2024-04-14 08:14:06 ET
Summary
- Intercorp Financial Services has not benefitted from the interest rate uplift. In addition, we believe the company is in a better position with no El Niño impact.
- Despite political instability, the Peruvian economy is expected to improve, and IFS delivered solid results in 2023.
- With lower provision, we believe there is a Return on Equity normalization story for 2024. We initiated IFS stock with a clear buy rating.
Intercorp Financial Services ( IFS ) is a leading provider of financial services in Peru. IFS is a holding company that manages its operations through subsidiaries (Fig 1) with four segments: banking (Interbank), insurance (Interseguro), wealth management (Inteligo Bank), and payments (Izipay). Intercorp Peru controls IFS with a 71.22% equity stake....
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Intercorp Financial Services Is Ready To Take Off