allowing for subcategories within each letter.
Intervention by the SBS
Pursuant to the Peruvian Banking and Insurance Law, the SBS has the power to interrupt the operations of an insurance company to prevent, or to control and reduce, the effects of its failure. Accordingly, SBS intervention may be of two levels, depending on how critical the situation is: a temporary supervision regime or a definitive intervention regime prior to liquidating the bank or insurance company. Intervention will be taken upon the occurrence of certain events including: (1) suspension of payments; (2) failure to comply with the restructuring plan during the surveillance regime; (3) deficit or reduction of more than 50% of its regulatory capital in a 12-month period; or (4) deficit or reduction of its regulatory capital in excess of 50% of its solvency capital.
The intervention regime and the liquidation regime are the same as those described above for banking entities. See “Item 4. Information on the Company—Business Overview—Regulation and Supervision—The Peruvian Financial and Insurance System—Intervention by the SBS and Liquidation." See “Item 4. Information on the Company—Business Overview—Regulation and Supervision—Investment Requirements” for a discussion of investment requirements and technical obligations.
The Peruvian Payment’s System
The payments ecosystem of our group has been complemented through PMP (in which Interbank holds 50%) even prior to the direct acquisition, on April 13, 2022, by IFS of the remaining 50% in such company. As a consequence of such acquisition, IFS now holds all interest in PMP’s wholly-owned subsidiary, Izipay, which is currently our payments processor and the payments facilitator for our subsidiaries operating in Peru. A summary of the Peruvian payment’s system regulatory framework is set forth below.
Payment processors provide technological services to merchants such as by: (a) capturing transactions through a physical network of terminals or payment platforms; and (ii) routing the transaction to the bank or card networks (such as VISA, or Mastercard) for validation (e-commerce). On the other hand, payment facilitators affiliate merchants to accept payment cards on behalf of an acquirer, specializing in the affiliation of merchants with low sales volume, offering them value-added services. PMP acts as payments processor, but it also provides the acquiring services (i.e. the acquirer is the agent in charge of affiliating merchants so that they accept card payments from consumers through a point of sale (physical or virtual), such as POS or website payment buttons).
General Overview
The regulatory authorities for the payment industry include the Central Reserve Bank of Peru; the Peruvian Antitrust Authority (Instituto Nacional de Defensa de la Competencia y de la Protección de la Propiedad Intelectual – “Indecopi”); the SBS and the Data Privacy Authority (Autoridad Nacional de Datos Personales). The Central Reserve Bank of Peru is the governing body of the Peruvian payment systems. The SBS regulates and oversees financial system companies and their financial transactions, including the issuance of cards. The Peruvian Antitrust Authority is the competition authority, which, among other duties, has the power to develop market research to identify potential opportunities for improvement related to the development of conditions of competition for a specific sector and issue recommendations. Finally, the Data Privacy Authority is responsible for the overview of compliance with the law on the processing of personal information.
The Central Reserve Bank of Peru is empowered to supervise and regulate payment systems and to determine when a payment agreement should be recognized as a payment system, and as such should be subject to the supervision and regulation of the Central Reserve Bank of Peru.
Law No. 29440 (as amended) (the “Payments and Settlement Law”) regulates the legal regime applicable to payment systems and securities settlement that have a systemic relevance, as well as to payment agreements (Acuerdos de Pago). If a payment system is recognized as such under the Payments and Settlement Law, the operator of the system will have to comply with applicable regulations, be supervised by the Peruvian Central Reserve Bank and subject to sanctions imposed by it.
The Central Reserve Bank of Peru has approved Circular No. 012-2010-BCRP (as amended) (the “Regulations for the Payment Systems”) which sets the criteria for a payment system to be considered subject to the provisions of the Payments and Settlement Law. Section 5 of the Regulations for the Payment Systems establishes that, in order for a payment agreement (Acuerdo de Pago) to be considered a payment system, the following characteristics shall be considered: (a) the value and number of funds transfer orders and (b) the interrelation of the payment agreement with other systems of importance for the transactions of the Peruvian financial system. As described, the criteria included in the Regulations for the Payment Systems is not quantifiable, but it includes general concepts to provide the Central Reserve Bank of Peru broad faculties to determine whether a payment system could have a systematic relevance. Systemic relevance encompasses institutions whose stress or bankruptcy situation could have a significant negative impact on the financial system and cause a deep and prolonged economic recession.
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The payment card system in Peru is regulated by the Central Reserve Bank of Peru, since it is recognized as a payment agreement. Currently, the only obligation of acquirers, as part of the payment card system in Peru, is to submit certain information about the nature and volume of their transactions, their functionality and risk control measures. Nonetheless, the Central Reserve Bank of Peru may, in the future, issue new rules, regulations, principles and standards within the payment card system. On the other hand, the participants in the issuing activity are regulated by the SBS in aspects related to security, the handling of fraudulent transactions and the minimum content of contracts between cardholders and card issuers.
As part of its operations, PMP has entered into license agreements with MasterCard and Visa, for which PMP is subject to specific rules and procedures for clearing and settlement of transactions.
Licensing
Service providers (including Izipay), collecting agents or processing agents in the payment industry are not required to obtain prior licenses such as pasarelas de pagos. However, recent regulations imposed certain obligations to such persons (including AML obligations) and required that they register with the Central Reserve Bank of Peru.
Regulation of Payment Services offered by Providers, Payment Agreements and Payment Systems
A special legal framework for the payment’s ecosystem was established in 2022 by the issuance of two key regulations passed by the Central Reserve Bank of Peru: Circular No. 024-2022-BCRP and Circular No. 027-2022-BCRP.
On October 2022, the Central Reserve Bank of Peru issued the Circular No. 024-2022-BCRP (as amended), approving the Interoperability Regulation of Payment Services offered by providers, payment agreements and payment systems. This regulation allows transactions to be made between all digital wallets that operate in Peru. Specifically, interoperability allows a user to perform a transfer or digital payment to any person or business, regardless of who operates the digital wallet, functionality or mobile application that is being used, or in which financial institution the user maintains its account.
Such regulation established certain deadlines for entities to start interoperating and meeting the regulation requirements. As of the date of this Annual Report on Form 20-F, all phases for interoperating are already in place.
In March 2024, the Central Reserve Bank of Peru issued Circular No. 0009-2024-BCRP (as amended by Circular No. 0005-2025-BCRP) approving the Regulation on the quality levels of Interoperable Payment Services provided by Providers, Payment Agreements, Payment Systems and Technology Providers. The purpose of the regulation is to set out the key performance indicators to be met by such regulated entities offering interoperable payment services, as well as certain guidelines applicable to Service Level Agreements.
Regulation of Payment Agreements with Cards
In addition, on November 2022, the Central Reserve Bank of Peru issued the Circular No. 027-2022-BCRP, approving the Regulation of Payment Agreements with Cards, which includes the recommendations made by the Indecopi, in order to strengthen competition and provide greater transparency of card payment services, which in turn shall benefit the final users. This regulation establishes the principles and standards that govern payment agreements with cards, the responsibilities and obligations of the administrator, the acquirers and payment facilitators, related to the disclosure on their web pages of exchange rates and discount rates. Likewise, such circular establishes that the entities involved in a payment agreement with cards must register with the Central Reserve Bank of Peru. The regulation became effective on January 1, 2023 and contemplated certain adequacy periods for entities already operating within the Peruvian payment’s ecosystem. As of the date, PMP is duly registered as acquiror and issuing entity, while Izipay is duly registered as payments facilitator, in both cases, before the Central Reserve Bank of Peru.
Anti-Money Laundering Rules
On June 2007, Law No. 29038 set a list of the entities required to comply with anti-money laundering rules, which include debit and/or credit cards processors (such as PMP). On January 2018, the SBS issued SBS Resolution No. 369-2018 establishing a simplified AML system (sistema acotado) which these entities are required to implement, including certain obligations such as the appointment of a compliance officer, the reporting of certain operations, and the implementation of a prevention system, among others.
The government agency responsible for supervising the anti-money laundering system is the UIF, which was made part of the SBS in July 2007. The chairman of this agency is appointed by the chairman of the SBS.
