Financial Data and Key Metrics Changes - The company reported a record net income of PEN 1.9 billion, marking a 49% increase compared to the prior year [10][12] - Return on equity (ROE) was strong at 16.8%, with an adjusted ROE of 18.5% excluding the Rutas de Lima impairment [10][20] - Risk-adjusted net interest margin (NIM) increased by 50 basis points to 4% in the last quarter, with a low cost of risk at 2.1% [12][13] Business Line Data and Key Metrics Changes - Interbank achieved a record net income of PEN 1.4 billion, supported by a decrease in cost of risk and an increase in risk-adjusted NIM [7][10] - Interseguro's written premiums grew by 61% year-over-year, driven by private annuities [12][13] - Inteligo reported a 68% increase in revenues, achieving an ROE of 21.5% [17][20] Market Data and Key Metrics Changes - The Peruvian economy is expected to grow by 3.3% in 2025, driven by consumption-related sectors and private investment [4][14] - The Peruvian sol appreciated by approximately 10% over the year, with inflation remaining stable around 1.5% [6][15] - Private investment is projected to grow by 9.5% for the full year, supported by a rebound in mining investment [15][16] Company Strategy and Development Direction - The company remains committed to a focus on profitable growth, prioritizing digital excellence and customer relationships [8][9] - Investments in technology and innovation are key to maintaining competitive advantage and enhancing customer experiences [9][22] - The company aims to strengthen its position in the Peruvian market while managing risks prudently [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's outlook, citing resilience in downturns and a solid foundation for long-term growth [9][10] - The company anticipates continued growth in higher-yielding loans and a gradual increase in cost of risk as the consumer and small business portfolios expand [29][51] - Management remains cautious due to political cycles and global market volatilities, but expects to maintain a stable growth trajectory [15][16] Other Important Information - The company made a PEN 205 million impairment related to Rutas de Lima, with no further material impairments expected [18][19] - The cost-to-income ratio stands at 36.8%, reflecting ongoing strategic investments [22][30] Q&A Session Summary Question: Impact of Rutas de Lima on future results - Management indicated that they expect no further material impacts from Rutas de Lima, having provisioned around 80% of the expected impairment [45][49] Question: Loan growth and asset quality expectations - Management expects continued growth in higher-yielding loans, with a slight increase in cost of risk anticipated as these loans grow [46][51] Question: Operating expenses growth outlook - Management indicated that operating expenses will likely grow in line with previous years as they continue to invest in technology and strengthen teams [47] Question: Long-term ROE targets - Management targets a midterm ROE of 18%, with potential for 20% as the higher-yielding loan book recovers [56][70]

Financial Data and Key Metrics Changes - The company reported a record net income of PEN 1.9 billion, marking a 49% increase compared to the prior year [11][19] - Return on equity (ROE) was strong at 16.8%, with an adjusted ROE of 18.5% excluding the Rutas de Lima impairment [14][22] - Risk-adjusted net interest margin (NIM) increased by 50 basis points to 4% in the last quarter, with a low cost of risk at 2.1% [14][28] Business Line Data and Key Metrics Changes - Interbank achieved a record net income of PEN 1.4 billion, supported by a decrease in cost of risk and an increase in risk-adjusted NIM [7][19] - The insurance segment, Interseguro, grew its written premiums by 61% year-over-year, driven by private annuities [14][15] - Inteligo, the wealth management segment, reported a double-digit growth in assets under management, reaching new record highs [9][39] Market Data and Key Metrics Changes - The Peruvian economy is projected to grow by 3.3% in 2025, supported by strong private investment and consumption [5][15] - The Peruvian sol appreciated by approximately 10% over the year, with inflation remaining stable [6][17] - Private investment is expected to grow by 9.5% in 2025, driven by mining and non-mining sectors [17][18] Company Strategy and Development Direction - The company is focused on profitable growth, prioritizing digital excellence and deepening primary customer relationships [10][34] - Investments in technology, including GenAI, are key to maintaining competitive advantage and enhancing customer experiences [10][25] - The strategy includes leveraging synergies between business segments to enhance value propositions, particularly in the payments ecosystem [9][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's outlook, citing resilience in the platform and a solid foundation for long-term decision-making [10][19] - The company remains cautious due to political cycles and global market volatilities, but expects to maintain profitability and market leadership [5][17] - Future growth is anticipated to be driven by higher-yielding loans and continued investment in technology [14][28] Other Important Information - The company made a PEN 205 million impairment related to Rutas de Lima, with no further material impairments expected [20][48] - The cost-to-income ratio stands at 36.8%, reflecting ongoing strategic investments [25][42] Q&A Session Summary Question: Impact of Rutas de Lima on 2026 - Management expects no further material impacts from Rutas de Lima, with 80% of provisions already accounted for [48][51] Question: Loan Growth and Asset Quality - Loan growth is expected to continue, particularly in higher-yielding segments, with a projected cost of risk around 2.5% [53][54] Question: Operating Expenses Growth - Operating expenses are expected to grow similarly to 2025 as the company continues to invest in technology and strengthen teams [49][50] Question: Sustainable ROE - Management targets a midterm ROE of 18%, with potential for higher returns depending on market conditions and growth in higher-yielding loans [57][58]

