IFS announces filing of 2023 Annual Report on Form 20-F

Rhea-AI Summary

Intercorp Financial Services Inc. (IFS) has announced the filing of its 2023 Annual Report on Form 20-F, complying with reporting obligations with the SEC and NYSE. The report includes audited financial statements and can be accessed online or requested in hard copy. IFS is a leading financial services provider in Peru with subsidiaries in banking, insurance, wealth management, and payments.

Positive

• IFS complies with reporting obligations by filing its 2023 Annual Report on Form 20-F with the SEC and NYSE
• The report includes audited financial statements prepared in accordance with IFRS
• Shareholders can access the report online or request a hard copy free of charge
• IFS is a prominent financial services provider in Peru with subsidiaries in banking, insurance, wealth management, and payments

Negative

• None.

Insights

Financial Analyst

The disclosure of an Annual Report on Form 20-F by Intercorp Financial Services Inc. (IFS) is primarily an administrative compliance measure. However, it is an essential window into the company's financial health, internal controls and adherence to international accounting standards. Notably, the auditor's opinion provided within could influence investor confidence, particularly if it endorses the company's internal controls and financial reporting integrity.

Investors should scrutinize the audited consolidated financial statements for revenue growth, profit margins and debt levels, as these are indicators of the company's operational performance and financial stability. The use of International Financial Reporting Standards (IFRS) ensures consistency and comparability with global peers, which is beneficial for investors considering multinational diversification.

Furthermore, as IFS operates in the financial sector, a domain that is sensitive to economic cycles and regulatory changes, any insights into risk management strategies and capital adequacy detailed in the annual report could be pivotal. A strong capital position and prudent risk management are positive signals for the sustainability of dividends and the company's resilience against potential market downturns.

Market Research Analyst

Analysing the subsidiaries of IFS, such as Banco Internacional del Perú and Interseguro, offers a deeper understanding of the company's market positioning and competitive advantages. Interbank's performance, for instance, is a reflection of its market share in Peru's banking sector and its ability to attract and retain retail and commercial customers in a competitive landscape.

Similarly, the performance of Interseguro in the insurance market and Inteligo in wealth management services provide insight into the diversification of IFS's revenue streams. Diverse financial services offerings can mitigate risks associated with market volatility. In the payments space, Izipay's growth trajectory and market penetration are particularly relevant given the increasing global shift towards digital payments.

Changes in consumer behavior, regulatory frameworks and technology adoption rates in Peru are external factors that could significantly sway these subsidiaries' performance. Upcoming financial reports should be compared to this 2023 Annual Report to track progress and to gauge strategic initiatives' effectiveness over time.

LIMA, Peru, April 26, 2024 /PRNewswire/ -- Intercorp Financial Services Inc. ("IFS" or the "Company") (BVL/NYSE: IFS) announced today the filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (the "2023 Annual Report") with the U.S. Securities and Exchange Commission (the "SEC").

With the filing of its 2023 Annual Report, the Company complies with its reporting obligations with the SEC and the New York Stock Exchange (NYSE).

The 2023 Annual Report includes the audited consolidated financial statements of the Company in accordance with International Financial Reporting Standards (IFRS) as adopted by the International Accounting Standards Board and its auditors' opinion on IFS' compliance with internal control over financial reporting.

The 2023 Annual Report can be accessed by visiting the SEC's website, www.sec.gov, and can also be found on IFS' website, www.ifs.com.pe, under the "Investor Relations" section, "SEC Filings" subsection. In addition, shareholders may receive a hard copy of the 2023 Annual Report, including the audited consolidated financial statements included in such report, free of  charge, by requesting a copy within a reasonable period of time to IFS' Investor Relations Office, at ir@intercorp.com.pe.

Any inquiries can be directed to Cecilia Ramirez, IFS' Investor Relations Officer, at gramirezr@intercorp.com.pe. 

About the Company:

Intercorp Financial Services Inc. ("IFS"), is a company incorporated under the laws of the Republic of Panama, and has securities listed on the Lima Stock Exchange and the New York Stock Exchange. IFS, through its subsidiaries, is a leading provider of financial services in Peru. IFS' main subsidiaries are Banco Internacional del Perú, S.A.A.-Interbank ("Interbank"), Interseguro Compañía de Seguros, S.A. ("Interseguro"), Inteligo Group Corp. ("Inteligo") and Procesos de Medios de Pago S.A. and its subsidiary Izipay S.A.C. ("Izipay"). Interbank is a full-service bank providing general banking services to retail and commercial customers. Interseguro is a leading insurance company, providing annuities, individual life insurance, bank assurance, and direct sale of retail products including the Peruvian mandatory traffic accident insurance. Inteligo is a fast-growing provider of wealth management services through Inteligo Bank Ltd. and Interfondos, as well as brokerage services through Inteligo SAB. Izipay is a payments company and provider of products and services related to payments acquirer, correspondent banking and credit cards and electronic wallets payments processor. 

This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of IFS' or its subsidiaries' businesses, financial condition, results of operations and certain of their plans, objectives, assumptions, projections, expectations or beliefs and statements regarding other future events or prospects. These statements include, without limitation, those concerning: IFS' or its subsidiaries' businesses strategy and ability to achieve it; expectations regarding sales, profitability and growth; possible or assumed future results of operations; capital expenditures and investment plans; adequacy of capital; and financing plans; potential exposure to various types of market risks, such as macroeconomic risk, Peru specific risks, foreign exchange rate risk, interest rate risks and other risks related to financial performance. We do not intend, and do not assume any obligation to update these forward-looking statements.

 

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SOURCE Intercorp Financial Services Inc.

FAQ

What did IFS announce regarding their 2023 Annual Report?

IFS announced the filing of its 2023 Annual Report on Form 20-F with the SEC and NYSE.

Where can the 2023 Annual Report be accessed?

The report can be accessed on the SEC's website or IFS' website under the 'Investor Relations' section.

Who is IFS' Investor Relations Officer?

Cecilia Ramirez is IFS' Investor Relations Officer and can be contacted at gramirezr@intercorp.com.pe.

What services does Interbank provide?

Interbank is a full-service bank offering banking services to retail and commercial customers.

What type of insurance does Interseguro provide?

Interseguro offers annuities, individual life insurance, bank assurance, and direct sale of retail products including Peruvian mandatory traffic accident insurance.

What services does Inteligo offer?

Inteligo provides wealth management services, brokerage services, and operates Inteligo Bank , Interfondos, and Inteligo SAB.

What products and services does Izipay offer?

Izipay is a payments company offering products and services related to payments acquirer, correspondent banking, credit cards, and electronic wallets payments processor.