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General Overview of the Bahamian Financial Regulatory Framework
The regulatory framework for the operation of the Bahamian bank and trust industry is set forth in the Central Bank of The Bahamas Act, 2020, as amended (the “BTCRA”), and the Banks and Trust Companies Regulation Act, 2020, as amended, and their related rules and regulations and any related guidance or notices issued by The Central Bank of The Bahamas. The Central Bank of The Bahamas licenses and supervises all of the banks and trust companies in The Bahamas. Its objectives include promoting and maintaining monetary stability and ensuring a sound financial system through the effective application of international regulatory and supervisory standards. All banks must adhere to the Central Bank of The Bahamas’ licensing and prudential requirements, ongoing supervisory programs and regulatory reporting requirements, and are subject to periodic onsite inspections. The regulatory framework for the securities industry in The Bahamas is set forth in the Securities Industry Act, 2024, as amended, and the Securities Industry Regulations, 2012. The relevant regulator for the securities industry is the Securities Commission of The Bahamas.
Licensing
Inteligo Bank has been granted a banking license by the Central Bank of The Bahamas and an International Banking License by the Superintendency of Banks of Panama. Under the BTCRA, the Central Bank of The Bahamas may revoke the license of a licensee if: in the opinion of the Central Bank of The Bahamas, the licensee (i) is carrying on its business in a manner detrimental to the public interest or the interests of its depositors or other creditors or (ii) contravening the provisions of Bahamian banking law or any other law, order or regulations made thereunder, or any term or condition subject to which the license was issued, either in The Bahamas or elsewhere; (iii) if Inteligo Bank has ceased to carry on its banking business; or (iv) if Inteligo Bank becomes bankrupt or goes into liquidation or is wound up or otherwise dissolved.
Inteligo Bank’s asset management activities and securities custody and trading activities are subject to supervision by the Securities Commission of The Bahamas. Inteligo Bank holds the following licenses from the Securities Commission of The Bahamas: Dealing as Agent or Principal; Arranging Securities; Managing Securities; and Advising on Securities. Inteligo Bank is licensed to undertake all securities related activities that are ancillary to its banking business.
Banking Regulation and Supervision
Banking regulations on capital adequacy and regulatory framework in The Bahamas take into account the recommendations of the Basel Committee. The Central Bank of The Bahamas has adopted a Basel Implementation Program (the “Program”) and has effectively implemented Pillar I, Pillar II and Pillar III of the Basel II framework. The Pillar I framework focuses on the capital adequacy ratio requirements. Pillar II focuses on the ICAAP (the guidelines in relation to the ICAAP were released in August of 2016), and Pillar III relates to Minimum Disclosures. The Central Bank of The Bahamas has rolled out the capital component of the Basel III framework and in 2017, began to implement other elements namely, the capital buffers, the leverage ratio, the net stable funding ratio and the liquidity coverage ratio. The Bahamas Capital Regulation, 2022 and the amended Guidelines for the Management of Capital and the Calculation of Capital Adequacy became effective on July 15, 2022. The Bahamas capital regulations include changes to the methodology for the calculation of risk-weighted assets and Tier 1 capital that could adversely impact Inteligo Bank’s capital adequacy ratio. In 2018, the Central Bank of The Bahamas published two discussion papers focused on minimum disclosures (Pillar III of the Basel II framework) and the net stable funding ratio and the liquidity coverage ratio (main components of Basel III), but following completion of the capital framework, its liquidity is still in the process of being amended.
Corporate Governance
The Guidelines for the Corporate Governance of Banks and Trust Companies Licensed to Do Business Within and From Within The Bahamas, issued by the Central Bank of The Bahamas, list the minimum standards that banks must adopt in respect of their corporate governance framework. Generally, the guidelines require the board of directors to develop and implement policies and procedures to ensure (i) the competence and independence of board members, (ii) proper management of strategic, business and process-level risks, (iii) compliance with applicable laws, regulations and guidelines, and (iv) ongoing reporting to the Central Bank of The Bahamas.
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Limits on Large Exposures
Pursuant to the Banks and Trust Companies (Large Exposures) (Amendment) Regulations, 2012, no bank shall (i) incur exposures to any individual counterparty or group of connected parties which in the aggregate exceed 25% of the bank’s capital base, (ii) hold non-capital investments in securities of a single issuer which exceed 10% of the bank’s capital base, (iii) incur exposures to its related parties which in the aggregate exceed 15% of the bank’s capital base, (iv) incur exposures to related parties unless approved by the bank’s board of directors and negotiated on an arm’s length basis, or, (v) incur non-exempt large exposures which in the aggregate exceed 800% of its capital base. There are certain exemptions listed in the regulations, and the Central Bank of The Bahamas may also exempt a bank from the exposure limits outlined in the regulations in certain circumstances.
The Bank Supervision Department of the Central Bank of The Bahamas stated in its 2025 Quarterly Letter on Regulatory and Supervisory Developments (“Quarterly Letter”) that the Bank Supervision Department has made significant progress in drafting proposed amendments to the Banks and Trust Companies (Large Exposures) Regulations and revising the Large Exposure Guidelines. Such amendments, if approved, aim to align reporting requirements with international standard principles while providing pertinent information to assist with supervisory oversight of individual and related party exposure.
Classification of Impaired Assets
The Guidelines for the Management of Credit Risk, issued by the Central Bank of The Bahamas, provide the Central Bank of The Bahamas’ minimum requirements for the recognition, measurement and classification of impaired assets. An impaired asset is defined as a credit facility for which a significant increase in credit risk has occurred since the purchase or origination of the asset; or there is no longer reasonable assurance of timely collection of the full amount (e.g. principal and interest) without the bank’s realization of collateral, regardless of the number of days the exposure is past due. Banks are required to follow the requirements of the IFRS Accounting Standards relating to impaired assets, in particular International Accounting Standards 36 "Impairment of Assets" and IFRS 9.
Credit Risk
The Guidelines for the Management of Credit Risk, issued by the Central Bank of The Bahamas, require banks to have a written statement of their credit risk strategy and policies and procedures to implement the strategy. The strategy and policies should be approved by the board of directors and should be consistent with the bank’s degree of risk tolerance, the level of capital available for credit activities and credit management expertise. The Central Bank of The Bahamas endorses the Basel Committee’s Principles for the Management of Credit Risk (September 2000).
Market Risk
The Guidelines on the Management of Market Risk, issued by the Central Bank of The Bahamas, require banks that meet the stated threshold tests to establish sound policies and procedures for the management of market risk, to be supervised and controlled by the board of directors and senior management. Market risk is defined as the risk of losses in on and off-balance sheet positions arising from movements in market prices.
Operational Risk
The Guidelines for the Management of Operational Risk, issued by the Central Bank of The Bahamas, require senior management of a bank, under the approval of the board of directors, to develop and implement an operational risk management framework that explicitly recognizes operational risk as a distinct risk to the institution and aims to effectively manage it. Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems from external events. The guidelines are based upon the Principles for the Sound Management of Operational Risk, issued by the Basel Committee on Banking Supervision in 2011.
Country Risk
The Guidelines for the Management of Country Risk, issued by the Central Bank of The Bahamas, require banks to have a risk management process that focuses on the broadly defined concept of country risk and addresses certain minimum requirements listed therein. The guidelines reference the Basel Committee’s Core Principles for Effective Banking Supervision.
Anti-Money Laundering Laws and Regulations
Money laundering is a criminal act in The Bahamas. The laws of The Bahamas concerning money laundering and combatting the financing of terrorism are contained in the following legislation, as amended: (i) the Proceeds of Crime Act, 2018; (ii) the Anti-Terrorism Act, 2018; (iii) the Financial Transactions Reporting Act, 2018; (iv) the Financial Transaction Reporting
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Regulations, 2018; (v) the Financial Transactions Reporting (Wire Transfers) Regulations, 2018; (vi) the Financial Intelligence Unit Act, 2023; and (vii) the Financial Intelligence (Transactions Reporting) Regulations, 2001. The Guidelines for Licensees on the Prevention of Money Laundering & Countering the Financing of Terrorism, issued by the Central Bank of The Bahamas, apply specifically to banks and other licensees of the Central Bank of The Bahamas. The guidelines require banks to establish clear responsibilities and accountabilities to ensure that policies, procedures and controls which deter criminals from using their facilities for money laundering or the financing of terrorism, are implemented and maintained, thus ensuring that they comply with their obligations under the law. Banks must have in place sufficient controls and monitoring systems for timely detection and reporting of suspicious activities, proper verification of their customers’ identities, record keeping in accordance with applicable laws, and ongoing education and training for its employees.