Core Insights - Achieved record net income of 1.9 billion in 2025, driven by a 49% year-over-year increase and a recovering core banking business [1] - Performance was bolstered by a favorable Peruvian macro environment, including 3.3% GDP growth, a 10% appreciation of the sol, and stable inflation [1] Financial Performance - Interbank's record results were supported by a disciplined decrease in cost of risk and an optimized funding structure, despite liquidity headwinds from pension fund withdrawals [1] - The insurance segment, Interseguro, leveraged synergies with Inteligo to achieve leadership in private annuities while managing the Ruta de Lima impairment [1] Asset Management - Inteligo reached record assets under management through double-digit growth, benefiting from high client trust and consistent engagement in wealth management [1] Strategic Initiatives - Strategic investments in technology and GenAI are being prioritized to enhance digital excellence, cybersecurity, and personalized customer experiences [1] - The payment ecosystem, specifically Plin and Yape, is successfully driving primary banking relationships and capturing low-cost commercial deposits [1]

Core Insights - Bybit Pay has reached an agreement to enable crypto payments through Yape and Plin, which are the most widely used digital wallets in Peru, serving approximately 28 million users and handling nearly 90% of in-person digital wallet transactions in the country in 2024 [1] Group 1: Bybit's Expansion in Latin America - The partnership with Yape and Plin is part of Bybit's broader strategy to expand its presence in Latin America, following previous collaborations in Brazil and Argentina [2] - Bybit's payment services already support Brazil's instant payment system, PIX, and other major exchanges like Binance and Opera's MiniPay are also targeting the region [2] Group 2: Payment Integration and Functionality - Bybit Pay's integration allows users to spend stablecoins such as USDT and USDC, as well as major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), with transactions settling in Peruvian soles for the recipient [3] - Other platforms facilitating similar payments include KuCoin Pay, Bitget Wallet, and Ramp, indicating a growing trend of crypto neobanks gaining adoption due to local payment mechanisms and crypto-backed debit and credit cards [4] Group 3: Future Developments - Bybit's other payment product, Bybit Card, is set to launch in Peru in the first half of the year, with plans for expansion to other countries in the region later on [5]

Financial Data and Key Metrics Changes - The company reported a net income of PEN 456 million for the quarter, representing an 81% increase year-over-year, with a return on equity (ROE) of approximately 16% [9][16] - The accumulated ROE for the first nine months of 2025 stands at 17.4%, which would have been 18.3% excluding the one-off impact from Rutas de Lima [15][16] - The risk-adjusted net interest margin (NIM) improved by 60 basis points over the past quarter, with a current NIM of 3.8% [9][28] Business Line Data and Key Metrics Changes - Interbank's loan portfolio grew by over 5% year-over-year, with higher-yielding loans increasing by 7% [21][39] - Interseguro reported strong performance in private annuities and life insurance, with retail premiums growing by 58% year-over-year [10][35] - Inteligo's assets under management reached new record highs, growing at a double-digit pace [7][32] Market Data and Key Metrics Changes - Peru's GDP growth was reported at 3.3% as of August, with private investment projected to grow by 6.5% by year-end [4][12] - Inflation in Peru remains low at around 1.7%, and the Peruvian sol has appreciated by approximately 10% this year [4][11] - The internal demand projection for 2025 has been revised upward to 5.1%, driven by strong growth in private investment and consumption [13][14] Company Strategy and Development Direction - The company aims to achieve digital excellence and deepen primary client relationships through data-driven services and innovation [7][10] - There is a focus on maintaining profitability while expanding into higher-yielding loan segments and enhancing the payments ecosystem with PLIN and Easy Pay [23][25] - The company is committed to long-term sustainability and profitability, adapting quickly to market changes [6][7] Management's Comments on Operating Environment and Future Outlook - Management maintains a cautious outlook due to international conditions and the pre-election period but remains optimistic about Peru's economic stability [4][5] - The company expects to navigate challenges related to pension fund withdrawals while focusing on higher-yielding segments [23][50] - The outlook for 2026 anticipates moderate growth in internal demand and a stable economic environment despite potential political uncertainties [12][14] Other Important Information - The company has provisioned around 40% of its exposure related to Rutas de Lima, which represents less than 1% of its total investment holdings [46][48] - The cost of risk remains low at 2.1%, with expectations for gradual increases as the consumer and small business portfolios expand [27][28] - The company continues to invest in technology and talent to support long-term growth ambitions, with a cost-to-income ratio of 37.7% [20][39] Q&A Session Summary Question: Regarding Rutas de Lima and its impairment level - Management indicated that 40% of impairment has been booked, and the situation is being closely monitored as legal proceedings continue [46][47] Question: Impact of pension withdrawals on retail growth - Management noted that pension withdrawals may have a short-term negative impact on growth but could also lead to increased liquidity and improved collections [50][51] Question: Expected loan growth for 2025 and 2026 - Management expects to continue accelerating growth in credit cards and consumer finance, with a focus on gaining market share [58][59] Question: Corporate-level disbursements in 2026 - Management anticipates mild growth in corporate activity, primarily focused on working capital replenishment and small CapEx, with no large projects expected [63][64]