External Auditors
The Guidelines on the Relationship between External Auditors of Licensees and the Central Bank of The Bahamas, issued by the Central Bank of The Bahamas, require banks to inform the Central Bank of The Bahamas of the appointment of their external auditors. In addition to listing certain criteria to be used when appointing external auditors, the guidelines also provide examples of facts and matters of material significance that must be reported by an external auditor to the Central Bank of The Bahamas, such as material misstatements in financial statements or evidence of fraudulent activities. The guidelines take into account the aspects of the Basel Committee’s paper, The Relationship Between Banking Supervisors and Banks’ External Auditors (2002).
C.Organizational Structure
The following chart presents our corporate structure, indicating our principal subsidiaries and respective ownership interests.
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D.Property, Plants and Equipment
We are based in Peru and our principal executive offices are located at Av. Carlos Villarán 140, Urbanización, Santa Catalina, La Victoria, Lima 13, Peru, which is owned by Interbank.
Our principal subsidiaries own or lease the following properties:
Interbank
Interbank owns its headquarters, the Interbank Tower, located at Av. Carlos Villarán 140, Urbanización, Santa Catalina, La Victoria, Lima 13, Peru (approximately 46,585 square meters). Although most of its financial store facilities are leased, Interbank owned 39 financial store facilities as of December 31, 2025.
Additionally, on November 14, 2025, Interbank acquired all of the shares of Oporto Inmobiliaria S.A.C., whose sole asset is a building located across from Interbank’s current headquarters. In accordance with the SBS resolution approving the acquisition, Interbank intends to absorb Oporto Inmobiliaria S.A.C., by way of merger, in the near future.
Interseguro
Interseguro owns its administrative and commercial office, located at Av. Javier Prado 492, San Isidro, Lima, Peru (approximately 2,482 square meters). As of December 31, 2025, Interseguro leases 20 facilities in different provinces of Peru. Most of Interseguro’s facilities outside of Lima are subleased to Interbank, but they also sublease to third parties.
Inteligo
Inteligo had four offices as of December 31, 2025. Inteligo owns its branch in Panama and leases the rest of the facilities where it operates. Inteligo Bank’s registered headquarters are located at Inteligo Bank — Balmoral Corporate Centre, Ground Floor, Unit B, Nassau, The Bahamas. Inteligo SAB’s and Interfondos registered headquarters are located at Av. Rivera Navarrete 501, 21st floor, San Isidro, Lima, Peru. Veltria's registered headquarters are located at 801 Brickell Avenue, Miami, Florida.
Izipay
Izipay has 19 offices as of December 31, 2025. Izipay owns one administrative office, located at Calle Porta 111 Piso 7, Miraflores, Lima, Peru, and leases the rest of the facilities where it operates including its main offices at Av. Jorge Chávez 275 Piso 7, Miraflores, Lima, Peru.
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SELECTED STATISTICAL INFORMATION
The following tables present certain selected statistical information and ratios for IFS for the periods indicated. The following information is included for analytical purposes and should be read in conjunction with the information included in “Item 5. Operating and Financial Review and Prospects” and our audited annual consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 20-F. The statistical information and discussion and analysis presented below for the fiscal years ended December 31, 2025, 2024 and 2023 reflect our consolidated financial position with our subsidiaries, Inteligo, Interbank, and Interseguro, for the fiscal years ended December 31, 2025, 2024 and 2023 and their results of operations for the fiscal years ended December 31, 2025, 2024 and 2023.
Average annual balances are based on five quarterly balances. Nominal average interest rates have been calculated by dividing interest earned on assets or paid on liabilities by the corresponding average annual balances on such assets or liabilities.
Average Balance Sheets, Income Earned from Interest-Earning Assets, Interest Paid on Interest-Bearing Liabilities
The tables below set forth, by currency of denomination, average balances for IFS prepared on a consolidated basis, and, where applicable, interest earned on interest-earning assets and interest paid on interest-bearing liabilities for the periods indicated. Except as otherwise indicated, average balances, when used, have been classified by currency (soles or foreign currency (primarily U.S. dollars)), regardless of the domestic or international origin of the relevant balances. In addition, unless otherwise set forth in this Annual Report on Form 20-F, such average balances are based on quarterly balances. Nominal average interest rates have been
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calculated by dividing interest earned on assets or paid on liabilities by the corresponding average balances on such assets or liabilities.
For the year ended December 31,
2025(1) 2024(1) 2023(1)
(S/ in millions, except for percentages)
Average Balance Interest Earned Nominal Average Rate Average Balance Interest Earned Nominal Average Rate Average Balance Interest Earned Nominal Average Rate
Interest-earning assets:
Cash and due from banks
Soles 2,948.7 22.4 0.8 % 3,875.4 64.8 1.7 % 2,933.4 48.1 1.6 %
Foreign Currency 10,265.4 275.3 2.7 % 8,448.1 307.9 3.6 % 8,776.0 319.0 3.6 %
Total 13,214.0 297.7 2.3 % 12,323.4 372.6 3.0 % 11,709.4 367.2 3.1 %
Investments
Soles 19,311.7 1,117.3 5.8 % 19,404.2 1,151.6 5.9 % 18,012.1 1,104.7 6.1 %
Foreign Currency 8,130.2 392.9 4.8 % 7,504.3 346.9 4.6 % 6,988.4 323.9 4.6 %
Total 27,441.9 1,510.2 5.5 % 26,908.6 1,498.5 5.6 % 25,000.4 1,428.7 5.7 %
Loans
Soles 37,314.1 4,107.2 11.0 % 35,619.5 4,113.5 11.5 % 34,567.2 4,303.2 12.4 %
Foreign Currency 14,406.2 973.4 6.8 % 14,026.0 1,044.7 7.4 % 13,836.4 1,021.4 7.4 %
Total 51,720.3 5,080.6 9.8 % 49,645.5 5,158.3 10.4 % 48,403.6 5,324.6 11.0 %
Total interest-earning assets
Soles 59,574.4 5,246.8 8.8 % 58,899.1 5,329.9 9.0 % 55,512.7 5,456.0 9.8 %
Foreign Currency 32,801.8 1,641.6 5.0 % 29,978.4 1,699.5 5.7 % 29,600.8 1,664.4 5.6 %
Total 92,376.2 6,888.4 7.5 % 88,877.5 7,029.4 7.9 % 85,113.4 7,120.4 8.4 %
Taxable interest income — 5,195.1 — — 5,411.0 — — 5,460.0 —
Non-taxable interest income — 1,693.2 — — 1,709.4 — — 1,660.4 —
Interest-bearing liabilities:
Deposits and obligations
Soles 34,191.9 (977.6 ) (2.9 %) 32,049.5 (1,119.1 ) (3.5 %) 29,603.8 (1,315.6 ) (4.4 %)
Foreign Currency 20,108.5 (358.8 ) (1.8 %) 19,893.3 (463.5 ) (2.3 %) 19,465.3 (427.7 ) (2.2 %)
Total 54,300.5 (1,336.4 ) (2.5 %) 51,942.7 (1,582.7 ) (3.0 %) 49,069.0 (1,743.3 ) (3.6 %)
Due to banks and correspondents(2)
Soles 5,549.5 (308.3 ) (5.6 %) 6,458.0 (324.5 ) (5.0 %) 7,212.7 (366.2 ) (5.1 %)
Foreign Currency 1,935.9 (105.2 ) (5.4 %) 2,283.6 (157.9 ) (6.9 %) 1,590.9 (108.2 ) (6.8 %)
Total 7,485.4 (413.5 ) (5.5 %) 8,741.6 (482.4 ) (5.5 %) 8,803.6 (474.4 ) (5.4 %)
Bonds, notes and other obligations
Soles 1,885.2 450.2 23.9 % 1,744.3 (9.7 ) (0.6 %) 1,497.7 (28.6 ) (1.9 %)
Foreign Currency 4,458.7 (959.2 ) (21.5 %) 4,022.9 (405.6 ) (10.1 %) 4,647.5 (346.1 ) (7.4 %)
Total 6,343.9 (509.0 ) (8.0 %) 5,767.1 (415.2 ) (7.2 %) 6,145.3 (374.7 ) (6.1 %)
Total Interest-bearing liabilities:
Soles 41,626.7 (835.7 ) (2.0 %) 40,251.8 (1,453.3 ) (3.6 %) 38,314.2 (1,710.4 ) (4.5 %)
Foreign Currency 26,503.1 (1,423.3 ) (5.4 %) 26,199.7 (1,027.0 ) (3.9 %) 25,703.7 (882.0 ) (3.4 %)
Total 68,129.8 (2,259.0 ) (3.3 %) 66,451.5 (2,480.3 ) (3.7 %) 64,017.9 (2,592.4 ) (4.0 %)
(1)As of and for the years ended December 31, 2025, 2024 and 2023, IFS did not maintain any of the following categories on its balance sheets: (i) federal funds sold, (ii) securities purchased with agreements to resell, (iii) federal funds purchased, (iv) securities sold under agreements to repurchase, or (v) commercial paper.
(2)Includes inter-bank funds
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The following tables set forth, by currency of denomination, average balances for our non-interest earning assets and non-interest bearing liabilities and shareholders’ equity for the periods indicated.
For the year ended December 31,
2025 2024 2023
(S/ in millions)
Average Balance Average Balance Average Balance
Impairment allowance for loans
Soles (1,604.9 ) (1,936.0 ) (2,058.2 )
Foreign Currency (79.1 ) (90.2 ) (132.2 )
Total (1,683.9 ) (2,026.2 ) (2,190.4 )
Investment Property
Soles 1,450.7 1,343.0 1,279.5
Foreign Currency — — —
Total 1,450.7 1,343.0 1,279.5
Property, furniture and equipment, net
Soles 876.3 821.5 793.2
Foreign Currency — — —
Total 876.3 821.5 793.2
Accounts receivable and other assets, net
Soles 1,877.0 2,354.1 1,418.9
Foreign Currency 350.0 328.3 281.2
Total 2,227.0 2,682.5 1,700.1
Intangibles and goodwill, net
Soles 1,630.3 1,662.0 1,645.0
Foreign Currency — — —
Total 1,630.3 1,662.0 1,645.0
Insurance contract assets
Soles 48.2 23.0 27.9
Foreign Currency 1.1 0.9 0.7
Total 49.3 24.0 28.6
Due from customers on acceptances
Soles — — —
Foreign Currency 19.8 17.7 54.9
Total 19.8 17.7 54.9
Deferred Income Tax asset, net
Soles 27.5 25.6 139.7
Foreign Currency — — —
Total 27.5 25.6 139.7
Total non-interest-earning assets:
Soles 4,305.1 4,293.4 3,245.9
Foreign Currency 291.8 256.8 204.6
Total 4,596.9 4,550.1 3,450.5
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For the year ended December 31,
2025 2024 2023
(S/ in millions, except for percentages)
Average Balance Average Balance Average Balance
Non-interest-bearing liabilities:
Due from customers on acceptances
Soles — — —
Foreign Currency 19.8 17.7 54.9
Total 19.8 17.7 54.9
Accounts payable, provisions and other liabilities
Soles 2,545.4 2,634.7 2,164.6
Foreign Currency 1,887.8 1,502.0 1,029.9
Total 4,433.2 4,136.7 3,194.5
Insurance contract liabilities
Soles 8,914.5 8,287.3 7,612.2
Foreign Currency 3,780.8 4,021.3 4,070.4
Total 12,695.3 12,308.6 11,682.5
Deferred Income Tax Liability, net
Soles 135.5 110.2 80.8
Foreign Currency — — —
Total 135.5 110.2 80.8
Total non-interest-bearing liabilities:
Soles 11,595.4 11,032.3 9,857.6
Foreign Currency 5,688.4 5,541.0 5,155.1
Total 17,283.8 16,573.3 15,012.6
Changes in Net Interest and Similar Income and Net Interest and Similar Expense: Volume and Rate Analysis
The following table sets forth, by currency of denomination, changes in our interest revenue and expenses between changes in the average volume of interest-earning assets and interest-bearing liabilities and changes in their respective nominal interest rates from the year ended December 31, 2025 to the year ended December 31, 2024 and from the year ended December 31, 2024 to the year ended December 31, 2023. Volume and rate variances have been calculated based on movements in average quarterly balances and changes in nominal interest rates, average interest-earning assets and average interest-bearing liabilities. The net change
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attributable to changes in both volume and rate has been allocated proportionately to the change due to volume and the change due to rate.
December 31, 2025/2024(1) December 31, 2024/2023(1)
Increase (Decrease) Due to Changes in: Increase (Decrease) Due to Changes in:
Rate Volume Net Change Rate Volume Net Change
(S/ in millions)
Interest-earning assets:
Cash and due from banks(2)
Soles (35.4 ) (7.0 ) (42.4 ) 0.9 15.7 16.6
Foreign Currency (81.3 ) 48.7 (32.6 ) 0.8 (12.0 ) (11.2 )
Total (116.7 ) 41.7 (75.0 ) 1.7 3.8 5.5
Investments
Soles (29.0 ) (5.4 ) (34.3 ) (35.8 ) 82.6 46.8
Foreign Currency 15.7 30.2 46.0 (0.8 ) 23.9 23.0
Total (13.3 ) 24.9 11.6 (36.6 ) 106.5 69.9
Loans
Soles (192.9 ) 186.5 (6.4 ) (311.2 ) 121.5 (189.7 )
Foreign Currency (97.0 ) 25.7 (71.3 ) 9.2 14.1 23.3
Total (289.9 ) 212.2 (77.7 ) (302.0 ) 135.6 (166.3 )
Total interest-earning assets:
Soles (257.2 ) 174.1 (83.1 ) (346.1 ) 219.9 (126.2 )
Foreign Currency (162.6 ) 104.7 (57.9 ) 9.1 26.0 35.2
Total (419.8 ) 278.8 (141.0 ) (336.9 ) 245.9 (91.0 )
Interest-bearing liabilities: Deposits and obligations
Soles 202.8 (61.3 ) 141.6 281.9 (85.4 ) 196.5
Foreign Currency 108.5 (3.8 ) 104.7 (25.9 ) (10.0 ) (35.9 )
Total 311.4 (65.1 ) 246.3 256.0 (95.4 ) 160.7
Due to banks and correspondents
Soles (34.3 ) 50.5 16.2 3.8 37.9 41.7
Foreign Currency 33.7 18.9 52.7 (1.8 ) (47.9 ) (49.7 )
Total (0.5 ) 69.4 68.8 1.9 (10.0 ) (8.0 )
Bonds, notes and other obligations
Soles 426.2 33.7 459.9 20.3 (1.4 ) 18.9
Foreign Currency (459.9 ) (93.8 ) (553.7 ) (122.4 ) 63.0 (59.5 )
Total (33.7 ) (60.1 ) (93.8 ) (102.1 ) 61.6 (40.5 )
Total Interest-bearing liabilities:
Soles 594.7 22.9 617.6 306.0 (48.8 ) 257.1
Foreign Currency (317.6 ) (78.7 ) (396.3 ) (150.1 ) 5.1 (145.0 )
Total 277.1 (55.8 ) 221.3 155.8 (43.7 ) 112.1
(1)As of and for the years ended December 31, 2025, 2024 and 2023, IFS did not maintain any of the following categories on its balance sheets: (i) federal funds sold, (ii) securities purchased with agreements to resell, (iii) federal funds purchased, (iv) securities sold under agreements to repurchase, or (v) commercial paper.
(2)Includes inter-bank funds.
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Interest-Earning Assets: Net Interest Margin and Yield Spread
The following table set forth for each of the periods indicated, by currency of denomination, our levels of average interest-earning assets, net interest income, gross yield, net interest margin and yield spread, all on a nominal basis.