Financial Data and Key Metrics Changes - The company reported a net income of PEN 456 million for the quarter, representing an 81% increase year-over-year, with a return on equity (ROE) of approximately 16% [9][16] - The accumulated ROE for the first nine months of 2025 stands at 17.4%, which would have been 18.3% excluding the one-off impact from Rutas de Lima [9][16] - Risk-adjusted net interest margin (NIM) improved by 60 basis points over the past quarter, with a current NIM of 3.8% [9][28] Business Line Data and Key Metrics Changes - Interbank's loan portfolio grew by over 5% year-over-year, with higher-yielding loans increasing by 7% year-over-year and 3% in the last quarter [21][39] - Interseguro reported strong performance in private annuities and life insurance, with retail premiums growing by 58% year-over-year [10][35] - Inteligo's assets under management reached new record highs, growing at a double-digit pace [7][32] Market Data and Key Metrics Changes - Peru's GDP growth was reported at 3.3% as of August, with projections for private investment growth at 6.5% by year-end [4][12] - Inflation in Peru remains low at around 1.7% for 2025, and the Peruvian sol has appreciated by approximately 10% this year [11][12] - The internal demand projection for 2025 has been revised upward to 5.1%, driven by solid growth in private investment and consumption [13][14] Company Strategy and Development Direction - The company aims for focused and profitable growth, emphasizing digital excellence and deepening primary client relationships through data-driven services [7][10] - There is a commitment to enhancing the payments ecosystem with PLIN and EasyPay, focusing on increasing transactional volumes and offering value-added services [23][25] - The company is investing in technology to improve user experience, cybersecurity, and AI capabilities, reflecting a strategic focus on long-term growth [20][36] Management's Comments on Operating Environment and Future Outlook - Management maintains a cautious outlook due to international conditions and the pre-election period, but remains optimistic about Peru's economic stability and growth prospects [4][5] - The company is closely monitoring the Rutas de Lima situation, with current exposure representing less than 1% of the investment book [5][48] - Future growth is expected to be supported by strong consumer demand and liquidity from pension fund withdrawals, although short-term impacts may be negative [50][51] Other Important Information - The company has made significant progress in sustainability, with a sustainable loan portfolio exceeding $350 million [40][41] - The cost-to-income ratio at the IFS level stands at 37.7%, reflecting ongoing investments in strategic growth initiatives [20][39] Q&A Session Summary Question: Can you provide details about the impairment related to Rutas de Lima and its outlook? - The company has already reduced the value of its holdings in Rutas de Lima by 40%, and further clarity is expected by the end of the fourth quarter [45][48] Question: How will pension fund withdrawals impact retail growth? - Pension fund withdrawals may have a short-term negative impact on growth, but they will also provide liquidity that could benefit collections and funding [49][51] Question: What are the expectations for loan growth in 2025 and 2026? - The company expects to continue accelerating growth in credit cards and consumer finance, with a focus on gaining market share [56][59] Question: What is the outlook for corporate-level disbursements in 2026? - Corporate activity is expected to remain mild, with no large projects anticipated, primarily focusing on working capital replenishment and small CapEx [62][64]