For the year ended December 31,
2025 2024 2023
Average interest-earning assets
Soles 59,574.4 58,899.1 55,512.7
Foreign Currency 32,801.8 29,978.4 29,600.8
Total 92,376.2 88,877.5 85,113.4
Net interest income(1)
Soles 4,411.1 3,876.6 3,745.6
Foreign Currency 218.3 672.5 782.4
Total 4,629.4 4,549.1 4,528.0
Gross yield(2)
Soles 8.8% 9.0% 9.8%
Foreign Currency 5.0% 5.7% 5.6%
Total 7.5% 7.9% 8.4%
Net interest margin(3)
Soles 7.4% 6.6% 6.7%
Foreign Currency 0.7% 2.2% 2.6%
Total 5.0% 5.1% 5.3%
Yield spread(4)
Soles 6.8% 5.4% 5.4%
Foreign Currency (0.4%) 1.7% 2.2%
Total 4.1% 4.2% 4.3%
(1)“Net interest income” is defined as interest and similar income less interest and similar expense.
(2)“Gross yield” is defined as interest and similar income divided by average interest-earning assets.
(3)“Net interest margin” is defined as net interest and similar income divided by average interest-earning assets.
(4)“Yield spread”, on a nominal basis, represents the difference between gross yield on average interest-earning assets and average cost of interest-bearing liabilities.
Investment Portfolio
The following table sets forth our financial investment portfolio by type on the dates indicated. For more information on our financial investment portfolio as of December 31, 2025, 2024 and 2023, see Note 5 to our audited annual consolidated financial statements appearing elsewhere in this Annual Report on Form 20-F.
As of December 31,
2025 2024 2023
S/ in millions % S/ in millions % S/ in millions %
Debt instruments measured at fair value through other comprehensive income 21,299.4 76.9 % 20,377.8 77.2 % 20,912.2 79.5 %
Investments at amortized cost 3,883.6 14.0 % 3,784.9 14.3 % 3,383.0 12.9 %
Investments at fair value through profit or loss 1,966.0 7.1 % 1,776.6 6.7 % 1,556.5 5.9 %
Equity instruments measured at fair value through other comprehensive income 556.1 2.0 % 458.3 1.7 % 444.9 1.7 %
Total 27,705.1 100.0 % 26,397.5 100.0 % 26,296.6 100.0 %
Plus: Accrued interest 468.7 460.4 425.4
Total investments, net 28,173.8 26,857.9 26,722.0
The following tables set forth the maturities of our financial investment portfolio as of December 31, 2025, before accrued interest.
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Maturities of Investment Portfolio - Yields
1 year or less Weighted Average Yield(1) 1-5 years Weighted Average Yield(1) 5-10 years Weighted Average Yield(1) Over 10 years Weighted Average Yield(1) Total
Instruments measured at fair value through other comprehensive income:
Bonds 224.2 85.5% 1,030.4 4.3% 3,867.7 11.6% 5,209.4 5.8% 10,331.7
Peruvian sovereign and global Bonds 1,590.0 — 823.9 1.5% 2,350.2 9.4% 4,145.9 7.6% 8,910.0
Negotiable bank certificates issued by the Central Reserve Bank of Peru 2,057.7 9.5% — — — — — — 2,057.7
Total Instruments measured at fair value through other comprehensive income 3,871.9 95.0% 1,854.3 5.8% 6,217.9 21.0% 9,355.3 13.4% 21,299.4
Investments at amortized cost:
Peruvian sovereign Bonds 411.7 — 300.3 0.8% 1,844.1 12.5% 1,194.5 9.0% 3,750.5
Total Investments at amortized cost 411.7 — 300.3 0.8% 1,844.1 12.5% 1,194.5 9.0% 3,750.5
Total investments 4,283.6 95.0% 2,154.6 6.6% 8,062.0 33.5% 10,549.8 22.4% 25,049.9
% 15.5% 7.8% 29.2% 38.3% 90.9%
(1)The weighted average yield for each range of maturity is calculated by dividing the annual interest income by the book value of the debt securities.
Loan Portfolio
The following table sets forth our loans by type of loan, at the dates indicated.
As of December 31,
2025 2024 2023
S/ in millions % S/ in millions % S/ in millions %
Loan Portfolio
Loans 39,573.4 76.4 % 38,456.7 76.3 % 35,789.1 74.2 %
Credit cards 5,564.5 10.7 % 5,386.4 10.7 % 6,023.8 12.5 %
Discounted notes 1,704.5 3.3 % 1,706.9 3.4 % 1,567.4 3.2 %
Leasing 1,983.6 3.8 % 1,584.4 3.1 % 1,495.3 3.1 %
Factoring receivables 1,273.6 2.5 % 1,411.0 2.8 % 1,244.8 2.6 %
Advances and overdrafts 32.1 0.1 % 101.8 0.2 % 14.6 0.0 %
Refinanced loans 467.7 0.9 % 449.4 0.9 % 462.0 1.0 %
Past-due and under legal collection loans 1,230.6 2.4 % 1,318.8 2.6 % 1,652.2 3.4 %
Total gross loans 51,829.9 100.0 % 50,415.4 100.0 % 48,249.2 100.0 %
Accrued interest from performing loans 544.6 — 569.4 — 657.4 —
Unearned interest and interest collected in advance (13.3 ) — (25.1 ) — (36.7 ) —
Impairment allowance for loans (1,591.0 ) — (1,730.2 ) — (2,349.4 ) —
Total direct loans, net 50,770.2 — 49,229.4 — 46,520.4 —
Loans by Classification
The following table shows the composition of our loan portfolio by classification for the periods indicated.
As of December 31,
2025 2024 2023
S/ in millions % S/ in millions % S/ in millions %
Commercial loans 22,897.7 44.2 % 22,770.5 45.2 % 21,155.5 43.8 %
Consumer loans 15,248.7 29.4 % 15,036.4 29.8 % 16,325.5 33.8 %
Mortgage loans 11,400.8 22.0 % 10,571.3 21.0 % 9,834.4 20.4 %
Small and micro-business loans 2,282.8 4.4 % 2,037.2 4.0 % 933.8 1.9 %
Total direct gross loans(1) 51,829.9 100.0 % 50,415.4 100.0 % 48,249.2 100.0 %
(1)Includes refinanced loans and past due and under legal collection loans for all periods reported.
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Loans by Currency
The following table presents our loan portfolio divided by currency at the dates indicated.
As of December 31,
2025 2024 2023
S/ in millions % S/ in millions % S/ in millions %
Foreign currency denominated 14,332.1 27.7 % 14,287.2 28.3 % 14,047.7 29.1 %
Sol denominated 37,497.8 72.3 % 36,128.2 71.7 % 34,201.4 70.9 %
Total gross loans 51,829.9 100.0 % 50,415.4 100.0 % 48,249.2 100.0 %
As of December 31, 2025, 2024 and 2023, we did not have foreign loans that exceeded 1% of our total consolidated assets.
Maturity Composition of Our Portfolio of Loans
The following tables set forth an analysis of our portfolio of loans as of December 31, 2025, 2024 and 2023 by type and by the time remaining to maturity. Loan amounts are presented before deduction of allowances for loan losses.
As of December 31, 2025(1)
1 month 1-3 months 3 months-1 year 1-5 years More than 5 years but less than 15 years More than 15 years Past-due loans Total
(S/ in millions)
Loans 2,391.1 3,236.8 9,034.4 18,043.9 6,490.4 376.7 1,230.6 40,804.0
Credit cards and other loans 1,695.6 1,003.7 1,240.0 1,625.2 0.0 — — 5,564.5
Leasing 160.7 202.4 809.0 526.9 5.5 — — 1,704.5
Discounted notes 836.1 851.2 294.6 1.8 — — — 1,983.6
Factoring receivables 524.8 382.0 366.7 — — — — 1,273.6
Advances and overdrafts 32.1 — — — — — — 32.1
Refinanced loans 21.5 22.2 69.6 278.4 75.8 0.2 — 467.7
Total gross loans 5,661.9 5,698.3 11,814.3 20,476.1 6,571.8 376.9 1,230.6 51,829.9
As of December 31, 2024(1)
1 month 1-3 months 3 months-1 year 1-5 years More than 5 years but less than 15 years More than 15 years Past-due loans Total
(S/ in millions)
Loans 1,790.3 2,975.4 10,360.5 17,247.7 5,709.8 373.0 1,318.8 39,775.4
Credit cards and other loans 1,565.1 973.3 1,211.6 1,636.5 — — — 5,386.4
Leasing 44.0 148.0 544.7 844.0 3.8 — — 1,584.4
Discounted notes 773.1 639.1 294.6 — — — — 1,706.9
Factoring receivables 399.0 563.8 448.2 — — — — 1,411.0
Advances and overdrafts 101.8 — — — — — — 101.8
Refinanced loans 20.6 16.1 107.8 272.8 32.0 0.1 — 449.4
Total gross loans 4,693.9 5,315.7 12,967.4 20,000.9 5,745.6 373.1 1,318.8 50,415.4
As of December 31, 2023(1)
1 month 1-3 months 3 months -1 year 1-5 years More than 5 years but less than 15 years More than 15 years Past-due loans Total
(S/ in millions)
Loans 1,988.4 3,226.6 8,078.4 16,516.2 5,614.1 365.5 1,652.2 37,441.3
Credit cards and other loans 1,350.9 1,397.7 1,335.3 1,939.7 — — — 6,023.8
Leasing 31.9 77.3 649.1 726.7 10.3 — — 1,495.3
Discounted notes 630.8 590.7 344.9 1.0 — — — 1,567.4
Factoring receivables 437.6 472.7 334.5 — — — — 1,244.8
Advances and overdrafts 14.6 — — — — — — 14.6
Refinanced loans 7.4 16.5 88.9 316.9 26.6 5.7 — 462.0
Total gross loans 4,461.6 5,781.5 10,831.1 19,500.5 5,651.1 371.2 1,652.2 48,249.2
(1)See Note 6(i) to our audited annual consolidated financial statements.
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Classification of Our Loan Portfolio - Analysis of Substandard and Past Due Loans
The following tables provide the classification of our loans as of December 31, 2025, 2024 and 2023, respectively, calculated under the requirements of IFRS 9:
As of December 31, 2025
Direct and indirect Loans Stage 1 Stage 2 Stage 3 Total
(S/ in millions)
Not impaired
High grade 38,039.9 292.0 — 38,331.9
Standard grade 8,151.3 1,574.5 — 9,725.8
Sub-standard grade 4,183.0 1,846.2 — 6,029.2
Past due but not impaired 1,234.6 903.9 — 2,138.5
Impaired
Individually impaired — — 29.1 29.1
Collectively impaired — — 1,143.2 1,143.2
Total gross loans 51,608.8 4,616.6 1,172.3 57,397.7
Direct loan portfolio 46,596.2 4,078.4 1,155.4 51,829.9
Indirect loan portfolio 5,012.6 538.2 16.9 5,567.7
Total gross loans 51,608.8 4,616.6 1,172.3 57,397.7
As of December 31, 2024
Direct and indirect Loans Stage 1 Stage 2 Stage 3 Total
(S/ in millions)
Not impaired
High grade 35,618.9 371.7 — 35,990.6
Standard grade 9,388.4 1,632.8 — 11,021.2
Sub-standard grade 2,977.4 1,714.9 — 4,692.3
Past due but not impaired 1,335.6 1,172.8 — 2,508.3
Impaired
Individually impaired — — 29.4 29.4
Collectively impaired — — 1,242.2 1,242.2
Total gross loans 49,320.3 4,892.2 1,271.6 55,484.1
Direct loan portfolio 44,558.1 4,609.6 1,247.7 50,415.4
Indirect loan portfolio 4,762.2 282.6 23.9 5,068.7
Total gross loans 49,320.3 4,892.2 1,271.6 55,484.1
As of December 31, 2023
Direct and indirect Loans Stage 1 Stage 2 Stage 3 Total
(S/ in millions)
Not impaired
High grade 39,087.4 1,526.2 — 40,613.6
Standard grade 2,864.7 1,725.7 — 4,590.4
Sub-standard grade 1,370.3 1,481.9 — 2,852.2
Past due but not impaired 1,949.9 1,460.1 — 3,410.0
Impaired
Individually impaired — — 42.4 42.4
Collectively impaired — — 1,484.1 1,484.1
Total gross loans 45,272.3 6,193.9 1,526.5 52,992.6
Direct loan portfolio 41,248.0 5,490.5 1,510.7 48,249.2
Indirect loan portfolio 4,024.3 703.4 15.8 4,743.5
Total gross loans 45,272.3 6,193.9 1,526.5 52,992.6
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Impairment Allowance for Loans
The following tables show the allocation for our impairment allowance for loans as of December 31, 2025, 2024 and 2023:
As of December 31,
2025 2024 2023
(S/ in millions) % (S/ in millions) % (S/ in millions) %
Commercial loans 174.7 10.9 % 189.6 10.9 % 296.2 12.5 %
Consumer loans 1,269.6 79.2 % 1,372.9 78.7 % 1,862.4 78.7 %
Mortgage loans 75.8 4.7 % 93.8 5.4 % 87.2 3.7 %
Small and micro-business loans 83.2 5.2 % 88.2 5.1 % 121.5 5.1 %
Total(1) 1,603.4 100.0 % 1,744.4 100.0 % 2,367.4 100.0 %
(1)Includes impairment allowance for indirect loans amounting to, S/12.4 million as of December 31, 2025, S/14.2 million as of December 31, 2024, and S/17.9 million as of December 31, 2023. See Note 6(d.2) to our audited annual consolidated financial statements.
The following table shows the changes in our impairment allowance for loans for the periods indicated.
For the year ended December 31,
2025 2024 2023
(S/ in millions)
Balance as of January 1 1,744.4 2,367.4 2,063.4
Provision 1,136.7 1,720.2 1,981.8
Recoveries of written-off loans 158.3 179.7 138.9
Written-off loans and sales (1,424.5 ) (2,524.9 ) (1,813.7 )
Translation result and others (11.6 ) 2.1 (3.0 )
Balance as of December 31, 1,603.4 1,744.4 2,367.4
Allowances for indirect loans 12.4 14.2 17.9
Allowances for direct loans 1,591.0 1,730.2 2,349.4
Total allowances for loan losses 1,603.4 1,744.4 2,367.4
Allowances for Loan Losses at end of Period as a Percentage of Total Loans 3.1 % 3.5 % 4.9 %
Ratios of Charge-Offs to Average Balance
Commercial loans 0.0 % 0.1 % 0.1 %
Consumer loans 2.4 % 4.4 % 3.2 %
Mortgage loans 0.0 % 0.0 % 0.0 %
Small and micro business loans 0.2 % 0.4 % 0.3 %
The ratio of allowances for loan losses to average loans decreased slightly compared to 2024, from 3.5% for the year ended December 31, 2024 to 3.1% for the year ended December 31, 2025.
Allowances for direct loans also decreased to S/1,603.4 million for the year ended December 31, 2025, compared to S/1,744.4 million for the year ended December 31, 2024.
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The following tables show the changes in our impairment allowance for loans (direct and indirect) by line of business for the period indicated.
For the Year Ended December 31, 2025
Commercial loans Mortgage loans Consumer loans Small and micro-business loans Total
(S/ in millions)
Balance as of January 1 189.6 93.8 1,372.9 88.2 1,744.4
Provision 36.6 (12.6 ) 1,050.9 61.8 1,136.7
Recovery of written-off loans 6.0 — 140.0 12.3 158.3
Written-off loans and sales (48.7 ) (3.7 ) (1,293.3 ) (78.8 ) (1,424.5 )
Translation result and others (8.8 ) (1.7 ) (0.9 ) — (11.5 )
Balance as of December 31 174.7 75.8 1,269.6 83.4 1,603.4
For the Year Ended December 31, 2024
Commercial loans Mortgage loans Consumer loans Small and micro-business loans Total
(S/ in millions)
Balance as of January 1 296.2 87.2 1,862.4 121.5 2,367.4
Provision (34.3 ) 8.0 1,655.2 91.2 1,720.2
Recovery of written-off loans 4.3 — 165.1 10.3 179.7
Written-off loans and sales (78.2 ) (1.8 ) (2,310.0 ) (134.9 ) (2,524.9 )
Translation result and others 1.6 0.3 0.2 — 2.1
Balance as of December 31 189.6 93.8 1,372.9 88.2 1,744.4
For the Year Ended December 31, 2023
Commercial loans Mortgage loans Consumer loans Small and micro-business loans Total
(S/ in millions)
Balance as of January 1 282.4 61.6 1,622.4 96.9 2,063.4
Provision 73.9 29.7 1,764.1 114.1 1,981.8
Recovery of written-off loans 5.2 — 123.7 10.0 138.9
Written-off loans and sales (63.0 ) (3.6 ) (1,647.6 ) (99.6 ) (1,813.7 )
Translation result and others (2.3 ) (0.5 ) (0.2 ) — (3.0 )
Balance as of December 31 296.2 87.2 1,862.4 121.5 2,367.4
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Composition of Deposits and Obligations
The following tables provide information on the composition of our deposits obligations for the periods indicated.
As of December 31,
2025 2024 2023
(S/ in millions) % (S/ in millions) % (S/ in millions) %
Demand deposits
Soles 8,002.2 14.3 % 8,252.0 15.3 % 8,202.7 16.7 %
Foreign currency 6,082.6 10.9 % 5,494.6 10.2 % 5,173.7 10.5 %
Total 14,084.8 25.1 % 13,746.7 25.6 % 13,376.4 27.2 %
Savings deposits
Soles 15,297.4 27.3 % 12,468.5 23.2 % 11,382.6 23.1 %
Foreign currency 6,637.6 11.8 % 6,943.2 12.9 % 6,373.5 13.0 %
Total 21,934.9 39.2 % 19,411.7 36.1 % 17,756.1 36.1 %
Time deposits
Soles 12,287.9 21.9 % 12,161.8 22.6 % 10,242.0 20.8 %
Foreign currency 6,956.0 12.4 % 7,729.3 14.4 % 7,046.6 14.3 %
Total 19,243.9 34.3 % 19,891.1 37.0 % 17,288.6 35.1 %
Others
Soles 629.4 1.1 % 568.8 1.1 % 593.5 1.2 %
Foreign currency 134.6 0.2 % 149.7 0.3 % 173.6 0.4 %
Total 764.0 1.4 % 718.5 1.3 % 767.1 1.6 %
Total deposits
Soles 36,216.9 64.6 % 33,451.1 62.2 % 30,420.8 61.8 %
Foreign currency 19,810.8 35.4 % 20,316.9 37.8 % 18,767.4 38.2 %
Total 56,027.6 100.0 % 53,768.0 100.0 % 49,188.2 100.0 %
As of December 31, 2025, 2024 and 2023, we did not have individual material deposits by foreign depositors that exceeded 10% of our total Deposits and Obligations.
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The following table provides information on the composition of our domestic and foreign deposits, by average balances and average nominal rate, for the periods indicated.
For the year ended December 31,
2025 2024 2023
(S/ in millions)
Deposits in Domestic Offices
Demand deposits
Average balance
Soles 8,098.0 8,361.2 7,582.1
Foreign currency 4,853.9 4,192.5 4,294.4
Total 12,951.9 12,553.7 11,876.5
Average nominal rate
Soles 2.1% 2.7% 4.5%
Foreign currency 1.1% 1.5% 1.6%
Total 1.7% 2.3% 3.4%
Savings deposits
Average balance
Soles 13,216.0 12,185.1 11,259.1
Foreign currency 6,883.7 6,571.9 7,375.7
Total 20,099.7 18,757.0 18,634.8
Average nominal rate
Soles 1.4% 1.5% 1.4%
Foreign currency 0.5% 0.6% 0.8%
Total 1.1% 1.2% 1.2%
Time deposits
Average balance
Soles 12,284.7 10,917.2 10,129.6
Foreign currency 5,424.0 5,865.5 4,060.3
Total 17,708.8 16,782.7 14,189.9
Average nominal rate
Soles 4.3% 5.5% 7.1%
Foreign currency 2.8% 3.9% 4.3%
Total 3.9% 5.0% 6.3%
Others
Average balance
Soles 593.2 585.9 632.9
Foreign currency 140.8 163.6 199.6
Total 733.9 749.5 832.5
Average nominal rate
Soles 6.6% 6.9% 6.8%
Foreign currency 4.4% 3.7% 4.2%
Total 6.2% 6.2% 6.2%
Deposits in Foreign Offices
Demand deposits
Average balance
Soles — — —
Foreign currency 783.4 926.4 1,269.1
Total 783.4 926.4 1,269.1
Average nominal rate
Soles 0.0% 0.0% 0.0%
Foreign currency 0.0% 0.0% 0.0%
Total 0.0% 0.0% 0.0%
Time deposits
Average balance
Soles — — —
Foreign currency 2,022.7 2,173.4 2,266.2
Total 2,022.7 2,173.4 2,266.2
Average nominal rate
Soles 0.0% 0.0% 0.0%
Foreign currency 3.5% 3.9% 4.1%
Total 3.5% 3.9% 4.1%
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Uninsured Deposits
Uninsured deposits are deposits that are in excess of local deposit insurance fund, see “Regulation and Supervision—Banking Regulation and Supervision—Deposit Insurance Fund”, calculated based on the respective local regulations, as well as deposits in uninsured accounts. As of December 31, 2025, 2024 and 2023 total estimated uninsured deposits were S/33,888.8 million, S/33,790.0 million, and S/30,519.8 million, respectively.
The table below, shows the maturity of estimated uninsured time deposits as of December 31, 2025.
For the year ended December 31, 2025
(S/ in millions)
Uninsured time deposits
Within 3 months 13,162.1
From 3 to 6 months 2,374.8
From 6 to 12 months 3,053.0
Over 12 months 649.8
Total uninsured time deposits 19,239.7
The following tables provide information on the maturity of our deposits for the periods indicated.
As of December 31, 2025
1 month 1-3 months 3 months-1 year 1-5 years More than 5 years Total
(S/ in millions)
Maturity of Deposits
Demand deposits 14,084.8 — — — — 14,084.8
Saving deposits 21,935.0 — — — — 21,935.0
Time deposits 7,030.4 6,134.8 5,428.9 353.8 296.0 19,243.9
Total 43,050.1 6,134.8 5,428.9 353.8 296.0 55,263.7
Percentage of Total 77.9% 11.1% 9.8% 0.6% 0.5% 100.0%
As of December 31, 2024
1 month 1-3 months 3 months-1 year 1-5 years More than 5 years Total
(S/ in millions)
Maturity of Deposits
Demand deposits 13,746.7 — — — — 13,746.7
Saving deposits 19,411.7 — — — — 19,411.7
Time deposits 7,744.9 5,179.6 6,263.4 413.0 290.2 19,891.1
Total 40,903.3 5,179.6 6,263.4 413.0 290.2 53,049.5
Percentage of Total 77.1% 9.8% 11.8% 0.8% 0.5% 100.0%
As of December 31, 2023
1 month 1-3 months 3 months-1 year 1-5 years More than 5 years Total
(S/ in millions)
Maturity of Deposits
Demand deposits 13,376.4 — — — — 13,376.4
Saving deposits 17,756.1 — — — — 17,756.1
Time deposits 6,131.7 3,890.6 6,458.1 512.3 296.0 17,288.6
Total 37,264.1 3,890.6 6,458.1 512.3 296.0 48,421.1
Percentage of Total 77.0% 8.0% 13.3% 1.1% 0.6% 100.0%
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Short-Term Borrowings
The following tables provide information on the composition of our short-term borrowings for the periods indicated.
As of December 31,
2025 2024 2023
(S/in millions) Average rate (S/in millions) Average rate (S/ in millions) Average rate
Inter-bank funds 55.0 4.3 % — — 119.7 6.8 %
Due to banks and correspondents 4,238.8 4.6 % 3,242.9 5.1 % 4,485.8 5.1 %
Bonds, notes and other obligations 1,857.9 4.3 % — — — —
Total 6,151.8 4.5 % 3,242.9 5.1 % 4,605.5 5.1 %
As of December 31,
2025 2024 2023
(S/in millions except for percentages)
Average balance 4,244.5 4,191.5 3,349.1
Maximum quarter-end balance 7,836.8 4,669.1 4,669.1
Weighted-average nominal interest rate 5.3% 5.1% 5.9%
ETHICS AND CORPORATE COMPLIANCE
IFS is committed to promoting a strong and consistent culture of ethics and integrity across its subsidiaries, which supports its business operations and relationships with stakeholders. Pursuant to its Corporate Code of Ethics, IFS promotes ethical conduct and compliance with applicable laws, regulations, and internationally recognized standards throughout its operations.
In 2025, IFS strengthened its labor practices by updating the IFS Human Rights Policy to incorporate principles of fair and equitable remuneration, as well as a balanced approach between productivity and employee well-being. These enhancements reinforce internal practices and align our labor standards with a long-term sustainability vision and people-centered growth.
The Corporate Compliance Program is designed to prevent, detect, and report inappropriate conduct through a system of policies, internal controls, and oversight mechanisms, as well as to mitigate legal and reputational risks and support the sustainability of the business. IFS has adopted a Corporate Compliance Policy that is based on applicable local and U.S. regulatory requirements, internationally recognized best practices, and the Company’s principles and values.
IFS conducts periodic compliance risk assessments, as well as internal and independent external audits, to evaluate the effectiveness of its compliance program. The results of these assessments and audits are reported to the board of directors to ensure appropriate oversight and accountability. The program is further supported by mandatory compliance training for all employees, including tailored training for members of the board of directors, front-office employees, and compliance staff. These measures are complemented by a structured disciplinary framework designed to reinforce compliance expectations and address violations.
The Compliance Program has a risk-based approach, which focuses on mitigation of risks that could negatively affect our reputation. This proactive approach seeks to ensure that our resources are focused on the most critical areas of risk, allowing us to effectively prevent, detect, and address potential issues before they escalate. To support this, our program includes the following policies:
Anti-Money Laundering / Countering the Financing of Terrorism (“AML/CFT”)
IFS and its subsidiaries have implemented a risk-based AML/CFT program focused on fostering a strong culture of prevention. The program is designed to foster compliance with regulations applicable to each subsidiary, as well as with international standards and best practices, including those issued by the Financial Action Task Force (FATF).
IFS’s subsidiaries have implemented policies and procedures consistent with the IFS Corporate Compliance Policy and applicable local regulations. These policies are approved by their respective Boards of Directors and reviewed on a periodic basis. The program includes, but is not limited to, the following:
•AML/CFT Policies and Procedures: comprehensive written policies aligned with applicable laws, regulations, and international standards.
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•AML/CFT Risk Assessment: a documented risk-based approach to identify, assess, and mitigate exposure across products, services, customers, and geographies.
•Customer Due Diligence (CDD) Protocols: including Customer Identification Program (CIP), Know Your Customer (KYC), standard due diligence (DD), and enhanced due diligence (EDD) for high-risk clients. Procedures should include screening against OFAC and other international sanctions lists.
•Transaction Monitoring and Reporting: automated systems to detect unusual or suspicious activities, with clear escalation processes and timely regulatory reporting where applicable.
•Third-Party and Employee Due Diligence: “Know Your Employee,” vendor, and counterparty policies to assess integrity and mitigate associated risks.
•Ongoing Review of High-Risk Client: periodic reassessment and documentation of customers classified as high risk.
•Independent Testing and Audits: regular internal and external audits to validate program effectiveness and compliance.
•Mandatory Training and Awareness: Ongoing e-learning for all employees, complemented by annual and role-specific training for directors, officers, and staff to ensure a clear understanding of AML/CFT obligations and responsibilities.
•Recordkeeping and Documentation: secure retention of all relevant records for the legally required period, ensuring accessibility for regulatory review.
•Governance and Oversight: appointment of a designated Compliance Officer with direct reporting lines to the Board and administrative reporting to the CEO.
In response to ongoing digital transformation, IFS seeks to enhance its subsidiaries’ capabilities with technology and data analytics to improve operational efficiency, automate selected processes, and strengthen its compliance framework. These tools support the prevention and detection of money laundering and terrorist financing risks through the application of risk-based models calibrated to our risk profile and evolving regulatory requirements.
In addition, the AML Compliance Officer of each subsidiary is responsible for reviewing potentially suspicious transactions and, where required, report such transactions to the relevant local regulatory authority in accordance with applicable laws and regulations.
Anti-Corruption Program
IFS's Anti-Corruption program is built upon a robust framework of policies and procedures designed to comply with the local and international anti-corruption laws, including the Foreign Corrupt Practices Act (“FCPA”). The program is tailored to IFS’s business model and risk profile, and it encompasses, among other elements, roles and responsibilities, a zero-tolerance policy towards bribery and corruption, guidelines on gifts, conflicts of interest, donations, and hiring and appointing employees, officers, and directors. Reporting mechanisms for violations and corresponding sanctions are integrated into the program. As part of this program, IFS prohibits its directors, officers and employees from making any political contribution on its behalf or its subsidiaries.
The subsidiaries have implemented their respective Anti-Corruption programs in alignment with the IFS Corporate Compliance Policy and local anti-bribery regulations.
Insider Trading
The IFS insider trading policy prohibits directors, officers, and employees from engaging in the buying or selling of securities related to the company while in possession of material, non-public information. Moreover, it forbids these individuals from disclosing any sensitive, non-public information to others who might be influenced or encouraged to trade securities based on this undisclosed information. This policy helps ensure the integrity of our financial markets and upholds the highest standards of ethical conduct.
Consumer Data Privacy Program
In accordance with local regulations and international best practices, IFS is committed to ensuring that personal data is collected, used and processed in accordance with the purpose for which it was provided, with the consent of the clients.
This program complies with the legal framework set forth by Law No. 29733, Personal Data Protection Law, and its regulation approved by Supreme Decree No. 016-2024-JUS. In addition, subsidiaries subject to this law have implemented internal controls in accordance with the IFS Corporate Compliance Program, ensuring a unified approach to data protection across the organization.
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To maintain accountability and uphold these standards, IFS and its subsidiaries have a sanction program for non-compliance with data protection laws, for violations to be promptly addressed and rectified.
Fiscal Transparency
O.C.D.E. Common Report Standard (“CRS”)
IFS and its subsidiaries are CRS compliant. In adherence to CRS requirements, IFS and its subsidiaries regularly report financial information to their respective tax authorities. This reporting is done periodically according to local regulation, ensuring that the companies disclose relevant financial data as required by the CRS guidelines. By doing so, we uphold our commitment to transparency and continue working to remain in compliance with global tax regulations.
U.S. Foreign Account Tax Compliance Act (“FATCA”)
IFS and its subsidiaries are committed to global tax transparency and regulatory compliance. As part of this commitment, IFS is FATCA compliant, and all subsidiaries are classified as Reporting Model 1. As part of the Expanded Affiliated Group, Intercorp serves as the lead entity responsible for ensuring that all FATCA reporting and compliance obligations are met across the subsidiaries.
Dodd Frank
As a counterparty to U.S. banks for operations with derivatives, IFS must adhere to the Dodd Frank Protocol. Such requirements include the settlement of certain operations through a clearinghouse and adherence to the International Swaps and Derivatives Association (“ISDA”) standards to comply, where applicable, with Dodd Frank regulations.
Whistleblower Hotline
IFS and its subsidiaries maintain a confidential and independent reporting channel available 24/7, which allows employees and other stakeholders to report concerns, including suspected misconduct, fraud, policy violations, or unethical or unlawful behavior. Reports may be submitted anonymously through multiple channels, including a website, email, or telephone hotline.
The reporting channel is administered by an independent third-party provider. IFS has adopted a non-retaliation policy designed to protect individuals who report concerns in good faith and to support the confidentiality and integrity of the reporting process, in accordance with applicable laws and regulations.
Each subsidiary’s compliance team is responsible for the review, investigation, and resolution of reported matters. Allegations involving sensitive issues or members of senior management are subject to escalation protocols that provide for reporting, as appropriate, to the Chief Executive Officer of IFS, the Audit Committee, and/or the Board of Directors.